Britain’s £3 trillion horror story

November 12th, 2010

I watched this C4 programme Britain’s trillion pound horror story, last night and I have to say I found it very thought provoking. what’s it all about? @ C4 they write

Film maker Martin Durkin explains the full extent of the financial mess we are in: an estimated £4.8 trillion of national debt and counting. It’s so big that even if every home in the UK was sold it wouldn’t raise enough cash to pay it off. Durkin argues that to put Britain back on track we need to radically rethink the role of the state, stop politicians spending money in our name and introduce, among other measures, flat taxes to make Britain’s economy boom again.

This polemical film presented by Martin Durkin, brings economic theory to life and makes it hit home. It includes interviews with academics, economic experts, entrepreneurs, no less than four ex-Chancellors of the Exchequer and the biggest stack of £50 notes you’ll never see.

What’s your opinion? Have your say below, or discuss on Twitter using #Trillion.

I suppose we do polemics differently to the US. As I did not feel we were in Michael Moore, Naomi Klein or even George Monbiot territory. I was left wondering what all this meant and why had we got into this position? Is it a very conservative / republican agenda wrapped up in something more appealing was a nagging hanging thought? But the argumentation was very coherent, and indeed credible.

The example of the work ethic of Hong Kong inspired by a British Civil Servant was, eye-brow raising. I felt myself asking where did it all go so wrong? As having read a little about the demise of our manufacturing and engineering sectors – it does beg the question. Simply put how did we inspire Hong Kong to become the economic power house it is, and fail to take the medicine ourselves. That said Milton Friedman, the arch villan in Naomi Klein’s view, described Hong Kong as one of the greatest experiments in laissez-faire capitalism. That, and when the state is bigger than the private sector how do we generate revenue and growth? Is taxation the way forward at all? How do you inspire entrepreneurs to give their creative best which ultimately should bring in more money for all. That said we don’t see the trickle down effect, or has the system per se become unworkable as was argued with the case of the NHS? I don’t have the answers, but it seems we have to go on a journey to collectively answer the question(s).

Watch: Britain’s trillion pound horror story

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