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The UK is sleepwalking into a catastrophic sovereign debt crisis. With a staggering £130 billion deficit and debt servicing costs now eclipsing the defence budg…
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Well if the common man is broke, then the government is gonna be broke. <br>Most of the EU, the UK and Canada are the Titanic facing the iceberg. <br>If you don’t create jobs and industry, eventually your economy is going to crash.
virtually every other country on the planet is also broke...
Where does the Bond Market get its money from from ,?
Stop giving £12 billiom a year away in foreign aid. Fix the UK first.
Agenda 2030 is the end of this nation, these 2 clowns talking nonsence
Don't you mean busted???
Welfare state works great until they run out of other people’s money.
Burnham will still send billions to Ukraine regardless.
Labour has a habit of leaving the county broke. It's why the conservatives had years and years without Labour getting in... <br><br>• Labour: 1997–2010 — Tony Blair, then Gordon Brown<br>• Conservative–Liberal Democrat coalition: 2010–2015 — David Cameron<br>• Conservative: 2015–2024 — David Cameron, Theresa May, Boris Johnson, Liz Truss, Rishi Sunak<br>• Labour: 2024–present
It's a plan, push the debt crisis to a point that it collapses. That will auger the new central bank digital currency, there will be Universal income, everyone will be in hock to the government forever.
Thank god I have two passports, one a near useless UK one & a Canadian one that might just get me EU goodies, will see this week.
Is the bond market priced in Dollars?? With the dollar in freefall, it is rather murky. What is the alternative for pensions and savers? The background news is the gold price, which rose from $30 per ounce in 1971 to $4,400 in 2026. Saving money in gold does not grow an economy. The economy grows if people invest in stock markets or businesses. The problem with stock markets, however, is stock price manipulation, directors trading on insider knowledge, and the super-rich controlling the news and stock prices. The path to growth is stock market reform and investment in infrastructure and education.
Why is Britain sleep walking to the EU, look at Canada, their PM has won 20 trade deals around the globe and, it seems to be on the verge of an EU deal too. Wake brits your weak.
Rachel Reeves and Liz Truss....... need I say more!<br>Labour government 4 u 😂
Go back to taking dirty Russian oligarch money, sell off London again, deregulate even more so the old money can raid the coffers even more, and lock up the poor and elderly, because your Victorian attitude towards everyone that's not money royalty wealthy is let them eat broach. Don't forget that it's the poor people that have the pitchforks. Britain is finished. Scotland and Ireland will leave no matter what Westminster says. Britain is too skint to stop it. Military is too small to stop it. Don't worry, you're not alone, just at the front of the queue
If you don't make something or produce something or provide a service that someone else wants and is willing to pay for, you go bust. Its as simple as that.
It's almost like giving away our entire industry, empire and gold would be fine
What about the Gas and Oil that we are sat on ??????
Now is a good time to be selling North Sea Oil.
The extent of corruption in Greece can not really be understood in the UK, I will give you an example having grown up in London but having close family in Athens. Cheques could not be posted, this was very important prior to the internet of things. Any cheque either private business, pension, utility bill if posted would be stolen and cashed. This was still going on when they were in the EU. My cousin asked me once why trade customers settled there bills, he could not understand that once someone had received goods or service they would willingly pay. Families would engage in bargaining with Surgeons prior to operations to get the best price. Interestingly the largest fraud to date carried out within the British NHS service successfully prosecuted was carried out by a Greek doctor, some £4 million plus, money never recovered.<br>In the UK it is the political and feeder castes that bear the lions share of responsibility for our present parlous state, criminal incompetence masking actual corruption. The post war period has been a catastrophe of bad government across the political spectrum, and I believe mass immigration will lead to a terrible conflict, this is what we have to thank our 'democratic?' system for.
Calling Britain 'bust' blurs a useful distinction: a sovereign issuer is not a household, but rising debt-service costs can still hollow out the state's room to invest and absorb shocks. The democratic failure is presenting every Budget as a surprise parcel from the bond market. A book I read called The Hollow State made me ask for institutional capacity, not slogans: publish long-term spending scenarios, sensitivity to yields, and clear rules for which investments are protected when forecasts worsen.
Importing poverty isn't going to end well
Culture around infrastructure needs changing. Nimbyism needs dismantling, and triple lock needs to be scrapped
Wonderful interview what a fantastic knowledgeable guest
Be honest it isn't is it.
