£1 trillion UK debt

[bobjimwilly]

http://www.telegraph.co.uk/finance/economics/9034964/UK-debt-passes-1-trillion-for-the-first-time.html

So, Mr Cameron, when are we going to see your master plan of unprecedented cuts bring the national debt down, which has been your primary goal since coming to power?

[grayx]

http://www.telegraph.co.uk/finance/economics/9034964/UK-debt-passes-1-trillion-for-the-first-time.html

So, Mr Cameron, when are we going to see your master plan of unprecedented cuts bring the national debt down, which has been your primary goal since coming to power?

You won't, the mans an idiot. Good news if you're in charge of RBS though. Awful fcukers these tories.

[big fat yorkshire pudding]

This was always the plan.  If you think this is bad imagine what it would be under the Labour plan of keeping the spending up.

[ditch_drfc]

http://www.telegraph.co.uk/finance/economics/9034964/UK-debt-passes-1-trillion-for-the-first-time.html

So, Mr Cameron, when are we going to see your master plan of unprecedented cuts bring the national debt down, which has been your primary goal since coming to power?

You won't, the mans an idiot. Good news if you're in charge of RBS though. Awful fcukers these tories.

The man's an idiot? Hardly an idiot is he, he wouldn't have passed his Bachelor of Arts in Politics, Philosophy and Economics at Oxford if he was, he also wouldn't be the leader of our country...

Also i'm not sure if you realise that £1 trillion debt doesn't just rack up over 2 years... He's not to blame for £1 trillion worth of debt is he? You should start looking at the party i assume you voted for, the labour party, which bfyp rightly stated kept on spending, and would still  be spending if they were in power. What have you got against The Conservative party? is it because \"Thatcher tha bas**rd lost mi dad is job\", if that is the case, get a life, Thatcher hasn't been in power for years. It's the same as hating germans because hitler Dictated that they kill jews years ago, pathetic if you ask me!

[Mr1Croft]

The level of borrowing has gone down, but we are still borrowing and now the money the country owes has spilled over the £1 Trillion mark, and that is before we move onto interest.

I love this, everyone is moaning with all the cuts, pension changes, unemployment but your blaming Cameron for not cutting more of the debt? Go on about how Thatcher lost your fathers job all you like but here is the bottom line:

Gordon Brown was going to spend more on the interest of our debt than on YOUR Children through schools, Libraries and Colleges. We would have hit 1 Trillion 2 months after the Election in 2010 had Labour won, the fact that it has taken nearly 2 years shows you how bad the finances are, finances our Children and grandchildren will probably have to work every day to help pay off, do when your pension is cut, ask yourself \"Do I need it, or will it be better spent on my children and Grandchildren?\"

[Filo]

This was always the plan.  If you think this is bad imagine what it would be under the Labour plan of keeping the spending up.

You`ve been taken in by the Tory Spin! Labour would have cut spending, but not as drastic as what the Tories have done, the drastic austerity measures imposed by the Tories have caused the economy to flat line and now we are on the verge of a double dip recession, unemployment has risen as well! Yes they inherited a poor economic situation, but to keep blaming Labour for it is like sticking your head in the sand, the financial problems are a global problem, are labour responsible for the rest of the world as well? The real Villains are the greedy bankers that are still reaping obscene bonus`s while the Government stands by and lets them, preferring to cut unemployment and disability benefits and making the most vulnerable members of society pay, while their mate`s, the fat cats, get fatter!

[RedJ]

http://www.telegraph.co.uk/finance/economics/9034964/UK-debt-passes-1-trillion-for-the-first-time.html

So, Mr Cameron, when are we going to see your master plan of unprecedented cuts bring the national debt down, which has been your primary goal since coming to power?

You won't, the mans an idiot. Good news if you're in charge of RBS though. Awful fcukers these tories.

The man's an idiot? Hardly an idiot is he, he wouldn't have passed his Bachelor of Arts in Politics, Philosophy and Economics at Oxford if he was, he also wouldn't be the leader of our country...

Also i'm not sure if you realise that £1 trillion debt doesn't just rack up over 2 years... He's not to blame for £1 trillion worth of debt is he? You should start looking at the party i assume you voted for, the labour party, which bfyp rightly stated kept on spending, and would still  be spending if they were in power. What have you got against The Conservative party? is it because \"Thatcher tha bas**rd lost mi dad is job\", if that is the case, get a life, Thatcher hasn't been in power for years. It's the same as hating germans because hitler Dictated that they kill jews years ago, pathetic if you ask me!

Well.. you can pay people to write your essays for you and just cos you're in power doesn't mean you're smart, you might just be good at PR, or have good spin doctors and good direction.. after all, the super rich wouldn't want a puppet PM would they..

