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UK borrowing figures worse.
shortchanged_2
Posts: 5,546 Forumite
http://www.bbc.co.uk/news/business-19329758
The effects of cuts without a plan for growth are really starting to show now and the UK could well start heading the way of some other Euro countries in that austerity becomes self defeating.
This is what many stated would happen in that you get a reduction in tax receipts, therefore the deficit is not brought down.
These figures also put some doubt on the employment figures.
I like the treasury response though, it's nothing to do with lack of consumer confidence.
While I always accepted there needed to be some cuts, I always felt the coalitions plans would end up this way.
The effects of cuts without a plan for growth are really starting to show now and the UK could well start heading the way of some other Euro countries in that austerity becomes self defeating.
This is what many stated would happen in that you get a reduction in tax receipts, therefore the deficit is not brought down.
These figures also put some doubt on the employment figures.
I like the treasury response though, it's nothing to do with lack of consumer confidence.
While I always accepted there needed to be some cuts, I always felt the coalitions plans would end up this way.
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Comments
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I'm wondering if the Government will have an early Autumn statement, in which they'll release 'radical' plans to boost the Economy?0
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In what way do they cast doubt on unemployment numbers? Income tax and NIC receipts are up on July last year.
Apparently it's worse mainly because of a fall in corporation tax receipts from the energy sector. Anyone have ideas as to why that is?“I could see that, if not actually disgruntled, he was far from being gruntled.” - P.G. Wodehouse0 -
mystic_trev wrote: »I'm wondering if the Government will have an early Autumn statement, in which they'll release 'radical' plans to boost the Economy?
Do you think Georgie boy really has any ideas?0 -
In what way do they cast doubt on unemployment numbers? Income tax and NIC receipts are up on July last year.
Have you got the figures for this?0 -
How much more did the government borrow than expected? It's not quite clear on the BBC site or the ONS release.
Good to see that total borrowing was £1bn less than the OBR forecast for 2011/12 tax year.0 -
shortchanged wrote: »Have you got the figures for this?
http://www.ons.gov.uk/ons/dcp171778_276550.pdf
For some reason my display thing doesn't show page numbers, you have to scroll quite far down, past the notes.
Income tax (and capital gains) up 1.1% on last July, certainly not down. NIC contributions up 4.2%.“I could see that, if not actually disgruntled, he was far from being gruntled.” - P.G. Wodehouse0 -
http://www.ons.gov.uk/ons/dcp171778_276550.pdf
For some reason my display thing doesn't show page numbers, you have to scroll quite far down, past the notes.
Income tax (and capital gains) up 1.1% on last July, certainly not down. NIC contributions up 4.2%.
Thanks for that but I do wonder who does the sums in that department because I make the change from July 2011 to 2012 from 16.1 to 16.2 to be 0.1 not the 0.2 rise noted on their accounts.
The rise in NIC is clearly due to the rise in the rate.0 -
shortchanged wrote: »Thanks for that but I do wonder who does the sums in that department because I make the change from July 2011 to 2012 from 16.1 to 16.2 to be 0.1 not the 0.2 rise noted on their accounts.
It's just a function of rounding to 1 decimal place. There are other examples on the same page.0 -
shortchanged wrote: »Do you think Georgie boy really has any ideas?
No but in fairness we are in uncharted waters and I doubt anybody else has a credible plan either.
The country is slowly sinking, we have sold all the "silver", remortgaged ourselves against our assets. We don't create wealth out of real tangible products only service and banking that as we have seen is full of holes.
We have scant natural resources and are net importers or everything from goods to food.
Until we reach parity/equilibrium with the new economies of the east/BRIC. that slide will continue, protectionist measures may help but would cause their own problems.
We can't even afford to build our own nuclear power stations to provide our power needs for the decades to come we are having to go cap in hand to Russia and China.Even looking at EDF , who appear to be overshooting wildly on their own projects, why can't this be done in house? Guaranteeing very high multiplier rates for the energy produced which is a tax on the consumer dressed up as free trade and competition."If you act like an illiterate man, your learning will never stop... Being uneducated, you have no fear of the future.".....
"big business is parasitic, like a mosquito, whereas I prefer the lighter touch, like that of a butterfly. "A butterfly can suck honey from the flower without damaging it," "Arunachalam Muruganantham0 -
It's just a function of rounding to 1 decimal place. There are other examples on the same page.
So is that what they call smoothing over the figures?0
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