Digital Spy

Search Digital Spy
 

DS Forums

 
 

Tories set to lose Britain second AAA credit rating


Reply
Thread Tools Search this Thread
Old 24-03-2013, 08:22
cloudymountain
Forum Member
 
Join Date: Jul 2012
Posts: 4,685
When a government is so hellbent of forcing through ideological ideals at the expense of any growth that would allow for debt to be paid back.
http://translate.google.co.uk/#zh-CN/hi/growth

Growth-( Translate from Socialist-Speak to English)

<Begin Translation>Gimme more free money to spend.<End Translation>
cloudymountain is offline   Reply With Quote
Please sign in or register to remove this advertisement.
Old 24-03-2013, 08:43
Raring_to_go
Forum Member
 
Join Date: Dec 2001
Posts: 16,919
That graph:

http://en.wikipedia.org/wiki/File:UK_GDP.png ,

really does show up the hyperbole for all it is.

This country has been in more debt for the vast majority of the last 200+ years.

As far as the Tories pulling us out of it goes, they are now hugely responsible for escalating any mess and putting us further into debt (and for not the first time either)..
Itís a good graph.

It shows what happened after the last instalment of the WW2 debt was paid in 2006, thatís when the Labour government lost the plot and started the rot leaving the UK in a poor state to respond to a world fiancial crisis.
Raring_to_go is offline   Reply With Quote
Old 24-03-2013, 09:01
GibsonSG
Forum Member
 
Join Date: Sep 2005
Posts: 9,167
Proof that we really are up shit creek, we have no industrial base that can make and export, and anyone who thinks labour has the answer is a deluded fool.
True and light regulation of the financial sector over the last twenty five years has effectively destroyed it.
GibsonSG is offline   Reply With Quote
Old 24-03-2013, 09:10
BrokenArrow
Forum Member
 
Join Date: Mar 2007
Location: Hampshire
Posts: 15,687
True and light regulation of the financial sector over the last twenty five years has effectively destroyed it.
I don't agree totally.

The fuel of unrestricted money has allowed society to progress technologically and socially more in the last 25 years than in any other period of history.

Usually it takes a world war to do that.

Either way, the price is still the same, huge debt followed by a period of austerity.
BrokenArrow is offline   Reply With Quote
Old 24-03-2013, 17:21
SULLA
Forum Member
 
Join Date: Jun 2002
Location: The Black Country
Posts: 98,869
Debt as a percentage of GDP 2008

Japan 167 %

Italy 106.1

Euro area 70.2 %

USA 69 %

Germany 66.8 %

France 68.2 %

UK 52.3 %

What's your point?
SULLA is online now   Reply With Quote
Old 24-03-2013, 17:24
GibsonSG
Forum Member
 
Join Date: Sep 2005
Posts: 9,167
What's your point?
I think he is saying that is ours is lower than quite a few other countries. I am a bit confused by inclusion of the "euro area" when european countries have already been cited. Bit of a doubling up.
GibsonSG is offline   Reply With Quote
Old 24-03-2013, 18:27
Jol44
Forum Member
 
Join Date: Feb 2013
Posts: 12,297
What's your point?
That our level of debt in 2008 was pretty much lower than all our economic contemporaries, in fact quite considerably lower than most.

That doesn't quite fit in with the line of a decade of Labour over spending exuberance, does it?
Jol44 is offline   Reply With Quote
Old 24-03-2013, 18:49
roland rat
Inactive Member
 
Join Date: Jun 2001
Posts: 12,660
Originally Posted by Jol44;64938602
[B
Britain set to lose second AAA credit rating[/b]

George Osborne was served notice on Friday night that the UK's AAA credit status will be downgraded for a second time
I think the AAA credit rating will be even further downgraded by the autumn, and just intime for the george osbourned autumn statement, will be read by david cameron


We now call forward a general election
roland rat is offline   Reply With Quote
Old 24-03-2013, 21:25
SULLA
Forum Member
 
Join Date: Jun 2002
Location: The Black Country
Posts: 98,869
That our level of debt in 2008 was pretty much lower than all our economic contemporaries, in fact quite considerably lower than most.

That doesn't quite fit in with the line of a decade of Labour over spending exuberance, does it?
You think that 52.3% of GDP is good?

You think that allowing banks to operate like betting offices or casinos was good?
SULLA is online now   Reply With Quote
Old 24-03-2013, 21:36
Nick1966
Forum Member
 
Join Date: Oct 2005
Location: North London
Posts: 13,577
I think he is saying that is ours is lower than quite a few other countries. I am a bit confused by inclusion of the "euro area" when european countries have already been cited. Bit of a doubling up.
In his budget last Wednesday, George Osborne predicts that outstanding UK government debt will reach 85.6% of GDP by 2016-7.

So, during Mr Osborne's tenure in office, UK government debt is going to by 50% from approx 50% of GDP to 75%. Based on this trend, expect UK government debt to exceed 100% of GDP during the next parliament.
Nick1966 is offline   Reply With Quote
Old 24-03-2013, 21:42
Nick1966
Forum Member
 
Join Date: Oct 2005
Location: North London
Posts: 13,577
That our level of debt in 2008 was pretty much lower than all our economic contemporaries, in fact quite considerably lower than most.
Wiki paints a gloomier picture of UK government debt. Of the 27 member states, only Greece, Ireland, Italy, Belgium and Portugal having higher debt to GDP ratios.

http://en.wikipedia.org/wiki/Eu_econ..._member_states

Indeed, of the EU countries outside the eurozone, the UK has the highest government debt and highest annual deficit.
Nick1966 is offline   Reply With Quote
Old 24-03-2013, 21:43
WindWalker
Forum Member
 
Join Date: Nov 2004
Posts: 13,429
You think that 52.3% of GDP is good?

