"If ye love wealth better than liberty, the tranquility of servitude better than the animating contest of freedom, go home from us in peace. We ask not your counsels or your arms. Crouch down and lick the hands which feed you. May your chains set lightly upon you, and may posterity forget that you were our countrymen."

Wednesday, 13 July 2011

Treasury Needs Another £22bn

According to the independent watchdog, the Office for Budgetary Responsibility, the UK's debt is on course to exceed 100% of GDP and is unsustainable. They recommend raising the necessary £22bn in taxation. That'll go down well while Cameron and the DfID are shelling out money hand over fist, increasing our subscription to the IMF in order to bail out eurozone countries and tussling about the EU's increased budget. Cameron had better put his thinking cap on, quickly, because this will end in tears.

Another Irish bailout on the cards after it was downgraded to junk status yesterday - hold on to your wallets.

Fitch Ratings today downgraded Greece deeper into junk territory, citing the absence of a new and fully funded financing program for the country.



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