Monthly borrowing, required because the treasury is spending
more than it earns in taxes due to the recession, reached over £40bn in April
and close to that again in May of this year following the first lockdown. Borrowing
is on target to exceed £300bn for the year since the start of the coronavirus crisis.
The UK economy bounced back in the third quarter, but will
falter again due to the current second lockdown which is killing businesses and
jobs. Two more high street clothing chains went into administration this week putting
thousands more jobs at risk.
UK debt exceeds the size of the UK economy, with debt having
reached 100.8% of the country's gross domestic product (GDP).
Debt levels of this magnitude have not been seen since the
early 1960s while paying off the debts of World War Two.
Whilst the government always repays debt on due dates, it
has to borrow new money - and take on more debt - to do so, like people do when
living on credit cards or “robbing Peter to pay Paul”.
More articles and money news available at Money Tips Podcast - www.moneytipsdaily.com
·
Property prices fall in London
·
Job Furlough Scheme extended
·
UK state pension age rises to 66
·
How a crash will affect your pension plan
·
House
prices rise will reach all time high
·
Why
live in expensive town centres anymore?
·
Thousands
trapped in unsellable leasehold flats
·
Government extends
ban on landlords evicting tenants
·
Self-employed, have
you claimed your government grant?
·
Why UK Property
prices rising after stamp duty cut, despite the downturn?
·
New planning rules will open up more
opportunities to make money in
property
·
You can create a second income during the
lockdown…and come out stronger
·
Learn how to make money from property
without deposits, mortgages or cash
Millions of people face a bleak future post-Coronavirus
lockdown, as businesses disappear and the job furlough scheme eventually comes
to an end. However, life doesn’t have to end because of lockdown! You can join
thousands of ordinary people who have increased their income and added
streams of new income during this period.
Are you ready to adapt to the new economic model?
As lockdown restrictions around the world are being eased,
the economic model has subtly changed forever. How will you adapt to this new
way of working and running a business, what obstacles and opportunities lies
ahead? Will you be a participant or spectator in this revolution?
By Charles Kelly, Wealth Mentor, Property Investor, Author
of Yes, Money Can Buy You Happiness and creator of Money Tips Podcast.
There are more examples and practical
steps to getting rich and being happy in my book, Yes, money can buy happiness, I cover the 3
R’s of Money Management, the Money B.E.L.I.E.F System and much more. Check it
out on Amazon http://bit.ly/2MoneyBook.
If you’d like further information on wealth mentoring and
coaching, how to survive the crisis and even quit the rat race, email me at Charles@CharlesKelly.net
or send me a message through Facebook or my Money Tips Daily community. See
more articles at www.moneytipsdaily.com
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