Britannia Is Drowning in a Tsunami of Debt.
In this weekend report I go over the first quarter GDP data published on Friday, April 27th, 2018 for the U.K.. The data disappointed as growth in the first three months of the year almost ground to a halt.
I point out that the GDP data actually does not reflect the dire state of Britain's economy by looking at how GDP is calculated and showing how without the government's policy of deficit spending since the 2008 crisis the private sector economy has actually been shrinking since then.
My take is that the reason the economy is in such a moribund state is that it is having to carry an unknown amount of debt in order to keep the financial sector and the housing market afloat. The U.K.'s national debt has virtually quadrupled from £500 billion before the Crisis of 2008 to almost £2000 billion or £2 trillion at present.
My conclusion is that the public have been lumbered with this insurmountable national debt in order to keep the banks lending to the public and profiting from it.
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how much of this is the result of Brexit?
Very little. This course was set in the aftermath of the 2008 crisis.
I'm from Greece and we are dept no matter what we do since the 2000 Olympics
A whole generation was crippled because of mismanagement of funds
It looked like Veroufakis was going to default on the debt but he did not have the "cojones" to do it unfortunately.
You can't pay back a dept that keeps growing faster than you make money, while being limited in what you can do, because many products are too expensive to be allowed further production. In my area we used to produce mostly rice but nobody buys it anymore because it's cheaper to ship chinese rice from the other side of the planet.
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£2 trillion equals €2.269 trillion.
Per capita, that works out to €34,564 or £30,469. What is the rate at which it is growing per year?
Technically the budget deficit is the extra debt being created so if the budget deficit is 5% of GDP it means it is growing at 5%.
Roughly speaking that is the case because the UK's GDP is around £2 trillion. It doubles in a little over 14 years at this rate.
Is the UK situation worse than the EU as a whole or is the situation similar?
They are all broke it doesn't matter if it's the U.K., the Eurozone, Japan, Canada or the U.S.A.
Your information is very useful. May your country quickly get out of this. God bless you a good day @maneco64
Thanks. If nothing changes (economic policy etc) unfortunately the Powers-that-Be will bleed the the country dry for years to come.
Hope that does not happen. There will be many unemployed. @maneco64
All the things, stuff or whatever(like debt, etc) are delibrately made to suck money from people. Nothing is unprojected. All things go as planned there is nothing in world called unknowable, many people knew that the crash of 2008 is coming but they didn't stop it, they could have stopped it, but they didn't.
All this was planned and some time in near future This will again happen .
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Hi @ankikearn, Thanks for the feedback and the interest in my posts.
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