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21-08-2020, 11:29 AM
1

UK government debt hits £2tn for first time

https://www.bbc.co.uk/news/business-53859299

That's £2,000,000,000,000 .....

UK government debt has risen above £2 trillion for the first time amid heavy spending to support the economy amid the coronavirus pandemic.

Spending on measures such as the furlough scheme means the debt figure now equals the value of everything the UK produces in a year.

Total debt hit £2.004tn in July, £227.6bn more than last year, said the Office for National Statistics (ONS).

It is the first time debt has been above 100% of gross domestic product (GDP) since the 1960-61 financial year, the ONS said.

Economists warned the situation would worsen before improving.
That's the bad news - the good news:

Andrew Walker (Economics Correspondent)

£2 trillion is, obviously, a large amount of money. But in the circumstances, it was inevitable that government debt would cross that threshold.

But the government's borrowing costs - the interest rates it has to pay - are low.

In relation to annual national income, debt has crossed the 100% level. There's no doubt the government would rather that had not happened.

But by that measure, government debt is still far short of the highs it reached in the aftermath of wars - the two world wars and the Napoleonic wars more than 200 years ago.
That's all right then ....
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21-08-2020, 11:40 AM
2

Re: UK government debt hits £2tn for first time

Originally Posted by Omah ->
https://www.bbc.co.uk/news/business-53859299

That's £2,000,000,000,000 .....

UK government debt has risen above £2 trillion for the first time amid heavy spending to support the economy amid the coronavirus pandemic.



That's the bad news - the good news:



That's all right then ....

The reality is, that after a global pandemic we had little choice. Luckily for us we have a strong economy and can service the debts, paying them back over a long period like we did after WW2.

Labour would have borrowed even more and spent it irresponsibly like they always do. Currently, the UK is outperforming the 27 member states in the EU and retail is back to pre-COVID-19 levels.

All labour has done over the past 6 months is elect their new leader and then change their mind after supporting the government on all the important issues.
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21-08-2020, 11:47 AM
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Re: UK government debt hits £2tn for first time

Originally Posted by Bread ->
The reality is, that after a global pandemic we had little choice. Luckily for us we have a strong economy and can service the debts, paying them back over a long period like we did after WW2.

Labour would have borrowed even more and spent it irresponsibly like they always do. Currently, the UK is outperforming the 27 member states in the EU and retail is back to pre-COVID-19 levels.

All labour has done over the past 6 months is elect their new leader and then change their mind after supporting the government on all the important issues.
Stupid hypotheticals are a waste of time and saying what Labour would have done when in reality you haven't the slightest idea is such a thing.
Blind support of the most incompetent, dishonest government this country has ever had to suffer would have shown Labour in a very poor light and would hardly have been fulfilling their role as opposition. They still do support the government except when it is plainly ridiculous to do so which, increasingly, is the case. Unlike the Tories, the other parties do tend to have values, ethics and the good of the country rather than themselves at heart.
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21-08-2020, 01:29 PM
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Re: UK government debt hits £2tn for first time

Originally Posted by Devo ->
Stupid hypotheticals are a waste of time and saying what Labour would have done when in reality you haven't the slightest idea is such a thing.
Blind support of the most incompetent, dishonest government this country has ever had to suffer would have shown Labour in a very poor light and would hardly have been fulfilling their role as opposition. They still do support the government except when it is plainly ridiculous to do so which, increasingly, is the case. Unlike the Tories, the other parties do tend to have values, ethics and the good of the country rather than themselves at heart.
Hypotheticals are all we have because labour has done nothing, suggested nothing, been useless in opposition and can't even agree between themselves what to do.

Labour has no values - it's a racist party with no leadership, obsessed with envy, hatred and doing nothing. It's why they haven't won anything for 15 years and will be unlikely to win anything in the future. When we ever have a crisis, socialism is always the root cause and it's idelogocal BS principles that get in the way of honesty, transparency and the truth.

Left wing buzzwords and rhetorical nonesense only get you so far. At some point you will be asked to prove it and thats when the left wing lies start to expose themselves.

Carry on protesting Devo, it's about all you lot are good at.
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21-08-2020, 01:36 PM
5

Re: UK government debt hits £2tn for first time

Originally Posted by Bread ->
Hypotheticals are all we have because labour has done nothing, suggested nothing, been useless in opposition and can't even agree between themselves what to do.

Labour has no values - it's a racist party with no leadership, obsessed with envy, hatred and doing nothing. It's why they haven't won anything for 15 years and will be unlikely to win anything in the future. When we ever have a crisis, socialism is always the root cause and it's idelogocal BS principles that get in the way of honesty, transparency and the truth.

Left wing buzzwords and rhetorical nonesense only get you so far. At some point you will be asked to prove it and thats when the left wing lies start to expose themselves.

Carry on protesting Devo, it's about all you lot are good at.
The Labour voters didn't seem to get behind their party, at the election, did they?

Like the referendum, the voters must not have known what they were voting for!
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21-08-2020, 02:24 PM
6

Re: UK government debt hits £2tn for first time

Originally Posted by Tedc ->
The Labour voters didn't seem to get behind their party, at the election, did they?

Like the referendum, the voters must not have known what they were voting for!
In the EU referendum the voters knew Precisely what they were voting for with the exception of those who voted to remain though what emerged after the result I suspect that a great many who did vote to remain would now vote to leave.

Labour? I am at a total loss as to how anyone could possibly vote Labour
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21-08-2020, 02:42 PM
7

Re: UK government debt hits £2tn for first time

Originally Posted by Tedc ->
The Labour voters didn't seem to get behind their party, at the election, did they?

Like the referendum, the voters must not have known what they were voting for!
Ha ha very true, Ted
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21-08-2020, 03:03 PM
8

Re: UK government debt hits £2tn for first time

Originally Posted by Tedc ->
The Labour voters didn't seem to get behind their party, at the election, did they?

Like the referendum, the voters must not have known what they were voting for!
That's very witty Ted
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21-08-2020, 03:08 PM
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Re: UK government debt hits £2tn for first time

Hi

Yes the Referendum.

We pay the EU £350 million a week.

We hold all the cards.

We can have our cake and eat it.

We have an oven ready Brexit.

I would rather die in a ditch.
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21-08-2020, 04:49 PM
10

Re: UK government debt hits £2tn for first time

Originally Posted by swimfeeders ->
Hi

Yes the Referendum.

We pay the EU £350 million a week.

We hold all the cards.

We can have our cake and eat it.

We have an oven ready Brexit.

I would rather die in a ditch.

And we left
 
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