Originally Posted by
VinRouge
I think the scale of the problem may well lead to drastic measures, of the sort not seen since the great wars. I can definitely see some form of asset haircut - every with net assets over 300k including housing stock, the old pension fund, takes a haircut of between 1 and 20%, the highest percentage for those who have accumulated the most wealth. We may get grannies downsizing from all those massive Home Counties 5 bed properties they have been living in on their own. What ever percentage, you are given it as a loan with rate set to CPI, term the same as the percentage value. This will halve state debt as well as addressing intergenerational inequity which is raising its head more significantly at present than any til I can remember.
if you think this is mad, Cyprus did just this in 2013. It was rather cutely named a “Bail In”. I think the level of pension spending will take a hit, the wrinklies have had years of triple lock with the state pension twice that of Jobseekers on a weekly basis. A lot of miffed unemployed people will see the disparity.
As for the NHS, I think like us previously, they need to find out where it all goes. 107 billion and unbelievable decisions, including holding no reusable PPE stock for a pandemic? Would the military get away with arguing we couldn’t go to war as we have run out of gas masks or filters? Don’t think so.
don’t forget, once this nonsense is over, we have the lunacy of Brexit to look forwards to, the sunlit uplands with herds of non-fruit picking unicorns to look forwards to.
dont like it? nNo.11 gave us a warning when this all kicked off that the bill will require paying. Unfortunately, despite being dead opposed to a lockdown, as the virus didnt look too different to flu (which it has proven to be for the under 60s without conditions) we weren’t really given an option to say no were we? I’m mighty threaders with it all at the moment, not least due to the damage this will do our economy and our children’s futures.
I think the over 67s can wave goodbye to the free TV licence too! 😂
Great post! I too see the drastic fiscal position we’re in. Fingers crossed they don’t try to balance the books in a few years!