Well done Mike you’ve just endorsed Johnson’s (and Biden’s) tactic of large scale borrowing in order to intervene in the economy in the hope that economic activity and productivity are increased.But deficit leads to national debt.
Anyway, the IMF was a big supporter of austerity during the Asian crisis. The problem with austerity is that it smothers a nation's economic activity and leads to a breakdown in society. I was already here in Indonesia in 1998 when the crisis started.
It was a very challenging time, believe me. I saw stuff.
How do you define once in a generation ?Oh god.
We were told for the longest time that if the SNP got an overall majority then there was overbearing case for an IndyRef2. They didn't get an overall majority, but that hasn't stopped them bleating on about their cause celebre.
So the next X years are going to follow something along the lines of:
Krankie: we demand another referendum
Boris: you can't have one
Krankie: but we demand another referendum
Boris: well you can't have one
Then if a court case somehow gets approved in Krankie's favour, Boris just tells pro-unionists not to vote and boycott it.
This is going to rumble on for decades. So tiresome.
None of the UK debt is in dollars. Interest rates on most of the debt is fixed for years to come 10/20/30 years. Obviously if rates creep up then it becomes a bit harder each year to get the debt away and the interest we pay would start to increase but the overall bill would not change very quickly. Also when Brown and Darling lost to Cameron, the Labour party manifesto was for even worse austerity than actually happened under the coalition.Depends on the interest rates ; depends on how much of the debt is in dollars and hence on the exchange rate. If debt is not a problem how come The Chinless Wonder put the country through 10 years of austerity to pay off the debt? Huh?