Creakier than sovereigns’ long-term pensions liabilities? Sub-sovereign ones, possibly.
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So what did the Chancellor actually do today to change macro-economic strategy in the UK Budget?
In one important sense, he seems to have done little or nothing. The path for the structural budget deficit has been left almost exactly the same as it was after the 2010 Budget. Therefore, the big strategic decision taken last year, which was to tighten fiscal policy by about 6 per cent of GDP over the current Parliament, has remained intact. This was the key element of Plan A, and it does not seem to have been changed. Read more
Germany has warned that a failure to reduce public debts could trigger another worldwide economic crisis, saying that its planned cuts in spending will not endanger global growth, reports the FT. Speaking less than a week before the Group of 20 leaders meet in Toronto, Angela Merkel, Germany’s chancellor, said Berlin’s stimulus programmes would be withdrawn at a responsible pace.
Got a spare 10 minutes? Some technical expertise? Experience in handling large volumes of data?
Then you might be able to get some use from the just-released UK Coins data. That’s the Combined On-line Information System, used by the Treasury to collect financial data from the public sector. Read more
Up, up and away: European commercial mid to long-term government borrowing is likely to hit a historic €1,446bn in 2010, rating agency Standard & Poor’s said in a note on Thursday.
That’s a €52bn jump from 2009′s peak, according to the rating agency’s European sovereign issuance survey. Read more
Sean Corrigan of Diapason Securities brings us the following chart:
The clue is in the acronym (it’s a duo).