UK borrowing figures worse.

Loughton_Monkey

Well, we've had the 'shock' 0.7% fall in GDP, the 'shock' fall in unemployment and the 'shock' leap in retail sales. After that, we get the 'shock' rise in average wealth and the 'shock' record size of household rent.

We now get a 'shock' rise in net borrowing.

We we all start thinking that the ONS calculation monkeys are all 'on the sauce' or something.

This would be truly shocking.

angrypirate

Masomnia wrote: »

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?

Elgin field was shut down due to a gas leak. This not only affects the production company, but also a number of other contractor companies involved with drilling and maintenance.

Generali

Loughton_Monkey wrote: »

Well, we've had the 'shock' 0.7% fall in GDP, the 'shock' fall in unemployment and the 'shock' leap in retail sales. After that, we get the 'shock' rise in average wealth and the 'shock' record size of household rent.

We now get a 'shock' rise in net borrowing.

We we all start thinking that the ONS calculation monkeys are all 'on the sauce' or something.

This would be truly shocking.

Maybe it's the people doing the predicting rather than the people doing the counting that have the problem.

MacMickster

Generali wrote: »

Maybe it's the people doing the predicting rather than the people doing the counting that have the problem.

If they actually talked to each other first, they could fudge the figures between them and attract less comment.

Masomnia

Loughton_Monkey wrote: »

Well, we've had the 'shock' 0.7% fall in GDP, the 'shock' fall in unemployment and the 'shock' leap in retail sales. After that, we get the 'shock' rise in average wealth and the 'shock' record size of household rent.

We now get a 'shock' rise in net borrowing.

We we all start thinking that the ONS calculation monkeys are all 'on the sauce' or something.

This would be truly shocking.

I'm looking forward to the headline: 'Economists surprised as figures come in as expected.'

jay213

wotsthat wrote: »

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.

Deficit reduction blow as figures reveal Government borrowed £3 billion more than expected last month
Public sector finances suffered from a 20 per cent fall in corporation tax receipts from business while public spending rose by 5 per cent, fuelled by higher benefit payments

http://www.independent.co.uk/news/uk/politics/deficit-reduction-blow-as-figures-reveal-government-borrowed-3-billion-more-than-expected-last-month-8069220.html

Masomnia

Didn't benefits go up by 5% or something like that due to the inflation link?

I remember there being controversy because wages didn't go up by anything like that. Looking like an error now!

Graham_Devon

This is one of those areas I have to respectfully disagree with you shortchanged.

Firstly, I'm not really sure what cut's we have had, where cuts have gone too far. If these cuts didn't exist at all, presumably we'd just be borrowing and spending more?

I think where we will agree is that we are in a deep and long lasting recession, where sticking plasters (indeed, extra spending, not cuts at all) are being used to dampen the effects. I think we agree this is causing the recession to be prolonged, not shortened, and I have a feeling just spending more and borrowing more would have the same effect.

I think we have spent as much as we reasonably can and we are all (personal and government) at saturation point on the spending. I'm not sure theres room for more without dire consequences.

diable

Worse? do you mean people aren't borrowing enough?

Graham_Devon

Also, I can never quite work out the oppositions stance on this one.

For instance, they claim we need to build more homes, but then campaign against easier planning and easier building regulations.

They say we should have more spending, more jobs, but then fight against any proposal to create more jobs.

For example (and this IS one small, but very recent example), the NHS are looking into setting up clinics in other countries, where we could bring revenue into the UK and create jobs in the UK. So labour are campaigning against it straight away.

I'm not sure anyone is right on this whole idea of whether there are too many cuts. Surely we won't be able to tell until around 2030 when we have the benefit of hindsight, accounts, and history....only then can we see what we could have done better.

What I do know is there is no point campaigning for jobs, construction, homes etc and then campaigning against any change put forward by the current government which stops all those things happening.

The call for more house building, but campaign against planning etc is hideous hypocrisy and doesn't really help anyone....all it does it confuse the populace, wastes money on beauracracy and wastes precious time.