Please or to access all these features

Add post

Watch this thread

Save thread

Start a new thread

Flip thread

Hide thread

My feed

Active Unanswered threads

Getting started FAQ's

Unanswered threads Acronyms Talk guidelines

Hide shortcut buttons

Talk

AIBU?

Share your dilemmas and get honest opinions from other Mumsnetters.

Flip

1 2 3 4

Original poster

To worry that Britain is screwed financially

100 replies

Edenspirits · 20/02/2021 22:31

There is a dispatches on Channel 4 on Monday that I am keen to watch called ‘Britain’s 400 billion covid bill’.

But it’s got me thinking about it and wondering what it’s going to be like when it all has to be paid back. Tax rises? Austerity? Interest rate rises? So many industries will continue to need bailouts and then there is the Brexit shit show on top which is already looking like an absolute disaster.

Aibu to worry that it’s going to take years to sort this mess out? And that it’s our kids that will pay ultimately. I worry for my kids future.
I am trying to be positive but no government can borrow the amounts that we are talking & not see real trouble ahead.

OP posts:

gigity · 21/02/2021 13:12

Yes, lots of us will be paying for many years to come.

I just think it's imperative the burden is shared more equally.

gigity · 21/02/2021 13:14

and there is a big rhetoric that actually women should be looking after kids first and foremost.

It was truly shocking to see many times when people were discussing schools that "you shouldn't have dc if you can't be bothered to look after them". Wtf!

SpringisSpinning · 21/02/2021 13:24

All countries will be screwed but we will be bouncing back as one of the richest nations on earth.

jcyclops · 21/02/2021 16:35

We have a £400 billion covid bill, but that is on top of the £1800 billion debt we had before covid. The debt is expected to reach £2500 billion by April 2021, and 10% of ALL TAXES collected by the government will go to servicing this debt. ie. 10% of the income tax, NI and VAT you pay will buy nothing useful at all.

As a nation, we have paid too little tax for almost every year in the past 40 years. Older people often say "I have worked all my life and paid my tax throughout". It would be more honest to say "I have worked all my life and paid nowhere near enough tax".

WoolieLiberal · 21/02/2021 16:48

If Britain is screwed financially, then so is the rest of the world and we’ll all have to manage accordingly. We won’t be any more screwed than comparable first world contries. We should probably try to get back in t EU though...

AnitaB888 · 21/02/2021 16:57

@gigity

"I just think it's imperative the burden is shared more equally."

Well I'm all ears.

Out of 54 million adults in UK only 31 million pay any tax, and they paid off 73% of the UK's tax bill.
(Figures from Institute of Fiscal Studies 2015 - couldn't find any more recent ones)

So as one of the ones who actually pays tax, I'd be very interested in a fairer system

AnitaB888 · 21/02/2021 17:03

@WoolieLiberal

"We should probably try to get back in t EU though..."

And plough yet more money into a failed European superstate ?

Whaaat ?!

gigity · 21/02/2021 17:03

@AnitaB888 sorry what bit are you confused by. Are you saying that the fallout of the last crash in 08 was equally felt by all?

gigity · 21/02/2021 17:05

Out of 54 million adults in UK only 31 million pay any tax, and they paid off 73% of the UK's tax bill.
(Figures from Institute of Fiscal Studies 2015 - couldn't find any more recent ones)

I didn't say anything about tax but what taxes is the above referring too?

NoMackerelInSwindon · 21/02/2021 17:07

There is nothing wrong with borrowing cheaply to reinvest - that is how any body from a market trader to a country operate. Often that is through need, with sovereign wealth funds being an exception. The key is to get the level just right and nobody can know that in the context of the future. Borrowing is at levels sub-3% to service and the Govt is backing inflation and economic growth to service that debt. We would be in a significantly worse place had the £400 billion or so not been spent - no doubt we would all still be posting here but our message would be quite different.

LemonSherbetFancies · 21/02/2021 17:08

I think it's a given. The amount of loans and borrowing, the extension of yet more furlough, it will take absolutely years to pay back. I think to say otherwise is very short sighted.

AnitaB888 · 21/02/2021 17:21

@gigity
'
sorry what bit are you confused by. Are you saying that the fallout of the last crash in 08 was equally felt by all?'

Where did I say that?

AnitaB888 · 21/02/2021 17:23

@gigity

"I didn't say anything about tax but what taxes is the above referring too?"

Income tax

gigity · 21/02/2021 17:27

sorry what bit are you confused by. Are you saying that the fallout of the last crash in 08 was equally felt by all?'

Where did I say that?

I made the comment that the burden should be shared equally as many of us are aware that austerity has hurt the poorest.

You said Well I'm all ears

All ears about what if you disagree with my equality comment?

LemonSherbetFancies · 21/02/2021 17:28

Also if anyone thinks we will be back to pre pandemic way of life anytime soon then they are seriously deluding themselves. Restrictions will be eased but the fallout from this in terms of unemployment, mental health and economic factors to name a few, will be the fallout for a good many years

LemonSherbetFancies · 21/02/2021 17:31

I was feeling optimistic the other week but really am not now.
I also think we will see the divide continue between the very wealthy who have worked from home and saved a lot of money to the unemployed/low paid who will be struggling to get by. The rich will get richer, the poor, poorer.
Very difficult times ahead.

AnitaB888 · 21/02/2021 17:37

@gigity
I made the comment that the burden should be shared equally as many of us are aware that austerity has hurt the poorest.

No you didn't. You said at 13.12.45

"I just think it's imperative the burden is shared more equally".

There was no mention of 'the poor', whoever they are. So define 'poor' so I know we are on the same page..

gigity · 21/02/2021 17:40

What do you think I could possibly mean by sharing the burden equally?

Surely everybody knows that we had a thing called austerity & that it impacted the poorest (lower income, less assets) the most?

Noshowlomo · 21/02/2021 17:40

Yes but so are other countries.
But I think it’s people on benefits that will suffer the most. This bastard government are just itching to bring back the workhouse !
Seriously though the quicker we can get back out and get spending the better it will be for the country.

gigity · 21/02/2021 17:41

And we know the rich have got richer.

gigity · 21/02/2021 17:43

Surely it's obvious what I meant unless you believe that 08 was an equal burden to all & that austerity didn't happen & the 1% haven't got richer?

partyatthepalace · 21/02/2021 17:51

We are but so are a whole bunch of other nations.

AnitaB888 · 21/02/2021 17:59

@gigity

"What do you think I could possibly mean by sharing the burden equally?"

I have no idea what you meant, that's why I asked for clarification.
So tell me how you think the "burden could be spread equally".

gigity · 21/02/2021 18:08

So tell me how you think the "burden could be spread equally".

I said more equally not equally though didn't I?
Plus I'm not sure why expressing that hope means I have to have a fiscal policy, does it ?

Ideally we would not have a repeat of austerity for one. I would also favour more asset taxes as opposed to income. Eg higher levies on 2nd properties, foreign home ownership, capital gain increases etc

gigity · 21/02/2021 18:08

@AnitaB888 what would you do?

Flip

1 2 3 4