To think the UK economy is utterly broken…

[Paul2023]

Things were never the same after the crash of 2007/2008. Austerity was imposed with the Conservatives in 2010 and things never really recovered after that.

Of course we had Brexit and the pandemic.

We’ve had best part of 15 years of cuts to public services, of which we saw services decimated. We’re now seeing the results.

The Bank of England continues to raise interest rates, yet inflation still ain’t coming down fast enough. Yet, most people with mortgages and who privately rent ( which is most of the population) will be poorer as a result of this.

I think the county is in denial. The economy is in a poor state and I don’t think anyone in government ( who ever it is) has the answer. It’s just a case of sticking plasters over the wounds to fight another day.

Here’s an email a poster got from his father , from another forum I’m on;

“I hate to be the bearer of bad news, but someone must point out the grim truth facing the UK; we're going bust.

The UK has just hit a new and totally unwanted milestone, as the country now owes more money than its entire economy is worth - and it’s only going to grow as government borrowing continues to soar. The UK is particularly vulnerable because much of our debt is linked to inflation, and the cost of it rises with prices. Inflation is not stabilising because of wage demands, pension and supply chain increases.

It's a major symbolic moment but one that is in danger of getting lost, as the cost-of-living crisis rages unchecked

and homeowners panic over how they're going to pay their soaring mortgage bills.

The government continues to spend a lot more than the nation collectively earns, forcing it to fund everyday spending by borrowing money.

Taxes may be at a 70-year high – and set to rise even higher – but it's still not enough. As the nation gets sicker and older, the shortfall will grow.

We’re a nation in denial. So are France, Italy and even the US, but that doesn't make it right!”

Im just so scared for the future of our kids that I really can’t see how things will ever really get better. There’s going to be a bigger population of older people and less people paying tax. It explains why the government is so keen to get older people back into work!

Does anyone else really worry about the state of the UK?

So we should just let the 1% keep accumulating wealth and lower the living standards of 99% to accommodate their insatiable greed?

Sounds like a great plan. Remind me, why did the Russian population rise up in 1917 again? Oh that's right, because they were experiencing worsening living conditions, a lack of representation, limited opportunities, high inflation, a struggling economy, strikes and an autocratic ruler.....sounds eerily familiar to the UK today.

A couple can leave a £1 million estate without a penny of tax being paid. If you expect to inherit such an amount, do you not think it’s slightly greedy to complain about paying tax on the rest? Is £1 million really not enough for you?

There aren’t many places where a desire to leave an inheritance for your disabled child gets you labelled “greedy”. Welcome to mumsnet, people!

Hmmmm weird that 84% of the world's billionaires still live in the country they were born in. Or that only 5% of the ultra rich move after they become wealthy.

There's also solutions to address that particular issue, just like the USA have implemented for their rich.

The younger ones are looking to emigrate, many are already jumping ship, both of my sons are looking to live in Sweden and Canada, and l don't blame them.

But a VAT increase would be inflationary in itself, and would hit the poor hardest.

Things were never the same after the crash of 2007/2008.

Which is always overlooked when people talk about economic cycles. We are screwed when you take into account the lack of investment in the country & the ageing population.

The younger ones are looking to emigrate, many are already jumping ship, both of my sons are looking to live in Sweden and Canada, and l don't blame them.

For those that can this is the best option.

@AgathaSpencerGregson isn't @Blossomtoes saying it's greedy to not want to pay tax on any inheritance.

the country now owes more money than its entire economy is worth

In a single year. And not taking into account the huge amounts of capital and assets we have. Imagine if you owned a 500k house outright, earned 50k and had a 50k debt, plus your own army and bank. It’s not so bad.

The sooner we all realise that no one in power cares the easier it is to understand what is happening. They really don’t care about anyone.

Yeah this. They pretend care just enough to win our votes and protect their own interests.

Ditto Branson, Barclay brothers, Mrs Philip Green (the holding company for all the money was in her name, not his), Lewis Hamilton and probably plenty of others less famous.

It can’t be that uncommon I noticed on jury service for high level financial fraud the witnesses were being called in from Barbados

They hadn’t done anything wrong - but just showing where people go for lower tax

Exactly. Fed up with the ignorance from people still saying “but I had 15% interest years ago”. I’m in that bracket too - my house cost £64k in 1990 and my salary was £20k. House now worth £600k and who can afford that!!!!

I was saying - I thought it couldn’t be clearer - that an inheritance of up to £1 million is tax free and it’s a tad greedy to want anything over that to be tax free too.

which is what i thought i said...

as we all know it doesn't kick in on the primary residence unless it's over 1m.

You're certainly not going to get flamed by me.
This is one of the most sensible comments on here. 🙂

given I, by definition, won’t be around to enjoy the inheritance I leave and my inheritor, as I mentioned, needs support as he is disabled the use of the word “greedy” in response to my points seems perverse at best, and deeply unpleasant at worst.
like I said, only on mumsnet …

It's utterly fucked.
We don't have kids, so are contributing to the whole 'fewer people being produced to pay tax' situation.
Not that I care - I'm afraid with all of the economic shocks we've experienced over the years, I've become really selfish and am now solely concerned with ensuring DH and I are in a good financial position.
The ageing population is a ticking timebomb which I dont think can be solved.
Automation and the loss of jobs it will cause will only add to the crisis.

We broke our economy by deciding to leave the EU without a services deal.

We are a services driven economy. We had a great deal. The best in the world. Then we left with no industrial strategy, some guff about manufacturing and a deal that just deals with goods.

But yeah, it's totally been worth it to have tradesmen get better rates with Brexit. With a forthcoming plummet in property values, that will also disappear.

Economic realignment looks like a lot like the 1950s in terms of opportunity in the UK. Okay if you have money and assets already, so good for those who basically don't need it.

All those people who reckon they are "middle class" by means of debt are in for a rude shock.

No