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And that depression will get deeper if the cost of debt servicing increases. Lack of clear fiscal strategy means uncertainty in the financial market. This results in markets demanding greater interest rates for new gilt sales. This in turn leads to increasing costs of debt servicing. Unless drastic austerity measures are taken , it becomes a doom loop. Recovery cant be done with more taxes. Major spending cuts have to be made now. That means cuts of around £100 bn per year. Painful? Yes, most certainly, but absolutely necessary. -
We are already in a depression, not a recession. -
First, the US Dollar is a reserve currency. Secondly, the 1930's depression was a 100 years ago and was caused by several factors including excess borrowing to fund stock market speculation. When Harold Wilson had to go begging to the IMF to bail out the economy, the IMF lent the money but imposed various austerity measures. If the UK has to go cap in hand to the IMF again, then rest assured the IMF will stipulate changes which equate to austerity. this is the IMF's standard terms. Just look at Argentina. Take the pain to get the gain!
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Thanks, Malumbu, but did you mean "ambulance"? Southwark certainly seem to be planting a lot more trees than they are removing, which is great!
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