Why is the UK bust? Answer: Hayekian ideological BS since 1979.
We haven't got tanks for our streets. We've given them to Ukraine.
It’s pretty alarming that this guy and the city am don understand anything about bonds. For a fact the risk premium on us 10 year debt is worse than uk….<br><br>… why do we have so much shit in the internet? Stop talking shit
Oh please … come on fear mungering bs. The interest rate is fixed … so it doesn’t matter what bond yield is for now. And the interest goes to government anyway. <br><br>Our yield is higher because our base rate is higher
Of course we expect the state to support us during troubles and emergencies - that's the whole reason to support a state: as a replacement for a family, clan, or village, which performed that function in earlier times.<br>We sure as hell don't support a state to fatten some lords, kings or ministers, or to drag us into wars.
Same old story and those that caused it will hand the bill to everyone else.
When does Ross Clark reckon the UK BANKRUPTCY will take place. All that will happen is the IMF will move in and demand austerity! The UK cannot just disappear in to a big hole in the Irish Sea/The North Sea and the Atlantic ocean! Life goes on !
🙃
Is it correct that if the government declares bankruptcy then the government guarantee of £120k on customer money in the bank is no longer covered and is this why the govt is going along with EU in trying to grab peoples savings from banks for govt use?
What absolute rubbish. These guys are clowns: <a href="https://www.youtube.com/watch?v=dc1egz5Om90">https://youtu.be/dc1egz5Om90?is=3ZtiHWZJzVASraPZ</a>
Thanks to Ross Clark. Good interview.
Not a word about the cost of the war with Russia: in 2022, the interest onthe 10-year bond was virtually 0...<br>The debt crisis is a direct consequence of the catastrophic decision to wage economic war with one of the largest energy suppliers in tyhe world
But money is being sent to Ukraine 🇺🇦
Healy is already Chancellor in name only , talk about be careful what you ask for ! I didn't think anyone could have been more useless than Rachel from accounts .She was bad .but Healy is staggeringly bad .
Well that didn't take the Israelis long to marshall the media against the UK after we sanctioned the West Bank settlers. What a vile country and even more vile UK media
For years we’ve been told that immigrants boost economy. Going by this we should be the world’s top economy by now 🙃
if welfare, boats and foreign donation I thinks it will half of our problems
Just monetise the debt and inflate it away. Boil the frog slowly.
Greece? Look at the Baltics, Latvia was kicked back into Stone Age!😂
IMF comes next, then asset stripping, then the UK is becoming a Zimbabwe
Send more money to Ukraine and Israel
Having inept people in charge can't help, why they haven't u turned on the incapable RR ni tax hikes and employment changes I don't know.<br>People are on pip because the benefits pay some people too much and others almost nothing, people get driven to pip. How does the zero day employment rights affect those on pip getting back into work, who will hire these people. The NI tax rises have cost more in job losses, income tax and NI losses from those people and the benefits paid out to replace their income.<br>Nobody is a winner from these policies regardless of how good the intent they need to start thinking about consequences before pushing changes
I think it would be better to go bust to eradicate the Socialist notion that's there's always money hidden away you can get hold of and educate a new generation that we've been here before for the same reason. Also, at the same time experience a Reform government without the constant sniping of left wing mainstream media.
Wealthy middle class white men advocating that the poor pay for their cockups. If you don’t touch the wealthy but rob the poor there will be revolution
Brown started the borrowing binge, after Thatcher sorted out the previous debt crisis overhang from ww2. Labour dud what Labour always do. Expand non productive public sector jobs with compulsory union membership to fund the Labour Party.
Does anyone see the elephant in the room called UKRAIN??? what a waste of money!
all the debts are owed in sterling so how can we actually go bust. To calm the bond markets the government needs to say one phrase "scrap the triple lock" rate will plummet
I just want to say that it's very important that we remember that the deficit and the debt are to ourselves. The United Kingdom owes money to the Bank of England, which is part of the United Kingdom so it's not necessarily negative. There's no risk of insolvency. We could just print more pounds to pay ourselves. There are other risks about the value of the currency and other problems that could occur but you're not writing debt if the person you owe the money to is part of your organisation
How to solve britain dept crisis tax the rich properly
Anyone that blames Truss is obviously brsinwashed by the MSM
Let's vote left and give more to Ukraine🎉🎉
When the Government Falls, or the Country, then you can implement them
Our country is been destroyed by Labour and no one is doing anything about it.
