UK Government borrowing reached £23 billion - in one month!

The national debt reached £2.08 trillion by October 2020, up £276.3bn since the start of the financial year.

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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Bank of England cuts UK base interest rates to .25% and pumps more money into the economy

The Bank of England voted to cut base interest rates from 0.5 to 0.25% today, and pump more money into the economy by quantitative easing (QE) - printing money to you and me!

The move is designed to stimulate the economy, including a £100bn scheme to force banks to pass on the low interest rate to households and businesses, and will reduce mortgage payments for millions of borrowers, which should encourage us to go out and spend more money.

Bank of England Governor Mark Carney said there was scope to cut the interest rate further.if the UK went into recession, and added that a majority of the nine-member Monetary Policy Committee (MPC) backed a further cut if subsequent data showed the economy was slowing.

What does all this mean to the average person?

For most people, it will not make much difference to their daily lives. Over half the population do not have a mortgage, but savers, especially the retired, will suffer a further fall in the amount of interest they receive.

The question to ask yourself is: how will this affect my economy?

Despite the fact that the Bank of England has been printing money, the high street banks are not lending enough to small businesses, and mortgage brokers tell me that the lenders are restricting loans and pulling in their reins.

In the digital economy, things are still booming worldwide, A growing trend is for a more fulfilled and less materialistic life. People in developed countries are starting to move away from the traditional way of working in a job, with more and more of us opting to work from home or spend more time with the family, even if this means giving up a corporate job with a large salary.

In the last few years technology has made this dream a reality for millions of people who want to leave the rat race.

Anyone, for instance, stay-at-home mums and dads or home-based entrepreneurs, can now work from home using platforms set up by companies like Upwork.com, fiverr.com, Ebay or Amazon.com. We can even trade stocks and currencies using real-time software linked to trading floors that would have been out of reach for individual traders just a few years ago.

Starting a business online in the multi-billion dollar digital economy has never been easier and does not require risking the huge capital needed for traditional bricks and mortar business, such as a franchise or retail outlet.

To find out more on how to escape the 9-5 life sentence, join the digital, home-based revolution or live the laptop lifestyle, check out the free training by clicking here.