If Labour remains in power, will the UK go bankrupt like Greece?

[Berberis]

If Labour remains in power, how high will the national debt go and will the UK go bankrupt like Greece?

 

There is a distinct possibility that Labour, through underhand practices could remain in power even when they come a clear 3rd in the looming election.

 

Now considering Labour has sunk the UK finances to record levels, I was wondering how much further Labour would go if they remained in power. How much more money will they borrow before we are doomed to the fate of Greece and in all probability Portugal.

 

It seems that even while the country was in a period of prosperity and well before the recent recession, Labour was increasing the UK national debt by a large amount.

 

National debt as a % of GDP

(Pre Recession)

29% - 2002

36% - 2007

37% - 2008

(Recession)

44% - 2009

60% - 2010 (as of Feb 2010)

Every person alive in the UK currently owes £14,541 thanks to Labour. But this debt would be more if it were not for Labours Quantitative easing, which in turn devalued our currency making EVERYTHING more expensive. This is why Petrol is so expensive, and why our heating bills etc are going to rise significantly over the next 12 months.

 

Government forecasts predict the national debt will be £1.1 trillion by 2011. Now put that in perspective, the UK went bust in 1976 with a budget deficit of only 6% of GDP. By the end of 2010 the deficit is going to top 12%!

 

Refs:

http://www.economicshelp.org/blog/uk-economy/uk-national-debt/

http://www.statistics.gov.uk/cci/nugget.asp?id=206

[andyofborg]

don't panic

 

everything will be fine

[Photofit Ed]

If Labour remains in power, how high will the national debt go and will the UK go bankrupt like Greece?

 

There is a distinct possibility that Labour, through underhand practices could remain in power even when they come a clear 3rd in the looming election.

 

Now considering Labour has sunk the UK finances to record levels, I was wondering how much further Labour would go if they remained in power. How much more money will they borrow before we are doomed to the fate of Greece and in all probability Portugal.

 

It seems that even while the country was in a period of prosperity and well before the recent recession, Labour was increasing the UK national debt by a large amount.

 

National debt as a % of GDP

(Pre Recession)

29% - 2002

36% - 2007

37% - 2008

(Recession)

44% - 2009

60% - 2010 (as of Feb 2010)

Every person alive in the UK currently owes £14,541 thanks to Labour. But this debt would be more if it were not for Labours Quantitative easing, which in turn devalued our currency making EVERYTHING more expensive. This is why Petrol is so expensive, and why our heating bills etc are going to rise significantly over the next 12 months.

 

Government forecasts predict the national debt will be £1.1 trillion by 2011. Now put that in perspective, the UK went bust in 1976 with a budget deficit of only 6% of GDP. By the end of 2010 the deficit is going to top 12%!

 

Refs:

http://www.economicshelp.org/blog/uk-economy/uk-national-debt/

http://www.statistics.gov.uk/cci/nugget.asp?id=206

 

 

 

YIPPEEE.......they have knocked 100 grand off my mortgage!:hihi:

[HeadingNorth]

It may already be too late to avoid that sort of disaster no matter who is in power after Thursday.

 

One thing we can be sure of, though, is that just as in 1979, whoever takes over and goes on to sort out the mess will be blamed for the results, and millions of people will forget why it needed sorting out to begin with.

[eastbank]

If Labour remains in power, how high will the national debt go and will the UK go bankrupt like Greece?

 

There is a distinct possibility that Labour, through underhand practices could remain in power even when they come a clear 3rd in the looming election.

 

Now considering Labour has sunk the UK finances to record levels, I was wondering how much further Labour would go if they remained in power. How much more money will they borrow before we are doomed to the fate of Greece and in all probability Portugal.

 

It seems that even while the country was in a period of prosperity and well before the recent recession, Labour was increasing the UK national debt by a large amount.

 

National debt as a % of GDP

(Pre Recession)

29% - 2002

36% - 2007

37% - 2008

(Recession)

44% - 2009

60% - 2010 (as of Feb 2010)

Every person alive in the UK currently owes £14,541 thanks to Labour. But this debt would be more if it were not for Labours Quantitative easing, which in turn devalued our currency making EVERYTHING more expensive. This is why Petrol is so expensive, and why our heating bills etc are going to rise significantly over the next 12 months.

 

Government forecasts predict the national debt will be £1.1 trillion by 2011. Now put that in perspective, the UK went bust in 1976 with a budget deficit of only 6% of GDP. By the end of 2010 the deficit is going to top 12%!

 

Refs:

http://www.economicshelp.org/blog/uk-economy/uk-national-debt/

http://www.statistics.gov.uk/cci/nugget.asp?id=206

 

definately not....those greeks deserve all that is coming to them...let them all go on strike and we can holiday somewhere safe....our country is strong unlike that third world country...let them rot

[andyofborg]

the uk economy is in much better shape than the greek one and should recover far better, our debt may be large but the repayment dates are many years into the future. much of the greek debt needs to be paid off in a few weeks.

 

if the incoming government balances income and expenditure over the next few years then we should be ok.

 

our current financial situation may not the the best its ever been but its not terminal and there is no need for the amount of panic that the media and some politicians are whipping up

[RonJeremy]

 

if the incoming government balances income and expenditure over the next few years then we should be ok.

 

How are they going to do this without cutting the huge oversized, flabby, wasteful public sector that Gordy and co created to encourage people to vote Lab.

What a con

[Wildcat]

How are they going to do this without cutting the huge oversized, flabby, wasteful public sector that Gordy and co created to encourage people to vote Lab.

What a con

 

So you think cutting back on health provision is a vote winner? or pehaps you would cut a load of jobs in the borders agency?

[Wildcat]

It may already be too late to avoid that sort of disaster no matter who is in power after Thursday.

 

One thing we can be sure of, though, is that just as in 1979, whoever takes over and goes on to sort out the mess will be blamed for the results, and millions of people will forget why it needed sorting out to begin with.

 

You mean 1974 surely?

[HeadingNorth]

So you think cutting back on health provision is a vote winner? or pehaps you would cut a load of jobs in the borders agency?

 

Cutting back the public sector may not be a vote winner, but neither is bankrupting the country.

 

Of course, as we've seen before in the early 80s, people never blame the politicins who cause the bankruptcy. They reserve their bile and hatred for the one who has guts enough to perform the reconstruction. Is it any wonder that few, if any, candidates are brave enough to say they'll actually fix the current problems?