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Bob Loblaw

£32bn Drop In Tax Revenue

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The dangerous state of the public finances was laid bare by the reports, which showed that the Government’s tax take plummeted by £32 billion last year. Figures from HM Revenue & Customs showed income tax, national insurance, VAT, stamp duty and corporation tax fell by £21 billion, while other debts and legal liabilities had cut income by a further £10 billion.

The figures were disclosed as the National Audit Office (NAO) refused to sign off six sets of Whitehall accounts because of fraud, error, overpayments and IT problems. The accounts, covering billions of pounds, included the Ministry of Defence, the Treasury, the Revenue, the Department for Work and Pensions, the Home Office and the Equalities and Human Rights Commission. The Government also slipped out reports criticising its training programmes and announced delays in several policy areas.

— the Treasury failed to stem fraud and error in the tax credit system, which rose from 7.8 to 8.6 per cent last year. This included 50,000 cases of fraud in the system administered by HM Revenue & Customs, accounting for between £100 and £200 million;

- a highly critical report on the Equalities and Human Rights Commission lambasted its decision to hire consultants who had already been paid hefty redundancy payments by the Government when three equality commissions merged. Its accounts showed £311,000 had been paid in consultancy fees to seven employees, who had been paid £629,276 in severance costs

Nice none work if you can get it. Has the time not come to completely scrap the Tax Credit system and just tax at source? And as a country can we not do without some of the useless 'jobs for the boys' Quangos who suck money up at an alarming rate and seem to give out very, very little in return?

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I wonder how much of this £32bn hole has already been accounted for.

It would be interesting to know how this differs from the figures Captain Darling was working to when he suggested that the Economy would fall by only 3.5% this year and return to growth again next year.

Whilst Gordo and chums arent worried about how far they get Uk into hock, i would like to know how much additional borrowing this adds to the amounts they have brushed away as insignificant.

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