Is Wongaland between Wogistan and Bogo Bogo Land?

We have heard about Wogistan and then Bongo Bongo Land, but what on earth is Wongaland?

Britain has an “Alice in Wongaland” economy in which people are taking out payday loans and raiding their savings to fuel shopping sprees.

Retail figures, published by the Office for National Statistics this morning, are expected to show that people are returning to Britain’s High Streets.

Experts have said that the warm weather, increased consumer confidence and the “feel good factor” created by the Royal Wedding stimulated growth.

However Ann Pettifor, of Prime Economics, warned that the improved figures were fuelled by debt and will ultimately prove to be “unsustainable” 

She also warned that the government’s Help to Buy scheme, under which people can take out government-backed mortgages to buy new homes, will create another “bubble”.

She said: “I think it’s artificial and can’t be sustained. People’s incomes are falling in real terms, and have done so for five years. Now there’s been this sudden, go on let’s just go made because everyone says its recovery.

“At a fundamental level it’s quite dangerous because household debt is still 153 per cent of GDP.

“There’s nothing seriously underpinning this recovery, and that’s why it’s Alice in Wongaland, the confidence fairy is out there.”

 


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  • dumbshit

    ask clint —could be a reference to the void between hatfields ears

  • Pissedoffyouth

    “taking out payday loans and raiding their savings to fuel shopping sprees”

    Shit, sounds like my credit card used to on a Saturday night!

  • FatMat

    Wonga is a British payday loan company. They have a huge profile and so ‘wonga’ has become a word to describe the whole small short term high interest loan sector.

    • Bunswalla

      Yep, also the name “wonga” is slang for cash money.

    • Marty

      FatMat is right on. Wonga give huge loans at 30%+ APR to bludgers with no jobs and no ability to pay back loans.

      • Stuarts.burgers

        And the Anglican Church up until recently was a Shareholder, most embarrassing

  • I thought it was Bongo Bongo land.

    It pays to be precise in these international matters.

  • Mediaan

    Yes, it is dangerous to spend without a sound basis. You need a good financial trend before you can shout yourself consumer luxuries on the basis of it.

    You buy a business not a trip.

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