For U.K. - Worst Recession in last 300 Years

Page 1 of 1 [ 7 posts ] 

jimmy m
Veteran
Veteran

User avatar

Joined: 30 Jun 2018
Age: 72
Gender: Male
Posts: 6,225
Location: Indiana

25 Nov 2020, 7:16 pm

[Due to the Pandemic] The massive fall in output this year [in the U.K.] has led to a huge increase in government borrowing as the government sought to cushion the blow. Sunak said the government has pumped 280 billion pounds into the economy to get through the pandemic and that as a result borrowing this fiscal year is set to rise to 394 billion pounds, or 19% of national income, “the highest recorded level of borrowing in our peacetime history.” He warned that with borrowing at this level, underlying public debt is rising towards 100% of annual GDP. “High as these costs are, the costs of inaction would have been far higher," he said. “But this situation is clearly unsustainable over the medium term.”

Sunak said the government's independent economic forecasters are predicting that the British economy will end up 11.3% smaller this year than where it started, the “largest fall in output for more than 300 years.”

Source: UK cuts overseas aid amid worst recession in over 300 years


_________________
Author of Practical Preparations for a Coronavirus Pandemic.
A very unique plan. As Dr. Paul Thompson wrote, "This is the very best paper on the virus I have ever seen."


goldfish21
Veteran
Veteran

User avatar

Joined: 17 Feb 2013
Age: 38
Gender: Male
Posts: 12,921
Location: Vancouver, BC, Canada

26 Nov 2020, 12:53 am

How can the uk ever fall into a recession considering they plundered most of the world for a good 200 years or so and stole everything they could from every corner of the Earth? :?

The uk should kiiiiinda be recession proof for that.. for like, forever.


_________________
No :heart: for supporting trump. Because doing so is deplorable.


Redd_Kross
Veteran
Veteran

User avatar

Joined: 5 Jun 2020
Age: 45
Gender: Male
Posts: 728
Location: Derby, UK

26 Nov 2020, 1:42 am

goldfish21 wrote:
How can the uk ever fall into a recession considering they plundered most of the world for a good 200 years or so and stole everything they could from every corner of the Earth? :?

The uk should kiiiiinda be recession proof for that.. for like, forever.


I think you're confusing our Old Etonian elite with the country as a whole. This is a recession, which means ordinary British people will have to suffer. The ruling elite will take the opportunity to buy everything that's now cheaper as a consequence - primarily land, property and labour.



goldfish21
Veteran
Veteran

User avatar

Joined: 17 Feb 2013
Age: 38
Gender: Male
Posts: 12,921
Location: Vancouver, BC, Canada

26 Nov 2020, 3:03 am

Redd_Kross wrote:
goldfish21 wrote:
How can the uk ever fall into a recession considering they plundered most of the world for a good 200 years or so and stole everything they could from every corner of the Earth? :?

The uk should kiiiiinda be recession proof for that.. for like, forever.


I think you're confusing our Old Etonian elite with the country as a whole. This is a recession, which means ordinary British people will have to suffer. The ruling elite will take the opportunity to buy everything that's now cheaper as a consequence - primarily land, property and labour.


It seems you and your countrymen are overlooking the fact that you drastically outnumber the thieves that stole the world’s riches and keep them stockpiled right in front of you all.. :p


_________________
No :heart: for supporting trump. Because doing so is deplorable.


kraftiekortie
Veteran
Veteran

User avatar

Joined: 4 Feb 2014
Gender: Male
Posts: 72,282
Location: Queens, NYC

26 Nov 2020, 5:59 am

Don’t blame the ordinary person for the past and present sins of the ruling elite.



carlos55
Veteran
Veteran

Joined: 5 Mar 2018
Gender: Male
Posts: 524
Location: uk

26 Nov 2020, 8:42 am

The issue is really the debt and how much it’s been added to.

Not to mention the printing of money aka quantative easing

The UK like most western economies has been mismanaged for the last 30 years and the day of reckoning will soon arrive as it will in the US.

This will lead to a permanent shift of wealth from west to east as has been talked about for years.

As always the poorest and most vulnerable will be hardest hit when things inevitably start getting taken away.



Redd_Kross
Veteran
Veteran

User avatar

Joined: 5 Jun 2020
Age: 45
Gender: Male
Posts: 728
Location: Derby, UK

02 Dec 2020, 8:26 pm

goldfish21 wrote:
Redd_Kross wrote:
goldfish21 wrote:
How can the uk ever fall into a recession considering they plundered most of the world for a good 200 years or so and stole everything they could from every corner of the Earth? :?

The uk should kiiiiinda be recession proof for that.. for like, forever.


I think you're confusing our Old Etonian elite with the country as a whole. This is a recession, which means ordinary British people will have to suffer. The ruling elite will take the opportunity to buy everything that's now cheaper as a consequence - primarily land, property and labour.


It seems you and your countrymen are overlooking the fact that you drastically outnumber the thieves that stole the world’s riches and keep them stockpiled right in front of you all.. :p


Well, that's the eternal dilemna, isn't it? At what point do the hand-me-down crumbs become sufficiently insufficient that biting the hand that feeds becomes justifiable?