InternationalRockSuperstar Posted August 20, 2009 Share Posted August 20, 2009 http://www.bloomberg.com/apps/news?pid=206...id=ajoxWBXshers U.K. Has Record July Deficit as Recession Curbs TaxesAug. 20 (Bloomberg) -- Britain had an 8 billion-pound ($13.2 billion) budget deficit in July, the largest for the month since records began in 1993, as the recession ravaged tax revenue and the cost of unemployment benefits surged. ... British government bonds and the pound fell after the report. The benchmark 10-year gilt’s yield rose 2 basis points to 3.604 percent. The pound, which traded as high as $1.6608 earlier in the day, had slumped to $1.6520 at 11 a.m. in London. ... Last month’s deficit far exceeded the 600 million-pound shortfall that was the median of 16 forecasts in a Bloomberg survey. ... Government receipts dropped 15 percent in July from a year earlier, the steepest decline since records began in 1998. Cash receipts from corporate profits fell 38 percent and value-added tax declined 34 percent. Income tax payments dropped 15 percent... Spending rose 7.5 percent, with net spending on social benefits jumping 10 percent after unemployment climbed to a 14- year high. Net investment rose 10 percent to 2.9 billion pounds as the government brought forward projects to help the economy. ... Quote Link to comment Share on other sites More sharing options...
Meerkat Posted August 20, 2009 Share Posted August 20, 2009 http://www.bloomberg.com/apps/news?pid=206...id=ajoxWBXshers BoE have some strange crystal ball then.... Quote Link to comment Share on other sites More sharing options...
Ash4781 Posted August 20, 2009 Share Posted August 20, 2009 (edited) http://www.statistics.gov.uk/cci/nugget.asp?id=206 Not found the Gilts thread yet! No surprise that the have to expand QE now these other numbers have been released. Plummeting tax receipts - especially from companies - saw Government borrowing surge to its highest level for the month of July since records began. http://www.telegraph.co.uk/finance/economi...ts-plummet.html Edited August 20, 2009 by Ash4781 Quote Link to comment Share on other sites More sharing options...
interestrateripoff Posted August 20, 2009 Share Posted August 20, 2009 BoE have some strange crystal ball then.... It's on loan from Mystic Meg. No wonder Mystic Merv wanted to increase QE. Quote Link to comment Share on other sites More sharing options...
Fudge Posted August 20, 2009 Share Posted August 20, 2009 http://www.statistics.gov.uk/cci/nugget.asp?id=206Not found the Gilts thread yet! No surprise that the have to expand QE now these other numbers have been released. http://www.telegraph.co.uk/finance/economi...ts-plummet.html "This is worse than bad," said Alan Clarke Quote Link to comment Share on other sites More sharing options...
interestrateripoff Posted August 20, 2009 Share Posted August 20, 2009 "This is worse than bad," said Alan Clarke What does that mean? It's worse than bad but not very bad? Quote Link to comment Share on other sites More sharing options...
ajay Posted August 20, 2009 Share Posted August 20, 2009 What does that mean? It's worse than bad but not very bad? Hahahahahhheheheheh, thats telling them. Quote Link to comment Share on other sites More sharing options...
Timm Posted August 20, 2009 Share Posted August 20, 2009 "This is worse than bad," said Alan Clarke What does that mean? It's worse than bad but not very bad? Britain had an 8 billion-pound ($13.2 billion) budget deficit in July, the largest for the month since records began in 1993, as the recession ravaged tax revenue and the cost of unemployment benefits surged. The shortfall compared with a surplus of 5.2 billion pounds a year earlier, the Office for National Statistics said in London today. It came in a month when the Treasury usually gets a boost from quarterly tax payments. Britain last had a deficit in July in 1996. 254% worse? Quote Link to comment Share on other sites More sharing options...
lufc Posted August 21, 2009 Share Posted August 21, 2009 BUMP ... UKPLC must be getting very close to a vote of no confidence ... BUMP ... but no one seems to give a sh!t. Quote Link to comment Share on other sites More sharing options...
Injin Posted August 22, 2009 Share Posted August 22, 2009 BUMP ... UKPLC must be getting very close to a vote of no confidence ... BUMP ... but no one seems to give a sh!t. Course not. They'll keep printing until the revolt/coup/mass general strike/lampost/whatever happens. Quote Link to comment Share on other sites More sharing options...
Fairies Wear Boots Posted August 22, 2009 Share Posted August 22, 2009 Ouch! Quote Link to comment Share on other sites More sharing options...
sbn Posted August 22, 2009 Share Posted August 22, 2009 'ere we go 'ere we go 'ere we go 'ere we go 'ere we go 'ere we go Quote Link to comment Share on other sites More sharing options...
jammo Posted August 22, 2009 Share Posted August 22, 2009 Who spent all the money? Where's the money at? How long before we get Alistair Darling's own version of It wasn't me Come on, imagine it, you know you want to. Quote Link to comment Share on other sites More sharing options...
Recommended Posts
Join the conversation
You can post now and register later. If you have an account, sign in now to post with your account.