Katie59
paddyann54
"GSM" We dont have a deficit ,we cant borrow .The debt is Westminsters money spent on our behalf....lol on things like London crossrail and London sewers and 9 Billion for HS2 that stops over 200 miles from our border.I do wish people at least attempted to find out facts before spouting the usual rubbish! Scotland is by far the richest country in the "union" why on earth do you think WM is so desperate to hold onto us..WE pay their debts !1
I wish it was £9bn typo there
Only part of debt is QE , either way we all are living far beyond our means, it’s been a long time since the books balanced.
As for Scotland, I would vote to get rid of it tomorrow.
A very large proportion of the 'debt' is QE, some £245 billion IIRR. It is theoretically 'owed' to the Bank of England, but as it is 'created' money and it is the BoE that issues our currency the BoE isn't going to demand it be repaid any time soon. Without that our 'debt' is a far smaller proportion of GDP.
The rest of the 'debt', as I have pointed out several times, is 'investments' in government bonds, Nationals savings and any government investment vehicle. People and institutions invest in these because they know it is a safe place to put their money; the government which issues its own money will not default on what it theoretically 'owes' to its investors.
As I've also asked before, if you have savings in a National Savings account, or Premium Bonds or Treasury Bonds would you actually want the government to suddenly pay it all back to you, unasked? What would you do with it then?(P.S 'you' in this sentence is people in general, not 'you' specifically)