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Jim Rogers says UK is not doing enough to keep the economy on track and saving £1 billion here or there is not enough. The UK will need a bailout soon.
“They [the government] are not doing it. They are saying they are doing it but they are not. They are saving £1 billion ($1.6 billion) here or there but they are not doing what they really need to and I’m not sure the government would survive the kind of pain that is really required," he said.
“How can the UK ever repay the debt that is continually rising? The UK will need a bailout soon. You have the advantage that your debt is longer term but let’s assume the government keep to these austerity plans or really put them in place people will start to complain," Rogers explained.
“The government will begin to lose by-elections and the government could fall, then what?”
Source CNBC. More Jim Rogers.
