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Government urged to reveal 'true' national debt of £4.8 trillion

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    Government urged to reveal 'true' national debt of £4.8 trillion

    The IEA raised its concerns after the latest public finances data from the Office for National Statistics (ONS) this week, which showed that the total debt, excluding bank bail-outs, is £816bn – itself a record high. However, the figures strip out the state's pension liabilities in a contravention of standard accounting practices.

    Mark Littlewood, the IEA's director-general, said: "The latest official national debt figure is seriously misleading. Looming in the background are pension liabilities. These should be moved to the forefront.

    More here - Government urged to reveal 'true' national debt of £4.8 trillion - Telegraph

    #2
    No pension, no liability.

    Logan's run, anyone?
    While you're waiting, read the free novel we sent you. It's a Spanish story about a guy named 'Manual.'

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      #3
      Is my memory playing tricks or did we have the best pension system in Europe in 1997?

      Comment


        #4
        Originally posted by Doggy Styles View Post
        Is my memory playing tricks or did we have the best pension system in Europe in 1997?
        We did, until that hoon, Gordon "McRuin" Brown looked at his moral compass and decided to remove the dividend tax credit to the tune of about £100b+ because "it was the right thing to do".

        Gordon hoon-ing Brown. The worst chancellor and PM to have ever inflicted the people of the UK with his socialist idiocy. Utter, utter c...
        If you think my attitude stinks, you should smell my fingers.

        Comment


          #5
          Originally posted by AtW View Post
          Mark Littlewood, the IEA's director-general, said: "The latest official national debt figure is seriously misleading. Looming in the background are pension liabilities. These should be moved to the forefront.
          Not necessarily.

          Does anyone have anything in writing about the pension that they are going to get from the state?

          I thought not.

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            #6
            I think the removal of the dividend tax credit was the final nail in the coffin for private and company pensions, but the end of employer provided final salary pensions started years earlier with the rise of "money purchase" schemes & shift towards providing for ones own retirement (in order to reduce the burdens on corporations) that occurred under Thatcher.

            The tax credit had little to do with the state pension I expect as this isn't backed by an investment fund, AFAIK, it's a ponzi scheme.
            While you're waiting, read the free novel we sent you. It's a Spanish story about a guy named 'Manual.'

            Comment


              #7
              Pension age needs to rise to 72, urges think tank - Pensions, Money - The Independent

              Comment


                #8
                I can see this working...

                "Now Mr hyperD, you're 71 years old now with a short, failed career in developing mediocre applications behind you, what makes you think you are the best person to stack shelves in Lidl? Come back! What do you mean you need to change your nappy? You've left your zimmer frame behind..."
                If you think my attitude stinks, you should smell my fingers.

                Comment


                  #9
                  Originally posted by hyperD View Post
                  We did, until that hoon, Gordon "McRuin" Brown looked at his moral compass and decided to remove the dividend tax credit to the tune of about £100b+ because "it was the right thing to do".
                  In fairness to Mr Brown he did not feck up pension system THAT much with his dividend run - it's the increased lifespan that does it, too generous final salary pensions that were not funded properly in the first place and general realiance on stock markets (that can crash) for support of this ponzi scheme.

                  Comment


                    #10
                    Originally posted by AtW View Post
                    In fairness to Mr Brown he did not feck up pension system THAT much with his dividend run - it's the increased lifespan that does it, too generous final salary pensions that were not funded properly in the first place and general realiance on stock markets (that can crash) for support of this ponzi scheme.
                    Well, there is the answer then.

                    Some solutions:
                    • No more medical treatment for the old
                    • No winter fuel allowances
                    • Encourage smoking and drinking from an earlier age
                    • Cut back on health and safety laws
                    Easy when you think about it.
                    How did this happen? Who's to blame? Well certainly there are those more responsible than others, and they will be held accountable, but again truth be told, if you're looking for the guilty, you need only look into a mirror.

                    Follow me on Twitter - LinkedIn Profile - The HAB blog - New Blog: Mad Cameron
                    Xeno points: +5 - Asperger rating: 36 - Paranoid Schizophrenic rating: 44%

                    "We hang the petty thieves and appoint the great ones to high office" - Aesop

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