Closing Down Sale

Christine Berry has a really interesting article in the Guardian regarding the UK’s debt crisis that is on the way. This came to mind as I was listening to Radio Scotland (I know) this morning and they had some Tory on spouting the usual unchallenged crap like an independent Scotland would not have been able to financially manage the Covid crisis, Scotland won’t get into the EU because it’s deficit is too big, the usual scare stories but as usual no real challenge to that narrative at all. Where did BBC Scotland Journalists go for journalism training a Greggs training scheme. But anyway it did get me pissed off and thinking and I remembered the article I read yesterday.

Around 6 billion pounds in personal debt has been racked up since April in the UK by around 4.5 million people with total personal debt in the UK at around 1,680 Billion pounds and a UK national debt of 1.9 TRILLION and the Scottish Tories persist with the too wee too poor narrative and BBC Scotland does not challenge this at all. The UK is sitting on top of an economic, financial and employment crisis we have never seen in our lifetimes, this will eclipse the 1980’s and every part of the economy will be affected.

The UK is in the midst of the biggest shock to economic activity that it has experienced for hundreds of years. Forecasts for the path of GDP vary, but all are terrible. The Bank of England is expecting the economy to shrink by 25 per cent in the second quarter of 2020 (and a contraction of 14 per cent for the year as a whole).1 The Office for Budget Responsibility is expecting a 35 per cent GDP fall in the second quarter.

The job retention scheme ends in October and it’s expected that many businesses will either downsize or close completely, hundreds of thousands of people are about to find themselves looking to the state to support them via Universal credit but we know that UC is a joke, it doesn’t work, and with the damage the Tories have done to social services since 2010 the safety net is not there and we are looking at the perfect storm, I wonder how that Tory vote last December looks now. 1 in 3 people who have had to claim UC since April are reporting that they are now missing payments, have depleted any savings and are struggling. Currently there are 2.8 million people unemployed in the UK, this is not good at all and it is expected to rise by another million according to the Metro.

The UK has spent around 190 billion pounds supporting people and businesses during Covid – 19 compared to the 955 billion during the banking crisis so the SNP argument that the Government could be doing more is spot on but will they? It really is one rule for the bankers and a different rule for the rest of us, Owen Jones in 2014 said that “It’s socialism for the rich and capitalism for the rest of us in Britain”, that sums up life in Britain perfectly.

As I have blogged over the last few days now IS the time to be pushing the indepdence narrative, what we could have done differently, the lack of responsibilities in Holyrood that stop a Scottish solution compared to the far right narrative of the English Government and the Tory Party beholden to the wealthy. I accept that the some really rich people will have lost money during covid but many others will have gained as well and while we need business to create jobs at this time we also need them to pay their taxes, the impact on the poorest is always greater than the impact on the wealthy. We are in for stormy waters, we need to fight for indepdence more now than we ever have.

You yes yet?

4 Responses to Closing Down Sale

  1. Robert T says:

    Excellent article as usual , I just wish NS would either go or get on with independence

    • Robert

      I agree, I have never took to the view that everything indy stops because of covid-19 and the unionists say so. Every time they say that Scotland could not have dealt with Covid if independent is playing politics, the unionists have done this from day one and while we don’t want to be looked at like them we missed a trick.

      Thanks for commenting and stay safe. Bruce

      Sent from Mail for Windows 10

  2. Kangaroo says:

    How much would Scotland owe the rUK on independence. A post by someone from the neutral Kingdom of England. Spoiler nada, nil, nothing, that argument is as dead as a Norwegian Blue.

    https://www.taxresearch.org.uk/Blog/2020/07/30/what-would-scotland-owe-for-becoming-independent-a-video-explanation/

    • Kangaroo

      I think when independence does come Scotland will accept a share of the debt to ensure it’s share of it’s assets but I don’t think we should pay a penny and have a clean break but that won’t happen, will take years to sort that out alone. Will check out the video thanks.

      Thanks for commenting, and please stay safe. Bruce

      Sent from Mail for Windows 10

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