You think that allowing banks to operate like betting offices or casinos was good?
That's the worldwide system, fractional reserve banking, applicable to things like gold and silver as well, derivatives and financial instruments Then there's the unregulated shadow banking that operates from London.

How would you suggest it was changed?
WindWalker is offline   Reply With Quote
Old 24-03-2013, 21:52
howmanytimes
Forum Member
 
Join Date: Jun 2008
Location: west mids
Posts: 2,754
Itís a good graph.

It shows what happened after the last instalment of the WW2 debt was paid in 2006, thatís when the Labour government lost the plot and started the rot leaving the UK in a poor state to respond to a world fiancial crisis.
Yes, but a lot of the measures were to reduce poverty. Why did we need to reduce poverty?
howmanytimes is offline   Reply With Quote
Old 24-03-2013, 22:02
Majlis
Forum Member
 
Join Date: Apr 2010
Location: The Sandpit
Posts: 18,364

So, during Mr Osborne's tenure in office, UK government debt is going to by 50% from approx 50% of GDP to 75%. Based on this trend, expect UK government debt to exceed 100% of GDP during the next parliament.
Indeed - and to think that some people think we are not borrowing enough!
Majlis is offline   Reply With Quote
Old 24-03-2013, 22:33
SULLA
Forum Member
 
Join Date: Jun 2002
Location: The Black Country
Posts: 98,869
That's the worldwide system, fractional reserve banking, applicable to things like gold and silver as well, derivatives and financial instruments Then there's the unregulated shadow banking that operates from London.

How would you suggest it was changed?
In a way that they couldn't go bust would be helpful.
SULLA is online now   Reply With Quote
Old 24-03-2013, 22:49
Phil 2804
Forum Member
 
Join Date: Sep 2005
Posts: 13,728
Indeed - and to think that some people think we are not borrowing enough!
We aren't borrowing for the right things. We're borrowing to cover from the epic economic failure of yet another Tory Government.

Worse than that Osborne's not very well thought out mortgage guarantee plan leaves the taxpayer wide open to a US style sub prime meltdown. Wonderful. I wonder who'll be in power when the shit hits the fan over that bright idea.
Phil 2804 is offline   Reply With Quote
Old 24-03-2013, 22:55
Majlis
Forum Member
 
Join Date: Apr 2010
Location: The Sandpit
Posts: 18,364
We aren't borrowing for the right things. :
Oh, so we are back to milibands 'good borrowing, bad borrowing' argument . Did he ever manage to work out the difference between a 'good company and bad company'?
Majlis is offline   Reply With Quote
Old 24-03-2013, 22:56
WindWalker
Forum Member
 
Join Date: Nov 2004
Posts: 13,429
In a way that they couldn't go bust would be helpful.
Which would be? In your opinion.
WindWalker is offline   Reply With Quote
Old 24-03-2013, 22:58
Phil 2804
Forum Member
 
Join Date: Sep 2005
Posts: 13,728
Oh, so we are back to milibands 'good borrowing, bad borrowing' argument . Did he ever manage to work out the difference between a 'good company and bad company'?
Roads, rail, houses, regeneration. Its what the post war Governments, Labour and Tory, did after WW2 when our debt was at 250% of GDP.
Phil 2804 is offline   Reply With Quote
Old 24-03-2013, 23:02
Majlis
Forum Member
 
Join Date: Apr 2010
Location: The Sandpit
Posts: 18,364
Roads, rail, houses, regeneration. Its what the post war Governments, Labour and Tory, did after WW2 when our debt was at 250% of GDP.
Well as Darling was planning to spend about the same as Osborne is now, assuming he Invested significant amounts into those areas, what extra cuts would he have made in other areas? We know he was planning to cut NHS spending more, what else?
Majlis is offline   Reply With Quote
Old 25-03-2013, 00:19
SULLA
Forum Member
 
Join Date: Jun 2002
Location: The Black Country
Posts: 98,869
Which would be? In your opinion.
Unless I give a source, it's always my opinion.
SULLA is online now   Reply With Quote
Old 25-03-2013, 00:34
Jol44
Forum Member
 
Join Date: Feb 2013
Posts: 12,297
You think that 52.3% of GDP is good?

You think that allowing banks to operate like betting offices or casinos was good?
Well, just to put it into perspective, our average debt over the last 250 years would be somewhere above that.
Jol44 is offline   Reply With Quote
Old 25-03-2013, 00:39
Jol44
Forum Member
 
Join Date: Feb 2013
Posts: 12,297
Wiki paints a gloomier picture of UK government debt. Of the 27 member states, only Greece, Ireland, Italy, Belgium and Portugal having higher debt to GDP ratios.

http://en.wikipedia.org/wiki/Eu_econ..._member_states

Indeed, of the EU countries outside the eurozone, the UK has the highest government debt and highest annual deficit.
Indeed, today it is much higher than it was in 2008. A flat lining economy with any growth sucked out of it really hasn't helped things one bit.
Jol44 is offline   Reply With Quote
Old 25-03-2013, 01:08
skp20040
Forum Member
 
Join Date: Dec 2004
Location: Central London
Posts: 33,947
And it's very different from War Bonds.
The purpose was the same the only difference was the bonds had a fixed term and the savings scheme did not , in WW2 the USA issued War Bonds ( or if you couldn't afford a full bond then savings stamps towards one) these could be cashed in at a later date with profit and the money during that time was used to fund the military.

The UK used the National Savings Movement, you put your money into savings on which you would earn interest and the money saved ( or lent as they advertised it ) was used to fund the military.
skp20040 is online now Follow this poster on Twitter   Reply With Quote
 
Reply



Thread Tools Search this Thread
Search this Thread:

Advanced Search

 
Forum Jump


All times are GMT +1. The time now is 01:04.