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160 Billion Annual Deficit.

Malcolm.
Malcolm. Posts: 1,079 Forumite
edited 13 April 2010 at 6:57PM in Debate House Prices & the Economy
Government revenue is 541 billion while spending is 704 billion.

Government Receipts:
budget2010_chart_1.2.jpg
Government Spending:
budget2010_chart_1.1.jpg
From where will the UK find the required £160 billion to plug the deficit?
«134

Comments

  • robin_banks
    robin_banks Posts: 15,778 Forumite
    Part of the Furniture Combo Breaker
    edited 13 April 2010 at 4:36PM
    Raise taxes and reduce spending, quite how this will be achieved is anyones guess.
    "An arrogant and self-righteous Guardian reading tvv@t".

    !!!!!! is all that about?
  • JonnyBravo
    JonnyBravo Posts: 4,103 Forumite
    Mortgage-free Glee!
    Have we got a big jar of coppers we can cash in?
  • Malcolm.
    Malcolm. Posts: 1,079 Forumite
    robin_banks wrote: »
    Raise taxes and reduce spending.

    tbh, I was kinda hoping for a little meat on the bone. :)
  • robin_banks
    robin_banks Posts: 15,778 Forumite
    Part of the Furniture Combo Breaker
    Malcolm. wrote: »
    tbh, I was kinda hoping for a little meat on the bone. :)

    More than you'll get out of any politican, they just seem to back themselves into a corner as soon as the word 'tax' is mentioned.

    If it were down to me and I was chancellor (not a good thing btw) I'd scrap or dramatically reduce PFI, scrap trident ( a willy waving exercise imho), and increase taxes.

    Quite which ones I'm not sure but leaning to taxing on earnings as opposed to consumption.
    "An arrogant and self-righteous Guardian reading tvv@t".

    !!!!!! is all that about?
  • Malcolm.
    Malcolm. Posts: 1,079 Forumite
    To reflect the magnitude, 160 billion amounts to nearly 3 thousand per year for every person in the UK.

    This is year on year.


    taxpayer-screwed.jpg
  • kabayiri
    kabayiri Posts: 22,740 Forumite
    Part of the Furniture 10,000 Posts
    It should be described as the "ANNUAL deficit".

    I suspect many in the populace just think we have 160bn to find; not 160bn EACH year; were the deficit to remain constant.

    I can't see the politicians rushing to correct this misinterpretation either!
  • Malcolm.
    Malcolm. Posts: 1,079 Forumite
    robin_banks wrote: »
    More than you'll get out of any politican, they just seem to back themselves into a corner as soon as the word 'tax' is mentioned.

    If it were down to me and I was chancellor (not a good thing btw) I'd scrap or dramatically reduce PFI, scrap trident ( a willy waving exercise imho), and increase taxes.

    Quite which ones I'm not sure but leaning to taxing on earnings as opposed to consumption.

    I was thinking taxing spending (increase VAT) rather than jobs may be the way forward. My thinking was that the UK consumes too much and produces too little.

    I agree regarding trident, unless the european union funds it as part of a european insurance policy, it appears unaffordable.
  • JP45
    JP45 Posts: 335 Forumite
    Malcolm. wrote: »
    tbh, I was kinda hoping for a little meat on the bone. :)

    We've all been hoping for that in vain over the past few weeks. Apart from some very broad brush figures and a lot of fantasy talk about efficiency savings, none of the parties has been prepared to tell us, the electorate, the unpalatable truth.

    They seem to have concluded (probably correctly) that there is nothing to be gained and everything to be lost in telling us what we'd probably rather not hear.
    .
  • lostinrates
    lostinrates Posts: 55,283 Forumite
    I've been Money Tipped!
    Malcolm. wrote: »
    tbh, I was kinda hoping for a little meat on the bone. :)


    I think less government expenditure and more tax might mean you'll be getting less meat on the bone in years to come.
  • drc
    drc Posts: 2,057 Forumite
    £43 billion just servicing the debt interest :eek:. Wonder what the £74 billion "other" is?
This discussion has been closed.
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