It looks like you're using an Ad Blocker.

Please white-list or disable AboveTopSecret.com in your ad-blocking tool.

Thank you.

 

Some features of ATS will be disabled while you continue to use an ad-blocker.

 

UK debt passes £1 trillion for the first time

page: 1
5

log in

join
share:

posted on Jan, 24 2012 @ 05:08 AM
link   
UK Telegraph


UK public debt has passed the £1 trillion mark for the first time, as the Government borrowed nearly £14bn last month despite its continued austerity drive.

Public sector net debt excluding financial interventions, such as bank bail-outs, rose to £1.004 trillion in December, the highest since records began in 1993.

The Office for National Statistics (ONS) said it expected the figure to ease back in January due to tax inflows, but to rise again in February.

However, borrowing in December came in lower than expected, putting Chancellor George Osborne further ahead of a target set by the Office for Budget Responsibility (OBR) to bring borrowing down by £10bn to £127bn this financial year.

The ONS said that public sector net borrowing, excluding financial interventions fell to £13.7bn in December, down from £15.9bn in the same period in 2010.

Sterling slipped slightly against the euro to €1.1918 following the news, after falling close to a four-week low on the back of better-than-expected eurozone PMI surveys. The pound also fell a quarter of a cent against the dollar, to $1.5534.



She added: "We expect weaker growth than the OBR is forecasting to make its future borrowing forecasts much harder to meet. Indeed, so far, it has been weaker spending growth helping borrowing to fall, whereas tax receipts are falling short of the fiscal forecasts."



Most economists expect official GDP figures released on Wednesday to show the UK economy contracted during the final quarter of 2011.

Growth is expected to have fallen 0.1pc in the three months to December according to a Bloomberg poll, compared with a 0.6pc rise during the third quarter.

The International Labour Organisation (ILO) warned on Monday that Britain risks falling back into recession because of an "unabated" weakening of the jobs market, while the Ernst & Young ITEM Club and the Centre for Economics and Business Research believe that the UK is already in recession.


So amid some positive data in the Eurozone, we have here the UK entering its highest debt levels on record. So wonder which way markets will travel in light of this news? The small amounts of growth in the Eurozone have been attributed largely to ECB stimulus anyway. I doubt there is anything much in the way of genuine robust economic growth in the region, with the exception of a couple of countries and their stronger productivity.




posted on Jan, 24 2012 @ 05:12 AM
link   
And yet they are still more then willing to carry on spending money on military conflicts around the world. Next on the shopping list - Iran



posted on Jan, 24 2012 @ 05:36 AM
link   
reply to post by surrealist
 


The debt levels were always expected to rise - hence the urgency in bringing in the austerity measures. This is actually a positive result for the markets as it shows the levels borrowed were less than expected, which would indicate that the austerity measures are having an effect.

The result is that you would expect further investment on the back of this, particularly after the deal last week to become the global hub for Yuan trading.



posted on Jan, 24 2012 @ 06:00 AM
link   
So, we cut public sector jobs by the ten fold given the false idea that the private sector will be able to replace the lost jobs, and that failed - plunging over 500,000 people from that sector only, onto welfare benefits. Clearly not helping our debt, so the whole proposal failed, unless they're real plan was not abot debt, but just getting more people out of work and onto benefits(?)

The amount of cuts forced down Joe averages neck would make one believe that we wouldnt be lending only 2billion less than the last year, this is fkin ridiculous. It shows one thing, that all they are doing is trying to slam us into the debt pit, have no jobs and live off their state welfare. They wont create work - they would rather lend money for wars and to bail out their own. When will we rise up and take action. .

Maybe when they have slammed enough people into poverty, and the people have time to think for them selves instead of slaving away at work, maybe then they will have time to read up about what our governments are doing, instead of reading their papers which only blame the debt on the people buying the papers.

This sht is insane, to say the least. If we're going to lend, then lend for something which will create lower skilled jobs, lend to build things across the country which will create work for years. If they really cared they would see that building things and creating jobs for lower skilled people would be the best way to help us and manage our debt - but they dont, which makes me honestly believe that there is a much sinister plan to this whole scenario of people not been able to get work.

