Monday, Nov 09, 2009

R.i.p. Uk Plc

Money Morning Australia: Britain and its Near Death Economy

In 1976, the UK government went begging to the International Monetary Fund (IMF) for £2.3 billion. In today’s money that’s the equivalent of around £12.4 billion. At the time it was labeled as an embarrassment for the UK, with claims it made the UK technically insolvent. Well, in practical terms apart from the much bigger number, there is little difference between the £2.3 billion bailout in 1976 and yesterday’s announcement that the Bank of England will increase its money printing programme to £200 billion

Posted by foggy000 @ 08:39 AM (926 views)
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3 Comments

1. cyril said...

This article is not accurate.
While it is undeniably true that America helped Britain during the war with the supply of armaments and troops, they also left us with rather a big bill. They didn't do it out of the kindness of their hearts. I didn't bother reading the rest of the article.

Monday, November 9, 2009 12:51PM Report Comment
 

2. fallingbuzzard said...

You only need to read the first line or sentence.

Monday, November 9, 2009 02:20PM Report Comment
 

3. drewster said...

Sensationalist hyperbole.

"R.I.P." and "Near Death Economy" are completely meaningless terms. In case you hadn't noticed, Britain is home to a great many world-class companies which will survive even if the pound doesn't. Even Iceland still has a perfectly functional healthcare system.

Monday, November 9, 2009 03:10PM Report Comment
 

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