Gareth from the Office: Get your financial priorities right

Money Handover

Money Handover

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THIS week the Governor of the Bank of England announced there was a contingency plan in place in case Greece defaults on its debt repayments.

Sorry? Is that the sound of England bailing out another country before sorting out its own? It seems we are always quick to support other nations when they are in financial dire straits, but we sit back and watch as our own economy goes up the swanny.

Gareth Ellis

Gareth Ellis

I see no problem in assisting other countries, I’ve even suggested that some of the world’s richest people could contribute in some way to a giant global contingency, they wouldn’t miss a million pounds each – especially not when they are buying £5 million houses.

But why is it that our own economy suffers due to rising costs of fuel, food and house prices while we happily bail out countries when they are on their knees?

I think it’s about time the government sorted us out first, then when we’re in a better position, look at how we did it and try and apply that to others to help them.

I know we need allies across the globe but surely there are better ways of securing alliances without compromising our own finances.

Numerous countries across the world are struggling as a result of a downturn in the global economy but maybe if they took more care of themselves it wouldn’t be on our shoulders to help them.

Governor King would not say how likely he thought a default would be, but that the markets put the risk at 80 per cent.

Sorry but that’s quite a high percentage. I know I wouldn’t back something that had a failure percentage of eight in 10.

Greece is a country that is in severe trouble; if an austerity plan of around 28 billion euros, put forward by its PM George Papandreou, is not approved then it could run out of money in weeks.

Now I don’t want to sound harsh but since when did that become our problem? We in this country have had to deal with pay freezes coupled with cost of living increases, the same as everyone else. Surely Greece should be exporting more and importing less. It was hit hard by the global financial crisis but its problems have also been largely due to mismanagement.

We would all help someone in need if we could but that’s not the point. Britain is not in a position to offer other countries financial assistance, not until it helps itself.

I can see Britain recovering from this economic slump but only if we get our priorities right. You have to help yourself first and then if you have the resources help others.

If you do it the other way around you could see the bank vaults here running dry.