Tax revenues are rising. Borrowing has improved slightly. But spending rose faster than receipts in July — and Britain has added almost £96 billion to the national debt in just twelve months.
It's absolutely appalling that governments make us live in a debt-fuelled economy. My husband rolls his eyes at me when I say this. Apparently it's how all governments work and has been for decades. Doesn't make it right though does it? Don't care how other countries are run - we should be aiming to live within our limits. So how about governments simply stop funding things abroad? Stop funding foreigners? Stop paying other countries to do stuff they can't be bothered to do for themselves? I understand we send people off to places like Peru to teach the Indians about transgender rights - why? What's Peru to us or us to Peru? Why do we fund illegal immigrants to float over and live like kings? Actually, why do we fund a King and his relatives when he's as rich as Croesus? Why do we pay people not to work? Why do we fund NGOs and charities? Why do we pay the French anything at all? At some point the whole shebang will collapse around our ears and we'll all be wondering how it happened.
If Britain's added almost £96bn to the 'national debt' over the last year or so what that means in practice is that the GEMMs network (the Guilt-Edged Market Makers) have ponied up that amount (it's an asset swap at this level, Govt IOUs in the form of central bank reserves exchanged for Govt IOUs in the form of Gilts; this is the primary market) in the sure knowledge they'll be able to sell on at profit in the open retail markets (by retail I mean buying and selling as we'd understand it rather than the asset swapping referred to earlier; the secondary market). This would indicate very strongly that there's ongoing demand for the product, and that doesn't happen without good reason. It actually suggests the markets have every faith in the UK. No worries then :-) Just another day at the office in bonds land.
Well that could rouine me wishing you a good morning Jamie. 🤦♂️
It's absolutely appalling that governments make us live in a debt-fuelled economy. My husband rolls his eyes at me when I say this. Apparently it's how all governments work and has been for decades. Doesn't make it right though does it? Don't care how other countries are run - we should be aiming to live within our limits. So how about governments simply stop funding things abroad? Stop funding foreigners? Stop paying other countries to do stuff they can't be bothered to do for themselves? I understand we send people off to places like Peru to teach the Indians about transgender rights - why? What's Peru to us or us to Peru? Why do we fund illegal immigrants to float over and live like kings? Actually, why do we fund a King and his relatives when he's as rich as Croesus? Why do we pay people not to work? Why do we fund NGOs and charities? Why do we pay the French anything at all? At some point the whole shebang will collapse around our ears and we'll all be wondering how it happened.
If Britain's added almost £96bn to the 'national debt' over the last year or so what that means in practice is that the GEMMs network (the Guilt-Edged Market Makers) have ponied up that amount (it's an asset swap at this level, Govt IOUs in the form of central bank reserves exchanged for Govt IOUs in the form of Gilts; this is the primary market) in the sure knowledge they'll be able to sell on at profit in the open retail markets (by retail I mean buying and selling as we'd understand it rather than the asset swapping referred to earlier; the secondary market). This would indicate very strongly that there's ongoing demand for the product, and that doesn't happen without good reason. It actually suggests the markets have every faith in the UK. No worries then :-) Just another day at the office in bonds land.