And massive increases in public sector spending and massive increases in public sector pay.The high rate of inflation here is ironically due to increased mortgage repayments and things like gas and electricity.
I think that due to privitazation and the selling off of many state bodies in recent years the national debt has been cut right down and is no longer a great worry. The increase in private debt through looser lending standards though in the interm is definately worrying. Since private debt is running so high at the moment, interest rate hikes have a disproportionate effect on inflation in Ireland.
This doesn't explain why we're so out of whack with the rest of the world though. I'm assuming that this is the standard way for these measurements. In Ireland private debts are running at nearly 150% of disposable income. You'd be hard pushed to find anything comparable to that anywhere else.Beware of listening too much to the harbingers of doom re. private debt...after years of hearing about worrying rises in credit card debt I only found out last week the figures include balances which are cleared each month, and that more relevant figures like amounts incurring interest aren't available!
That's ridiculous...everyone uses credit cards more mowadays for tickets, travel, online shopping etc. I clear my account every month yet I'm in there with the "worrying" statistics!
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