How many billions or trillions is the Deficit?

[Tilt]

Who is this money owed to????????

 

Be one hell of a knees up when they get it, Lol.

 

Is it just another worldwide governmental swizz so they can keep charging us more and more taxes?

 

And austerity measures, so they can rob the poor, and give it to the rich.

 

 

[VRS Mike]

http://www.debtbombshell.com/uk-national-debt.htm

Read this website. If you are a home owner with a big mortgage it might scare you lol

['daiking']

The deficit is under £100,000,000,000 now but the debt is still rising at £1,500,000,000,000.

The debt is basically owed to the old and the rich at home and abroad. Theoretically the money should flow back and forth between the generations but 40 years of politcs have broken the system.

That's why the young are so ****ed.

Edited 20 June, 2015 by 'daiking'

[lol-lol]

http://www.debtbombshell.com/uk-national-debt.htm

Read this website. If you are a home owner with a big mortgage it might scare you lol

 

If you are on a non-fixed or tracker mortgage yes and/or do not have the funds, either stuffed away in savings or pension to pay it if it comes to BoE interest rates rising above 3% which they are talking about in about 3 years time.

 

UK Economy has been in the Doldrums now for 3 years.  No incentive to pay off mortgages as you can get more interest on money in a current account, (3-4)  than is charged on a mortgage (2%).

 

As said above UK National debt still rising at £6B a month (£100 per person).  Productivity still low so tax receipts poor, spending lowish as we anticipate a decade or two in the Doldrums as Japan did from nineties until recently.   

[theezenutz]

Who is this money owed to????????

 

Be one hell of a knees up when they get it, Lol.

 

Is it just another worldwide governmental swizz so they can keep charging us more and more taxes?

 

And austerity measures, so they can rob the poor, and give it to the rich.

All money that is created is created out of debt that is the Fiat money system in a nutshell. The deficit (that was not created by us) will never be paid off it will continue to grow because that's how it was designed in the first place

 

Their is a reason Governments do not print their own money they borrow it from private central banks because governments do not control anything, they are their to keep the people in line and productive little debt slaves.

 

New Economic Slavery - The International Monetary System - https://youtu.be/ogqZ6pnWM7o

[lol-lol]

All money that is created is created out of debt that is the Fiat money system in a nutshell. The deficit (that was not created by us) will never be paid off it will continue to grow because that's how it was designed in the first place

Their is a reason Governments do not print their own money they borrow it from private central banks because governments do not control anything, they are their to keep the people in line and productive little debt slaves.

New Economic Slavery - The International Monetary System - https://youtu.be/ogqZ6pnWM7o

 

Just watched a few minutes and it appears to make some very valid points.  Coming off the Gold Standard one had to ask "what defines what a GB Pound or a US Dollar is actually?

 

People I know planned to retire around 2007 but when the stock markets crashed, and in real terms they are still not back to those "values" eight years on, they feel they cannot retire yet.

 

So it is the game of musical chairs.  As long as International lenders will lend the UK another £6B ever month at an incredible 1% or so interest rate (the appropriately named Guilts see this sort of rate) then the UK Government keeps on borrowing to fund certain tax cuts it really should not logical do ie lowering excise duties in real terms, upper earning tax rates, failing to collect many taxes in place.

 

Worst crime is to create an environment where most the younger generation face an insurmountable price for housing and therefore face a rent trap.  Subtle slavery indeed.   

[theezenutz]

You can even have it written down in a song. Immortal Technique - Rich Mans World https://youtu.be/MeE3-rOG7i4

 

In a World of plenty People go starving Poverty could be completely eradicated the only thing stopping it is the People who have all the money and who control all the resources.

Their is a reason resource rich countries in Africa, South America and the Middle East are stinking poor despite them sitting on Trillions of Dollars of Assets. Their is a reason Ghaddafi was painted as a villain and subsequently dispatched with his dead body displayed on T.v. sets all across the Globe.

 

Another interesting song with a different twist is from a British Artist. Akala - Murder Runs the Globe. https://youtu.be/00Aho9vpqLo

 

More and more People are calling them out on their lies and their nonsense, it can't be denied for much longer.

[lol-lol]

Have you heard the latest DHL advert and song?

 

http://powerofglobal.trade/#/intro

 

Beautiful advert.   They want to convince people that Global Trade is nothing but good.

 

But reality is Global Trade, when not directed and with safeties in place, has lead to major exploitation of millions of the world's poorest and concentration of half the world wealth in just 1% of the population.

 

Arguably also created a situation in the UK and many western countries where most people and in perpetual high states of debt with the prospect of not being solvent until almost 70 years old and then face a period of retirement where they have a host of health issues from 50 years of stressful working.

