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Originally Posted by Tealeaf
So we're paying for this lot now by borrowing. What is going to happen when a recession starts and tax revenue falls...More borrowing? You can rule that one out straightaway, because we're already on our limit. Public sector lay-offs? Unlikely - that won't happen (not amongst bureaucrats, anyway). The only answer is a hitch in the tax rates. What happens then? Less investment and less growth and we again end up the crap hole of Europe as we were back in 1979.
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Which might have an interesting corollary effect. I wonder how many immigrants will be clamouring to get into the country when there is nothing left to scrounge. But then again, perhaps this is Tony's BIG IDEA to solve the immigration issue.
The sensible among you will now do whatever you can to pay off your outstanding credit as quickly as possible and then get as much money into Tax efficient savings as you can because you are going to need it over then next ten years or so.