Suspended disbelief

- The nose-diving currency exchange rate of the sterling turn Britons into residents with no spare cash to spend
- Most Britons bought cheap flats on the conspicuously over-concreted costas that do not have a way back to the market anymore
- The increasing defaults of British expats with low incomes that can not pay their mortgages weight on the provisions that Spanish banks need to raise to meet banking standards by the Banco de España

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This blog does not bear ill against the UK. This country however would benefit greatly if so many people were not living in denial. The line up of the UK as the weakest economy in Europe is offuscated by commentators by diverting the attention to other troubled economies.

Instead of admitting that the chances of a colossal economic cataclysm are alarmingly high, many comentators rubbish the recent financial situation of Ireland, Greece, Spain, Italy, etc.

The probable collapse of the debt burden and the sterling in 2010 calls for a reality check, pronto. The UK is a little country clinging to, but ignored by, the US. Berating the EU bureaucracy is cynical and pointless. The corruption of the UK political class and the burden of its gigantic public service (7 million public servants) should suffice to start sorting out its own house before criticizing others.

- The Conservative party hid donations of £40,000 from Zac Goldsmith, his brother Ben and two billionaire brothers in an apparent breach of the law.

- BAE admits guilt over corrupt arms £43bn deal in a corruption investigation that found evidence of bribes, kickbacks, false accounting and making misleading statements

- Police is charging four MP’s and half of Members of Parliament have been asked to repay a total of more than £1m to the Commons authorities because some of their previous claims were deemed improper. Gordon Brown, the Prime Minister, returned more that £13,000 over improper claims

• childcare vouchers provided by 35,000 employers saved Britain’s ‘squeezed middle’ £500m for 2008-09
• 105 board members of Network Rail don’t want to cut their numbers to only 30 as such a cut is seen by them as “at bit like turkeys voting for Christmas“
• officially and as of Q2 2009 the public sector employment totalled 6.039 million, actual number is 6.7 million
• 21.1% of labour market employed in the UK public sector
• £200 billion or 1/3 of all UK gilts hold by overseas investors

• deficit of £175 billion worth 12.4% of gross domestic product, the worst in the G20
• £6.8 billion deficit of BT’s pension fund
• £9.3 billion budget for the Olympics in London 2012