stevebt

iTrader: (8)

In the Us they are virtually at thier borrowing limit and I was wondering what will happen when we reach ours which shouldn't be too far away ?

http://www.bbc.co.uk/news/business-23845905

dpb

We'll have to sell Gibraltar , if we can't cut loose Middlesboro, Scunthorpe. Etc

hodgy0_2

the American situation happens because congress sets a borrowing limit in law

it is part of the US political theatre, and happens every year (at this time)

the opposition party often uses it to make political points

I believe the situation in the UK is different and no arbitrary borrowing limit is set in law

alcazar

iTrader: (2)

I wish Scunthorpe WAS a seperate state.

Then we wouldn't have to subsidise the SE and London any more.

dpb

Yeh we don't have any that malarky , and what's a AAA rating anyway?

Big-G

It's just a smaller battery than an AA one

Fat Boy

Almost a good point....if it wasn't for the fact that London pays more in tax than it gets from public funds.

It's the desperate bits of the country ( like Scunthorpe) that gets subsidised by London actually

HTH

Leslie

I reckon that we are at least on the edge of that situation most of the time anyway.

Les

Chip

Scunny's £2.75 annual contribution doesn't go very far anyway

tony de wonderful

We don't have a borrowing limit. The only 'hard limit' on borrowing will be imposed by the bond market if the market 'decides' UK is a risk and demands more interest.

chopperman

Exactly right. this is just the Republican making life hard for the Democrats again. Happened last year when the republicans held out until the 11th hour.

Boro

iTrader: (1)

When the interest goes up is when we will be really screwed, at the moment it's pretty low but that won't last forever.

dpb

I don't understand how the base rate can remain this low, for this long

alcazar

iTrader: (2)

Nah, it's the other way round, that's why London and the SE get all the infrastructure etc and WE pay...

Leslie

I read a little while ago that our National Debt is in the region of £3 triilion! Doesn't give us much room for manoeuvre I reckon!

Les

Rescue Dude

iTrader: (11)

Peanuts!!!


http://www.usdebtclock.org/

dpb

Page not able to load,presumably because the figure needs refreshing too often

Leslie

What a worry, but we are not quite in that league thank goodness.

Unless that Mr ***** gets at the money ever again!

Les

Fat Boy

Lol. No, it isn't actually.

London get the infrastructure because its GDP is of comparable size to that of Saudi Arabia on it's own and we (the UK) cannot afford to lose those revenues, whereas if the sea rose and claimed Scunthorpe...

hodgy0_2

you would get cracking property in Doncaster with nice seaviews

Chip

As long the water was deep enough to cover the steelworks

Fat Boy

Lol