I don't think we are a rich country anymore

[ThisHairColourIsTooDarkIThink]

I've been feeling for a while that the country is in a bit of a mess financially.

Are you feeling this and cutting back where you can (I know I am).

Telegraph headline today
Rachel Reeves ‘heading towards 70s-style IMF bailout’
Economists warn of 1970s-style debt crisis unless Chancellor changes course

I think this is why people are so up in arms about the inflow of all these young men from abroad seeking refuge.

Nobody minds helping others when we ourselves are sorted.

Lets be honest though - it's hard to get an NHS dentist or a doctors appt. Our police are falling apart (which is very scary given what they keep at bay in society), ambulances don't come fast when you have a genuine emergency, housing shortage, food prices rocketing etc.

How can we help all these people when we can't even sort out ourselves?

Anyway watched a few things recently and alot about our economy being in serious shit. It seems we are indeed in a position much like the seventies.

So I just wanted to know if others are feeling like we are on a bit of knife edge and are you all cutting back financially to 'brave the storm'

UK taxpayers pay as much tax now as the Scandis do.

Do they?

I thought tax revenue was a much higher % of GDP in the Scandi countries.

Difference is our public services are shite, theirs aren’t. NHS is very bad value for money, transport old, social care non-existent.

Not helped by austerity

has a welfare bill problem because wages are too low to live and forced ever downward by employers benefiting from unskilled migration, which the Scandis don’t allow because they believe in social justice.

Wages haven't just been pushed down because of unskilled migration. And housing costs are too high

The irony being sending them away would make us even poorer. As all our fit young things end up caring for the elderly instead of running Google, or whatever they would be doing otherwise.

Pensioners should pay more, benefits receivers should get less, lower paid should pay more tax, etcetc - simples -everyone does their bit -that’s the sensible answer, but as we’ve had crap Govs for the last 20 odd years I don’t hold out much hope

Pensioners won't pay more - see means testing winter fuel. The triple lock should be paused for a few yrs.

The difficulty with increasing tax on lower earners is that it will mean giving back more in universal credit.

Globally growth has slowed in many Western countries and inequality has grown. We haven't improved productivity for a long time, we've relied on importing cheap labour and borrowing. Everyone feels they are getting poorer in a downturn, its exacerbated at the moment by the proportion of working age people who are classed as too ill to work,

It's exacerbated by demographics.

The economically inactive figure has increased by 700k post pandemic. That isn't why the economy is down the shitter.

https://www.theguardian.com/business/2025/jul/08/uk-public-finances-obr-national-debt-gdp

the OBR points out that the UK has “the sixth-highest debt, fifth-highest deficit and third-highest borrowing costs among 36 advanced economies”.

Of course the unpleasant secret is that money is rather madey uppy.

"The cost of the state pension, which has been ratcheted up by the triple lock, has risen from 2% of GDP in the mid-20th century, to 5% now, the OBR says – and is poised to reach 7% of GDP by 2070 if the policy remains in place.
Hughes stressed that this was not just due to demographic changes, but the design of the policy, which has cost much more than expected in an era of volatile inflation."

"“While getting a measure of public debt falling as a share of GDP has featured in eight out of nine UK fiscal frameworks since 2010, underlying debt has risen by 24% of GDP over the past 15 years and by 60% of GDP over the past 20,” it says."

Hence why we need bigger, longer cross party solutions.

https://www.thetimes.com/business-money/economics/article/the-uk-cant-keep-muddling-through-a-massive-increase-in-debt-0l8kd28hh

It is worrying. There's been real term cuts in public spending for about 15 years, so it isn't surprising that the national debt isn't reducing. They'll have to increase taxes. Apparently Brexit didn't help, every household is about £20,000 worse off. Which obviously affects the poorest.

@twistyizzy you need to share token Times articles

Apparently Brexit didn't help, every household is about £20,000 worse off. Which obviously affects the poorest.

Of course Brexit didn't help, won't stop idiots voting Reform though. Much of the public don't want to acknowledge the mess we are i.

in

Eh? Cos The Times isn't a serious paper is it? I posted Grauniad too which says similar thing but i suppose you automatically approve of that paper 🙄
The amount of debt and borrowing isn't an opinion, it's a fact.

@twistyizzy err are you ok?

You asked a weird Q ie "you need to share a token Times article".......

The amount of debt and borrowing isn't an opinion, it's a fact.

Where have I said otherwise & I said similar things before you posted.

Wtf 😆😆

@twistyizzy No read what I actually said..,

You have added an erroneous "a" and it wasn't a question hence no ?

It was an instruction

An instruction, wow ok.

No idea what a Times token is so your comment still makes no sense. It read like "you are posting a token Times article"

wtf, I feel like I'm in the twilight zone 😆😆

@twistyizzy

Google Times share tokens, this may help you.

And unclench your butt cheeks, this will definitely help you!

OK so you could have said that.

No need for other comment. That's not in good faith. I have explained how your comment read.

The Times has a subscription model @twistyizzy, are you aware of this? Don't understand how you are not aware of this!

For non subscribers to read you need to use a share token otherwise other posters can't read anything on the links you post...

Ah ok right now just being patronising. Fine if we are at that level. Your comment didn't make sense, I've explained that in good faith hence my initial response. You obviously aren't going to accept that.

Yes because I'm a subscriber so automatically have access.