Tag Archives: debt

Danny Licks George's Spittle

Cameron Promises to Default on UK Debt

The Prime Minister has promised that the UK will not pay it’s debt to the EU on the 1st December which would leave the UK in default. David Cameron said, “If people think I am paying that bill on 1 December, they have another think coming.” This will henceforth be known as the “Call Me Dave” defence so the next time HMRC come knocking, wanting you to pay your tax bill by such and such a date, you just have to tell them that your name is Dave and the problem will disappear. How do you think that will work out? Exactly, and the same thing is going to happen here.

The spat is designed to make the PM appear to be tough on the EU but the effect so far is to alienate our trading partners and neighbours as well as diminishing our global standing. Who is going to trust a country which does not pay its’ debts? As Danny Alexander, Chief Secretary to the Treasury and Tory Lickspittle, said during the Scottish Independence Referendum about the SNPs’ promise not to pay its’ share of UK debt, “The Scottish Government’s plan to renege on Scotland’s share of the debt in the event of independence is simply not credible. Mortgage rates would go up, credit cards and bills would go up and the Scottish Government would have to resort to the bond markets equivalent of Wonga to raise money to pay for public services in Scotland.”

So that’s it then, we can expect higher mortgage rates, credit cards and bills to go up and UK government will have to go cap in hand to Wonga to bail them out. Just because Dave want’s to appear to be tough on the EU. Just because the Tories are running scared from the UKIP threat. We’re definitely Better Together now then.