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(London.CityRegiions.com, December 19, 2012 ) London,UK -- The 2007 collapse saw men who were in charge of government finding exactly what was to blame. Namely, debt was the culprit. Britain was an “economy built upon debt”, said George Osborne, as Northern Rock fell apart. Vince Cable pointed to a long list of warnings, citing “An almighty crash is on the cards. Debt is soaring far above income.”
Cables primary target was not the borrowing by the government, but by the families within the country. Those who took out large debt in order to gain new and large homes, German cars, and foreign holidays, the British household had placed themselves deep within the red, and finally paid the price.
Personal finance found its way to government as well. David Cameron had prepared to let the Tory party conference know:
"The only way out of a debt crisis is to deal with your debts. That means households – all of us – paying off their credit card and store card bills." Unfortunately, there were second thoughts about lecturing recession-hit voters on dealing with Debenhams accounts.
Osborne is set to deliver his autumn statement, but it will not hold such talks. The MP and economists will continue to debate the government overstepping in regards to funds, public debt, and the deficit at a structural level. There will be almost no emphasis on the household debt, which is an unfortunate blind-eye being cast. Coalition economic strategy is so far off the beaten and well-laid path to recovery that the best chance to avoid worsening problems seems to be going further into debt.
In other words, it is a sort of 'fight fire with fire' scenario, where Britain's best opportunity to avoid further economic troubles is to double down on falling into debt. It is a full turn against what the government heads had preached against all of 2011 and 2012.
The new justification of debt will not be blamed upon rising wages or an sector bubble either, as according to predictions from economists, Britain must be amid a Great Deleveraging. Banks and businesses, as well as families, must pay off debt before embarking toward a stable economic landscape.
About Debt Management Plans UK: Debt Management Plans UK (www.debtmanagementplans.uk.com) can provide individuals and families with tips and strategies to manage debt properly. Learn about debt management and other solutions, as well as tools and guides, to help any family remove the burden of being 'in the red'.
Debt Management Plans UK
Customer Service
02033935665
news@postpressrelease.com
Source: EmailWire.Com
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