Tuesday, Jul 13, 2010
CGT Suggested by think tank on FIRST homes, near the end of the programme
BBC: Time to Get Real
Going where the politicians seem to fear to tread, Michael Blastland asks some of the UK's most influential policy experts and politicians how the difficult decisions on what to cut should be reached. He demands hard data on which activities should be curbed or abandoned altogether and how the sums will match the rhetoric.
Posted by gone-to-colombia @ 01:23 AM (765 views) Add Comment
2 Comments
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1. paul said...
I think its time for the politicians, media and public to get real about where all the money has gone.
It's not gone on civil servants that's for sure.
On the banks so far we're looking at over £3tr. Yes that's £3,000,000,000,000. Or to put it another way, if I started paying you £1 per second, it would take me 32,000 years to repay that debt.
The government overspend last year was just over £70bn, which represents 0.023% of the amount we've spent on the banks.
2. 51ck-6-51x said...
Paul,
Not sure where you get "over £3tr", I see £1.5tr in the article, and "£1 - 1.5tr" in the ONS report itself.
From the ONS report:
"""
The full impacts of the public sector classification of LBG and RBS on the Public Sector Finances statistics are expected to be incorporated for the first time in autumn 2010 and will be accompanied by an article explaining the methodology applied. As mentioned above, ONS’s initial broad estimate of the size of the effect of the classification to the public sector of LBG and RBS to PSND was around £1 trillion to £1.5 trillion.
The interpretation of this initial estimate - and the more accurate estimate that will follow - needs, however, to be treated with caution because of the way in which PSND is defined. O’ Donoghue (2009) points out:
The way in which PSND is defined means that illiquid assets held by these banks - in the form of mortgages and holdings of corporate bonds – are not taken into account. This is important because the banks’ liabilities are generally matched by their assets. What PSND shows is the extent to which the public sector’s liabilities are matched by assets that can be realised quickly. The effect on PSND of classifying these banks to the public sector should not be interpreted as meaning that the Government (and by implication the taxpayer) has been saddled with a substantially greater debt burden. The Government has also made clear its intention to return these banks to the private sector, so in the long run the impact on PSND is unlikely to be permanent.
"""