Fk it lets do what Hitler did and lets free our selves from the central wankers, i mean bankers - let them keep the gold, we already have fiat money which is worthless. Lets print our own and create infrastructure here, in our own land. Dont think for one second that people wouldnt trade with us because they still traded with hitler, and he was crazy. . We dont need Banks, they have got too big and it seems the whole world relys on banks to build their country, which is preposterous.
edit on 24-1-2012 by n00bUK because: (no reason given)



posted on Jan, 24 2012 @ 06:03 AM
link   
This is not news, we knew this was happening 5 years ago and we also knew that under the current administration that we would still be in defecit (gaining more debt) right the way up to the end of their term in office. This just highlights how poorly Labour managed the public finances.



posted on Jan, 24 2012 @ 06:05 AM
link   
reply to post by DROKKR
 
It makes complete sense to invade more countries as there is an 'invade one get one free' offer on at the moment.

Also it shows that their policy of pay less get more is not just words. They dismantle our navy and airforce, issue redundancy notices to our soldiers on active duty and tell the territorials to get ready to die for free.

Will cameron and his cronies put their family and relatives on the front lines with poor equipement and poor training? I think we all know the answer to that one.



posted on Jan, 24 2012 @ 06:08 AM
link   

Originally posted by michael1983l
This is not news, we knew this was happening 5 years ago and we also knew that under the current administration that we would still be in defecit (gaining more debt) right the way up to the end of their term in office. This just highlights how poorly Labour managed the public finances.


Labour this, conserv that.

mate, come on..these two parties have England by the bollox for over 100 years, no other party has had power other than the lib dems for one term - in ONE HINDERED years. Two party's, one agenda - one spends loads, creating jobs and lending sht loads from the banks, then the others come in, stop lending and cut jobs and give even more back to the bankers.

lend
pay back

its a system which has had us by our bollox for the past 100 years, when will people see this that it doesnt matter if Labor or the conserve party are in power, they are doing the same dirty work for the bankers.

I see no rout out of this other than leaving our central bank and issuing our own money



posted on Jan, 24 2012 @ 06:09 AM
link   

Originally posted by colin42
reply to post by DROKKR
 
It makes complete sense to invade more countries as there is an 'invade one get one free' offer on at the moment.

Also it shows that their policy of pay less get more is not just words. They dismantle our navy and airforce, issue redundancy notices to our soldiers on active duty and tell the territorials to get ready to die for free.

Will cameron and his cronies put their family and relatives on the front lines with poor equipement and poor training? I think we all know the answer to that one.



Its easy to walk into a room, fart, then hastily leave and let someone else take the blame for the bad smell. The con-dem government got the preverbial dirty end of the stick. It makes me laugh at how short peoples memories are, the Public finances were already £890,000,000,000 in debt when they took office and under labour proposed spending plans the deficit was to increase, not decrease meaning we will have hit the £1 trillion marker a long time ago should they have clinched onto power. Thank the lord they didn't.

Don't blame the doctor for amputating your leg, blame the rabies infested dog that bit you.



posted on Jan, 24 2012 @ 06:11 AM
link   
reply to post by n00bUK
 


And which bank will issue our own money? A non centeral, central bank I presume?

And what will make that money worth anything in a global market, should it not be backed by a central bank?
edit on 24-1-2012 by michael1983l because: (no reason given)



posted on Jan, 24 2012 @ 06:18 AM
link   

Originally posted by michael1983l
reply to post by n00bUK
 


And which bank will issue our own money? A non centeral, central bank I presume?


our central bank is a private, for profit bank. id change the fact that they profit first. One would think, if were going to have money thats not worth anything then let the people issue it their selves. atm, we're just slaves of debt through the money which is borrowed and never - ever able to pay back, never ending debt.



posted on Jan, 24 2012 @ 06:20 AM
link   
reply to post by n00bUK
 


As I have said in my edited post, that money would be backed by nothing globally recognised and our money would become worthless abroad, meaning no more imports for us.



posted on Jan, 24 2012 @ 06:30 AM
link   
Congratulations UK!! You are now a member of the "1 Trillion Club", the most exclusive fraternity on the planet.
You will soon be instructed as to the secret handshake, and be fitted for your jacket.

