Reply to: Why we are not Greece.

[suityou01]

I was just about to say that...

Panic not. FTSE up 0.18%.

Thanks Gordon

[threaded]

For those of you who understand German:

Pfund-Krise: "Die Totenglocke wird gel

...according to them the UK isn't Greece, oh no


It's worse than that...

I was just about to say that...

[BlasterBates]

For those of you who understand German:

Pfund-Krise: "Die Totenglocke wird gel

...according to them the UK isn't Greece, oh no


It's worse than that...

[cojak]

Piece of advise to Gordo.

in a close run election don't label your hardcore voters 'bigots'

At least not while you're still mic'ed up...


HTH

[TimberWolf]

You don't hear Gordon mentioning his golden rules so much these days.

[centurian]

They are all PFI schemes so the country has paid nothing up front but is committed to paying out for them, whether they are needed or not, for another couple of decades.

And PFI's aren't included in government debt figures. Off the books borrowing...

Any idiot can build a new school/hospital etc. It's paying for it that the hard part.

[centurian]

Unlike Greece our accounts are accurate and every prediction for growth, borrowing etc Darling has made (and which has been abused as wildly optimistic) has been virtually spot on.

Darling has only made a few. I notice you forgot to mention the accuracy of the predictions that Brown made in the preceeding 10 years...

[BlasterBates]

There is the UK as it is and then there's

Fantasy Landl

[Gonzo]

It is a good job that there is so much to show for all that spending.

Like those shiny new schools and hospitals.

Oh no, wait a minute.

They are all PFI schemes so the country has paid nothing up front but is committed to paying out for them, whether they are needed or not, for another couple of decades.

[HairyArsedBloke]

ZeroHedge is always good for a laugh: Red Lights Flashing For UK Credit Spreads According To CDS Market

[BlasterBates]

Greek debt is 120% of GDP, if the UK gets there, which it will in 2 years without any spending cuts at it's current rate of burn, there won't be any difference

[TimberWolf]

Well, there is nothing like real data from the horses mouth.

Let us ask those that know, the UK Debt Management Office. You can get a report called "SIZE OF THE GILT MARKET"

2004 321.0
2005 355.5
2006 411.6
2007 422.9
2008 478.8
2009 713.3
2010 913.5

Now, I don't know what this 'old' meaning it doesn't have to be rolled over lark came from. If it is old then it is more likely to face being rolled over. New debt doesn't face that problem.

Nothing to worry about then:

[DodgyAgent]

Because we had Brown and Darling.

Unlike Greece our accounts are accurate and every prediction for growth, borrowing etc Darling has made (and which has been abused as wildly optimistic) has been virtually spot on.

Brown's only mistake was to trust the banks. He should have trusted his own instincts, and kept even more control over the banking fraudsters. Unfortunately he bought the idea that a financial industry can make money.

Still, it could be worse. In fact if Cameron gets in, it will be worse. Happily, that is looking increasingly unlikely.

Absolute bollocks. Brown went on a spending spree on public services believeing that there would be no more boom and bust. So when the economy did go bust he has no money to stimulate it.
As for trusting bankers, what sort of an idiot would do that anyway.
He encouraged the banks to be over optimistic just as he spins his own governments incompetence when laughably trying to "sell" his policies (he's had 13 years already).
The man is a nasty little toad and has like the previous labour government bankrupted the country.

[expat]

I didn't hear the piece but I suspect that the point that she was making was the British debt is long-dated so although the country pays interest, the principal does not have to be paid back for some time.

Greece's debt is all short term so they are continually having to pay back the lot and raise it again, the interest that they pay is lower that way. That was the model that Northern Rock used and look what happened to them.

You must be right. We have certainly borrowed a lot in recent years. Long or short, it's still debt.

As I have said before here, we have been addicted for decades to spending more than our normal earnings, and have needed to find one "one-off" after another to fund our spending.

Are we paying "our" share of the Greece bail-out?

[fullyautomatix]

Ooh, numbers. Fantastic.

Does this mean that the nation owes two and a half times the amount that it owed in 2005?

It is a good job that there is so much to show for all that spending.

Where the heck did all that money go ?? Since 2007 it is almost 450 billion!

The economy is around 1.2 trillion so almost a third of the GDP has been borrowed in 3 years ?

So who has actually gobbled all this cash. I have no clue.