Indebted Slavery to the Gilt Market

The Tories are highlighting the terrible debt burden being foisted on Britain’s children. Guido was recently chatting to the economist Tim Congdon about the gilt market and the historically unprecedented taxpayer liabilities in terms of the government’s admitted debts, the unfunded public sector pension liabilities and the PSBR trajectory even if the Tories win the next election. We also discussed on the prospects for the U.S. and Ireland.

The conclusion was that if Guido wants his daughters to grow up in an English speaking economic powerhouse in the coming century, unburdened by high taxes servicing government debt, perhaps it is time to look to India. The external debts of Britain amount to approximately $166,000 per person, the equivalent figure for India is some 1% of that, which combined with their better growth prospects suggests that economic opportunities in India might be greater in the future. When it comes to bonded slavery, Britons will be worse off than Indians in the future.



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