Category: UK Debt
The analysis published under this category are as follows.
Wednesday, December 09, 2009
All Eyes Down for a UK Credit Debt Default / Economics / UK Debt
By: Adrian_Ash
Another small social pleasure done to death by the socialists...
WHAT BETTER WAY to mark New Labour's last budget in power than by granting a tax cut on bingo...?
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Tuesday, December 08, 2009
Bankrupting Britain's AAA Credit Rating at Risk / Interest-Rates / UK Debt
By: Nadeem_Walayat
The credit ratings agency Moody's in late as usual move woke up to the fact that Britain's public sector net debt looks set to mushroom to more than 100% of GDP and therefore threatens Britain's AAA credit rating status, which currently stands at AAA "resilient" below that of AAA "resistant" as enjoyed by the likes of Germany and France. Especially as Britain lags virtually all other major economies in terms of economic recovery.
Friday, December 04, 2009
Britain's Inflationary Debt Spiral / News_Letter / UK Debt
By: NewsLetter
The Market Oracle Newsletter December 3rd, 2009 Issue #90 Vol. 3Read full article... Read full article...
Thursday, December 03, 2009
Britain's Inflationary Debt Spiral as Bank of England Keeps Expanding Quantitative Easing / Economics / UK Debt
By: Nadeem_Walayat
Over the coming years we will witness the systematic destruction of the British currency as witnessed through the inflation and commodity / asset price data as the Inflation Mega-trend starts to unfold following the asset price destruction induced Deflation of 2008 into early 2009.
Tuesday, December 01, 2009
Morgan Stanley on UK Sovereign Debt/ Currency Potential Risks for 2010 / Economics / UK Debt
By: Trader_Mark
As investors quickly forget about Dubai, and shield their eyes (apparently using now almost limitless US dollars or Japanese yen) from any potential sovereign road bumps ahead [Nov 27, 2009: UK Telegraph - Greece Tests the Limits of Sovereign Debt as it Grinds Toward Slump] Morgan Stanely (MS) Europe is out with an interesting report for 2010 that highlights some "fat tail" risks, one of which is: UK becomes the first of the G10 to have a major fiscal crisis as elections lead to a hung parliament.
Thursday, November 19, 2009
UK Budget Deficit Could Hit £200 Billion, 18% of GDP / Economics / UK Debt
By: Nadeem_Walayat
The public sector net borrowing requirement (PSBR), which is the deficit between government revenues and expenditure for October came in at £11.4 billion (£0 Oct 2008), the worst October since records began which surprised mainstream academic economist projections for the month of between £4-7 billion which compares against my own projection of £12 billion. The deficit for 2009/10 now totals £86.9 billion which on face value is inline with the the Governments target of £175 billion by the end of the current financial year.
Wednesday, October 28, 2009
Bankrupt Britain, A Short History / Economics / UK Debt
By: Adrian_Ash
"If we manage to escape national bankruptcy, we have set up a slavery far more oppressive than any previous form of bondage..."
BRITAIN'S BANKRUPTCY has been a long time coming.
"By our political folly we have a put a large part, probably the greater part, of the nation in possession of rights to draw from the public purse," wrote Ernest J.P.Benn in his hilarious Account Rendered of 1930.
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Sunday, October 11, 2009
Gordon Brown Announces British Public Assets Fire Sale / ElectionOracle / UK Debt
By: Nadeem_Walayat
Gordon Brown hell bent on going out with a financial bang announces a fire sale of British assets to the tune of £16 billion in exchange for a short pause (1 month?) to the size of the growing debt mountain rather than seek to cut public spending in an election year.
Wednesday, October 07, 2009
Conservative £7 Billion Spending Cuts a Drop in Britain's Debt Ocean / Economics / UK Debt
By: Nadeem_Walayat
Shadow Chancellor George Osbourne announced net public sector spending and budget cuts totaling £7 billion at the Conservative party conference. However the proposed cuts are but a mere drop in the debt ocean that on their own do not amount to anything of real significance when one compares to an annual budget deficit that is expected to break above £200 billion this fiscal year.
Friday, October 02, 2009
UK Treasury Bond Market, Surging Gilts Sleep Walking Toward Edge of a Cliff / Interest-Rates / UK Debt
By: Seven_Days_Ahead
The Gilt has remained well-supported over recent months despite some of the worst public sector borrowing data ever seen, and certainly in peace time. In recent days it has begun to surge -in line with or even better than other bond markets What then, as we have asked before, keeps this market up?
Friday, September 25, 2009
Where Did All the Debt Go?, Economic Dark Matter Part2 / Economics / UK Debt
By: Adrian_Ash
"A mere $400bn went missing in the UK debt-savings boom of 2000-2008. Not to worry..."
