Britain leads the world yet again

[DimPrawn]

http://news.bbc.co.uk/1/hi/business/8177814.stm

The IMF estimates - prepared ahead of the G20 summit of world leaders in Pittsburgh in September - also show how much long-term damage the crisis is doing to public finances.

It estimates that by 2014, government debt will reach 239% of GDP in Japan, 132% in Italy, 112% in the US, and 99.7% in the UK.

Proportionately, however, the rise in the UK is the biggest - with debt more than doubling from 44% in 2007.

Rating agencies have recently warned that a UK debt of 100% of GDP would force them to consider downgrading the credit rating of UK government bonds.

[alreadypacked]

http://news.bbc.co.uk/1/hi/business/8177814.stm

The IMF estimates - prepared ahead of the G20 summit of world leaders in Pittsburgh in September - also show how much long-term damage the crisis is doing to public finances.

It estimates that by 2014, government debt will reach 239% of GDP in Japan, 132% in Italy, 112% in the US, and 99.7% in the UK.

Proportionately, however, the rise in the UK is the biggest - with debt more than doubling from 44% in 2007.

Rating agencies have recently warned that a UK debt of 100% of GDP would force them to consider downgrading the credit rating of UK government bonds.

Get out of Sterling NOW

[Peoplesoft bloke]

Get out of Sterling NOW

Into what?

[suityou01]

Into what?

Renmimbi?

[BrilloPad]

http://news.bbc.co.uk/1/hi/business/8177814.stm

The IMF estimates - prepared ahead of the G20 summit of world leaders in Pittsburgh in September - also show how much long-term damage the crisis is doing to public finances.

It estimates that by 2014, government debt will reach 239% of GDP in Japan, 132% in Italy, 112% in the US, and 99.7% in the UK.

Proportionately, however, the rise in the UK is the biggest - with debt more than doubling from 44% in 2007.

Rating agencies have recently warned that a UK debt of 100% of GDP would force them to consider downgrading the credit rating of UK government bonds.

Does it really matter where we started from? By your figures above I say UK looks better off than most.

However I am concerned about ability to service the debt. This country is full of chavs and large corporations. If the large corporations go then we will not be able to service the debt.

We need a government which encourages entrepreneurs. Particularly the 1% of the workforce that has contributed 50% of the productivity increase of last 10 years.

So instead of treating us like glorified typists lets give us our proper respect as the people who can save this country. Yes cuk can save the country! Lets form our own political party now. Whos up for writing a manifesto?

[RichardCranium]

It estimates that by 2014, government debt will reach 99.7% in the UK.

For the benefit of a ficko (i.e., me) I could do with an analogy.

Wikipedia says: "The gross domestic product (GDP), a basic measure of a country's economic performance, is the market value of all final goods and services made within the borders of a nation in a year."

Is this the same as a permie household on £100k a year between them owing £99,700 on their credit cards? (Terrifying)

That household takes home about £65,000. So is it like them owing £64,600 on their credit cards? (Very serious)

Or is it like them owing one of those amounts on their mortgage? (Big deal)

<... thinks for himself, 'cos he can, you know ...>

Since the government is funded from taxation, and the GDP is what we make, and the taxation is something like 39.2% of that, is it like the permie household owing £255,100? (Oh, tulip)

Our GDP in 2008 in USD was 2,674,085,000,000, apparently. So, shared between the UK workforce of about 30.3 million, we'll each need to pay about US$88,250 to the government in tax to bail it out.

That's £53,300 for each UK worker.

I'm struggling to find an interest rate for national debt, 4% seems to be about right at the moment. If so, an additional £177.68 from every worker in the country every month would service the interest payments. That would buy a lot of chutney spoons.

Thank f*** I'm on the bench so I don't have to pay!

[Sysman]

Get out of Sterling NOW

Credit card defaults next:

Here and here.

[Andy2]

Get out of Sterling NOW

There seem to be quntitative easing in all the currencies
Race to the bottom and all that

[sasguru]

So instead of treating us like glorified typists lets give us our proper respect as the people who can save this country. Yes cuk can save the country! Lets form our own political party now. Whos up for writing a manifesto?

For a start, you'd have to do some work instead of posting bollux on here

HTH

[BrilloPad]

For a start, you'd have to do some w*rk instead of posting bollux on here

HTH

Please dont swear at me.