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O N S Release Public Finance Data For August

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http://uk.biz.yahoo.com/18092009/325/insta...aug-record.html

Friday September 18, 09:46 AM

Public finances post worst Aug on record

LONDON (Reuters) - Britain posted a record budget deficit for the month of August last month as the recession continued to bite into government tax receipts, the Office for National Statistics said on Friday.

If its bad now just wait until unemployment takes out a few more 100k workers and bankrupted companies in the run up to winter who will no longer be paying any tax. Brown will be on a record smashing run.

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They are spending like loonies. Uncle Mervyn is providing the labour party/government and unelected PM with as much money as it wants to fight the next general election and to hell with the bill afterwards.

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http://uk.biz.yahoo.com/18092009/325/insta...aug-record.html

Friday September 18, 09:46 AM

Public finances post worst Aug on record

LONDON (Reuters) - Britain posted a record budget deficit for the month of August last month as the recession continued to bite into government tax receipts, the Office for National Statistics said on Friday.

If its bad now just wait until unemployment takes out a few more 100k workers and bankrupted companies in the run up to winter who will no longer be paying any tax. Brown will be on a record smashing run.

In exchange for the advice you got on ad-blocking yesterday, could you tell us how you configure the "Other people's posts blocker"?

p-o-p

:lol::lol::lol::lol:

EDIT: Smileys included to avoid it becoming serious

Edited by piece of paper

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"Well the deficit figures were not quite so bad as expected but they fluctuate from month to month and appear to be on track for the government's prediction for the year."

Hey this appears to be good news - it's not as bad as expected you know. :lol:

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http://uk.biz.yahoo.com/18092009/325/insta...aug-record.html

Friday September 18, 09:46 AM

Public finances post worst Aug on record

LONDON (Reuters) - Britain posted a record budget deficit for the month of August last month as the recession continued to bite into government tax receipts, the Office for National Statistics said on Friday.

If its bad now just wait until unemployment takes out a few more 100k workers and bankrupted companies in the run up to winter who will no longer be paying any tax. Brown will be on a record smashing run.

Just you wait until October's deficit is announced - it will be titanic.

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"Well the deficit figures were not quite so bad as expected but they fluctuate from month to month and appear to be on track for the government's prediction for the year.
Which is a dire prediction. What is it a 15% budget deficit? That's huge!

If you add the off-balance-sheet vehicles the government use to hide their PFI liabilities estimated at that adds another 32.5bn, or 2.5% GDP (see below) . We're at 57% now, it won't take long to get to 100% and we lose our AAA rating. Gilt yields have to rise, interest rates rise. Foreign investment falls even more. The MPC have to hike base rates to defend the currency.

Still want to buy a house?

GOVERNMENT IS ACCUSED OF HIDING DEBT

A FORMER Treasury adviser has accused the government of hiding the full extent of the public debt crisis by using controversial accounting rules to squirrel £32.5bn of spending off its books.

...

Many of the procedures used by the government closely resemble the special investment vehicles used by banks and financial engineers to hide toxic debt, many accountants have long argued.

...

“It is no good for banks to have to clean up their act when it comes to transparency if the government fails to do so and keeps its liabilities hidden,” said Corin Taylor, senior policy adviser at the Institute of Directors.

The UK is just a big bad bank!

Edited by no accountant

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The grim details:

http://uk.biz.yahoo.com/090918/140/iquai.html

Public Borrowing Soars To £16bn In August

By Sky News 2009

Click to enlarge photo if you are as blind as a bat

The Government borrowed over £16bn in August, the highest figure for the month since records began.

The rise takes net borrowing this financial year to £65.3bn, according to the Office for National Statistics.

That is more than double the £26bn seen at the same stage last year.

Government borrowing in August was slightly lower than the £18bn forecast by most experts.

But it still represents the highest ever amount for the month, and is the third biggest monthly total since ONS records began.

Public spending during August reached £45.6 bn, up 2.9% on the year before.

Spending on benefits has risen by £900m to £13.4bn as a result of soaring unemployment.

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The grim details:

http://uk.biz.yahoo.com/090918/140/iquai.html

Public Borrowing Soars To £16bn In August

By Sky News 2009

Click to enlarge photo if you are as blind as a bat

The Government borrowed over £16bn in August, the highest figure for the month since records began.

The rise takes net borrowing this financial year to £65.3bn, according to the Office for National Statistics.

That is more than double the £26bn seen at the same stage last year.

