Austerity - how long now?

[bigdog3]

chim said:

Well, get of your butt and get a descent job, you are hardly likely to get the bloody debt paid off any time soon if you are sitting in a minimum wage job

Reckon he's got a "descent job" already

[speedy_thrills]

This is really two questions for me, government debt is currently over 65% of GDP but the UK has little to worry about. However with a deficit at 11.7% of GDP it does need to cap spending and increase taxation within the next few years. There is just no way I could see the UK balancing the books by 2015 or 2016, as was initially expressed as a government target. In fact I doubt the UK will balance the books for a long time given that age demographics will add costs and tax reduce revenues.

However including the debt used to prop up financial businesses public debt is currently 149% of GDP. This isn't a problem in the long term as long as banking remains profitable enough to keep paying down it's debt and the UK can retain the ability to borrow at low rates. If either or both of these fall away the UK would be in danger of defaulting.

The good news is that in the short term the UK is quite safe because it can borrow to kick the problem down the road. However dealing with the problem of demographics and intergenerational debt in addition may mean austerity could last a generation really.

[NiceCupOfTea]

bigdog3 said:

chim said:

Well, get of your butt and get a descent job, you are hardly likely to get the bloody debt paid off any time soon if you are sitting in a minimum wage job

Reckon he's got a "descent job" already

Miner?

[egor110]

Ozzie Osmond said:

It will go on until Mr Average gets bored with going around with a long fce and moaning all the time. Once confidence picks up things will move very quickly.

I'll suggest significant improvement in 2013.

What exactly does that mean? I'm cautious with my money at the moment splitting it between over paying the mortgage and saving it, i guess you think i should buy a new car or tv i don't actually need to stimulate the high street?
The reason were in this mess is because on one hand bankers were taking huge risks gambling our money and it didn't work out and on the other hand we had a country that was just taking on cheap loans and buying houses, cars, electronics they didn't need and maybe due to there job/earnings had no right to own.

[Globs]

The recession will carry on for another 5 years I think, if we left the EU however we could bounce back in half that time.

[bigdog3]

Globs said:

The recession will carry on for another 5 years I think, if we left the EU however we could bounce back in half that time.

Your timimg feels optimistic, but entirely agree about EU. That edifice is doing Britain no favours at all

[Slaav]

crankedup said:

.....
As a Lib-Dem I would love to see a UKIP/Conservative arrangement for it wouldn't last very long at all. ......

I know I said I would not get involved again but are you really putting petty party Politics above the good of everyone?

Worse - you are HOPING that it all goes tits up so that you can blame your Political enemies?

This section of your post in this thread stood out.

Thank God we are not at WWIII or you would porbbaly hope for a bloody nose to prove what a numpty Call me Dave is? I sincerely hope that twisted and warped logic is in the minority; but then you are a Lib Dem so I guess that's a given....

(No beer smiley I am afraid)

[crankedup]

Slaav said:

I know I said I would not get involved again but are you really putting petty party Politics above the good of everyone?

Worse - you are HOPING that it all goes tits up so that you can blame your Political enemies?

This section of your post in this thread stood out.

Thank God we are not at WWIII or you would porbbaly hope for a bloody nose to prove what a numpty Call me Dave is? I sincerely hope that twisted and warped logic is in the minority; but then you are a Lib Dem so I guess that's a given....

(No beer smiley I am afraid)

Nothing wrong in being honest and upfront about one's political alliance, others may try the same thing . No you are incorrect in stating that 'I HOPE IT ALL GOES WRONG'. (its the way you read it)

[bigdog3]

bigdog3 said:

crankedup said:

As a Lib-Dem I would love to see a UKIP/Conservative arrangement for it wouldn't last very long at all.

You may think that, but I'm not convinced you're right. Have a creeping suspicion that a Conservative/UKIP Coalition could function very well, to the benefit of both parties and our country

Reckon my political alliance is clear ...

[turbobloke]

With the economy recovering confidence returning and spending increasing, a Poverty Industry veteran catches affluenza