Monday, November 21, 2011

But the UK is much more healthy than Europe & the US, isn’t it?

Cameron~our plan to cut debt is failing

"David Cameron and his senior ministers have admitted for the first time that there is a danger they will not be able to tackle borrowing on time". You couldn't make it up, could you?..."That would rule out any significant tax cuts before the next election. It also raises questions about the Coalition’s fundamental purpose". "In the latest escalation of the global economic crisis, shares tumbled on Monday as market fears spread from the eurozone to America’s $15 trillion (£9.6 trillion) government debt". "Wang Qishan, the Chinese vice-premier, said global economic conditions remained “grim”. He warned of a prolonged downturn. “The one thing that we can be certain of, among all the uncertainties, is that the global economic recession caused by the crisis will be chronic"

Posted by alan @ 10:17 PM (1529 views)
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7 thoughts on “But the UK is much more healthy than Europe & the US, isn’t it?

  • general congreve says:

    Flashman, if you’re still visiting this site, would you be able to spare the time to give your opinion on this article?

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  • With a public sector strike on 30th November, Cameron is merely making his case and/or smoothing the way for more awful announcements of cuts.

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  • If they cut public spending they will be cutting GDP, therefore causing a recession.

    Does anyone know if we would already be in recession if the deficit has not grown this year?

    The government spent £63.5 billion more than it collected in the last 6 months (some of this supplied by Merv. at BOE) The UK GDP is approx. £1.435 trillion. I believe the feeble 0.5% growth we have is from government debt growth.

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  • Given the idiotic and laughably unbelievable statements that keep coming out of the mouths of eurozone politicians, this candid admission that things ain’t gonna be as good as they’d hoped is refreshingly honest.

    – When there’s a problem to fix, being in denial that the problem exists is not a good place to start..

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  • this is inevitable governments couldnt organise a pi$$up in a brewery full of free drink

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  • [email protected] ,

    If you don’t take the opportunity to cut expenditure when you can then events will take the decision out of your hands with the result that cuts have to be deeper .

    The Govt has succeeded in getting the worst of both worlds ; scaring the horses so they won’t spend whilst failing to achieve any savings .

    The only reason the cuts are quite high (9% in real terms in the fifth year of this parliament compared to the first) is increased cost of borrowing and the decision to ringfence some departments) .

    The fact that after 13 years of profligacy we can’t even wind spending back to 2005 levels in real terms without pain is partly due to the amount of future spending which has already been committed with signed contracts with outside companies .

    Even so , if Ireland can manage savings in the order of 25% so could we – if we had to .

    The answer has to lie with bringing the cost of living down in the UK , the highest cost being accomodation .

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  • It’s Indian bicycle marketing.

    Labour say we should run a deficit in short term (which always ends up being run long term) and see high taxation as A Good Thing in its own right. The Tories promised to reduce the deficit and have not only spectacularly failed to rein in the worst excesses, they are now wringing their hands apologetically and say that unfortunately they won’t be able to reduce the deficit and hence there’ll be no tax cuts.

    What it boils down to is that both parties end up doing exactly the same thing, from the large scale, like QE (which Osborne was originally strongly opposed to) right down to micro-managing like yesterday’s £400 million bail out fund for home builders/first time buyers, which was a cut and paste job. At least they’re all agreed on propping up house prices, Council Tax freezes and QE to keep interest rates down, eh? The Home-Owner-Ists win out every time.

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