Could we go bankrupt

[Summergirl5]

Is it remotely possible the U.K. could go bankrupt?
how would that happen , if it did
what would have to go wrong for that to happen
and if it did ,what would life look like ,would people still go to work and children go to school ..and what would need to happen to get out of bankruptcy

Anyone

Of course it's possible. Simply go to the gov.uk website and it will tell you the process etc

And why would people not work or go to school?!

@MbatataOwl She means the whole of the uk as a collective, not on an individual level

She means the whole of the uk as a collective, not on an individual level

Oh!

Countries don't really go bankrupt they just lose their global credit rating. So it's harder for them to borrow money from the Global Bank (for ease of explanation)

You'd still work, pay tax, schools would still run as would the NHS, but you would see a decline in budgets, and civil servants would get made redundant in the masses as budget cuts came in.

Wes probably pause on military advancement, and would avoid conflict as we wouldn't be able to afford it.

But the UK is far far off going bankrupt, it's a very wealthy globally linked country thanks to the commonwealth. It's one of the top G8 nations, it will be fine.

The people will be piss poor, living in cold houses, but the elite and the global credit rating will be a ok. 🙄🤦🏻‍♀️

According to The Sun or the Daily Mail aka the Paper that Supported the Blackshirts, presumably we would if we voted in a Labour government. Or am I imagining their headlines in 2024.

They can actually just make more money. They don't like to, and it's not great economics longer term, but they do if they have to. Like how when there's a war, they magic up the billions to pay for it.

Thankyou captain barbosa appreciate the explanation
im just busy winding myself up over everything

Pink delight
why do all countries just not do that then

Because it’s not great economics short term.

Sustained and sustainable growth is the key to prosperity.

Ducks in the bath
what’s to stop a corrupt country just printing millions of pounds

True. It's an extreme option. Only mentioned to balance/assuage OP's bankruptcy concern. Neither will happen.

Hyper inflation - the money would become worthless

We will be just like Sri Lanka in the next year or so.......

Hyper inflation. Happened in Germany in the 1930s I believe. Got to the point you’d need a wheelbarrow full of notes to buy a loaf of bread, and your salary would go from paying your rent and bills one month to only covering a single meal the next month (for example).

We as a country did effectively go bankrupt under labour in 1976, because no one would lend is money. Callaghan had to borrow £22 billion in todays money from the IMF. But,at the moment we are in a better place as we managed to print/borrow £300odd billion to cover Covid, and £500 billion to bail out the banks. To be fair, that £500 billion was by and large repaid. The £300 billion we’ll all be paying for for a few years yet…

I don't even think the main issue is people paying heating costs for their houses but heating bills are going to cripple hospitals & schools & who will pay for that? Plus businesses will go bust & unemployment will be high. It appears dire.