One of the reasons why I left the UK was its addiction to borrowing money. I was once a Tory now I’m not involved in UK politics. I’d speak to other conservatives about the dangers of borrowing. They would look at me as if I was crazy and from outer space. Sadly as predicted I see the UK in deep trouble. Yet even today alarm bells are not ringing. I can see in ten years time a third of all tax receipts being used to pay interest on debt. The government will then not have enough money to run essential services. Borrowing more will not be possible, as no one will lend the UK any more money. Printing money is the only alternative but that will lead to the pound losing 50% of its value. This will lead to imports doubling in price.
If you want to know what your future will look like…..think of Greece.
On the positive side all is not lost. The UK needs to start balancing its budget NOW. This means no deficits and a dramatic cut in welfare spending. Of course this will not happen, and any govt that did this, would be voted out, and another party voted in, who will keep the borrowing game continuing.
On another positive note, of the 2.5 trillion pounds owed, I suspect about 800 million is not real. Its the result of Quantitative Easing we’re the govt printed money and purchased government bonds from pension funds etc. these bonds are still on the book but the debt is now owned by the UK govt.
However any saving in this regard is wiped out by pensions owed to public employees. This little figure stands at 4.8 trillion pounds. On a positive note the govt could refuse to pay this if in a similar situation as Greece. If everyone worked for two years the total amount would not pay the debt in regard to pensions.
My advice to anyone young and skilled get the hell out of their , go to Australia or New Zealand.
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One of the reasons why I left the UK was its addiction to borrowing money. I was once a Tory now I’m not involved in UK politics. I’d speak to other conservatives about the dangers of borrowing. They would look at me as if I was crazy and from outer space. Sadly as predicted I see the UK in deep trouble. Yet even today alarm bells are not ringing. I can see in ten years time a third of all tax receipts being used to pay interest on debt. The government will then not have enough money to run essential services. Borrowing more will not be possible, as no one will lend the UK any more money. Printing money is the only alternative but that will lead to the pound losing 50% of its value. This will lead to imports doubling in price.
If you want to know what your future will look like…..think of Greece.
On the positive side all is not lost. The UK needs to start balancing its budget NOW. This means no deficits and a dramatic cut in welfare spending. Of course this will not happen, and any govt that did this, would be voted out, and another party voted in, who will keep the borrowing game continuing.
On another positive note, of the 2.5 trillion pounds owed, I suspect about 800 million is not real. Its the result of Quantitative Easing we’re the govt printed money and purchased government bonds from pension funds etc. these bonds are still on the book but the debt is now owned by the UK govt.
However any saving in this regard is wiped out by pensions owed to public employees. This little figure stands at 4.8 trillion pounds. On a positive note the govt could refuse to pay this if in a similar situation as Greece. If everyone worked for two years the total amount would not pay the debt in regard to pensions.
My advice to anyone young and skilled get the hell out of their , go to Australia or New Zealand.