Owing a trillion is the best.



posted on Jan, 24 2012 @ 06:32 AM
link   
reply to post by michael1983l
 


Funny how you don't mention it was the Conservatives who completely and utterly destroyed the manufacturing industry in the UK, turning us into a service industry nation, hence our HUGE trade deficits and no prospects of turning it around

Funny how you don't mention that all the public services that being cut, and the contracts to fill the gaps that are left are going to private corporations with links to the Tory party, or make significant contributions to the Tory party.

Trying to promote your political agenda, as if the Tories would ever get us out of this mess, is sickening to watch, all political parties are to blame, not just one, because they all serve the same master, they are all gun dogs to the banking elite and the corporate executives.

We will never get out of the mess we are in until everyone finally realises that government does NOT serve the people, it serves their real controllers, and it makes no difference who is in power, it matters only what those in charge want.



posted on Jan, 24 2012 @ 06:36 AM
link   
and In the UK people really are that stupid and will continue to have this democractic dictatorship for more years to come. Do you know why? It is because they all fear losing their material possesions. Reminds of a child having his toys taken away...



posted on Jan, 24 2012 @ 06:38 AM
link   
reply to post by PrinceDreamer
 


The UK Debt was all but paid in 1997, that speaks for itself.



posted on Jan, 24 2012 @ 07:12 AM
link   

Originally posted by michael1983l
reply to post by n00bUK
 


As I have said in my edited post, that money would be backed by nothing globally recognised and our money would become worthless abroad, meaning no more imports for us.


The English economic theory is old and should be scrapped, lets face it - we cnat trade our money in for gold can we, and we need boats loads of paper money to even think about buying it. English Economic Theory says that all currency must be borrowed against the gold owned by a private and secretive banking cartel -- such as the Federal Reserve, the Central Bank of Europe, or the Bank Of England etc - This benefits nobody but the profiteers in the bank. If our government issued the money, it would benefit the people allot more.

As for trading with other countries, I'm sure we could trade commodities or another barter systems which would cut private bankers out of the picture completely.(Venezuela does the same thing today when it trades oil for commodities, plus medical help, and so on. Hence the bankers are trying to squeeze Venezuela.)

The money we print could be issued as Labor Certificates, or Pounds, w/e - But for every Pound/Labor Cert issued, we'd require the equivalent of a pounds worth of work done, or goods produced.

Im not an economist, but im also not stupid - I know this system which was created hundreds of years ago was created to serve one purpose - control and funnel of wealth to an elitist group. We live in a time, with a population that can not be expected to live by the ideals of the past



posted on Jan, 24 2012 @ 07:15 AM
link   

Originally posted by surrealist


So amid some positive data in the Eurozone

Don't believe any positive spin. Neither the Eurozone nor the global financial crises have gone away.



posted on Jan, 24 2012 @ 09:05 AM
link   
reply to post by michael1983l
 


What complete and utter BS, care to prove that fact? or why not look at the proportion of debt to GDP which is the only true measure of managed finances

Take a look here, might educate you a little

The myth of record debt



posted on Jan, 24 2012 @ 09:16 AM
link   
reply to post by PrinceDreamer
 


The problem with that article is that the author is attempting to compare different types of debt. That argument just doesn't work as it is akin to comparing apples to bicycle seats - there is no correlation.

The only debt we should be overly concerned about as a nation is our structural deficit and that has rocketed over the last 10 years or so. A large proportion of that is down to what can only be described as mismanagement during the biggest boom years we have experienced for centuries. However, there were also other factors at play to increase this debt level so blaming the last government entirely just isn't right either.



posted on Jan, 24 2012 @ 09:26 AM
link   
reply to post by Flavian
 


WRONG!!!!!!




The Treasury have made some provision in their forecasts for the losses we're likely to make on the bank bailouts. As of April 2009, unrealised losses from financial sector interventions account for £134.5 billion of the national debt. Northern Rock and Bradford & Bingley account for £123 billion, with a further £9 billion going to compensate depositors with the Dunfermline Building Society. If this wasn't bad enough, the picture is going to get considerably worse. The Office of National Statistics has classified the Royal Bank of Scotland and Lloyds as public corporations but hasn't yet included their liabilities in the national debt. When they finally crunch the numbers, expect the results to be ugly. According to EU figures, Britain has pledged £781.2 billion in capital injections, liability guarantees and liquidity support to the banking system. As taxpayers, we're on the hook for any losses.


www.debtbombshell.com...



new topics

top topics



 
5

log in

join