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[Migv6 le Frog Fan]

I have two private pensions, plus swmbo has one, plus both state pensions when we retire.
Im speaking about principles, what I believe to be right and wrong. Nothing to do with my individual circumstances or anyone elses.
Doesnt really matter what weve paid in any more Steve. Most of us will take for more out than we put in, one way or another.
The national debt is way past £2 trillion with no sign of slowing down. Its an enormous car crash waiting to happen. Its just a matter of when.
It wont be our generation, but we are knowingly passing it on to future generations, and thats just wrong.

[STEMO]

I have two private pensions, plus swmbo has one, plus both state pensions when we retire.
Im speaking about principles, what I believe to be right and wrong. Nothing to do with my individual circumstances or anyone elses.
Doesnt really matter what weve paid in any more Steve. Most of us will take for more out than we put in, one way or another.
The national debt is way past £2 trillion with no sign of slowing down. Its an enormous car crash waiting to happen. Its just a matter of when.
It wont be our generation, but we are knowingly passing it on to future generations, and thats just wrong.

My generation got the Second World War debt passed on to us, we got through, although we were always skint. Our National debt is so high now partly because of coronavirus, I don't think we can be blamed for that. Two trillion sounds like a huge amount of money but, when I was a lad, a pint of double diamond was 10p, a similar drink would probably be £3-3.50 now, that's inflation. I don't know, but could probably find out, what our debt to GDP ratio is right now. But I'm betting it's not the highest it's ever been.
My only answer to the next generation thing is that we're paying quite a bit to put our lad through uni and, as it's looking highly likely he'll start a PhD in September, that will continue for another three years, so seven in all.
I certainly do not worry about the financial future of our country, simply because there's nothing I, personally, can do about it. We are not in a unique position in the world, and these things have a way of working themselves out. Cheer up, lad 

[STEMO]

Debt as a percentage of gdp was 114% in 2020, it was 240% after the Second World War. We got by, because everyone else was in the same position, as most are now.

[Field Marshal Dr. Opti]

Debt as a percentage of gdp was 114% in 2020, it was 240% after the Second World War. We got by, because everyone else was in the same position, as most are now.

If the yanks had really wanted to help they could have let us off.

Are we still paying it back?

[Broomies Mate]

My generation got the Second World War debt passed on to us, we got through, although we were always skint. Our National debt is so high now partly because of coronavirus, I don't think we can be blamed for that. Two trillion sounds like a huge amount of money but, when I was a lad, a pint of double diamond was 10p, a similar drink would probably be £3-3.50 now, that's inflation. I don't know, but could probably find out, what our debt to GDP ratio is right now. But I'm betting it's not the highest it's ever been.
My only answer to the next generation thing is that we're paying quite a bit to put our lad through uni and, as it's looking highly likely he'll start a PhD in September, that will continue for another three years, so seven in all.
I certainly do not worry about the financial future of our country, simply because there's nothing I, personally, can do about it. We are not in a unique position in the world, and these things have a way of working themselves out. Cheer up, lad 

I don't know why (or even if it's possible) for the World Bank and IMF to take a look at each member countries books before Jan 2020, look at their books December 2021 and write off any accumulated debt/print money to repay the spending between the two dates.

If it were Global-wide, it would be fair. 

[omegod]

Debt as a percentage of gdp was 114% in 2020, it was 240% after the Second World War. We got by, because everyone else was in the same position, as most are now.

If the yanks had really wanted to help they could have let us off.

Are we still paying it back?

Last payment was made in 2006 I think !

[STEMO]

Debt as a percentage of gdp was 114% in 2020, it was 240% after the Second World War. We got by, because everyone else was in the same position, as most are now.

If the yanks had really wanted to help they could have let us off.

Are we still paying it back?

Last payment was made in 2006 I think !

Have we paid for the Mersey Tunnel yet? 

[Sir Tigger KC]

My generation got the Second World War debt passed on to us, we got through, although we were always skint. Our National debt is so high now partly because of coronavirus, I don't think we can be blamed for that. Two trillion sounds like a huge amount of money but, when I was a lad, a pint of double diamond was 10p, a similar drink would probably be £3-3.50 now, that's inflation. I don't know, but could probably find out, what our debt to GDP ratio is right now. But I'm betting it's not the highest it's ever been.
My only answer to the next generation thing is that we're paying quite a bit to put our lad through uni and, as it's looking highly likely he'll start a PhD in September, that will continue for another three years, so seven in all.
I certainly do not worry about the financial future of our country, simply because there's nothing I, personally, can do about it. We are not in a unique position in the world, and these things have a way of working themselves out. Cheer up, lad 

I don't know why (or even if it's possible) for the World Bank and IMF to take a look at each member countries books before Jan 2020, look at their books December 2021 and write off any accumulated debt/print money to repay the spending between the two dates.

If it were Global-wide, it would be fair. 

Not on the people, banks and institutions who lent the money it isn't!     

[LC0112G]

My generation got the Second World War debt passed on to us, we got through, although we were always skint. Our National debt is so high now partly because of coronavirus, I don't think we can be blamed for that. Two trillion sounds like a huge amount of money but, when I was a lad, a pint of double diamond was 10p, a similar drink would probably be £3-3.50 now, that's inflation. I don't know, but could probably find out, what our debt to GDP ratio is right now. But I'm betting it's not the highest it's ever been.
My only answer to the next generation thing is that we're paying quite a bit to put our lad through uni and, as it's looking highly likely he'll start a PhD in September, that will continue for another three years, so seven in all.
I certainly do not worry about the financial future of our country, simply because there's nothing I, personally, can do about it. We are not in a unique position in the world, and these things have a way of working themselves out. Cheer up, lad 

I don't know why (or even if it's possible) for the World Bank and IMF to take a look at each member countries books before Jan 2020, look at their books December 2021 and write off any accumulated debt/print money to repay the spending between the two dates.

