Govt borrowing this year likely to be... £160,000,000,000

[Titanic]

and the National Debt in excess of £1,000,000,000,000... so where will the spending cuts and tax rises fall ?

 

[coventrygull]

The Public sector Obviously. Education, NHS, social services etc

 

[Titanic]

The Public sector Obviously. Education, NHS, social services etc

but we already have 2,000,000 unemployed and claiming benefits...

cutting govt spending will directly and indirectly cost even more jobs...

and increase the burden on the taxpayer through benefits, lost taxation etc...

It's grim

 

[coventrygull]

but we already have 2,000,000 unemployed and claiming benefits...

cutting govt spending will directly and indirectly cost even more jobs.

It's grim

Yes its grim and don't believe all the " it will all be over by next sping " crap either

 

[sten_super]

Yes its grim and don't believe all the " it will all be over by next sping " crap either

It won't be over by next spring, but we may start the recovery around that time. The Ernest & Young Item Club recently said that they expect output to fall by 0.1% in 2010 which, relative to 2009, is a massive improvement.

 

[User removed 4]

It won't be over by next spring, but we may start the recovery around that time. The Ernest & Young Item Club recently said that they expect output to fall by 0.1% in 2010 which, relative to 2009, is a massive improvement.

hardly a road to recovery is it ? recovery will be when GDP goes up.

 

[sten_super]

hardly a road to recovery is it ? recovery will be when GDP goes up.

Which will probably be around summer 2010. It's all a question of what it goes up relative to. Given that the first half of the year will probably see GDP fall by around 2%, in order to get up to a yearly average of 0% it's going to have to rise in the second half of the year. That is, of course, if you give credence to those particular forecasts. My professional view is that it's likely to be worse than that, and we won't see any GDP growth until Q4 at the earliest, more likely 2011Q1.

 

[Insel affe]

Oh happy happy joy joy..................starting a family at the right time then, and my boss saying if things dont improve in the next two weeks we may have to make changes............Oh god..........Thanks for that cheerful news

 

[Lokki 7]

Also, another shock to the banking system could yet see it collapse. This time there is no more money for bailouts and the fallout could be far far worse then anything we've seen so far. More likely though, we will have flat growth 2010 and 2011 with big cuts in public spending. I'd like to see whitehall spending slashed, billions wasted there every month.

 

[beorhthelm]

get rid of National ID scheme for a start, thats £10billion+ saved. lots of projects like this will get culled. frontline NHS/Education should be left well alone.

 

[Insel affe]

I am amazed that people who live in council property, are not re assesed every two years or something.As there are people who live in council property who are on subsidised rent that live better than me for various reasons. ie they have improved there lot and got jobs or promoted and therefore can afford to contribute more. Also the amount of old people that rattle around large town houses after all there children have grown up and left.These houses can be better used, again more income raised.I appoligise for any spilling mistakes in advance as my boss is lurking about.

 

[sten_super]

Also, another shock to the banking system could yet see it collapse. This time there is no more money for bailouts and the fallout could be far far worse then anything we've seen so far. More likely though, we will have flat growth 2010 and 2011 with big cuts in public spending. I'd like to see whitehall spending slashed, billions wasted there every month.

Actual flat growth is unlikely. What tends to happen if you look at previous recessions here and abroad is that output recovers sharply, then flattens out. The danger is that you get a 'double-dip', where people are encouraged by the strengthening economy, investment over-corrects and assets get temporarily over-valued; this can then result in a second slump before a more reasonable recovery.

 

[Lokki 7]

Actual flat growth is unlikely. What tends to happen if you look at previous recessions here and abroad is that output recovers sharply, then flattens out. The danger is that you get a 'double-dip', where people are encouraged by the strengthening economy, investment over-corrects and assets get temporarily over-valued; this can then result in a second slump before a more reasonable recovery.

I was simplifying as this is after all a football message board on not an economic forum, I don't think the actual figure will be zero 2 years running or a straight line graph. Personally I think we will have a double dip but I’m like that.

 

[sten_super]

I was simplifying as this is after all a football message board on not an economic forum, I don't think the actual figure will be zero 2 years running or a straight line graph. Personally I think we will have a double dip but I’m like that.

Sorry, I had no way of knowing that! I'm sure the good people of NSC can take a bit of economics...

 

[User removed 4]

I am amazed that people who live in council property, are not re assesed every two years or something.As there are people who live in council property who are on subsidised rent that live better than me for various reasons. ie they have improved there lot and got jobs or promoted and therefore can afford to contribute more. Also the amount of old people that rattle around large town houses after all there children have grown up and left.These houses can be better used, again more income raised.I appoligise for any spilling mistakes in advance as my boss is lurking about.

id stay off NSC while your boss is about if he is looking to make "changes" !!

 

[withdeanwombat]

Could the govt please send me a few million............it wouldn't be noticed in those figures.

 

[sten_super]

Also, another shock to the banking system could yet see it collapse. This time there is no more money for bailouts and the fallout could be far far worse then anything we've seen so far. More likely though, we will have flat growth 2010 and 2011 with big cuts in public spending. I'd like to see whitehall spending slashed, billions wasted there every month.

This doesn't bode well for that shock you were talking about Lokki...

BBC NEWS | World | Americas | US Freddie Mac chief found dead

 

[Don Quixote]

This country is finished.

 

[coventrygull]

This country is finished.

It needs a new manager