BruceBrits will do what they have been doing since world war 1,...

Bruce

Brits will do what they have been doing since world war 1, sell more of their assets, of which there is still a substantial amount. There is still some way to go before they become renters in their own country.

UK govts will continue to spend big because that is all they understand. The Thatcher govt did not do much to improve things, and the Blair govt found easy credit conditions as the solution for continued social engineering. Australia and US are following the same path, but I believe Australia will take longer to reach bottom because of the higher resource base relative to population.

However, there are similar problems across what was known as western Europe, with Spain being an interesting example of a credit binge and an even greater housing boom despite nil or decling population growth.

loki