George Osborne and Mitt Romney are being howled down for telling the truth about debt

| September 19, 2012 | 0 Comments

Well done, George. Well done, Mitt. Both men are being criticised this morning for being honest enough to admit a simple truth – the outrageous debt burdens found in Western countries have largely been caused by giving too much to too many when there are too few to pay. The recovery must be led by […]

Filed Under: Latest Finance News

George Osborne will miss his deficit and debt targets. It’s time for a new approach

| September 14, 2012 | 0 Comments

The Government will abandon its debt reduction target, according to government sources quoted in the Times. David Cameron did little to dispel the rumours on Wednesday as he side-stepped a question in the House of Commons. As a reminder, the debt is the total amount owed while the deficit is the amount borrowed each year. […]

Filed Under: Latest Finance News

Boomerang generation boosted by high house prices, rents and graduate debt

| August 22, 2012 | 0 Comments

High house prices, rising rents and growing graduate debts – coupled with falling or frozen wages for people starting their careers – have created a ‘boomerang generation’ where young adults continue to live with their parents. Britain’s biggest insurer, Aviva, is the latest to examine this social trend today. It claims that nearly three quarters […]

Filed Under: Latest Finance News

House prices may be falling but homebuyers are digging their way out of debt

| July 11, 2012 | 0 Comments

  House prices may be falling but homebuyers are digging their way out of debt, according to one of Britain’s biggest firms of bailiffs. Six in 10 people who had previously missed mortgage payments are now paying down their debts, according to Ascent, which would rather be called a ‘specialist debt collection agency’ than the […]

Filed Under: Latest Finance News

Eurobonds or other debt pooling are not the only (or best) form of fiscal union

| July 9, 2012 | 0 Comments

The standard position in UK public debate on the eurozone crisis is badly confused. It says (correctly) that the euro needs a “fiscal union” if it is to survive and flourish. But it thinks, quite wrongly, that a “fiscal union” means sharing past debts. Not only is the sharing of debts not the only kind of fiscal union, but […]

Filed Under: Latest Finance News

Cash Use Up As Consumers Try To Curb Credit Card Debt

| June 20, 2012 | 0 Comments

Consumers in the UK are using cash to pay for things, rather than a credit or debit card, in a bid to curb their spending as the double dip recession continues to bite. That is the finding from the British Retail Consortium (BRC), which has published its annual payments survey – looking at how Brits […]

Filed Under: Credit Card News

Don’t blame the eurozone, George. The real cause of our problems is the UK’s toxic debt legacy

| June 11, 2012 | 0 Comments

The Chancellor blames the eurozone crisis for Britain’s poor economic performance, Ed Balls reckons it’s a recession entirely of Downing Street’s own making in that too much austerity was imposed too soon, while the Tory right think the Government has been insufficiently bold on supply side reform. However, the true reason why Britain’s economic recovery […]

Filed Under: Latest Finance News

Debt mutualisation is immoral and destructive

| June 5, 2012 | 0 Comments

Let’s compare two economic situations. Suppose that in one, everyone in the country loses two per cent of their income – so GDP falls by 2 per cent. In the other, half of the population loses six per cent of their income and the other half none – so GDP falls 3 per cent. Which […]

Filed Under: Latest Finance News

The Coalition is cutting all the wrong things, and still net debt is above £1 trillion

| April 24, 2012 | 0 Comments

With the March data now released, it’s time to assess what progress has been made over the past fiscal year in putting the UK public finances back on the straight and narrow. With tax revenue up a bit, and ignoring welfare and debt servicing costs, spending down a smidgen, there’s definite signs of movement. But […]

Filed Under: Latest Finance News

IMF scratches at the surface of the eurozone debt crisis

| April 21, 2012 | 0 Comments

So has Christine Lagarde, managing director of the International Monetary Fund, achieved the “Washington moment” she hoped for? In her own mind, she believes she has. The IMF’s spring meeting in Washington has succeeded in getting members to cough up more than $ 400bn of additional funding, which roughly doubles the amount the IMF has […]

Filed Under: Latest Finance News
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