Is bankruptcy inevitable now for the UK

[BringOnTheHandyMan]

In the most layman of terms the UK is actually broke.

Every month we cannot pay the interest on our outstanding debt and thus have to borrow more. (Note this is not repaying the capital, just the interest)

The rate we pay to borrow used to be quite low and that is not the case anymore.
The bond markets have lost faith in the UK and charge us a rate that reflects it.

We have systems we can no longer afford (welfare, NHS etc)
We have little to no growth
We have inflation issues (so printing money is out)
Raising or cutting interest rates is problematic due to having both growth and inflation issues together
Our politicians are scrapping like rats in a barrel and even prior to that they seem incapable of making hard decisions or even facing up to the mess we are in.

We do actually need a PM that stands up and says okay folks we are in deep shit. We are broke. Actually worse than that. In debt and unable to pay even the interest.
So any borrowing we do must be for investing/growing the economy only. All spare money must be used for paying down debt or investing/growing the economy. That means for the foreseeable future all state funding is scrapped. We would enter a period of being very much a 'poor country' and acting like it. If we worked really hard we might be able to turn it around but it would take years, hard decisions and many, many sacrifices.

Since I can't see any party being able to actually do that. Then I honestly don't see how we can go anywhere except an IMF bailout. Then they will play the tough guys and cut the lot anyway.

I try to plan for my retirement but honestly it's sort of impossible.

For those with public sector pensions I wouldn't be sure you will get it paid
For those with private defined contribution pensions, the stock market is vastly overpriced just now and your pension is likely to fall once the AI bubble bursts.
State pension - yip not convinced we'll be getting that
Costs to be budgeted for - healthcare but how much?
Downsize my house - perhaps but will house prices tumble making this impossible.

Does anyone think that any government (regardless of party) can fix the country. If not what happens. The UK used to have no NHS or welfare so do we just go back to that. How long will it be until the wheels come off?

Lots of threads about which benefits should be cut etc but nobody seems to be shouting that actually it ALL needs to be cut regardless of what hardship it causes.

If we take the purchasing power of 1980, it was 5x greater than it is today. That should speak volumes! My parents bought their first house for 45k in 1980, my dad was on 12k a year and my mum was on 5k a year. That same house is now worth 750k. My dad retired on a basic of 35k….In the same job! My dad had no real formal education and nor did my mother. The average wage today is 35k, the average property price here in the South East is 380k….The average private rent here in South East is £1400.

When you were working, you could at least go to the pub or go out doing social stuff, you would have food on table etc. I dont go out! I cant afford to have a social life. I have a roof over my head and food on table and kids have clothes and are looked after, but thats it. There may have been no foreign holidays for you, but there was a lot more stability with cost of living and standard of living. How long would you wait for a GP appointment? What were the A&E times? How much could your weekly wage get you? How quick would police respond? How were the schools? How easy was it to get a job? What was the crime rate?

Yes things have improved, of course they have, yes medical advancements for one have been incredible, but dont think you had some kind of struggle and the generations since are just whinging. Never before the boomer generation in recorded history and certainly not since has a generation been able to accumulate such wealth with such ease!

Thanks so much to the morons who couldn’t wait to destroy an entire world, when government waved a couple of quid in their faces to compensate for the privatization of public services everywhere. All that generation could do was ‘rebel’ against the post war society. Never one thought about why it had been set up and what they were destroying.