O N S: Government Spends £5 For Every £4 Raised

[Realistbear]

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

Government spends £5 for every £4 raised, says Office for National Statistics

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.

By Philip "Balders" Aldrick, Economics Editor

Published: 6:00AM BST 22 Sep 2010

264.678 Comments

Although the Government's tax receipts for the month increased £2.2bn to £37.1bn, spending climbed by £4.9bn to £49.8bn Photo: Getty Images 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".

Good news for Sterling but not so good for our bottom line.

[symo]

Start the public sector cull now to save our economy.