How long to pay it all back? 2070?

vivatifosi

Want to pose this as a series of questions rather than a statement:

Alistair Darling budget 2009:
“worst economic global turmoil felt for 60 years”

Well, the UK paid the last of its WW2 debts in 2006, 61 years after the end of WW2:
http://news.bbc.co.uk/1/hi/magazine/4757181.stm

If that's the case, how long will all this take to pay back?

Further, will there be more than a two-year break next time between ending payment of previous swinging long term debt and the crisis starting over?

Does this mean for the rest of my life (I'm unlikely to be here in 60 years) I'm going to be shouldering the burden of this government's failure to repair the roof while the sun was shining?

I can see lots of articles in the papers about how much money is being spent, but nothing as to when it has to be paid back.

Spiv_2

Who said we are going to pay it back? The BOE has bought £35b worth of debt so far - it will buy another £35b worth in the very near future - next month or two. The government has given permission for the BOE to buy a further £75b worth.....

Who says it will end there? I think you are only looking at one side of the debt eqation, you re ignoring QE.

ad9898_3

vivatifosi wrote: »

I can see lots of articles in the papers about how much money is being spent, but nothing as to when it has to be paid back.

What the government is doing, is exactly what the average chav, with there 10 credits were doing from 2001-2007, and we all know where that ends up.... bankruptcy, my feeling is that we will be going to the IMF within 3 years, as Darling's laughable forecasts from yesterday become history, as will our 'low interest economy', when the IMF force up IR's. Some people thought the 'Spring bounce' was the end of their woes, unfortunately, it's just the beginning. Buy a house now without a long term fix at your peril.

vivatifosi

Not out to ignore QE, spiv, just trying to understand things on my terms. If I take out a loan, any type - whether one that's small to me or a big one like a mortgage, I know what the likely terms are. Nobody is being told when we have to pay it back by and I don't think it is an unreasonable question as it is us, the tax payers, who have to pay it back.

Edited to add: the 61 years to pay off WW2 debt was a bit of a shock tbh, just wanted to put it out there and see what others thought.

ad9898_3

Spiv wrote: »

Who said we are going to pay it back? The BOE has bought £35b worth of debt so far - it will buy another £35b worth in the very near future - next month or two. The government has given permission for the BOE to buy a further £75b worth.....

Who says it will end there? I think you are only looking at one side of the debt eqation, you re ignoring QE.

Mmmmm, we can all see where this will end up

Dan:_4

ad9898 wrote: »

What the government is doing, is exactly what the average chav, with there 10 credits were doing from 2001-2007, and we all know where that ends up.... bankruptcy, my feeling is that we will be going to the IMF within 3 years, as Darling's laughable forecasts from yesterday become history, as will our 'low interest economy', when the IMF force up IR's. Some people thought the 'Spring bounce' was the end of their woes, unfortunately, it's just the beginning. Buy a house now without a long term fix at your peril.

The IMF are a joke, and there prediction 'history' is no better then Darling's.

tomterm8

vivatifosi wrote: »

Not out to ignore QE, spiv, just trying to understand things on my terms. If I take out a loan, any type - whether one that's small to me or a big one like a mortgage, I know what the likely terms are. Nobody is being told when we have to pay it back by and I don't think it is an unreasonable question as it is us, the tax payers, who have to pay it back.

It's not an unreasonable , but the answer in the budget is it will take at least ten years, but in reality the budget is a load of... nasty stuff... which is based on forecasts that are unlikely to come true.

ad9898_3

Dan: wrote: »

The IMF are a joke, and there prediction 'history' is no better then Darling's.

I'm not suggesting the IMF's forecasts are any better than Darling's, I'm just saying that we will be knocking on their door within 3 years.

Wookster

vivatifosi wrote: »

I can see lots of articles in the papers about how much money is being spent, but nothing as to when it has to be paid back.

There isn't a plan.

To begin to repay the debt the government would have to run a surplus. That is just inconceivable.

vivatifosi

tomterm8 wrote: »

It's not an unreasonable , but the answer in the budget is it will take at least ten years, but in reality the budget is a load of... nasty stuff... which is based on forecasts that are unlikely to come true.

See, that's it, I can't see how this can all be cleared up in as short a time as 10 years. Still shocked that it could be as long as 60 though :eek:

ad9898_3

Wookster wrote: »

There isn't a plan.

To begin to repay the debt the government would have to run a surplus. That is just inconceivable.

Bullseye.