• Visitors can check out the Forum FAQ by clicking this link. You have to register before you can post: click the REGISTER link above to proceed. To start viewing messages, select the forum that you want to visit from the selection below. View our Forum Privacy Policy.
  • Want to receive the latest contracting news and advice straight to your inbox? Sign up to the ContractorUK newsletter here. Every sign up will also be entered into a draw to WIN £100 Amazon vouchers!

Bankrupt Britain

Collapse
X
  •  
  • Filter
  • Time
  • Show
Clear All
new posts

    Bankrupt Britain

    http://www.guardian.co.uk/business/2...bt-lloyds-hbos

    • 'Terrible' tax returns for January
    • Government likely to miss borrowing target
    • Public net debt hits record 47.8% of GDP - set to rise to 100%

    The government's rescue of some of Britain's biggest banks will push up the national debt by as much as £1.5 trillion, the Office for National Statistics announced this morning.

    Alongside a grim assessment of the state of the public finances – which suggests Alistair Darling's borrowing forecasts are much too optimistic – the ONS said that Lloyds Banking Group and Royal Bank of Scotland should be treated as public companies, as they were now partly under the control of the state.

    The ONS said it would take time to assess exactly how much damage its decision would do to public sector net debt, but estimated that it would push it up by £1tn-1.5tn. The upper estimate is twice the current national debt, and equivalent to about 100% of GDP.



    Couple this with printing money, and it's economy as we've known it.

    Well done New Labour, you have managed to turn a 1st world country 3rd world. Takes some doing.

    #2
    Originally posted by DimPrawn View Post
    Well done New Labour, you have managed to turn a 1st world country 3rd world. Takes some doing.
    And that's not much of an exaggeration any more.

    Comment


      #3
      They shoulda let ALL the banks fail after Lehmans collapsed.

      They could have used Northern Rock to facilitate account transfers for the customers of the failed banks to maintain their day to day utility banking.

      They could have bought up a lot of the RBS/HBOS mortgage book on the cheap once they went into administration

      They could have guaranteed ALL personal savings AND small business savings/balances for a fraction of what they spent recapitalising.

      And after the whole sorry mess was over, the profligate greedy banks would be extinct, sound institutions like Standard Chartered, HSBC and the mutuals would be left standing to reap the rewards of their prudence.

      Northern Rock could be eventually privatised for a BUMPER payday for the Taxpayer.

      The hundreds of billions of debt that wouldn't have to have been taken on by the government would mean they could have done what germany is doing and subsidising industry jobs to prevent people becomign unemployed.

      They could have expanded Northern Rock and taken on a LOT of operational staff from RBS/HBOS to allign with NR's now increased Mortgage/Loans/Current Account/Savings books.

      AAAAARRRRGGGGHHHH

      Comment


        #4
        Originally posted by DimPrawn View Post
        ...
        Well done New Labour, you have managed to turn a 1st world country 3rd world. Takes some doing.
        I don't think they did it single-handed, or recently (for example, the large drop in the value of the pound is simply a shift to reality, not a NL-created problem).

        I have been saying for a while that things are worse than we think, and getting worse; and the late columnist Peter Jenkins was saying it since the 1970s, when he wrote an article called "the map for Britain's journey to the third world". Most of what he wrote has come true.

        Comment


          #5
          Expat, it never ceases to amaze me how you deflect blame from New Labour.

          I can imagine you destitute under a bridge still saying "of course it's was Maggie wot done it for us".

          Comment


            #6
            If it is just the fault of T'Labour party then how come the US have done the same things already including 'Printing Money'. It could be argued The Republican party have "caused that one". So who is to blame? Neo Cons or left of centre ex socialists? You decide.

            I blame Gordon for not trying to contain the UK housing boom (by not raising interest rates sooner), but the rest is (like it or not) mainly extraneous. It is hard to see how any governemnt would have avoided it. The question now is how to get out of it.
            The court heard Darren Upton had written a letter to Judge Sally Cahill QC saying he wasn’t “a typical inmate of prison”.

            But the judge said: “That simply demonstrates your arrogance continues. You are typical. Inmates of prison are people who are dishonest. You are a thoroughly dishonestly man motivated by your own selfish greed.”

            Comment


              #7
              Originally posted by Bagpuss View Post
              If it is just the fault of T'Labour party then how come the US have done the same things already including 'Printing Money'. It could be argued The Republican party have "caused that one". So who is to blame? Neo Cons or left of centre ex socialists? You decide.

              I blame Gordon for not trying to contain the UK housing boom (by not raising interest rates sooner), but the rest is (like it or not) mainly extraneous. It is hard to see how any governemnt would have avoided it. The question now is how to get out of it.
              He should also have kept public spending in check.

              Comment


                #8
                Originally posted by DimPrawn View Post
                Expat, it never ceases to amaze me how you deflect blame from New Labour.

                I can imagine you destitute under a bridge still saying "of course it's was Maggie wot done it for us".

                Expat is correct.

                You only have to ask yourself - why are the economies of Japan and Eastern European reeling - not to mention Russia - do you really think that was the work of NL ?

                Hardly.

                Brown was correct - this recession was born in the USA - and as the US sneezes the World xatches the cold.

                Comment


                  #9
                  Originally posted by AlfredJPruffock View Post
                  Expat is correct.

                  You only have to ask yourself - why are the economies of Japan and Eastern European reeling - not to mention Russia - do you really think that was the work of NL ?
                  Thank you Alfred. These Tory-fanboys who think that any dissent, or even difference of emphasis, from their anti-NL rant is equivalent to being an apologist for NL faults, are becoming tiresome.

                  I was also going to ask them if they thought that Peter Jenkins' columns in the late 70s and early 80s were also pro-NL, because that would make him even more insightful that I thought!

                  But I suppose I am missing the point. The point is to diss NL, and comments that don't fit that agenda are not welcome, and are to be ridiculed by personal attacks.

                  Comment


                    #10
                    Originally posted by AlfredJPruffock View Post
                    Expat is correct.

                    You only have to ask yourself - why are the economies of Japan and Eastern European reeling - not to mention Russia - do you really think that was the work of NL ?

                    Hardly.

                    Brown was correct - this recession was born in the USA - and as the US sneezes the World xatches the cold.
                    Lets see who goes to the IMF 1st shall we, USA, Russia, Japan or Britain.

                    Comment

                    Working...
                    X