Hey but don’t touch the rich , and don’t forget trump’s war and good old brexit
Labour will send more money to the Ucraine and short the people 😢
Some suggestions:<br>Freeze all government spending except defence and law and order. Not in real terms: freeze: no more increases.<br>Reduce the civil service to its 2015 levels.<br>Means test all benefits.<br>Two medical consultants needed for all health-related issues.<br>Path to work rather than path to indolence.<br>Aim to run a primary surplus for the foreseeable future.<br>No grant or dentations to any charity or NGO.<br>Remove all EU regulations/aquis communautaire.<br>Revert to regulatory environment pre-2008 for City and financial sector.<br>Aim to reduce public expenditure by £150bn in first year.<br><br>And "austerity" was a complete canard . . . never happened!
Nothing will be done until the markets pull the plug. Its about time, its what the country needs.
All you do is spew right wing negativity- shame on you
WELL DONE MAKERFIELD VOTED FOR THESE DAVOS ELITIST GLOBALIST GOONS 😢
I'VE BEEN SAYING THIS FOR A WHILE NOW ABOLISHING CASH AND COMMUNIST REGIME THIS IS THE WEF, EU,ELITIST GLOBALIST ORGANISATIONS DAVOS, IT'S FOREIGN INTERFERENCE AND INFLUENCING GOVERNMENTS WORK ,<br> (UNELECTED)<br>IMBECILES THE BRITISH PEOPLE'S NEVER VOTED FOR THIS CRAP 💩 AGENDA NONSENSE THE SWAMP NEEDS CLEARING OUT 😢
Cash bail out to banks £137 Billion. UK Deficit around £132 Billion, Most of these comments are total Bollocks! Whose laughing all the way to the Office? The Banker's again!
High debt, ongoing high deficit, new spending promises and near maximum tax before the payers (top 30% pay 90%) retire early, go part time and pull back from small business. Soundbites do not a plan make.
Staggering economic and monetary system ignorance by the author. Utter nonsense. <br><br>The UK is a sovereign currency issuing nation; it cannot involuntarily default on its “debt” / become bankrupt. <br><br>The ‘national debt’ is a misnomer - that number is better understood as the collective-savings-of-the-private sector. <br><br>The UK State can afford anything it wants or needs, paid in sterling. Can inflation become a problem?- of course; but that’s a much more nuanced discussion. <br><br>The UK State (at national level) does NOT need our taxes to pay for public sector spending; and higher spending, than tax collection, does NOT constrain the government short or long time. Bond markets are a distraction - the government can set yields anywhere along the curve; and the primary markets will not suddenly create a doom-loop. “But Greece” 🥱<br><br>“The IMF could bail us out!” LOL<br><br>Lots of issues in the uk - public and private sectors - but this is utter bumpkin.
And no life doesn’t carry on … this is normalisation of the shift of cost on to working and middle class debts … meanwhile your perspective cancerously continues. <br> No what happened was <br>Not Covid <br>It was sanctions raised on Russia <br>It was the decision not to sign supply contracts with Russia<br>It was Brexit - caused loss of EIB funding<br>It was CoVid<br>Rubbish oil price Ukraine … complete eradication of where the fault lies in disastrous ill conceived and non observed risk assessments. Wrong ! <br>As long as we insist on WOK assessments in fear of embarrassing those idiots who made these decisions to feather their own pockets rather than the pockets of the British citizens…!
Public sector debt only = 2 Trillion pounds<br>Private sector debt = 3 trillion pounds <br><br>So what is happening is the 2 Trillion is being more increasingly placed on private sector debt … it cannot go anywhere else
The sun doesn't set on the British empire..
But emerging Islamic republics always have money problems. The U.K. is no different.
No mention of the consequences of Brexit. Did it have an impact?
Recovery will take many years and politicians know how to do it, but would not be elected to do it . . . . and never re-elected if they did it, so it won't ever happen. Catch 22 ?
