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Britain’s Borrowing Outlook Darkens as Energy Shock Deepens
Posted on 6/3/26 at 12:06 pm
Posted on 6/3/26 at 12:06 pm
quote:
Chancellor Rachel Reeves has been warned that government borrowing is set to spike as a result of the Iran war, as the Office for Budget Responsibility admitted it had underestimated the effects of the last energy price shock.
In a review of its forecasting models, the OBR suggested it had learned lessons from Russia's full-scale invasion of Ukraine, which led to gas prices rising by around five times.
It said the overall impact on public finances "was to significantly increase government borrowing and debt" despite some government revenue being raised by taxes on energy companies' profits and higher wage growth.
The surge in government borrowing was driven by a rise in debt interest costs, welfare benefits, and the maintenance of real-terms increases to departmental budgets, according to analysis.
quote:
The analysis suggests that the OBR could take a more pessimistic view on government borrowing, with oil prices jumping by around 40 per cent since the beginning of the war in March and wholesale European gas prices doubling.
Economists have warned that stalled peace negotiations will lead to prolonged disruption across the Strait of Hormuz, a critical global trading route for oil tankers and large ships.
The Bank of England warned in a worst-case scenario analysis that continued disruption would push inflation above six per cent and force it to undo all interest rate cuts made in the last two years.
LINK
Poor Great Britain. Between allowing anti-fossil fuel loons overrun their government and Islamic extremist/Sharia Law advocates overrunning their communities, the Brits seem to be having a rough past five years or so.
5
Posted on 6/3/26 at 12:10 pm to ragincajun03
They don't have a navy to defend shipping routes. Thats why they are eating $100 Nat Gas prices now because they can't deploy a ship to defend their shipping
Posted on 6/3/26 at 12:13 pm to ragincajun03
Free healthcare and 4 star hotels for paki rape gangs come at a cost, especially when the US says pay for your own national defense. Bummer.
Posted on 6/3/26 at 12:14 pm to ragincajun03
Dont they have crown jewels they can sell?
Posted on 6/3/26 at 12:18 pm to ragincajun03
It is a poor Muslim nation now
Posted on 6/3/26 at 12:34 pm to Man4others
quote:
They don't have a navy to defend shipping routes.
Crazy to think about when less than a century ago they were considered to have the best navy on the globe.
Posted on 6/3/26 at 1:04 pm to ragincajun03
quote:
Crazy to think about when less than a century ago they were considered to have the best navy on the globe.
They still have a navy. They would just rather help make Trump look bad than help stop a terrorist state.
Posted on 6/3/26 at 1:32 pm to HarryHoudini
The UK has two carriers, six destroyers, seven frigates, and ten subs.
Posted on 6/3/26 at 1:36 pm to ragincajun03
quote:
Crazy to think about when less than a century ago they were considered to have the best navy on the globe.
The last time their army was as small as it is now was 1730
Posted on 6/3/26 at 1:38 pm to kywildcatfanone
Underrated comment
Posted on 6/3/26 at 1:50 pm to ragincajun03
quote:
Poor Great Britain. Between allowing anti-fossil fuel loons overrun their government and Islamic extremist/Sharia Law advocates overrunning their communities, the Brits seem to be having a rough past five years or so.
Great Britain is a living, real world example of what happens to a country that fully embraces leftist progressive ideology.
They’ve made their own bed and now are finding out what it’s like to lay in it.
This post was edited on 6/3/26 at 3:11 pm
Posted on 6/3/26 at 1:56 pm to Hondo Blacksheep
quote:
The UK has two carriers, six destroyers, seven frigates, and ten subs.
How many are capable of putting to sea right now?
I’ll give you a hint… it’s downright pathetic.
quote:
The UK has accepted it no longer rules the waves, but the dismal condition of its fleet has caused national shock. Can it change?
2026 has been a horrible year for Britain’s Royal Navy, whose strength has now — depending on how it is calculated — fallen to historic lows.
The issue has caused a serious political flare-up after it emerged that the navy could not send an advanced destroyer for the defense of Cyprus after a UK air base came under drone attack on March 2. HMS Dragon finally sailed on March 10, some days after an 11-ship French fleet headed for the Mediterranean. Commentators declared a national scandal.
Many say the Royal Navy has been found wanting. The new First Sea Lord, Royal Marine General Sir Gwyn Jenkins, has staked his reputation on regenerating a capability to meet its NATO commitments in the North Atlantic by 2029, but this has involved cutting back the navy’s capability for global operations, only to be exposed by a crisis in the Mediterranean and Gulf.
Right now, the Royal Navy fleet looks like a construction site. All of the major classes of warships and support ships, without exception, are in various states of retirement, repair, construction, training, or crew regeneration.
Some relatively new ships are tied up alongside but uncrewed as they await sufficient trained manpower and funding to be used operationally.
It’s thought that of the force of just 13 destroyers and frigates, only around four are at sea. It’s the same story with attack submarines, where only one of the five vessels is known to be operational.
LINK
Posted on 6/3/26 at 3:13 pm to Man4others
quote:
They don't have a navy to defend shipping routes. Thats why they are eating $100 Nat Gas prices now because they can't deploy a ship to defend their shipping
That’s not why? And Britain is not paying a whole lot more for natural gas than the US does. They are paying a lot for liquified natural gas, but that’s because they don’t produce much. And THAT’s why they are paying so much for energy, because they voluntarily did what the Germans in WW2 tried to do with bombers and the North Africa campaign - shut down the UK’s oil and gas supply.
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