THE AFTERMATH OF AN ECONOMIC ILLUSION.
The author is grateful to Dan Atkinson for his weekly item in the Sunday press with succinct detail of what is going on in the world of domestic and national economics. Last weekend he reminded us of the travesty that has occurred in the last decade in these sceptred isles.
During this time, with the help of smoke and mirrors, the economic neophyte which is Gordon Brown, not only borrowed in our name but also encouraged the simpletons to borrow in their own names (because there is VAT on every purchase), which propelled the economy to advance, fuelled by the generation of money that never existed.
The deficits which are now history for any student to study; these include private borrowing, trade and Government indebtedness. In August 2000 £522 billion was outstanding on mortgage debt, plus £123 billion on consumer credit. By September 2009, these figures were £1.2 trillion and £229 billion respectively.
In 2000 our trade in goods and services was in the red to the tune of £18 billion, by 2008, the gap had increased to £38.4 billion.
2000-01, saw the Government's current budget - covering day to day spending - was in the black to the tune of £19 billion. For the year £2009-10, the forecast suggests a deficit of £132 billion.
To add to our woes, our manufacturing workforce has shrunk during this period from 4.3 million to a little over 3 million.
To learn more on the mystique of the UK economy in recent years, read 'Fantasy Island' by Larry Elliott and Dan Atkinson.
THE SIGNS ARE ALL IN PLACE FOR THE REAL CRUNCH.
During this time, with the help of smoke and mirrors, the economic neophyte which is Gordon Brown, not only borrowed in our name but also encouraged the simpletons to borrow in their own names (because there is VAT on every purchase), which propelled the economy to advance, fuelled by the generation of money that never existed.
The deficits which are now history for any student to study; these include private borrowing, trade and Government indebtedness. In August 2000 £522 billion was outstanding on mortgage debt, plus £123 billion on consumer credit. By September 2009, these figures were £1.2 trillion and £229 billion respectively.
In 2000 our trade in goods and services was in the red to the tune of £18 billion, by 2008, the gap had increased to £38.4 billion.
2000-01, saw the Government's current budget - covering day to day spending - was in the black to the tune of £19 billion. For the year £2009-10, the forecast suggests a deficit of £132 billion.
To add to our woes, our manufacturing workforce has shrunk during this period from 4.3 million to a little over 3 million.
To learn more on the mystique of the UK economy in recent years, read 'Fantasy Island' by Larry Elliott and Dan Atkinson.
THE SIGNS ARE ALL IN PLACE FOR THE REAL CRUNCH.
posted by minister | 12:47
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