No one knows how to diffuse the £1 trillion bomb and who should be taking responsibility. It is made up of two major components.
£710 billion is the terrifying size of the UK pensions deficit
£200 billion is the amount of dynamite in the consumer credit time bomb
How did the sovereign nation that is the United Kingdom of Great Britain and Northern Ireland get itself so deep in the red?
This is not a problem that is bore only by the Brits. In the rest of the developed world a $70 trillion pensions deficit hangs heavy.
We are all in this boat because we apparently didn't learn from the massive man made crisis that was the 2008 financial crisis.
The 'we' is referring to UK individuals who are on average holding £14,367 of debt. It refers to the pension fund managers who are ignoring the fact they hold more liabilities than assets. It refers to banks and mortgage and loan providers who give loans to people who are already indebted and who will struggle to pay the debt back. It refers to a compliant media who do not have ask hard questions about irresponsible lending practices and cheer lead property bubbles due to getting significant revenues from the banking and property sectors.