From the Taxpayers Alliance
Total local government pension deficits exceed £53 billion
15 councils have a deficit of more than £500m
A new report from the TaxPayers' Alliance (TPA) exposes the full extent of the black hole in council pensions. Against a background of dire problems in the public finances, the overly generous Local Government Pension Scheme (LGPS) is placing an unsustainable burden on taxpayers and on council budgets. The full report features specific data for each local authority in England, Wales and Scotland, and warns of the severe costs which will be incurred if the Scheme continues unreformed.
In February 2009, the TPA revealed that LGPS employer pension contributions alone were costing the equivalent of £1 in every £5 of council tax. One year on, this new report demonstrates that on top of that huge cost now, the Scheme is storing up large costs for the future, too.
On the Money Markets,Long term Gilts prices are plunging and the cost of sovereign default insurance is increasing.
For the first time since records were kept the consistant surplus in January turned into a deficit
Sterling has taken a hammering six days in a row
The U.K. government is planning to sell $349 billion in debt this year, and there are few takers.
We are in the same state as Greece in terms of debt, the Germans did not come riding to Lamont's aid on Black Friday, and therefore are not likely to do so again for Osborne/Darling
The prospect of a hung parliament thanks to the Conservatives pallid prospectus is going to cause even more turbulence.
No sign of decisive leadership from Cameron and Osborne is widely regarded as a joke in financial circles.
Cameron has relied on buggins turn and wafer thin policies that change like the wind. The Country and the Markets have very little faith in Cameron and it shows.
The UK Political class is looking like a bunch of rabbits staring at the headlights of an oncoming juggernaught.
No wonder the LPUK has been contacted by a number of utterly disillusioned Tories in the last three weeks.
No leadership,No Policies, No Hope.
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1 comments:
£349 billion in new treasury debt eh? Across the Atlantic, Chairman Ben recently announced that he will NOT be buying any more US debt. Big government is stuck between a rock and a hard place. How will they impose austerity measures without undermining the warfare-welfare state? How will they keep monetizing the new debt without hyperinflation?
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