Pensions and Debt Time Bomb In UK: £1 Trillion Crisis Looms – £1 trillion crisis looms as pensions deficit and consumer loans snowball out of control– UK pensions deficit soared by £100B to £710B, last month– £200B unsecured consumer credit “time bomb” warn FCA– 8.3 million people in UK with debt problems– 2.2 million people in UK are in financial distress– ‘President Trump land’ there is a savings gap of trillion– Global problem as pensions gap of developed countries growing by B per day Editor: Mark O’Byrne There is a £1 trillion debt time bomb hanging over the United Kingdom. We are nearing the end of the timebomb’s long fuse and it looks set to explode in the coming months. No one knows how to diffuse
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– £1 trillion crisis looms as pensions deficit and consumer loans snowball out of control
– UK pensions deficit soared by £100B to £710B, last month
– £200B unsecured consumer credit “time bomb” warn FCA
– 8.3 million people in UK with debt problems
– 2.2 million people in UK are in financial distress
– ‘President Trump land’ there is a savings gap of $70 trillion
– Global problem as pensions gap of developed countries growing by $28B per day
Editor: Mark O’Byrne
There is a £1 trillion debt time bomb hanging over the United Kingdom. We are nearing the end of the timebomb’s long fuse and it looks set to explode in the coming months.
No one knows how to diffuse the £1 trillion bomb and who should be taking responsibility. It is made up of two major components.
- £710 billion is the terrifying size of the UK pensions deficit
- £200 billion is the amount of dynamite in the consumer credit time bomb
How did the sovereign nation that is the United Kingdom of Great Britain and Northern Ireland get itself so deep in the red?
This is not a problem that is bore only by the Brits. In the rest of the developed world a $70 trillion pensions deficit hangs heavy.
We are all in this boat because we apparently didn’t learn from the massive man made crisis that was the 2008 financial crisis.
The ‘we’ is referring to UK individuals who are on average holding £14,367 of debt. It refers to the pension fund managers who are ignoring the fact they hold more liabilities than assets. It refers to banks and mortgage and loan providers who give loans to people who are already indebted and who will struggle to pay the debt back. It refers to a compliant media who do not have ask hard questions about irresponsible lending practices and cheer lead property bubbles due to getting significant revenues from the banking and property sectors.
And, ultimately the ‘we’ is the government who peddled such terrible monetary policy that it has brought us as close to nuclear financial disaster as we have been since 2008.
In the red, everywhere
In the United Kingdom we are running a deficit not only in our day-to-day lives but also in our future lives.
Unsecured consumer credit is now at 2008 levels. There is £200 billion of unsecured credit. The FCA’s Andrew Bailey has put this dangerous issue at the top of the regulator’s agenda.
However it is not just for the FCA to be dealing with. There is no one organisation responsible for the huge levels of personal debt that will eventually cause this financial system to implode.
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