 

After over 5 years in power I have yet to hear from our Government a strategy on how to grow our economy rather than just cut public services until we balance the books in 2018 or whenever, George was £200B from his own estimates early in the last parliament.

 

Each person, who can, should protect their own position to not put all their eggs in the UK basket as, when International lenders stop lending an the US government starts raising rates, two thought to be in the pipeline this year, and whether the UK government show those rates to stop our currency slipping and inflation taking off as oil and all other imports, 85% priced in USD, start ratcheting up.             

[Ootohere]

The UK Debit, money owed and the Deficit are important, the Debt is different from the Deficit.

http://bbc.co.uk/news/business-25944653

Edited 21 June, 2015 by goneoffSKi

[lol-lol]

The Conservative election campaign did a masterful job of convincing people that the debt had half where it was only the speed in which the debt was rising was halfed (by mainly reducing 6m public servants wages by 15% in real terms and their pensions and the pensions) where as the Natinoal Debt had in fact doubled form £0.75B to £1.5T. you have got to be impressed but who, or what media, was going to expose them of this considering thier ownership and interests?    

[jlwah]

The Conservative election campaign did a masterful job of convincing people that the debt had half where it was only the speed in which the debt was rising was halfed (by mainly reducing 6m public servants wages by 15% in real terms and their pensions and the pensions) where as the Natinoal Debt had in fact doubled form £0.75B to £1.5T. you have got to be impressed but who, or what media, was going to expose them of this considering thier ownership and interests?    

It was no different to when Labour politicians were asked if public spending was too high leading up to 2007 and they answered that they hadn't been responsible for the financial crash.

 

Obviously, until you get the deficit to zero you are always adding to the national debt.

[Aspman]

Successive governments have been very successful in confusing both the press and public between deficit and debt.

 

A deficit is simply when you spend more than you earn. The debt is the accumulation of on going deficits.

 

So

 

Year 1 - You earn £100 and spend £110 - Deficit = £10, Debt = £10

Year 2  - You earn £100 and spend £120 - Deficit = £20, Debt = £30

 

What governments like to say is that the deficit is 'reducing'  which may be true but look at the debt -

 

Year 3 - You earn £100 and spend £105 - Deficit = £5 Debt = £35

 

Gov can claim 75% reduction in the deficit yet debt continues to increase.

 

Apparently we've only run a surplus in about 2 parliaments in the last 70 years. Money is effectively only worth what people belive it to be worth since there is nothing material to base it upon any more. Not since the Gold standard was dropped.

 

Y

Edited 22 June, 2015 by Aspman

[cheezemonkhai]

The Conservative election campaign did a masterful job of convincing people that the debt had half where it was only the speed in which the debt was rising was halfed (by mainly reducing 6m public servants wages by 15% in real terms and their pensions and the pensions) where as the Natinoal Debt had in fact doubled form £0.75B to £1.5T. you have got to be impressed but who, or what media, was going to expose them of this considering thier ownership and interests?    

 

Well it's still a step in the right direction in terms of the defecit.

[jlwah]

Also worth noting that roughly half the value of the current deficit (£75b / year) is debt interest payments (approx £40b / year). So technically speaking the deficit needs to be at minus £40b / year to stop the value of national debt rising. 

[cheezemonkhai]

40Bn a year...

 

Isn't that roughly what we spend on the NHS or defence each year.

 

So there you go, if we get the defecit gone and start making serious dents in our debt, we'd eventually be able to increase spending on things we actually care about.

Edited 22 June, 2015 by cheezemonkhai

[jlwah]

Health care spending is over £130b / year.

 

More details can be found here: http://www.ukpublicspending.co.uk/year_spending_2015UKbn_14bc1n_3090#ukgs302

[cheezemonkhai]

Health care spending is over £130b / year.

 

More details can be found here: http://www.ukpublicspending.co.uk/year_spending_2015UKbn_14bc1n_3090#ukgs302

 

Indeed you are correct.

 

It's just the defence budget or education budget.

On the health side though, you'd be able to hire a lot more Consultants, GPs and Nurses if we were not paying this much interest on our debt,.

[theezenutz]

In a way it's correct in that the lower the deficit the less interest we will pay on the debt but...... I and the vast majority of tax payers in this country didn't have anything to do with accumulating the ridiculous levels of debt. I had no input so I feel in no part responsible, I've kept my end of the bargain and my personal finances are just fine I owe nobody a single penny and that's the way I like it.

 

All this is is a massive shift of wealth from the poor to the rich. While their dipping their fingers into the cookie jar willy nilly, real people are having to go without, their standards of living are being eroded away. When will it stop? Maybe when we are brought in line with the other 3rd World Countries.

