| Topic: | Re:Re:Re:Re:Re:Re:Who will win the leaders debate tonight (based on the economy) | |
| Posted by: | William Beausire | |
| Date/Time: | 29/04/10 16:48:00 |
| George Osborne is so useless that Brown thinks he is on firm ground on the economy. That will be the same Gordon Brown who.... - told the world that he was going to sell the UK's gold reserves before doing so - destroyed the pension industry just we needed it most - set up the regulatory system under which banks went barmy in many different ways - thought that economic growth based on inappropriate leverage and a house price bubble could go on for ever - presided over the ludicrous expansion in government debt. On that last point...government debt has increased in 2009/2010 by nearly £3000 per person in the UK. That's not how much you owe, it's how much what you owe has increased by. Outstanding debt at y/e 4/2011 is expected to be about 63% of GDP, which works out around £950bn, based on GDP of about £1.5tr. Allowing 5% of GDP for the bank bailouts, that leaves about 14k debt for every individual in the UK. Not per household, per person. The expansion is debt is absolutely catastrophic, and it was Gordon Brown's idea. Brown has got two big decisions right. He has always resisted joining the Euro and he gave the BoE independent responsibility to set interest rates. I'll be interested to see when QE (which would have been impossible in the EUR) leads to enough inflation to force the MPC to raise rates. |