If it were Global-wide, it would be fair. 

Because governments don't only borrow from other governments. You or I or anyone else can buy government issued bonds and gilts. What happens is you buy a (say) 10 year gilt with a given percentage interest rate. You then get paid that interest for 10 years, and after 10 years the government gives you your original money back.

The private investors that lend the govt money aren't going to be very happy if the govt, World Bank or IMF decided to write off the debt. If that happened then the private investors would either refuse to lend the govt money in the future, or demand a much higher interest rate. Same goes for what happens if the govt just prints money to repay the debt.

The UK have never in it's history defaulted on debt. Markets trust that we won't.  If you lose that trust you end up in a whole world of pain.

[New POD]

Debt as a percentage of gdp was 114% in 2020, it was 240% after the Second World War. We got by, because everyone else was in the same position, as most are now.

If the yanks had really wanted to help they could have let us off.

Are we still paying it back?

Last payment was made in 2006 I think !

Have we paid for the Mersey Tunnel yet? 

Which one ? I pay every time I cross, although since they built the new Runcorn.Widnes bridge it's quicker to avoid going into Liverpool. Unless the bit of the Wirral I'm visiting involves buying a stainless Jetex from Wallasey..

[Mr Skrunts]

The other part of my chat with the Lady in question was the fact she would have Retired now if dates/ages had not changed.

Life isnt too good for her at the moment.  She works for a group looking after a few patiants with severe mental health problems.  She took the job on after doing it as agency work.  She does 4 10 hour night shits, gets paid minium wage with no bonus for shifts or working Bank holidays.  But yet alot of the staff came with the Care Centre when they took over from the NHS which means they are on a better wage and over £20 an hour for Bank Holidays.

She has worked all the way through the Pandemic, caught taxis home because of bus issues.  and all she hoped for was a free bus pass that she has to wait annother 7 years for and may not even use when eligable.

[Nick W]

Because governments don't only borrow from other governments. You or I or anyone else can buy government issued bonds and gilts. What happens is you buy a (say) 10 year gilt with a given percentage interest rate. You then get paid that interest for 10 years, and after 10 years the government gives you your original money back.

The private investors that lend the govt money aren't going to be very happy if the govt, World Bank or IMF decided to write off the debt. If that happened then the private investors would either refuse to lend the govt money in the future, or demand a much higher interest rate. Same goes for what happens if the govt just prints money to repay the debt.

The UK have never in it's history defaulted on debt. Markets trust that we won't.  If you lose that trust you end up in a whole world of pain.

Lending to governments gives a small but safe return, which is perfect for investors that depend on the income. Like pensions.....

[LC0112G]

Because governments don't only borrow from other governments. You or I or anyone else can buy government issued bonds and gilts. What happens is you buy a (say) 10 year gilt with a given percentage interest rate. You then get paid that interest for 10 years, and after 10 years the government gives you your original money back.

The private investors that lend the govt money aren't going to be very happy if the govt, World Bank or IMF decided to write off the debt. If that happened then the private investors would either refuse to lend the govt money in the future, or demand a much higher interest rate. Same goes for what happens if the govt just prints money to repay the debt.

The UK have never in it's history defaulted on debt. Markets trust that we won't.  If you lose that trust you end up in a whole world of pain.

Lending to governments gives a small but safe return, which is perfect for investors that depend on the income. Like pensions.....

Yes, but it's not safe if there is a threat of it being written off by the World Bank or IMF, which appeared to be Broomies Mate's suggestion.

Argentina defaulted on it's national debt in 2001, and then 'nationalised' private pensions in 2008. It's current credit rating is CCC, which means the markets consider it safer to lend money to an unemployed drunk with a gambling habit. The UK is currently AA (was AAA until the 2016 BREXIT vote).
https://www.ft.com/content/d428857e-b77c-11dd-8e01-0000779fd18c

[Nick W]

Because governments don't only borrow from other governments. You or I or anyone else can buy government issued bonds and gilts. What happens is you buy a (say) 10 year gilt with a given percentage interest rate. You then get paid that interest for 10 years, and after 10 years the government gives you your original money back.

The private investors that lend the govt money aren't going to be very happy if the govt, World Bank or IMF decided to write off the debt. If that happened then the private investors would either refuse to lend the govt money in the future, or demand a much higher interest rate. Same goes for what happens if the govt just prints money to repay the debt.

The UK have never in it's history defaulted on debt. Markets trust that we won't.  If you lose that trust you end up in a whole world of pain.

Lending to governments gives a small but safe return, which is perfect for investors that depend on the income. Like pensions.....

Yes, but it's not safe if there is a threat of it being written off by the World Bank or IMF, which appeared to be Broomies Mate's suggestion.

Argentina defaulted on it's national debt in 2001, and then 'nationalised' private pensions in 2008. It's current credit rating is CCC, which means the markets consider it safer to lend money to an unemployed drunk with a gambling habit. The UK is currently AA (was AAA until the 2016 BREXIT vote).
https://www.ft.com/content/d428857e-b77c-11dd-8e01-0000779fd18c

That was my point. I wonder just how enthusiastic people would be about governments defaulting on loans if they knew their paid for  pensions would vanish

[henryd]

I can't see us ever using ours again unless both cars let us down.

Its handy to use the top deck if you want to smoke 😁 oh hang on,maybe thats not allowed anymore,its been a while since Ive been on one