Our welfare money out payment is more than income tax gained. <br>Discussion over
BRITAIN CAN NEVER BE 'BUST'. When you create your own currency, you CANNOT go bust. Once you are part of that currency flow, like you, I, or any business, the concept of 'going bust' suddenly becomes very real, but a sovereign Nation that creates one of the planet's 'fiat' currencies, can quite literally NEVER go bust. In fact to suggest such a thing, demonstrates a serious misunderstanding of economics!
Gordon Brown sold the Gold reserves for almost nothing, and the peace dividend was wasted on devolved governments by Tony Blair, we now have the result! QED
UK is a late stage welfare state the collapse is coming
The Greece situation was exacerbated 100x by the fact they were tied ti the single currency. If they had control of their money, they would have recovered far faster. <br><br>Funny that this wasn't mentioned 😂
This has nothing to do with anyone other than ourselves for electing successive financially illiterate governments.<br>Ironically economic collapse gives us the opportunity to start from the beginning.
There is no way out of it God almighty is judging the land Gods judgement is on Great Britain only way out of it the nation needs to repent
Mass immigration will grind us further into the ground
Britain just flushed hundreds more millions £ to Zel's golden toilets & promising more to come. Britain cant be broke, it's GENEROUS ! Just keep flushing more billions down the golden toilets while its citizens are struggling to survive. ❤Indonesia.
So he banged on about the olympics but not Brexit 😂
They were Warned not to raise taxes against the public again, so to let the economy settle !!! But no , fill the country up with unknown migrants & borrow billions to support keeping all these migrants in luxury, OH DEAR WHAT A BUNCH OF AMERTURES & GRIFFTERS, ALL TOO ON THE GRAVY TRAIN , THE LIKES OF MILLIBAND, RAYNER OH DEAR RAYNER!!! LOOK WHAT BURNHAM HAS DONE FOR HER , JUST TO PROVE WHAT WE ARE SAYING , CLUELESS HOPELESS OUT OF THERE DEPTH , THEY HAVE FCKED US THOUGH RAYNER SHOULD BE USED TO BEING PART OF THAT , ARMS IN THE AIR PURE FRUSTRATION-- , LABOUR DOES NOT WORK .FULL STOP.
Britain is finished never mind bust. Get out while you can if you can.
They won't stop spending. They'll probably go to war with Russia about it...
It's costly to pretend UK still a major power.<br>Keep the money to develop UK instead.
The Chancellor will single out certain people, because we know that's what Labour does.
Yes, but don't forget we must look after the feckless and boat people whatever. Noah's ark is sinking but Noah continues to load even more animals on deck.
A bankrupt country does not put criminals into 5 star hotels and is rewarded with sickening crimes or pay sky high expenses for old bastards at the house of lords or expenses for MPs with sky high pensions or sends unlimited amounts to Ukraine or refuses to drill the north sea for massive oil deposits that would earn billions.<br><br>Sort that lot out and then come back with this bankrupt bullshit!
UK spends money on education?
Money for Ukraine !
Back to the 70s then.
Burnham said we will stay with Ukraine until the end.Well Ukraine is bankrupt therefore we are on the right course.
There will be no budget cuts, there will be no IMF bailout. They will print their way out
Because you allow people to hide their money in trusts and pay zero tax
UK debt to GDP 94% deficit £132 Billion<br>USA debt to GDP 125% deficit $2 Trillion <br><br>So if the UK is screwed the USA is worse.
"Britain is not as corrupt as Greece!" Are you for real? Still building high speed rail of a few miles while China covered half a country with it. Greece corruption is at a household level (your silly example with swimming pools), while British corruption is at the highest level.
and yet our idiots in charge continue to hurrah the war piling £21 Billions into the corrupt ukrainian right wing regime. Further hurrah for disabling Russian refineries and tankers BUT is the media telling us why our fuel bills are going up. Pump per litre fuel is now gone over 192 pence , that is 30 pence pr litre higher for every vehicle. So who is paying for the the destruction of those tankers ? Ironically the Russians are still raking in more or less the same revenue from selling less as the oil prices have soared due to scarcity created by us. Is there no wisdom left in the west. The future is not looking good. Worst case can lead to nuclear confrontation inspite of what the so called experts (idiots) are saying.<br>Sadly we are in an era where the billionaire bankers are running the show with the outdated believe that they can control the world according to their obsolete entitlement. Politicians and main media alike are just doing the bidding of the those who pay their packages. No objectivity. <br>This is one of the main reasons why empires fall and history lessons stay in the books
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