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European Commission has serious concerns about British economy

Posted by smeddum on October 17, 2009

European Commission has serious concerns about British economy

October 15, 2009

Globally
Government officials are furious at recent reports from Brussels that the U.K. is seriously in danger of going bust. The reports put Britain on a high risk list of countries that are struggling to keep control of their national debt. The European Commission says that because of the U.K.’s increasing budget deficit they fear that it will not be able to pay for spending it has already committed to. One example given was pensions. Read the rest of this entry »

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The fire-sale flop: Gordon Brown’s plan to sell £16bn of assets sends pound plummeting

Posted by smeddum on October 13, 2009

By Tim Shipman

13th October 2009

Daily Mail

There was a Gordon of Brown
Who sold gold when it was down
Right at the bottom
Now in the Autumn
He looks to sell the whole town (fromMaxKeiser.com)

The pound fell to its lowest level in six months last night on news of Gordon Brown’s £16billion asset sale to ease the growing national debt.

Sterling plunged after the Prime Minister announced the plan to sell central and local government assets over the next two years. Read the rest of this entry »

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Public debt hits £800 billion – the highest on record

Posted by seumasach on September 20, 2009

Of course, spending has to be cut: let’s start with ending our wars, slashing defence spending and dismantling the apparatus of empire, as well as ending welfare for parasitic city financiers.

Times

19th September, 2009

Britain is clocking up debt at a rate of £6,017 per second as the Government struggles to balance the books. With tax receipts plummeting because of the recession, state borrowing grew by £16.1 billion last month — almost twice the entire budget for the 2012 Olympics.

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European Commission sees galloping UK debt crisis

Posted by smeddum on September 11, 2009

European Commission sees galloping UK debt crisis
Britain’s public debt will explode to 180pc of GDP within a decade unless future governments take drastic measures to restore fiscal probity, according to a confidential study by the European Commission.

By Ambrose Evans-Pritchard

10 Sep 2009

Telegraph

The Treasury expects UK’s debt to peak at around 80pc, less than half the EU prediction
The projection is more than twice the level forecast by the UK Treasury, which expects the debt to peak at around 80pc before gradually falling as growth revives and tax revenues come back to life. Read the rest of this entry »

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Banks are overvaluing toxic property loans, experts warn

Posted by seumasach on September 7, 2009

Guardian

6th September, 2009

Banks are significantly overvaluing assets to be included in the government’s insurance scheme, which could leave the taxpayer footing the bill for any shortfall, experts have warned.

Read the rest of this entry »

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