UK PLC Debt reaches record high

Government borrowing hit a record high of £163.4bn this year

A further £23.5bn was borrowed in March, the figures from the Office for National Statistics (ONS) showed.

Total government debt now stands at £890bn - equivalent to 62% of GDP.

Original Article:
BBC News - UK borrowing hits record amount

£890bn in debt! Still no party wants to face the reality of rebuilding the economically haemorrhaging welfare state

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cheers Steve
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Thought I would bump this Steve in light of the news about Greece, Portugal, Spain to some degree. Who actually would really be confident about getting into power?

You can see the reactions...or imagine them. Clegg or Cameron..."Oh no, I really didn't think we'd win, darn it, what the hell do we do now?

Mike

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hmmm, must find out who we borrowed from and then ask if they want help collecting it from the Government.

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Actually from a bigger picture aspect. What does happen if we can't pay back the loans? I assume it is China / Arabian countries etc that have put in most of the capital.

I mean from a purely simplistic approach to this, if GB PLC became truly insolvent, what precisely do we secure loans on? Property? I can't think what else we offer as security.

What would happen?

Mike

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Simple terms: we would be screwed.

All future loans would be at crazy prices if anyone would help at all. Spending would have to stop and taxes increase greatly as they would have to squeeze every penny they could from the public purse.

Govt funded programmes would stop and dies, so the NHS would cease, armed forces would be stranded using elastic bands and pebbles.

There are currently no real rules in place and we would probably have to enter into a sort of Chapter 11 / administration process to be able to re-negotiate the debts and sell off some assets (The royal family to China perhaps?)

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Well when Europes gone bust, a consortium of African countries will step in, pulling all the different warlords and flaky goverments together, using all the European aid money they've been squirreling away since the 1970's..

did that sound cynical?

Realistically, I could see a joint partnership of China and India, as they take over as the new economic powerhouse.

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