Labours Legacy
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Labours Legacy
Panda Tue 9 Aug - 3:40
UK taxpayers are forking out an estimated £40m a DAY to overseas investors in
order to pay off Britain's debt interest.
The £14.8bn a year sum is enough to fund the Olympics, pay for 214 Typhoon
jets or buy four aircraft carriers.
It could also pay for 380,000 nurses, 440,000 soldiers or 360,000 teachers
according to new analysis.
Figures published by the Debt Management Office show that more than £302b of
government debt (gilts) are held overseas, which works out at 30 per cent of all
outstanding gilts.
This year the UK is spending £48.6bn on debt interest. Assuming that goes
proportionately to all holders of gilts, it means more than £40m a day is being
sent overseas in interest payments.
Conservative Party deputy chairman Michael Fallon claimed the research
demonstrated the importance of cutting the deficit, adding: "British taxpayers
are sending £40 million every day to foreign investors to pay the interest on
Labour's debt."
Not to mention that Gordon Brown sold half our Gold as soon as he became Chancellor to buy Euros.......had he held on, at today"s price if the Gold
was sold now it would go a long way to paying off our debts.
order to pay off Britain's debt interest.
The £14.8bn a year sum is enough to fund the Olympics, pay for 214 Typhoon
jets or buy four aircraft carriers.
It could also pay for 380,000 nurses, 440,000 soldiers or 360,000 teachers
according to new analysis.
Figures published by the Debt Management Office show that more than £302b of
government debt (gilts) are held overseas, which works out at 30 per cent of all
outstanding gilts.
This year the UK is spending £48.6bn on debt interest. Assuming that goes
proportionately to all holders of gilts, it means more than £40m a day is being
sent overseas in interest payments.
Conservative Party deputy chairman Michael Fallon claimed the research
demonstrated the importance of cutting the deficit, adding: "British taxpayers
are sending £40 million every day to foreign investors to pay the interest on
Labour's debt."
Not to mention that Gordon Brown sold half our Gold as soon as he became Chancellor to buy Euros.......had he held on, at today"s price if the Gold
was sold now it would go a long way to paying off our debts.
Panda- Platinum Poster
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as above
halfamo Wed 10 Aug - 16:23
Nothing personal panda but Maggie Thatcher sold off north sea oil closed the mines closed the shipyards and closed the steel plants , this blaming another party for the state of the country today is wearing a bit thin , this mishmash of a goverment has been in 15mths and will not take responsibility for anything its about time they stood up to be counted .Is'nt it easy to blame someone else , it was'nt me it was another boy that did it and ran away that seems to be Tory policy.
halfamo- Platinum Poster
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Number of posts : 1905
Age : 78
Location : west Midlands UK
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Registration date : 2009-06-21
Re: Labours Legacy
Panda Wed 10 Aug - 17:02
halfamo wrote:Nothing personal panda but Maggie Thatcher sold off north sea oil closed the mines closed the shipyards and closed the steel plants , this blaming another party for the state of the country today is wearing a bit thin , this mishmash of a goverment has been in 15mths and will not take responsibility for anything its about time they stood up to be counted .Is'nt it easy to blame someone else , it was'nt me it was another boy that did it and ran away that seems to be Tory policy.
Yes I know, Utilities should never have been sold, nor the Railways, I don"t think she was responsible for the Steel Works or shipyards, they became
obsolete because shipyards just didn"t get the Contracts. At the time of Thatcher , the Country was beset by Union Strikes which is why Britain lost
its manufacturing base, and of course Globalisation played its part. It is true though that when Labour took over, the economy was very healthy, Brown not only sold the gold to buy Euros, his mantra was, no more boom and bust a hollow ring to it now. also, he could have borrowed Government money
to build Hospitals instead he let Private Companies do the job and leased them to the Government for 30 years at a high rent and nothing to show for it at the end. The number of Hospitals where I live which have closed down is testament to his folly. Your"e right, Politicians of any Party havn"t a clue and
the public have a moan but have no real wish to try and change things.
I joined Anorak , my first Forum, and used to chat late at night with some British Guy living in Russia. I think he was a Diplomat. rather jaded and liked the Vodka. He was very interesting to talk to though and said Politicians, when they come to power are handed a Department ,in charge of
millions of £"s without a clue how to run it . Tony Blair deliberately left the Civil Servants out of discussions when they in fact had more experience
which is why we are in such a mess.
Rant over.