 

I've never participated in an Illegal War, I've not stood idly by while the Finacial sector has played Casino with good honest hard working Peoples financial security, neither have I stood by while Multi Billion Dollar Corporations have been allowed to pay almost 0 tax.

 

This is complete insanity the vast majority have done little wrong in this World, perhaps our biggest crime is believing the **** that comes out of there mouths, be it who ever is, Labour, Conservatives, Democrats or Republicans their is very little distinction between them in the real world. While most people are focusing on the petty criminals the real crime family's are looting the place and laughing at you all the way to their offshore tax free bank accounts.

[lol-lol]

Well it's still a step in the right direction in terms of the defecit.

 

No it is just slow and smaller steps still in the wrong direct.

 

When the UK National Debt final stops growing, after the £12B of welfare cuts and public service and public servant pension realterm cuts, raised pension age, and the slowest rcovery for a centrury final, after a decade after the Lehmanns, B&B, RBS, HBOS crashes we crawl like a tired old man out of mire to watch the Chinese, Indians etc create the 21st centrury economy.  Optimistic view, we may well be unable to pay the debt and do a Greece of course.

[cheezemonkhai]

Who caused it with lax regulation, spending not saving in the good times ancd selling gold?

[lol-lol]

Who caused it with lax regulation, spending not saving in the good times ancd selling gold?

 

Since the cascade failure started in the US one would have to say the US Government and they, like us have a incredibly large Nation debt but they have already reversed theirs and have a 2% budget surplus.

 

Cameron and the Con screamed for less regulation, sadly Labour did allow the laws to pass and hence here we are, in the Doldrums.

 

David Cameron, speech entitled "The new global economy" in June 22, 2006:

 

 

The City is a great example of using our advantages.The City of London is a great UK success story. It’s the biggest international financial centre on earth.

The London foreign exchange market is the largest in the world, with an average daily turnover of $504 billion. That’s more than New York and Tokyo combined.

Far from being based on the old school tie, it is supremely meritocratic. It is also highly innovative. You cannot simply set in stone a tax or regulatory regime for the City as it is today because it’s always changing, adapting and mutating.

The lessons from the City are clear. Low tax. Low regulation. Meritocracy. Openness. Innovation. These are the keys to success.

[jlwah]

Since the cascade failure started in the US one would have to say the US Government and they, like us have a incredibly large Nation debt but they have already reversed theirs and have a 2% budget surplus.

 

Cameron and the Con screamed for less regulation, sadly Labour did allow the laws to pass and hence here we are, in the Doldrums.

 

David Cameron, speech entitled "The new global economy" in June 22, 2006:

 

 

The City is a great example of using our advantages.The City of London is a great UK success story. It’s the biggest international financial centre on earth.

The London foreign exchange market is the largest in the world, with an average daily turnover of $504 billion. That’s more than New York and Tokyo combined.

Far from being based on the old school tie, it is supremely meritocratic. It is also highly innovative. You cannot simply set in stone a tax or regulatory regime for the City as it is today because it’s always changing, adapting and mutating.

The lessons from the City are clear. Low tax. Low regulation. Meritocracy. Openness. Innovation. These are the keys to success.

But you seem to forget that it was Blair and Brown making the decisions, so what Cameron thought was totally irrelevant.

 

It IS an inconvenient truth, but Blair/Brown's borrowing and spending spree made the UK singularly susceptible in the event of a major downturn. Both of them shuffled off before the major clear up operation had to begin. Thankfully the Tories were on hand to carry out the necessary and reverse the socialist nonsense endured during the preceding 13 years that turned the UK into a near Greece scale catastrophe.

 

Looks like Osborne has the sense and wherewithal to dismantle Brown's woefully expensive, dependency policy of working tax credits that made nearly half the working population reliant on tax credit handouts and enabled many multinationals to pay minuscule wages in the knowledge that Brown's tax credits would make up the difference.

[theezenutz]

Are any of them really making any of the decisions? It's interesting that the City of London was mentioned by Cameron in Lol-lol's post, it is one of the most powerful financial centers in the World it's also no more part of the U.k. as the Vatican is part of Italy.

 

It's a Corporation that is answerable to no one it's part of the Crown with it's own rules and laws and best of all for it's inhabitants no tax. Very Fascinating subject of which you can find lots of information like this bit from The Guardian...... http://www.theguardian.com/commentisfree/2011/oct/31/corporation-london-city-medieval

 

The Lord Mayor's role, the Corporation's website tells us, is to "open doors at the highest levels" for business, in the course of which he "expounds the values of liberalisation". Liberalisation is what bankers call deregulation: the process that caused the financial crash. The Corporation boasts that it "handle issues in Parliament of specific interest to the City", such as banking reform and financial services regulation. It also conducts "extensive partnership work with think tanks … vigorously promoting the views and needs of financial services." But this isn't the half of it.

