July's UK borrowing figures

IronWolf

Public sector net borrowing (PSNB) in the UK during July was just £20m, down from £3.5bn a year earlier, helped by higher tax receipts and the levy on banks' balance sheets.

That isn't a typo, £20m!

Whilst borrowing fluctuates month on month it is encouraging.


"The deficit won't fall as quickly as I'd hoped six months ago, but it is still clearly falling, and that's in quite marked contrast to other high deficit countries.
"The UK is the only high deficit country that is on the way back to fiscal sustainability."


http://www.bbc.co.uk/news/business-14586471

Masomnia

£20million?! I've probably got that down the back of the sofa.

Masomnia

Well, !!!! me sideways. If you include financial interventions borrowing is -£2billion!

http://www.statistics.gov.uk/pdfdir/psf0811.pdf

ChiefGrasscutter

Isn't it in July that people have to part pay the tax on their self assessment?
As I recall for those with a lot of extra tax to pay you are asked to pay in two installments by 31 July and by 31 Jan.
If so HMG will be getting a lot of extra revenue in July.

Really2

I am not sure why so may are against the cuts?
The economies of those that have hardly started cutting are falling back.

If we do end up with another downturn surely it is better that we have taken steps that mean we are not spending so much?

I think what is happening (reaction to euro debt etc) proves that cutting was the right policy.

nomoreboomandbust

Really2 wrote: »

I am not sure why so may are against the cuts?
The economies of those that have hardly started cutting are falling back.

If we do end up with another downturn surely it is better that we have taken steps that mean we are not spending so much?

I think what is happening (reaction to euro debt etc) proves that cutting was the right policy.

Yes, but according to Red Ken (Livingstone) it's what caused the riots

IronWolf

ChiefGrasscutter wrote: »

Isn't it in July that people have to part pay the tax on their self assessment?
As I recall for those with a lot of extra tax to pay you are asked to pay in two installments by 31 July and by 31 Jan.
If so HMG will be getting a lot of extra revenue in July.

Maybe, but last year Julys borrowing was £3.5bn

Really2

nomoreboomandbust wrote: »

Yes, but according to Red Ken (Livingstone) it's what caused the riots

It is always easy to ignore who was on watch when the 15 year olds were borne and growing up.;)

I saw him on the TV during the riots, he never gave a stuff, he just used it as a re-election spring board.

On a serious note is he doing a David Ike, he seems a flake short of a 99 at the moment.

lemonjelly

Some would say at what cost though? Are the right savings being made? I mean, NHS waiting list times have doubled in the last 12 months.

Seeing as there is a pre-occupation with quotes today: "you can trust us with the NHS!" David cameron.

kabayiri

It's obvious innit.

MPs are off on their hols => they can't sit there spending our money => less need to borrow to spend.

What? My theory is pants?! Wait until you see the borrowing figures for October, you'll see

Loughton_Monkey

The answer is clear.

Put every single 'Mandarin' in Whitehall on the same sort of contract - along the lines of:

1. Your salary is £195K. Your ministry's budget next year was £248 million.
2. Your budget must fall a minimum of 10% to £223.2 million.
3. Failure to achive this will incur your instant dismissal.
4. For every £1 million you can reduce further, you will receive a cash bonus of 1% or £10,000.
5. In order to maximise your bonus, you are recommended to pass a similar contract down to subsiduary budget holders (who you have chosen to retain) in your department.