ChatterBank0 min ago
What Are We Doing To Help The Poorer Nations Through This Pandemic?
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not my question, Thomas from oop north on the Roger just now! Hopefully the answer is sweet FA, we are trying to help our selves through this you wally! We already give 0.7% of GDP to foreign despots as it is! Perlease!
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//A whole 0.7%! I am shocked to my marrowbone//
It 0.7% of turnover, barry. As you've probably realised by now (if you didn't know earlier) the UK does not make a "profit". It spends far more than it earns with the difference being made up by borrowing. Following this latest crisis that borrowing is set to soar enormously.
Imagine if you ran a sweet shop and you took £50,000 a year through your till. But the cost of stock, wages and bills etc. was £55,000. Would you be prepared to give £350 a year in overseas aid? Would you be prepared to service your overdraft and give borrowed money away?
The UK has more than £1tn in debts. The cost of serving that debt is greater than the defence and transport budgets combined. And that's before factoring in the huge cost of Covid. Do you really think it's fair to expect taxpayers to pay for even more debt so that money can be given away? The Overseas Aid budget legislation needs scrapping.
It 0.7% of turnover, barry. As you've probably realised by now (if you didn't know earlier) the UK does not make a "profit". It spends far more than it earns with the difference being made up by borrowing. Following this latest crisis that borrowing is set to soar enormously.
Imagine if you ran a sweet shop and you took £50,000 a year through your till. But the cost of stock, wages and bills etc. was £55,000. Would you be prepared to give £350 a year in overseas aid? Would you be prepared to service your overdraft and give borrowed money away?
The UK has more than £1tn in debts. The cost of serving that debt is greater than the defence and transport budgets combined. And that's before factoring in the huge cost of Covid. Do you really think it's fair to expect taxpayers to pay for even more debt so that money can be given away? The Overseas Aid budget legislation needs scrapping.
"Imagine if you ran a sweet shop and you took £50,000 a year through your till. But the cost of stock, wages and bills etc. was £55,000. Would you be prepared to give £350 a year in overseas aid? Would you be prepared to service your overdraft and give borrowed money away? " - well barry, would you?
India has a lot of poor people.. this poor chap has to look out over the slums of Mumbai .. 600 staff for a family of six?
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The Bank of England is printing money. While inflation is low it's not an issue at the moment but once inflation picks up the government will need to take the money out of circulation or replace it by taking tax from us, cutting spending or relying on future growth- or it can just pay the interest and leave future generations to repay it
Another way of looking at it, apart from the printing money issue, is the government owes it to purchasers of bonds including us, pension schemes and the private sector. Unless they repay it they'll have to keep paying interest and rates may go up, pushing up the repayments and debt even more.
Almost every country is (maybe all are) in debt. It needs to be manageable debt
Almost every country is (maybe all are) in debt. It needs to be manageable debt
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