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Government Spends £5 For Every £4 Raised, Says Office For National Statistics

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http://www.telegraph.co.uk/finance/financetopics/financialcrisis/8016444/Government-spends-5-for-every-4-raised-says-Office-for-National-Statistics.html

The Government has spent £5 for every £4 gathered so far this year because of falling tax receipts and rising expenditure, pushing public debt to a record £823bn.

Figures from the Office for National Statistics (ONS) painted a bleak picture of the country's finances, putting pressure on the Chancellor to deliver the cuts unveiled in the Budget.

Philip Shaw, an economist at Investec, called the latest figures "a reminder that the path towards budgetary rectitude has just begun and that this is not the time to relax any plans".

ONS data for August showed that net borrowing hit £15.9bn, compared with £14.1bn in the same month last year, and the current budget deficit – the difference between income and expenditure – rose by £2.3bn to £13.3bn.

Although tax receipts for the month increased £2.2bn to £37.1bn, spending climbed by £4.9bn to £49.8bn. Half of the rise in expenditure was a result of steeper interest charges, up by £2.5bn to £3.8bn – reflecting changes to the retail price index rate of inflation, but the rest was down to an £800m surge in social benefits and other items.

Apologies if I've got the % mixed up here but aren't the stats here showing the govt is overspending revenues by 25%?

Sounds sustainable to me.

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  • 142 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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