[ditch_drfc]

Why does it bother you that the \"fat cat bankers\" are getting bonuses? So they worked their arses off to get to the top, they don't have proper lives outside of work because their work is 7 days a week and a lot of the time they take work home with them. They deserve their bonus! They worked for it! If you want to cry out about people getting unjust pay start with footballers for god sake. Running about a pitch earning thousands a week. Also do you even know how bonuses are paid? A lot of bonuses are paid in shares, a part of the company, and in the case of the guy in charge of RBS he didn't take his bonus, which would have been put off for years, up until 2015...

What they get compared to people in other parts of the world for doing the same job isn't a lot. In america someone doing the same job get's a £10 million.

I suggest before commenting on such subjects that you do research into it. Don't slag someone off for working their arse off! Also before anyone comments on mp's wages, they get about £60,000 a year, with the pm taking home around £150,000 a year, not a lot really is it!?!

[BillyStubbsTears]

Allow me to say that you're all missing the point chaps. The fact that the debt is now £1trillion is neither here nor there in itself. What matters is the level of the debt compared to GDP.

Put simply, I'd rather us have a £1trillion debt and £10trillion GDP, than a £1billion debt and £2billion GDP. It's our long term ability to finance the debt that matters, not the size of the debt itself - just in the way that someone with a better paid job can afford a bigger mortgage.

We had a horrific global near-catastrophe in 08-09. The nearest thing we've had to the Great Depression in any of our lifetimes. It is INEVITABLE that Govt debt goes up in such a situation. it did so all over the world, not just here in the UK.

The issue after that always was balancing the rate at which you cut back the deficit to get the debt under control whilst not crippling growth of the economy. Put simply again, there's no point reducing the debt by 1% if GDP goes down by 5% as a result - you're in a worse position at the end of it. You are far better having the debt continuing to increase, as long as GDP increases at a faster rate.

What we've had since mid-2010, is growth absolutely flat-lining - it's gone up by about 0.5% in the last 20-odd months, which is a shocking situation - as bad as any developed major economy in the world. In the meantime, debt hasn;t come down. So we've got the worst of both worlds.

Finally, countries are waking up to this. The current EU summit is panicking about the lack of growth across the whole of Europe. Germany has pushed a policy very similar to Osbourne's onto the whole of Europe (cut the debt, ignore growth, cut the debt). It has been an unmitigated disaster. Spain now has 50% of all under 24s out of work. Italy, which had its deficit under control is a basket case because its growth has collapsed. France is going the same way. We're not far off being the next in line.

It sounds counter-intuitive, but you cannot and will not get the debt down by cutting spending. Do that and your economy will tank, just like economies are doing across Europe. Just like ours has done for nearly 2 years while this lot have been trying out their experiment. You HAVE to get growth going. Otherwise, we'll  be in the mess for another decade.

[grayx]

Why does it bother you that the \"fat cat bankers\" are getting bonuses? So they worked their arses off to get to the top, they don't have proper lives outside of work because their work is 7 days a week and a lot of the time they take work home with them.

Spoken like a true Tory. At a time when others,who may also be working their arses off, are told to accept pay freezes or even cuts, work longer & pay more towards their pensions you think its alright for these smug,greedy \"fat cat bankers\" who already receive £1million+ salaries, to receive obscene bonuses? It stinks.

[Filo]

Why does it bother you that the \"fat cat bankers\" are getting bonuses? So they worked their arses off to get to the top, they don't have proper lives outside of work because their work is 7 days a week and a lot of the time they take work home with them.

Spoken like a true Tory. At a time when others,who may also be working their arses off, are told to accept pay freezes or even cuts, work longer & pay more towards their pensions you think its alright for these smug,greedy \"fat cat bankers\" who already receive £1million+ salaries, to receive obscene bonuses? It stinks.

Beat me to it, although I do agree about the Footballers salaries!

whilst people at the top (fat cats) are raking in these huge bonus`s, the people at the bottom are being made redundant, people that are only earning around £20k a year, at that rate they would have to work 50 years to match the fat cats bonus earned in one year, working for the same company!

[Mr1Croft]

Why does it bother you that the \"fat cat bankers\" are getting bonuses? So they worked their arses off to get to the top, they don't have proper lives outside of work because their work is 7 days a week and a lot of the time they take work home with them.

Spoken like a true Tory. At a time when others,who may also be working their arses off, are told to accept pay freezes or even cuts, work longer & pay more towards their pensions you think its alright for these smug,greedy \"fat cat bankers\" who already receive £1million+ salaries, to receive obscene bonuses? It stinks.

So you think that these bankers, or any executive, who work hard all their life to become sucessful should earn the same amount as someone who just scraped through eductaion and plan to scrounge off benefits for the rest of their life?

I don't agree with the executives who 'inherit' their position, but why should we encourage children of today to work hard and be sucessful if they are just going to be attacked by those who aren't as sucessful.

The tories are not lining the bankers pockets and they have made life more diffifcult for them, a couple of weeks ago they announced their plans to make it so all companies with high paid executives including banks would have to make their payment to all employees transparent so that we can see the difference from the low level employee up to the chief exectutive.

