The Banks of England's balace sheet

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[itsnotoutthere]

Yes, haven't Labour done a cracking job.

When the unelected idiot Brown took over in 2007, the UK's official government debt stood at 47% of GDP. By the end of 2011 it will be 94%, a literal doubling over just four years. Under his incompetent management, the UK will have clocked up the biggest increase in debt of any major OECD economy. So says the OECD itself in its latest World Economic Outlook.

But remember: the OECD's debt measure excludes most of our off-balance sheet Enron debt, like PFI and public sector pensions, which roughly double the final total. And it also excludes the trillions in guarantees given to our busted banks, whose most toxic chickens have still not finally come home to roost.

Labour always always burns our money - we know that. But even in Labour terms, Brown is the idot's idiot. Not only will he be leaving us our worst peacetime debt burden ever, he's also given his name to the famous Brown Bottom in the gold market - the time he flogged off our gold reserves when the market was at its lowest level for two decade

We don't know exactly what price he got for our 400 tons, but the market price at the time was below $300. And since the price is now over $1100, Brown's arrogance and stupidity lost us well in excess of £6bn.

Although admittedly, measured against what he's now done to us, £6bn pales into insignificance.

Edited December 14, 2009 by itsnotoutthere