SEEMS WE'RE NOT the only ones trying to figure out this week where the last decade's record consumer borrowing went.
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Tuesday, September 22, 2009
Bankrupt Bailed Out Banks Bankrupting Britain as Debt Soars / Economics / UK Debt
By: Nadeem_Walayat
Britain's debt as a consequence of bailing out the banking sector continues to mushroom towards unprecedented levels as the amount the UK government borrowed for August 09 came in at an eye watering £16.1 billion, already at 65.3 billion for the first 5 months of the financial and heading for £185 billion for 2009 as the original analysis of November 2008 warned of (Bankrupt Britain Trending Towards Hyper-Inflation?).
Monday, June 29, 2009
Public Sector Pensions Deficit of £1.2 trillion Adds to Britains Debt Crisis / Economics / UK Debt
By: Nadeem_Walayat
The mainstream press is widely reporting that the public sector pensions deficit has now grown to £1.2 trillion, standing at 85% of GDP which is more than triple that of the United States as stated in a report by the British-North American Committee :
Friday, June 12, 2009
Bankrupt Britain's Public Sector Double Dip Debt Recession / News_Letter / UK Debt
By: NewsLetter
June 11th, 2009 Issue #43 Vol. 3 Read full article... Read full article...
Sunday, May 31, 2009
Labour Governments Bankrupt Scorched Earth UK Economy for the Conservative Government / ElectionOracle / UK Debt
By: Nadeem_Walayat
The Labour government is reeling from the MP expenses scandal that looks set to see as many as half of its members of parliament disappear at the next General Election. A recent opinion poll in the Times puts Labour trailing behind the fringe Euro-skeptic UKIP party at just 16%, with the opposition Conservatives at 30% are failing to fully capitalise on Labours meltdown due to their own crooked MP's, and the Lib Dem's similarly skimming along at a low 12%. Whilst this and similar polls are dire for the Labour party which do suggest electoral wipeout in the June 4th European Elections, however they do not represent what is likely to occur at the May 2010 General Election which this article will seek to elaborate upon.
Thursday, May 21, 2009
Bankrupt Britain's Debt Credit Ratings Crash / Economics / UK Debt
By: Nadeem_Walayat
On the day when the Government announced a surge in net public borrowing for April 09 totaling £8.5 billion against £1.8 billion a year earlier (the deficit is the difference between what the government earns against what it spends), the S&P credit agency cut Britain's credit worthiness to negative from stable which puts Britain's AAA credit rating into question, the direct impact of which would be that Britain would near immediately be required to pay a higher interest rate on the continuing huge surge of bonds being issued in advance of the 2010 general election, as Labour throws all of the fiscal rules out of the window in an attempt at turning the economy around by 2010 to prevent a Westminister wipeout.
Friday, May 01, 2009
Labour Government Enslaves the British Tax Payer to a Decade of Paying for the Bankers Crimes / Politics / UK Debt
By: Nadeem_Walayat
The Chancellor Alistair Darling in his recent budget started to come clean on the huge amounts of debt that the country will need to borrow on just its visible official balance sheet as illustrated by the below graph. However much talk by politicians and the mainstream media about how there will now need to be severe cuts in public spending and tax cuts to reduce the level of debt are partially in-correct, in that yes taxes will rise and public spending will be cut to stabilise the budget deficit, but the argument that the level of debt must be reduced is flawed and fly's in the face of over 300 years of history of debt accumulation since the founding of the Bank of England.
Thursday, April 23, 2009
Darling's Recession Debt Crisis Budget, Britain's £1.2 Trillion Public Sector Black Hole / Economics / UK Debt
By: Nadeem_Walayat
Darlings irresponsible budget resulted in a a net give away of £5 billion today, against borrowing of £175 billion for 2009 as against the Chancellors own forecast of barely 6 months ago of borrowing of £38 billion. Instead of positioning the countries finances to cope with the huge public sector budget deficit the government has instead focused itself on the next general election which is still a year away.
Wednesday, April 22, 2009
UK Budget 2009 Debt Deficit, Basic Rate Income Tax Could Rise to 30% / Politics / UK Debt
By: Nadeem_Walayat
Today, Alistair Darling delivers his 2009 budget, the certainty of which will be to finally recognise the huge debt crisis that the country faces as this years budget deficit is set to explode to 12% of GDP or £160 billion which is set against Alistair Darlings November 08 forecast of £38 billion against my analysis at the time which pointed to a 2009 deficit of £160 billion (Bankrupt Britain Trending Towards Hyper-Inflation?). This and the recognition of the severe recession which will prompt a revision to economic contraction to GDP -3% from -1% for this year which is set against my forecast of -4.3% for 2009.