 

As Nicholas Shaxson explains in his fascinating book Treasure Islands, the Corporation exists outside many of the laws and democratic controls which govern the rest of the United Kingdom. The City of London is the only part of Britain over which parliament has no authority. In one respect at least the Corporation acts as the superior body: it imposes on the House of Commons a figure called the remembrancer: an official lobbyist who sits behind the Speaker's chair and ensures that, whatever our elected representatives might think, the City's rights and privileges are protected. The mayor of London's mandate stops at the boundaries of the Square Mile. There are, as if in a novel by China Miéville, two cities, one of which must unsee the other.

 

Several governments have tried to democratise the City of London but all, threatened by its financial might, have failed. As Clement Attlee lamented, "over and over again we have seen that there is in this country another power than that which has its seat at Westminster." The City has exploited this remarkable position to establish itself as a kind of offshore state, a secrecy jurisdiction which controls the network of tax havens housed in the UK's crown dependencies and overseas territories. This autonomous state within our borders is in a position to launder the ill-gotten cash of oligarchs, kleptocrats, gangsters and drug barons. As the French investigating magistrate Eva Joly remarked, it "has never transmitted even the smallest piece of usable evidence to a foreign magistrate". It deprives the United Kingdom and other nations of their rightful tax receipts.

 

That is the real power not Politicians they are just disposable puppets.

[lol-lol]

But you seem to forget that it was Blair and Brown making the decisions, so what Cameron thought was totally irrelevant. It IS an inconvenient truth, but Blair/Brown's borrowing and spending spree made the UK singularly susceptible in the event of a major downturn. Both of them shuffled off before the major clear up operation had to begin. Thankfully the Tories were on hand to carry out the necessary and reverse the socialist nonsense endured during the preceding 13 years that turned the UK into a near Greece scale catastrophe. Looks like Osborne has the sense and wherewithal to dismantle Brown's woefully expensive, dependency policy of working tax credits that made nearly half the working population reliant on tax credit handouts and enabled many multinationals to pay minuscule wages in the knowledge that Brown's tax credits would make up the difference.

I am regretful that the Labour government at the time did listen so much to The City and the Cons and allowed a loosening of finance rules, particularly demands for reserves and block some of the mad takeovers that happened about ten years ago.

The deficient run during most the Labours was quite small realtively to GDP ie about one third of it, this increased to about half of GDP when Labour bailed out the banks and most of that money is being backed back now. The other £750B, which the UK slipped further into debt during the 5 years old near paralysis of the last "government", dwarfs the amount of the running deficit, which was being used to regenerate education and health that the Cons has run down in the 3 terms in office.

Whist the Cons, with their just over one third of the electorate, and less than one quarter eligible voter, support, commence their agenda of further squeezing the low paid workers whilst continuing to give pension tax relief of 40% which means I can have a tax code higher than the 1060 code that is the Cons flagship of raising the personal allowance threshold. Same old Cons.

[jlwah]

I am regretful that the Labour government at the time did listen so much to The City and the Cons and allowed a loosening of finance rules, particularly demands for reserves and block some of the mad takeovers that happened about ten years ago.

The deficient run during most the Labours was quite small realtively to GDP ie about one third of it, this increased to about half of GDP when Labour bailed out the banks and most of that money is being backed back now. The other £750B, which the UK slipped further into debt during the 5 years old near paralysis of the last "government", dwarfs the amount of the running deficit, which was being used to regenerate education and health that the Cons has run down in the 3 terms in office.

Whist the Cons, with their just over one third of the electorate, and less than one quarter eligible voter, support, commence their agenda of further squeezing the low paid workers whilst continuing to give pension tax relief of 40% which means I can have a tax code higher than the 1060 code that is the Cons flagship of raising the personal allowance threshold. Same old Cons.

Doubling of the tax free allowance since the last Labour government hardly sounds like "squeezing" the low paid.

 

Labour's last full year in government saw the deficit rise to 13% of GDP, which was worse than Greek's!! Thankfully Labour stand little chance of getting re-elected in 2020, or, in truth, quite possibly ever if they keep moving further left. And thankfully Balls and Brown are gone, saving us from their tax, borrow & spend policies which made the crash much worse than it should have been.

 

And with the size of your pension pot, you have a lot to thank the Conservatives for, most notably the fact that you can use it to buy a Lamborghini as soon as you reach 55. Labour would never dared to allow you to have so much control of your own money!!