Thursday, January 24, 2008

EU has slammed Britain in its annual report card on public finances

EC shows UK yellow card over budget deficit

Oh dear, it looks like the Government has borrowed to much money and people are getting concerned!! The Brussels watchdog said the Government had stretched fiscal policy to the limits and would soon have to "constrain expenditure" to avoid falling foul of the EU's Stability and Growth Pact, a polite way of saying it may have to slash spending during an economic downturn - making matters worse.

Posted by who stole my pension? @ 04:46 AM (1388 views)
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13 thoughts on “EU has slammed Britain in its annual report card on public finances

  • How can any government claim that the economic fundamentals are sound when they have made absolutely no provision for the hard times that come after a boom period (ten years of massive boom time, to save a surplus, to carry the country through the coming rough seas, and what has Crash got, a huge deficit in GDP, the biggest for 50 years and now a warning from the EU)? I think a trip to Sunday School and a little story about a a boy called Joseph and his amazing technicolour dream coat is in order, here come the years of famine, and the store cupboards are empty. What a short sighted @rse.

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  • @Bystander

    Unlike Pharoah in the Joseph story, most politicians want to distance themselves from God. I believe that is why our countries are in such a mess. I’ll probably get slammed for it, but I think this quote is rather cool:

    Billy Graham’s daughter was interviewed on the Early Show and Jane Clayson asked her “How could God let something like this happen?” (regarding Katrina) Anne Graham gave an extremely profound and insightful response. She said, “I believe God is deeply saddened by this, just as we are, but for years we’ve been telling God to get out of our schools, to get out of our government and to get out of our lives. And being the gentleman He is, I believe He has calmly backed out. How can we expect God to give us His blessing and His protection if we demand He leave us alone?”

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  • This article – written probably counter intuitively by the Torygraph – shows just what a total mess the UK is in. It might well have been the ERM/Unemployment that helped the bust last time, but there are plenty of toxic problems conspiring together for the coming crash. Who now, apart from those people that absolutely have to, would think of buying a house to “move up the ladder”? You’re faced with eroding disposable income, uncertainly in the housing market, rising energy and food costs, the odd company is laying off workforce – will it be in other sectors? Why rock the boat (sorry about the pun) and risk sinking by moving house? It’s a matter of time, and that time is April when the excuses of the EAs will be exhausted.

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  • European-bear says:

    Su….rather than going for a GOD answer, I take the line on human greed and incompetance. The US and Lousiana government did not shore up the flood defences as they had been warned to years before. Had they done so, then New Orleans would have weathered the storm…….

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  • @EB
    Human greed and incompetence are some of the issues God is concerned about. IMO we are in this mess because modern society (including our leaders) do not live according to God’s way. Can you imagine our country if all its leaders followed the 10 commandments in their own lives? No stealing (from taxpayers), no lying about their adulterous affairs…or making false accusations against their opponents…

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  • Su – for ‘we’ read ‘financial industry’, for ‘God’ read ‘government’, and you have exactly the story as it is now. However, in this case the government is more ‘gentlemanly’ than God, bailing out the financial industry even though they asked to be left alone in times of prosperity. Maybe democracy is better than theocracy 🙂

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  • @European-bear

    I agree. The same thing has happened after last year’s floods in Gloucester. After a meeting to discuss what to do before if happens again, everyone agreed to…… do nothing!
    Nobody would admit responsibility, so streams and drains were left undredged and unblocked. And what happened last week? Hundreds of homes were in danger of being flooded again. They were lucky… this time!
    It seems that no one has the time or money to do the right thing anymore. It might affect their profits.
    I’m off to build more houses on the floodplain….

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  • If our deficit is too high, we won’t even be allowed to join the Euro. Maybe that was the plan all along….

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  • David Smith's Sub Prime. . . says:

    Rubbish!

    There is no Sub Prime, there is no recession and as Mr. Brown tells us (or Mr. Murdoch tells me, I can’t remember), This was in another economic cycle…

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  • Whether you take the point of view about God or not, i suppose it is a matter of personal belief. However it seems like leadership in our country has being totally incompetent. We live in a culture where people in leadership seemed to duck the right deciscions in fear of the fact that taking such a deciscion may effect their popularity. The country is not being managed. The politicians are only there to serve there own purposes. I am probably starting to sound a bit like some sort of fanatical revolutionary, but the government is completely ineffectial. Immagration-FAILED.Economics-ABOUT TO BE SHOWN AS THE BIGGEST FAILURE OF ALL TIME.Law and order-FAILED……..

    I visited a housing association tenant this week who was a retired Policeman. We just got talking in general and one thing led to another and he said that how the country has totally fell apart and his disgust at the government. It seems so many people are fed up with the politicians. the reason why there are now days so little people voting in elections is not as the politicians put it ‘failing to engage with the public’, it is just that the politicians are ‘FAILING FULL STOP’.

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  • Reader
    “Maybe democracy is better than theocracy :-)”

    I guess we’ll just have to agree to disagree on that one. 🙂

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  • 2. su said…
    @Bystander

    Unlike Pharoah in the Joseph story, most politicians want to distance themselves from God. I believe that is why our countries are in such a mess. I’ll probably get slammed for it, but I think this quote is rather cool:

    Billy Graham’s daughter was interviewed on the Early Show and Jane Clayson asked her “How could God let something like this happen?” (regarding Katrina) Anne Graham gave an extremely profound and insightful response. She said, “I believe God is deeply saddened by this, just as we are, but for years we’ve been telling God to get out of our schools, to get out of our government and to get out of our lives. And being the gentleman He is, I believe He has calmly backed out. How can we expect God to give us His blessing and His protection if we demand He leave us alone?”

    So what’s your point Su? If we all beleived in fairies there wouldn’t be any more weather patterns?

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  • Imbreda
    I don’t believe in fairies (Oops, sorry Tinkerbell..)

    But do you really want to live in a society which is rejecting christian values and morals? Because we’re on that road already…

    Cut God out of the picture and what do you have left?

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