dell12 Posted October 19, 2010 Share Posted October 19, 2010 So why is the budget 30% overspent this year? We aren't bailing them out every year. Well we had to borrow to bail them out. This has to both be paid back and paid back with interest. What we're paying back then cannot be spent on things like public services. The banks aren't the only reason we're in this mess, but i'd say they are the main one. You have to remember that in 2008 (pre recession) debt as a proportion of GCP was the lowest it had been for years. Link to comment Share on other sites More sharing options...
wednesday1 Posted October 19, 2010 Share Posted October 19, 2010 Well we had to borrow to bail them out. This has to both be paid back and paid back with interest. What we're paying back then cannot be spent on things like public services. The banks aren't the only reason we're in this mess, but i'd say they are the main one. You have to remember that in 2008 (pre recession) debt as a proportion of GCP was the lowest it had been for years. Why let the truth get in the way of the Tory ranters on here! Link to comment Share on other sites More sharing options...
Mecky Posted October 19, 2010 Share Posted October 19, 2010 I think that you will find they were. The carriers were ordered in July 2009 and so much money has already been comitted that it would almost cost as much to cancel them July 2009. Labour Government in power then and a recession well and truly under way. The answer is still no. Try thinking before you reply Link to comment Share on other sites More sharing options...
Conrod Posted October 19, 2010 Share Posted October 19, 2010 As or march this year, our national debt was £1000 billion. http://www.statistics.gov.uk/cci/nugget.asp?id=277 Total cost of the banking fiasco is quoted at £850 billion, but much of that is indemnifying the Bank of England against loss (£200 billion), guaranteeing bank borrowing (£250 billion), and insurance cover of bank assets (£280 billion). Not actually spent – but committed ‘in case’, covering the banks which are now back in profit. Actual cost/spend, in buying shares, compensations, and providing loans (which will be paid back) is more like £150 billion. So what did Labour do to build up the rest of our £1000 billion debt? Good old spend spend spend of course – a bloated public sector and socialist wastage, just as Labour does each time they get into power. Link to comment Share on other sites More sharing options...
Jason Bourne Posted October 19, 2010 Share Posted October 19, 2010 So what did Labour do to build up the rest of our £1000 billion debt? Good old spend spend spend of course – a bloated public sector and socialist wastage, just as Labour does each time they get into power. While I suspect that a huge public sector makes the employments stats look good yet requires huge taxes to maintain, I can't work out where you got the idea that our last government were a bunch of Socialists? God help you man x Link to comment Share on other sites More sharing options...
Guest Posted October 19, 2010 Share Posted October 19, 2010 http://www.telegraph.co.uk/news/newstopics/politics/labour/8071032/Spending-Review-2010-Labour-would-continue-to-tax-and-spend-rather-than-cutting.html On the day that business leaders from some of the UK's biggest companies warned against watering down spending cuts, it seems Labour have learned nothing from the mess they helped to create, and still want to tax us more (as if they didn't tax us enough over 13 years) and continue to spend, spend, spend. How come they don't know what the rest of us know, it was partly public sector over spending that got us into the mess in the first place? Those business leaders would say that wouldn't they? Turkeys don't vote for Christmas either! Labour want to raise taxes for THE RICH, and these guys are absolutely overloaded with dosh and running companies which, between them, are making thousands of millions in profit. Not surprising that all the Tory types want lower taxes and more cuts, and for the poor to pick up the largest share of the bill. Link to comment Share on other sites More sharing options...
mj.scuba Posted October 19, 2010 Author Share Posted October 19, 2010 As noted on other threads, out debts are no so bad really - it mainly consists of bonds & gilts (so no "interest on the interest" that other countries are having to pay) and just as importantly 70% of them are held by people/companies in the UK - again better than many other countries who owe their money to china. In essence, the current cuts are FAR in excess of what are actually needed. Osbourne reckons we're paying £120million in interest every day. As for interest on the interst on the interest: "It's like with a credit card. The longer you leave it, the worse it gets. You pay more interest. You pay interest on the interest. You pay interest on the interest on the interest. And we are already pay £120m of interest every single day." Link to comment Share on other sites More sharing options...
mossdog Posted October 19, 2010 Share Posted October 19, 2010 Why let the truth get in the way of the Tory ranters on here!I wish the truth had got in the way of the Socialist amateurs when in power! Link to comment Share on other sites More sharing options...
mj.scuba Posted October 19, 2010 Author Share Posted October 19, 2010 Well we had to borrow to bail them out. This has to both be paid back and paid back with interest. What we're paying back then cannot be spent on things like public services. The banks aren't the only reason we're in this mess, but i'd say they are the main one. You have to remember that in 2008 (pre recession) debt as a proportion of GCP was the lowest it had been for years. Why let the truth get in the way of the Tory ranters on here! Guardian article, January 2008. Indeed, don't let the truth spoil your rose tinted glasses. Link to comment Share on other sites More sharing options...
mossdog Posted October 19, 2010 Share Posted October 19, 2010 While I suspect that a huge public sector makes the employments stats look good yet requires huge taxes to maintain, I can't work out where you got the idea that our last government were a bunch of Socialists? God help you man x Interesting how some socialists distance themselves from the socialist government now it's gone belly up! Link to comment Share on other sites More sharing options...
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