Thread: Government & Post Election Discussion
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Old 10-10-2018, 07:32   #1501
1andrew1
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Re: Government & Post Election Discussion
Bit of a wake-up call here from the IMF on the UK's finances.
Quote:
Britain is languishing close to the bottom of the international league table for the strength of its public finances, the IMF said on Wednesday, with only Portugal’s long-term position deeper in the red.
The new figures, which compare the assets available to government with its long-term liabilities, show the UK government having less than £3tn in assets and £5tn of liabilities, indicating a negative net worth of more than £2tn.
Countries with deep negative net worth are likely to have to tax more heavily in future and run budget surpluses to bring assets back into line with liabilities.
The UK’s poor position reflects the fact that the government owns few assets compared with other countries after a wave of privatisation in the 1980s and 1990s, but has big public debts and future pension liabilities to finance in the decades ahead.
https://www.ft.com/content/3ee09db6-...6-b9069bde0956
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