Gilt markets allegedly opened at 1am, sterling plunged against the dollar, lost slightly against the euro. Which only goes to show how little the rest of world, and the US in particular, knows about the UK.
Debt however is a serious issue, and this fact will not be hidden from the Global financial markets.
Nearly £1 trillion sterling of public sector debt (uk national statistics online), and that rises to nearly £1.4 when public sector pensions obligations are factored in.
In 2009/10 fiscal year the debt was £160 billion. Was this well spent? What reduction of debt has Gordon Brown as Chancellor, and then as PM, achieved? Little or none, though he was quoted as saying “I have the debt under control”. Brown is fundamentally a good man, and a credible financial manager, but we must judge the Labour party’s on its record on debt. Did you know that the UK had exceeded the EUs ruling on current account national deficit – a 60% ratio to GNP (Maastricht Treaty's Excessive Deficit Procedure) – current levels for the UK are over 68%. Did Brown, or others, mention this in the run up to the election.
UK Accountants engaged in the political system seem to do well, according to Mario Christodoulou, Accountancy Age 07 May 2010 Winners included:
Karen Bradley for Staffordshire Moorlands
Jeremy Lefroy for Stafford
Alok Sharma for Reading West
David Mowat for Warrington
Vince Cable for Twickenham (who beat ICAEW-qualified Tory Deborah Thomas)
Peter Bone for Wellingborough
Nick Gibb for Bognor Regis and Littlehampton
Justine Greening for Putney
Mark Harper for Forest of Dean
Would an accountant do well as PM? Considering we are in the greatest economic crisis for 60 years, it may well be a good appointment. Your candidates are listed above.
