Monday 21 February 2011

Debt

 I hope you can read these graphs. They show the level of debt in he UK relative to other countries, and the level of debt historically.

It i s particularly interesting to note that the historical level of debt we face - as a % - is actually pretty low.

Pity the government won't point this out. But insist on sacking loads of people for daring to work for the public sector.


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4 comments:

  1. Anonymous22 February 2011 at 00:51

    Hi Charlie

    I am on your side on the issue of resisting the cuts. However,the reason why the debt repayment is so low is that interest rates are at the lowest ever in the history of capitalism.

    Imagine if the interest rate rose from 0.5% to 3.0% (not a high figure historically) and then increase the interest payments by a factor of 6.


    BobS

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  2. Jon Rogers22 February 2011 at 02:29

    Morning Charlie

    I too would rather we didn't have to make such large cuts, but we are currently INCREASING our debt, by £400m every day.

    If the Coalition is successful in their plans, by the end of the Parliament, then the debt will no longer be increasing.

    We should not be spending more than we can afford. We spend £43 billion every year in interest payments on our debt. That would buy a new primary school every hour!

    We are currently passing our financial and environmental problems to the next generation. I for one would like to do what I can to reduce both burdens.

    The approach we have taken to making savings on Bristol City Council will be considered in the Full Council Budget debate this afternoon.

    Sorry that the Green Party have no suggested amendments to the Budget.

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  3. Charlie Bolton22 February 2011 at 02:42

    Welcome back, JR.

    Disappointed that LibDems have adopted thirties style Tory economics, tbh. It didn't work then. Can't see it working now.

    I'm not sure that tiddly budget amendments are anything of than tinkering at the edges when such cuts are being made.

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  4. Paul Bemmy Down25 February 2011 at 10:05

    It's about time politicians made it clear to the "man in the street" that the cuts are not cutting the debt, but just cutting the amount the debt is rising. This doesn't seem to have got home to many I know!

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