Cable Forum - View Single Post - What George Osborne isn't telling you, and doesn't want you to know.

Mr Angry · 05-12-2014, 11:27

George Osborne’s deficit reduction plan requires unprecedented binge in personal borrowing

"The public will have to go on a £360bn borrowing binge to make George Osborne’s deficit reduction plans add up, an analysis by The Independent has found.

According to the small print in the latest report from the Office for Budget Responsibility (OBR), the public is forecast to add to its pile of unsecured lending, which includes credit card debt and bank overdrafts, by £360bn over the next five years.

If the public fails to spend, then growth would collapse and the Government’s deficit would be likely to start increasing again.

The £360bn figure represents a £41bn increase on the OBR’s forecasts just nine months ago and would take households’ unsecured lending, as a share of total household incomes, to a record 55 per cent by 2020. That would be well above even the pre-financial crisis unsecured debt ratio of 44 per cent."

The indy.

05-12-2014, 11:27	#1
Mr Angry Inactive Join Date: Jan 2006 Location: Belfast Posts: 4,785	What George Osborne isn't telling you, and doesn't want you to know. George Osborne’s deficit reduction plan requires unprecedented binge in personal borrowing "The public will have to go on a £360bn borrowing binge to make George Osborne’s deficit reduction plans add up, an analysis by The Independent has found. According to the small print in the latest report from the Office for Budget Responsibility (OBR), the public is forecast to add to its pile of unsecured lending, which includes credit card debt and bank overdrafts, by £360bn over the next five years. If the public fails to spend, then growth would collapse and the Government’s deficit would be likely to start increasing again. The £360bn figure represents a £41bn increase on the OBR’s forecasts just nine months ago and would take households’ unsecured lending, as a share of total household incomes, to a record 55 per cent by 2020. That would be well above even the pre-financial crisis unsecured debt ratio of 44 per cent." The indy.