The True Extent of Britain's Debt

[OwlHoot]

Spectator article here, with bar charts

How much is Britain’s true national debt? Gordon Brown says 37% of GDP, the ONS says 43% of GDP – but this is just government debt. The reason Britain is in so much trouble is that our corporate and household debts are huge. It is the combination that makes us such a credit liability – but no one has ever put together a combination.

Until now.

Michael Saunders from CitiGroup has calculated ‘external debt’ – ie, what Britain owes the rest of the world. It is not 40% but 400% of GDP, the highest in the G7 by some margin. The next down, France, is 176%. America, flagellating itself for blowing such a debt bubble, is just 100%.

Holy carp! Even that Mottram quote hardly does justice to the unfolding horror

[xoggoth]

Sssssh. If people would stop mentioning it, perhaps they'll forget.

[BrilloPad]

Spectator article here, with bar charts



Holy carp! Even that Mottram quote hardly does justice to the unfolding horror

You are worse than atw at economics! You worry to much!

It has all been invested safely : in houses round the world. I think 40% of purchasers in Dubai are British? Similar story elsewhere.

As these assets continue to appreciate the debts will be repaid with a huge profit.

BOOMED

[PAH]

I don't see why there should be a correlation between debt and GDP. It's not as if it'll need to be paid back in one year.

The obvious solution is to just pass on the debts to the next generation. I don't mind that at all, don't have any kids.

[Turion]

GB's debt is indeed huge, but we also need to consider the assets the UK holds abroad. These are big also, and have increased markedly in value due to the sick GBP.

[OwlHoot]

I don't see why there should be a correlation between debt and GDP. It's not as if it'll need to be paid back in one year. ..

The second bar chart in that article shows what does have to be repaid in one year ..

[PAH]

The second bar chart in that article shows what does have to be repaid in one year ..

Like 99.9999999999999999999999999999999999999999% of the population, I prefer to remain ignorant, and have declined my opportunity to get clued up.

[VectraMan]

Isn't it about time Bono launched a "Drop the Debt" campaign to save Britain?

[gingerjedi]

Nothing like a graph and selective stats to get your particular skewed point across, hockey stick anyone?

[TimberWolf]

Gordon Brown did all that in 10 years?