Official GDP forecasts to be slashed in UK Budget

SingleSue

Think we need a lesson in how all of this GDP etc works and what it all means....it confuzzles the life out of me!

neil324

Graham_Devon wrote: »

Debt at 79% of GDP in 2013!!!!

And thats the government forecast.

Holy !!!!!!!

OMG :eek:

House prices going to pick up are they!

Graham_Devon

ad9898 wrote: »

What is staggering is borrowing will be 12% of GDP this year, looks like the IMF graph that was pulled, is in fact pretty much bang on the money. The UK is in really really bad shape, house prices rises anyone ?, forget it.

The IMF graph was absolutely bang on.

Don't know why the government got all up tight to be honest.

ruggedtoast

lostinrates wrote: »

LOL, I just called my dad, who recently got a cruddy P/ex deal on his car, for a new Nissan.

Arent you meant to be in the other thread?

nobby24

Graham_Devon wrote: »

Debt at 79% of GDP in 2013!!!!

And thats the government forecast.

Holy !!!!!!!

Just found this in the FT:

"By end of 2009, Japan’s debt is expected to balloon to 219% of GDP. The US debt will hit 95% of GDP and Germany’s and Italy will have debts of 79% of GDP and 110 of GDP"

So we're not doing too bad.

Graham_Devon

nobby24 wrote: »

That means nothing to me, compared to how much in 2008?

They have been saying for the last 10 years that they have kept it low, at around 40%. So in effect, forecast to double in 4 years.

This does NOT include things that it should include, such as the money we are all losing through the bank bailouts.

What it means is tax is going to get VERY painful.

Infact, this is quite a damning budget so far on the economy considering it's coming from the government itself. It really does not look good.

I notice they are also talking in percentage terms now on alcohol duty, instead of the actual amount, i.e. 3p.

Don't know why that is.

lostinrates

Italy's economy is hardly considered in robust health though, nobby24. In fact, frequently here it has been said, that we're ok but they are really in trouble!

Graham_Devon

nobby24 wrote: »

Just found this in the FT:

"By end of 2009, Japan’s debt is expected to balloon to 219% of GDP. The US debt will hit 95% of GDP and Germany’s and Italy will have debts of 79% of GDP and 110 of GDP"

So we're not doing too bad.

Yer, it depends whos saying it. This is the government forecasting it.

Wookster

Labour have ballsed it up, yet again

Rochdale_Pioneers

lostinrates wrote: »

Italy's economy is hardly considered in robust health though, nobby24. In fact, frequently here it has been said, that we're ok but they are really in trouble!

The point is that despite being a bit wobbly they've managed a public debt higher than our forecasted summit and have done so for years. Greece even more so 20% of GDP above Italy. If Greece can manage I'm sure that we can.

Anyway, doesn't this just prove the point that having entered the recession in less debt than many of our competitors (not MORE as claimed ad nauseum by the Tories) we will exit the recession still in less debt?