Posted by: aboutalbion | March 6, 2016

EU referendum vote (3)

Most of us know that debtors are not free agents until a debt has been paid off.  Significant decisions have to have a clearance from those who have lent us money.

For example, I read that a retired star player associated with Yorkshire County Cricket Club [CCC] is currently seeking election to the board because he feels that the voices of the supporters of Yorkshire CCC are being ignored by board decisions that have increased the club’s debt from something like £5M in 2002 to approaching £25M in 2014.

What I have noted in the opening days of the EU referendum campaign is that neither side is referring to the management of the UK’s public debt, which is currently close to £1.7T (or more than £25,000 per head of the UK population), and increasing every day because the UK is addicted to debt and living beyond its means.

Both sides say the UK electorate will decide the referendum.  I am hoping that both sides will (sooner rather than later) be honest about the ownership profile of UK bonds, and will invite representatives of the owners of UK bonds to express an opinion in public about the question on the referendum voting paper.

I would prefer this latter course of action over ‘turbulence’ in the UK bond market.

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