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Sterling has today picked up sharply after weeks and weeks of pressure and selling by investors. This comes just ahead of the MPC meeting to decide their next move on UK base rates and until just a...
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Tuesday 21st October 2008
As UK government debt continues to spiral higher there have been suggestions that a spend, spend policy could leave the UK with a budget deficit of £60 billion for this year alone and up to £100 billion next year. But should we really be worried about this ever rising debt or will it sort itself out?
We should all be very concerned about this rising level of debt which now sees the UK over £500 billion in the red as a whole and looking to break the £600 billion mark very soon!
There are only three ways to increase government income at this stage of the economy which are selling off the country’s best state owned businesses (like the Post Office), increasing taxes and reducing expenditure on public services. None of these three are what we had hoped and had been promised would happen under a Labour government but debt is now heading to such a level that the books will need to be balanced at some stage.
Many are now very concerned that Gordon Brown is instigating something of a high risk, scorched earth strategy which could leave the next government with very little room for manoeuvre on a spending and taxation front. |
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