I have been pondering about this for a while. Our Government have spent a colossal amount of money in a very short time. Our son in law is one who has benefited, he was furloughed almost from the beginning. All this expenditure has to be recouped at some point. I wonder how they will go about it. ? Will we see a reduction in services eg I don't pay extra to have garden waste collected. Or will things like council tax increase? Anyone have thoughts?
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Post by Lancashire Lass on May 16, 2020 13:52:08 GMT
The future of the economy looks very bleak. We've gone through austerity trying to reduce the deficit but now it's going to be even worse. In March 2019 the Uk owed £1821.3 billion. How much must we owe now? I see taxes going up but also see that our kids and grandchildren are going to be paying for this for years to come. It's a scary thought.
Maybe an increase in Income Tax, freeze on pensions/benefits/public sector pay (ironically that includes the medics who have been working tirelessly to save us all). It'll probably take years & years to get back to the situation we were in, remembering we have departure from the EU looming as well (there is no way they factored something like this happening) but for now I think the Government has to concentrate on our next steps (ie Do the schools go back? Will we be able to travel abroad? When will the NHS be able to go back to treating all the people who have been unable to receive treatment during the crisis? Can they get Test, Track & Trace working effectively?). As you say, scary thought.
I'll take a positive thought on this (or try ) If we hadn't been paying back the deficit with austerity over the past years, then the country would have probably gone bankrupt with what has happened, so in hindsight, those austerity years have kind of helped. I'm sure things will have to be repayed by some means, but I think we have all realised we can live a more simple life anyway and things we would have normally been spending money on, we haven't so ask ourselves.. did we need so much anyway. I know I've drifted a little but hoping you'll get the gist of what I mean
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