Taken the dogs out for a mooch on the beach and now back getting stuck into the papers again. I am at a loss as to how anyone vaguely sane and intelligent can think this Labour government is a good thing for the country.
I am a big fan of Liam Halligan (and his daughter!), he is generally very astute on all things financial, so this is pretty terrifying:
"International creditors are alarmed that of the £132bn Labour borrowed during the fiscal year to March, a jaw-dropping £110bn went on debt interest payments – almost the same as state education spending, twice what we spend on defence."
This is clearly not sustainable.
https://www.telegraph.co.uk/gift/7a6eb93676177be7
"Pressure is now growing on our sovereign bond market from all angles, pushing us ever closer to a 1976-style meltdown – when the UK went “cap in hand” to the International Monetary Fund for a bail-out – with rising US inflation added to that mix.
American price pressures mean US policy rates could rise, setting the tone for higher gilt yields worldwide, with Britain having to offer even higher interest payments to keep our debt competitive.
And higher US rates will push up the dollar against an already weakening pound, prompting creditors to demand higher UK yields again.
Global bond investors will “need to fall into line with our agenda for Government”, bleat Labour ministers and MPs. The combination of ignorance and arrogance is shocking – and extremely dangerous."