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Re: Labours Legacy
Panda Thu 11 Aug - 10:48
ritain's bank bosses are to mobilise in an effort to block a repeat of this year's Project Merlin deal, which binds them to targets on bonuses and small business lending, I have learned.
Tentative talks are being planned between some of the banks to map out a united position ahead of more formal discussions with ministers later in the year.
Senior bankers I have spoken to in the wake of the industry's half-year reporting season tell me they will refuse to sign up to a deal as wide-ranging as this year's, which also included contributions to a new Business Growth Fund (BGF) for investing in SMEs and to the Big Society Bank (BSB).
"The agreement has not been a victory for anybody. My sense is that there would be little desire to repeat it from any of the participants," one bank chief executive said.
The furthest they would be inclined to go, they tell me, would be to agree new lending targets with the Coalition for 2012 as they attempt to demonstrate that they are playing their part in an increasingly lacklustre economic recovery. Today, the Bank of England downgraded its GDP growth forecast for the year to 1.4 per cent.
Even a repeat of the lending targets would be unpopular with some of the bank bosses. Stuart Gulliver, chief excutive of HSBC, told me last week that volume targets were "dangerous" and risked triggering an upsurge in loan impairments.
On Friday, the Bank of England will formally publish the audited Merlin lending data for the second quarter (and first half) of 2011, which will echo last week's confirmation by the banks that they had met the overall business lending commitment but fallen short of the SME target.
In one sense, it would be difficult for ministers to portray a 2012 agreement as wide-ranging in that the banks' contributions to the BGF and BSB were one-off commitments of capital.
And the fact that this year's deal committed to paying lower bonuses to UK staff might be difficult for banks to repeat if they argue that such an agreement left them paying uncompetitively against US-based and European rivals.
I should point out that any formal discussion between the Treasury and the banks about a repeat of Merlin is unlikely to take place for many weeks.
But my sense is that there may not be a huge appetite from George Osborne, the Chancellor, or Vince Cable, the Business Secretary, to enforce a repetition of any aspect of Merlin other than the loan targets.
Talks between the banks and Government will certainly not be on the agenda until after the final recommendations of the Independent Commission on Banking are published on September 12.
None of the banks which are party to part or all of the Merlin deal (Barclays, HSBC, Lloyds Banking Group, Royal Bank of Scotland and Santander UK) would comment
Sky News Article.
Tentative talks are being planned between some of the banks to map out a united position ahead of more formal discussions with ministers later in the year.
Senior bankers I have spoken to in the wake of the industry's half-year reporting season tell me they will refuse to sign up to a deal as wide-ranging as this year's, which also included contributions to a new Business Growth Fund (BGF) for investing in SMEs and to the Big Society Bank (BSB).
"The agreement has not been a victory for anybody. My sense is that there would be little desire to repeat it from any of the participants," one bank chief executive said.
The furthest they would be inclined to go, they tell me, would be to agree new lending targets with the Coalition for 2012 as they attempt to demonstrate that they are playing their part in an increasingly lacklustre economic recovery. Today, the Bank of England downgraded its GDP growth forecast for the year to 1.4 per cent.
Even a repeat of the lending targets would be unpopular with some of the bank bosses. Stuart Gulliver, chief excutive of HSBC, told me last week that volume targets were "dangerous" and risked triggering an upsurge in loan impairments.
On Friday, the Bank of England will formally publish the audited Merlin lending data for the second quarter (and first half) of 2011, which will echo last week's confirmation by the banks that they had met the overall business lending commitment but fallen short of the SME target.
In one sense, it would be difficult for ministers to portray a 2012 agreement as wide-ranging in that the banks' contributions to the BGF and BSB were one-off commitments of capital.
And the fact that this year's deal committed to paying lower bonuses to UK staff might be difficult for banks to repeat if they argue that such an agreement left them paying uncompetitively against US-based and European rivals.
I should point out that any formal discussion between the Treasury and the banks about a repeat of Merlin is unlikely to take place for many weeks.
But my sense is that there may not be a huge appetite from George Osborne, the Chancellor, or Vince Cable, the Business Secretary, to enforce a repetition of any aspect of Merlin other than the loan targets.
Talks between the banks and Government will certainly not be on the agenda until after the final recommendations of the Independent Commission on Banking are published on September 12.
None of the banks which are party to part or all of the Merlin deal (Barclays, HSBC, Lloyds Banking Group, Royal Bank of Scotland and Santander UK) would comment
Sky News Article.
Panda- Platinum Poster
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Number of posts : 30555
Age : 67
Location : Wales
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Registration date : 2010-03-27
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