...If the British government had to pay out on all emergency guarantees and insurance facilities offered to banks, the total liability would be $2.1 trillion, or 88 percent of gross domestic product, the Bank of England said. That compares with 73 percent in the U.S. [not an appropriate comparison economy with the United Kingdom, ed.] and 18 percent in the euro area. (Bloomberg)
“This is the basis for strong growth in the future. On the basis of jobs and growth, you reduce debt and deficit over a period to meet our five-year plan for halving the fiscal deficit”. Brown in this morning's Times
Friday 26 June 2009
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3 comments:
"...halving the fiscal deficit"
...and who pays for the other half then!
It's beyond me, Scrobs, quite literally the numbers escape me. I am also very frightened. I cannot imagine how this disaster can be coped with now. Even if the New Labour regime left power tomorrow, the drop in living standards is still arriving in short order and unacceptable to many.
This is not a scorched earth policy, this is deconstructing the economy and the state.
Blood on the Streets, I fear - I just hope that it's not my street.
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