Thursday, Mar 19, 2009
No big deal. Crank up the presses!
BBC News: UK budget deficit widens further
The UK's deficit widened to £8.99bn in February, a record level for the month, official data has shown.
This was eight times the figure seen a year earlier, as tax receipts fell 10% causing the government to borrow more.
As unemployment has risen and firms have seen profits fall this has hit the money government collects in taxes.
Posted by flintster1994 @ 12:18 PM (593 views) Add Comment
5 Comments
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1. paul said...
... as tax receipts fell 10% causing the government to borrow more.
If my income falls, should I borrow more? Funny how the BBC sees absolutely nothing incongruous with this statement.
Probably because their own salaries are being paid by this borrowing.
2. greytornado said...
10% fall in tax revenue ?. Sounds extremely alarming. The actual projections are probably so dire that even GB and the Badger are getting worried. Still, never mind, keep on printing the vouchers that everyone seems to think are of some worth and perhaps no one will notice. The price of gold (real gold - not paper gold), may well go into the stratosphere before the year is out - the central banks are reportedly getting low on gold to sell to keep the price depressed - I have read of one report today that it allegedly took sales of 220 tons to depress the price when it went over $1000 an ounce on the 20th of February this year. That is one hell of a lot - China for example only reportedly holds total reserves of 600 tons.
Unlimited Credit has now turned into Unlimited Defaulting Debt.
3. Jamies1stgoal said...
Saw Darling at the finance committee defending Bankers excessive renumeration, on the basis Tax revenues has collapsed due to the falls in Bankers Bonuses...ergo lets pay the bankers more and the government can rake in the cash.
Looks like this policy is already in place with the public sector, 3.7% average pay rise last year/ 1.1% in the Private sector. So the plan is pay the public sector more and rake in more Tax Revenue!
4. Attila said...
Here the Gold holders... http://en.wikipedia.org/wiki/Official_gold_reserves
5. alan said...
"The chancellor will certainly overshoot the borrowing target for the current financial year". says Peter Spencer, Ernst & Young Item Club.
Wow. No Kidding!
A more useful quote was: ... "it is clear that the Government's temporary VAT cut has done nothing to stimulate the economy, while pushing the public finances further into the red". reckons Vince Cable, Treasury spokesperson for the Liberal Dems