August 20, 2018

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Some strengths to cope with adversity

Some strengths to cope with adversity

Cope with Adversity

Cope with Adversity

continued from previous article > The truth about cutting out waste

My next point is important, although rarely voiced…

It suits commentators, politicians and speculators to scare the wits out of people with apocalyptic visions of what will happen if their particular views aren’t acted on. I am convinced that although Britain’s fundamental problem of public-sector profligacy is serious, the immediate risks of a fiscal crisis are greatly exaggerated.

The strengths of Britain’s position are ignored by scaremongers. For example, its foreign trade deficit is low – the IMF forecasts it for this year at only 1.7 per cent of national output, compared to 8.9 per cent for Greece. Unlike the US, the UK does not need a massive continuing inflow of foreign capital to pay for excessive imports. And its national debt, although soaring, is doing so from a relatively low level. [Read more…]