What caused the UK to be in so much debt?

[psynuk]

No it wasn't, the banking crisis was a symptom of the debt, not the cause.

 

the banking crisis was a symptom of the debt, which debt do you mean?

[Harvest]

Yes it was but sadly he doesn't understand why spending too much and not saving has caused the problems we now face.

 

Sadly this is usually the case with folk who run up unaffordable debt on their credit card then try to blame everyone else for the debt.

[loraward]

the banking crisis was a symptom of the debt, which debt do you mean?

 

A combination of everyone's debt, government, business and private debt.

 

---------- Post added 01-05-2015 at 17:14 ----------

 

Sadly this is usually the case with folk who run up unaffordable debt on their credit card then try to blame everyone else for the debt.

 

Yes it is surprising how many people blame the banks for giving them the card.

[Harleyman]

No. Wrong as usual. All parties agree that the deficit needs reducing, including Labour. It's how that is the issue.

 

Do it too fast and you put a stranglehold on spending and growth falters. Cuts have to be made, but where ?

 

Start with the able to work but always on the dole loafers. I think there are plenty on this forum alone. Some must be under 65 years of age and post daily at times that are working hours in the UK

[F. Sidebottom]

No. Wrong as usual. All parties agree that the deficit needs reducing, including Labour. It's how that is the issue.

 

Do it too fast and you put a stranglehold on spending and growth falters. Cuts have to be made, but where ?

 

The Labour party only adopted that stance after it was proven it was the right policy.

 

The original Ed Balls strategy was to spend their way out of debt. That was the 2010 line as per his Bloomberg lecture.

 

Can you imagine the mess we'd be in now with that mug in charge. Even he's done a huge U turn on that policy.

 

That's why we can't trust Labour - all rosy when there is nothing to worry about, headless chickens in an economic crisis.

[kingdom]

A decline in morals

[poppet2]

The Tories inherited an outrageous budget deficit - they are trying to sort out that deficit so they can begin to pay off the debt.

 

You're having a laugh!

 

Is that why the Tories wasted billions of tax payers money on these?

 

http://www.theguardian.com/society/2013/sep/18/nhs-records-system-10bn

 

http://www.dailymail.co.uk/news/article-2552850/Delays-Universal-Credit-mean-far-cost-225-000-EACH-person-new-benefits-system.html

[psynuk]

So what was the cause of the debt that led to the symptom- banking crisis ?

[poppet2]

So what was the cause of the debt that led to the symptom- banking crisis ?

 

 

Thatcher allowed deregulation of banks allowing to do whatever they wanted.

The banks mis-sold sub prime mortgages in the USA and UK. They thought they were the masters of the universe.

[psynuk]

Thatcher allowed deregulation of banks allowing to do whatever they wanted.

The banks mis-sold sub prime mortgages in the USA and UK. They thought they were the masters of the universe.

 

that's not the inventive and literal answer I was hoping for