As Germany votes to add 500 billion Euros to its 3,500 billion national debt, the UK struggles to find £10 billion in fiscal “wiggle room”
Some “solutions” to “intractable” UL problems
PETER HALLIGAN
While we all wait for the US Supreme Court to rein in the judicial overreach of the lessor federal district courts and let the President do his job, here is a rant on affairs in the UK and Germany.
From today’s Reuters daily email:
“Britain’s government gets another report card on its efforts to curtail spending while Germany, in contrast, goes for a final vote on its big borrow-to-spend splash on Friday.
The UK government finances report should show how deeply in the red the government is as the financial year draws to a close and just days ahead of finance minister Rachel Reeves’ budget update on March 26.”
The UK’s fiscal year ends on 5 April 2025 and the employment costs and minimum wages go up on 2 April 2925 – imposing taxes and costs that will destroy any prospect of productive economic growth for the foreseeable future – and create “state” assts. On top of the employment cost increases, the Marxist (and incredibly stupid and inexperienced) Marxist UK Labour government is mounting an “assault” on benefit spending and reducing some of its overseas aid budget towards military spending – starting in two years’ time – 2027. The government spends more than the 0.2 per cent of GDP being “switched” from overseas aid to defence, on illegal immigration.
Perhaps we will see the folly of plans to build 1.5 million new “green” houses in 12 new cities – to house the millions of illegal, quasi legal and legal immigrants – across the country that will cost half a million pounds each – for a total cost of the odd 750 billion pounds, Watch how this massive capital outlay is “spun” in the next few days and how “Rachel from Accounts” speaks about the need to import builders from across the EU because British builders are already fully employed and don’t have the additional “green” skills necessary.
All will be hidden in attempts to “free up” £8-10 billion out of a total budget, per Brave AI: “The UK government is expected to spend £1,189 billion in the financial year 2023-2024.”
The solution is, of course, to correct the fiscal deficit by abolishing all th useless ad expensive “net zero” policies, expel the immigrants and abandon the failed mRNA technology that only sickens people.
Chance of that? “Net Zero”.
In the EU, Germany is under instructions from Trump to re-arm, along with other NATO countries.
“In Germany, on the other hand, investors have been celebrating the almost certain passage on Friday of legislation to create a 500 billion Euros ($542 billion) fund for infrastructure and higher spending on defence.”
Germany has 3.5 trillion Euros of national debt and a GDP of 4.8 trillion Euros, so is, on the face of it, in a much better fiscal position.
We can add the balance sheets of the “Landesbank’s” – Bayerische, North Rhine Westphalia, Helaba, Balaba, West Deutsche et al – that are worth – per Brave AI – “ the Landesbanken have combined assets of a trillion euros, accounting for 12 percent of Germany’s total banking assets…”.
Maybe the UK can take some lessons from Germany in “magic money tree” creation. Out of the wreckage of failed US social housing, the UK could take lessons from the creation of Freddie Mac and Fannie Mae for the odd ¾ trillion pounds required.
Out of interest, the UK still owns a significant chunk of one of the four high street banks from the Great Financial Crash of 2007-2909 – Royal Bank of Scotland – who bought National Westminster Bank and then collapsed. Per Brave AI: “As of March 26, 2024, the UK government is no longer a controlling shareholder of NatWest, which includes Royal Bank of Scotland (RBS), after reducing its stake to below 30%.”
The odd 15 years later! The temptation to “do something Marxist” must be overwhelming!
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Onwards!!!
This article (As Germany votes to add 500 billion Euros to its 3,500 billion national debt, the UK struggles to find £10 billion in fiscal “wiggle room”) was created and published by Peter Halligsn and is republished here under “Fair Use”
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