Serious problems - Recession on its way?

[smilingmart]

I know this is a football messageboard but this is the 'off-topic' section.

I have to say that Im worried by Gordon Brown's announcement today that the rate of growth is 50% of what he thought it would be. It was meant to be 3.5 and its 1.75 instead. He has budgeted for the higher growth figure and so there is now a £10 billion budget defecit! So what does he do now? Cant raise income tax. Thats a definite no-no. Cant raise stealth taxes as thats already been done. Can't cut public spending. Cant increase borrowing as that would put up interest rates. 'I know' he thinks 'I'll raise taxes on successful profit-making oil companies.'

This for me just SMACKS of a chancellor and a government who are desperate. They have spent money they dont have and the country is now in a shit state. In 18-24 months time we could well see growth slowing further and then a recession looms...

Anyone else worried?

 

[AndyRoo16]

hmmmmm ....this sounds like a really bad problem....

but i really cudnt give a toss!
:roll:

 

[Birkenhead Born and Bred]

hmmmmm ....this sounds like a really bad problem....

but i really cudnt give a toss!
:roll:

I have the same opinion mate

 

[Ian]

If you pay your taxes you tend to give a toss. Sometimes I wish I was a foreigner living in the UK, but that's another thread..

Look on the bright side smilingmart. Duty on petrol has been frozen! :roll:

 

[smilingmart]

Looks like Cameron is stepping up to the plate to be the Tories answer to Tony Blair - great - a lying, sleazy, warmongerer. Wooohooo!!

 

[NeverBeatDaveHiggins]

Having Tony Blair as an idol is not a good selling point in my book, and the choice between one little weasel and another doesn't do much to inspire confidence in politicians...

As for the chancellor maxing out the government's credit card, that's old news, he's had it at the limit right from the get-go - and everytime things look serious he does what all bad debtors do, borrow some more. There's always people out there willing to lend you money. The only problem comes when you've borrowed so much that you can never get back to breaking even. The only way that's going to happen now is if someone has the bottle to do the deeply unpopular for the sake of the country and cut back on the out-of-control spending.

 

[Gray]

Yep, I predict more interest rate rises next year.

The obvious place to raise extra cash from is all the homeowners who have benefited from low interest rates over the last few years.

I don't predict a big recession or anything though. We'll all just have to tighten our belts a bit (might mean fewer trips to watch the Rovers for me )