mike edds Posted January 27, 2011 Share Posted January 27, 2011 Do you really think all that money went on public services that year? The shortfall came from the impact on business of the lending crisis. The failure of banks to release money sent thousands of companies to the wall. Something that would have been a lot worse had it not been for bailing the banks out and fiscal stimulus. It was public spending that saved the economy from even more damage that the banks and their backers inflicted on us. Totally correct. what do you think of this solution? it would never happen. but do you think it has merits? Link to comment Share on other sites More sharing options...
Wildcat Posted January 27, 2011 Share Posted January 27, 2011 Totally correct. what do you think of this solution? it would never happen. but do you think it has merits? It has merits, but the fact it wouldn't work in a globalised economy overrides any merit it might have. What is needed are international solutions to tax avoidance. Link to comment Share on other sites More sharing options...
Bigthumb Posted January 27, 2011 Share Posted January 27, 2011 Do you really think all that money went on public services that year? The shortfall came from the impact on business of the lending crisis. The failure of banks to release money sent thousands of companies to the wall. Something that would have been a lot worse had it not been for bailing the banks out and fiscal stimulus. It was public spending that saved the economy from even more damage that the banks and their backers inflicted on us. OK. Then tell me how many years it takes to build up £1.2 trillion if the biggest budget shortfall ever in this country was £175 billion by Alistair Darling in 2009. Link to comment Share on other sites More sharing options...
Obelix Posted January 27, 2011 Share Posted January 27, 2011 THE SUPER RICH, AND THE DEFENDERS OF THE SUPER RICH. THATS YOU. HAND OVER YOUR SAVINGS TROLL.:hihi: Come and get them pretty boy if you think you are hard enough....:-) Link to comment Share on other sites More sharing options...
Bigthumb Posted January 27, 2011 Share Posted January 27, 2011 Totally correct. what do you think of this solution? it would never happen. but do you think it has merits? Oh hi Phil. You come to help Phil out? Link to comment Share on other sites More sharing options...
Wildcat Posted January 27, 2011 Share Posted January 27, 2011 OK. Then tell me how many years it takes to build up £1.2 trillion if the biggest budget shortfall ever in this country was £175 billion by Alistair Darling in 2009. It could take just a few years, if the private sector collapsed. We would have built up a much bigger debt had Alistair Darling not intervened to support our businesses. Link to comment Share on other sites More sharing options...
Wildcat Posted January 27, 2011 Share Posted January 27, 2011 No, it's the interest we have to pay on pretty much *all* currency that is the root of the problem and the national debt The interest isn't the problem. See graph 5 on this page. It isn't even at 4% of GDP. The time to start worrying about defaulting is when it gets to 3 times that amount. http://www.ukpublicspending.co.uk/debt_brief.php Link to comment Share on other sites More sharing options...
Bigthumb Posted January 27, 2011 Share Posted January 27, 2011 It could take just a few years, if the private sector collapsed. We would have built up a much bigger debt had Alistair Darling not intervened to support our businesses. You are just side stepping the point again. If the Government's debt was built up due to the banking crisis; how is it that the level of debt stands at £1.2 trillion. If the largest budget deficit ever was £175 billion, and that was in the year of bank bail outs etc, how did the last Government manage to run up the other £1 trillion of debt? Link to comment Share on other sites More sharing options...
Wildcat Posted January 27, 2011 Share Posted January 27, 2011 You are just side stepping the point again. If the Government's debt was built up due to the banking crisis; how is it that the level of debt stands at £1.2 trillion. If the largest budget deficit ever was £175 billion, and that was in the year of bank bail outs etc, how did the last Government manage to run up the other £1 trillion of debt? The recession, the failure of GDP to grow as expected had the impact of reducing tax returns. http://www.statistics.gov.uk/cci/nugget.asp?id=192 Link to comment Share on other sites More sharing options...
Cyclone Posted January 27, 2011 Share Posted January 27, 2011 how about looking after our own first? other countries should do the same. the $ a day nations should spend less on ak47's that would help. I expect that'd exactly what the rich would say. Can you smell the irony? Link to comment Share on other sites More sharing options...
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