I agree with Dicth's comment, footballers are paid a huge amount of money and this sweeps under the medias nose constantly, there should be a cap of at least £50,000 a week salary, if you can't live off £2.5 million a year then there is something wrong with you, anything above that is astrocious...

[BillyStubbsTears]

Mr Croft.

Has anyone said that the likes of Hester should, \"earn the same amount as someone who just scraped through eductaion and plan to scrounge off benefits for the rest of their life\"? That's a bit of a daft comparison. Hester is already on a £1million+ per year salary. That seems to my simple mind to be a tad more than someone who plans to be on benefits for the rest of their life. £1million per year seems to me to be a perfectly comfortable salary. I'm bemused why they shouldn't be able to do their jobs properly without being paid 2, 3, 4 or 5 times this amount.

The reason why this issue has spawned such anger is that many millions of people up and down the country are having to severely tighten their belts due to pay cuts, whilst the bankers who f**ked things up in the first place are carrying on business as usual.

Will Hutton, the economist, pointed out on Breakfast Time this morning that the UK heads of financial companies have salaries (compared to the size and success of companies that they run) that are off the scale by international comparisons. According to Cameron, we are supposed to all be in this together, but when the issue of reining in these greedy bas**rds cropped up, he totally flunked it and would have turned a blind eye unless forced into action by public opinion.

If there's a head of steam building up to cut the legs out from under these people, then that might just be the best news to come out of this whole disastrous economic situation.

And yes, I agree about footballers' salaries too. Utterly obscene.

[grayx]

So you think that these bankers, or any executive, who work hard all their life to become sucessful should earn the same amount as someone who just scraped through eductaion and plan to scrounge off benefits for the rest of their life?..

Where have I said that?

[ditch_drfc]

Why does it bother you that the \"fat cat bankers\" are getting bonuses? So they worked their arses off to get to the top, they don't have proper lives outside of work because their work is 7 days a week and a lot of the time they take work home with them.

Spoken like a true Tory. At a time when others,who may also be working their arses off, are told to accept pay freezes or even cuts, work longer & pay more towards their pensions you think its alright for these smug,greedy \"fat cat bankers\" who already receive £1million+ salaries, to receive obscene bonuses? It stinks.

Beat me to it, although I do agree about the Footballers salaries!

whilst people at the top (fat cats) are raking in these huge bonus`s, the people at the bottom are being made redundant, people that are only earning around £20k a year, at that rate they would have to work 50 years to match the fat cats bonus earned in one year, working for the same company!

I agree with Mr Croft.

But fair enough Filo, I do see your point about the fact that people are being made redundant at the bottom of companies, whilst the people at the top are receiving bonuses. But you can't have the people at the top earning the same as the people at the bottom. It just wouldn't work. The people at the top genuinely make huge sacrifices, many never get family time, never get personal time, and are constantly working. Their salary and bonus mirrors their hard work and commitment. Although saying this, I do think the bonuses are too much for a state owned bank. I think you also need to realise, if they didn't get paid like they do, they'd move to America where they can get paid millions more... What situation would we be in then?

[Filo]

Why does it bother you that the \"fat cat bankers\" are getting bonuses? So they worked their arses off to get to the top, they don't have proper lives outside of work because their work is 7 days a week and a lot of the time they take work home with them.

Spoken like a true Tory. At a time when others,who may also be working their arses off, are told to accept pay freezes or even cuts, work longer & pay more towards their pensions you think its alright for these smug,greedy \"fat cat bankers\" who already receive £1million+ salaries, to receive obscene bonuses? It stinks.

Beat me to it, although I do agree about the Footballers salaries!

whilst people at the top (fat cats) are raking in these huge bonus`s, the people at the bottom are being made redundant, people that are only earning around £20k a year, at that rate they would have to work 50 years to match the fat cats bonus earned in one year, working for the same company!

I agree with Mr Croft.

But fair enough Filo, I do see your point about the fact that people are being made redundant at the bottom of companies, whilst the people at the top are receiving bonuses. But you can't have the people at the top earning the same as the people at the bottom. It just wouldn't work. The people at the top genuinely make huge sacrifices, many never get family time, never get personal time, and are constantly working. Their salary and bonus mirrors their hard work and commitment. Although saying this, I do think the bonuses are too much for a state owned bank. I think you also need to realise, if they didn't get paid like they do, they'd move to America where they can get paid millions more... What situation would we be in then?

I`ve not said that people at the top should earn the same as people at the bottom, you`re missing the point, the people at the top are already earning over £1M a year before their huge bonus`s, if some one on that salary can`t enjoy a lavish lifestyle, then there`s something wrong! As for them working all hours, your just wrong, a person at the bottom of the scale often has to work many hours overtime just to make ends meet, where does their family time fit into that?

[whisky]

http://www.youtube.com/watch?v=W3hLKpKv3ME&feature=youtube_gdata_player