Sunday, Sep 24, 2006

Drowning in debt in the UK

Sunday Telegraph: Personal debt – a crisis in waiting?

Gordon Brown has ushered in an era of dangerously easy credit. This has helped to fuel an economic boom, but has resulted in serious social costs.............

Posted by tom @ 04:51 PM (537 views)
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7 Comments

1. the bald man said...

Even the Telegraph is starting to become bearish on the economy. There has been no real economic growth. Just growth fuelled by consumer borrowing against artifically high house prices. The whole pack of cards looks like collapsing under the debt mountain. IMHO the situation looks serious. Gordans legacy. Highest taxes ever, a mountain of debt, a pensions crisis the list just goes on!

Monday, September 25, 2006 08:58AM Report Comment
 

2. Crash Gordon said...

Excellent timely deconstruction of Gordon Brown's economic mirage just as he is about to lay his claim as next PM on the strength of his management of a stable economy. One only needs to look at the UK' woeful productivity record and dismal visible export trade performance (just compare the UK export figures to China to those of Germany and France...... ) to realise that the British economic success of recent years is entirely built on consumer debt explosion resulting from a house price bubble. To make things worse, many public services (transport, schools and hospitals) are still lagging far behind the rest of Europe just as the UK economy s about to go into a overborrowed consumer-led recession - things really are going to get very nasty indeed !!!!! Hardly surprising he is desperate for Tony to leave now.

Monday, September 25, 2006 09:54AM Report Comment
 

3. d'oh said...

How much of this sudden bearishness on the part of the Telegraph has to do with a dawning realisation of the true state of the UK and how much has to do with the Labour party conference and the impending leadership contest? Nothing like sowing the seeds for internecine intra-labour party warfare is there?

Monday, September 25, 2006 10:38AM Report Comment
 

4. the bald man said...

Perhaps they are concerned if they keep recomending property as an investment they may be sued in Blairs`litigation society!

Monday, September 25, 2006 10:55AM Report Comment
 

5. Mjchum said...

And remember there is NO safety net for you now, even though you pay the highest taxes in British history. I friend of mine, a higher rate tax payer for more than a decade and a brilliant Civil Engineer and contracts manager was £120,000 in debt NOT including the mortgage! This grew rapidly from a £40,000 capital debt(s) on credit cards, HP etc. When he was made redundant two years ago, he went to the DSS and was told they would pay ONE MONTHS STAMP AND NOTHING ELSE, i.e., pay themselves eight quid on his behalf. He now lives in Sydney. Another reason for the great brain drain.

Monday, September 25, 2006 06:30PM Report Comment
 

6. sovietuk said...

"things really are going to get very nasty indeed !!!!!", well said. When the plates stop spinning there is very little left in UK Plc except an overbloated Public sector and an even more overbloated pound. Once foreign banks start to loose interest in Sterling as a foreign currency reserve (as foreign currencies get stronger as emerging economies expand) that's when the nightmare starts and it will be a hideous nightmare.

Tuesday, September 26, 2006 10:06AM Report Comment
 

7. sirgoogle said...

Question. When should I convert my Sterling Savings into Euros ?

I think a lot of people are going to start to think like this

Tuesday, September 26, 2006 09:51PM Report Comment
 

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