Government borrowing in August was slightly lower than the £18bn forecast by most experts.

But it still represents the highest ever amount for the month, and is the third biggest monthly total since ONS records began.

Public spending during August reached £45.6 bn, up 2.9% on the year before.

Spending on benefits has risen by £900m to £13.4bn as a result of soaring unemployment.

even more pressure to slash existing public sector etc benefits in longer term thru inflation, printy printy and all that

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In exchange for the advice you got on ad-blocking yesterday, could you tell us how you configure the "Other people's posts blocker"?

p-o-p

:lol::lol::lol::lol:

EDIT: Smileys included to avoid it becoming serious

Go Compare dissappeared earlier today but I see the horrible thing is back with us this afternoon. Is it true that some hackers are trying to crash it?

I am never going to use that website now. Go direct to Churchill whose hidoues ads are nowhere as bad as Go Compare.

I find I boycott products that have hideous adverts.

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surely "Borrowing" means they intend to pay it back.

anyone know when they last paid anything back?

Or is this borrowing compounding nicely.

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£16,000,000,000 borrowed in August.

There are approx 30,000,000 taxpayers, so:

£516,129,032 borrowed in each and every day (£17.20 per taxpayer)

£21,505,376 borrowed in each and every hour (£0.72 per taxpayer)

Given that the average salary is approx £25k, which equates to taking home approx £1500 p/m, means a net take home pay of £2.01 for each hour of each day.

So, each taxpayer earns themselves £2.01 per hour, while the government borrows £0.72.

:blink::blink::blink::blink:

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£16,000,000,000 borrowed in August.

There are approx 30,000,000 taxpayers, so:

£516,129,032 borrowed in each and every day (£17.20 per taxpayer)

£21,505,376 borrowed in each and every hour (£0.72 per taxpayer)

Given that the average salary is approx £25k, which equates to taking home approx £1500 p/m, means a net take home pay of £2.01 for each hour of each day.

So, each taxpayer earns themselves £2.01 per hour, while the government borrows £0.72.

:blink::blink::blink::blink:

Given that income tax take no longer even covers what our Loony Labour government is paying out in Social Security, you have to wonder how any of this additional debt is going to be repaid? (Other than the obvious answer of printing the money, of course)

It can be only a matter of time before the people out there with money figure that loaning it as Sterling to the British govt (ie. buying Gilts) is just about as clever as putting your John Thomas in the hands of a maniac with a pair of scissors....

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http://uk.biz.yahoo.com/18092009/325/insta...aug-record.html

Friday September 18, 09:46 AM

Public finances post worst Aug on record

LONDON (Reuters) - Britain posted a record budget deficit for the month of August last month as the recession continued to bite into government tax receipts, the Office for National Statistics said on Friday.

If its bad now just wait until unemployment takes out a few more 100k workers and bankrupted companies in the run up to winter who will no longer be paying any tax. Brown will be on a record smashing run.

And there was me thinking that nobody trusted the ONS' doctored figures.

As I understood the £100k workers are for tax purposes insignificant - at least this is what I'm always being told when it's suggested that they should be taxed at a higher rate - say 50-60%.

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You mean like this? -

sinking-small.jpg

No that was Olympic.

Dont you read conspiracy nutcase websites?

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http://www.telegraph.co.uk/finance/finance...-in-August.html

"At this rate, borrowing will overshoot Mr Darling's £175bn forecast for the full year by around £50bn," said Jonathan Loynes, chief European economist at Capital Economics. "With the main political parties now openly discussing plans to cut public spending more sharply than current plans allow, a severe fiscal squeeze is on the way."

Others said the overshoot in borrowing would be at least £10bn.

It comes as the public finances move to the centre of political debate ahead of a general election next year. Alistair Darling is understood to be holding one-to-one discussion with his Cabinet colleagues to identify areas where spending can be cut.

"We welcome the fact that political leaders are now talking explicitly about the need for spending cuts in future years. The scale of the challenge facing the country is huge, and we must have a credible multi-year plan to cut the deficit without damaging wealth-creating businesses," said David Kern, chief economist at the British Chambers of Commerce.

The August deficit was actually smaller than the £17.6bn economists had feared. However, Richard Snook at the Centre for Economics and Business Research said that was "a sign of the extent to which expectations have adjusted to the new realities, rather than any real improvement in the outlook."

So is that the worst case scenario £225bn by end of the year!!!!!

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