We had a few great posts/predictions prior to the housing bubble so I wonder what the current posters think will happen in the coming years given our current predicament.
For me, I can't see how we'll continue to borrow to pay for the day-to-day running costs of the country into the future. I think once the banking bailout is completed (probably via a partial default) focus will then turn in earnest to the budget deficit. I think we'll see deeper integration in Europe whereby the annual budgets for member states will be approved / controlled by Brussells. Perhaps a referendum will be required, but when the alternative is turning off the taps by europe we'll have little choice but to accept.
In the short term, I see more taxes...this year probably a property tax, next year perhaps adjusting the credits further and increasing the property tax. Welfare will also be cut. The final thing to be cut will be public sector numbers/pay/pensions. Sadly, in all of this, the most vulnerable in society will suffer and also for the rest we will see reduced public services.
For me, I can't see how we'll continue to borrow to pay for the day-to-day running costs of the country into the future. I think once the banking bailout is completed (probably via a partial default) focus will then turn in earnest to the budget deficit. I think we'll see deeper integration in Europe whereby the annual budgets for member states will be approved / controlled by Brussells. Perhaps a referendum will be required, but when the alternative is turning off the taps by europe we'll have little choice but to accept.
In the short term, I see more taxes...this year probably a property tax, next year perhaps adjusting the credits further and increasing the property tax. Welfare will also be cut. The final thing to be cut will be public sector numbers/pay/pensions. Sadly, in all of this, the most vulnerable in society will suffer and also for the rest we will see reduced public services.