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Good News We Only Borrowed £15.156Bn In May, Better Than Expected

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http://www.telegraph.co.uk/finance/economics/8588761/UK-public-borrowing-falls-more-than-expected-in-May.html

The narrowing in May compared with a year earlier was largely due to a rise in indirect taxes such as January's increase in VAT, the Office for National Statistics said on Tuesday.

Public sector net borrowing fell last month to £15.156bn from £16.463bn a year ago, just below economists' average forecast in a Reuters poll of £15.75bn.

The government's preferred measure, PSNB excluding financial sector interventions, fell to £17.415bn pounds from £18.480bn pounds.

The recovery is here.

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Why on earth is anyone still lending to the UK at all (never mind the pathetically low yields) on anything other than a short-term (2 years max) basis?

And why one earth does anyone believe that this government are actually managing to tackle the continuing deficit? It's pretty clear that all they are doing is making a few PR announcements to create the impression that they are serious. One has to wonder at what point the markets realise that deficit/debt reduction is going nowhere meaningful.

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So that is just another £15BN on the total debt. Nice! So in 12 months time, just another £180BN.

If it we were borrowing just £1BN (extra) a month it would be bad enough! ohmy.gif

Edited by Sir John Steed

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So that is just another £15BN on the total debt. Nice! So in 12 months time, just another £180BN.

If it we were borrowing just £1BN (extra) a month it would be bad enough! ohmy.gif

its not borrowing though really, as its govt it is investment so you need to think of the stellar future ROI that will be made rather than the immediate cost

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"We" are not borrowing anything, the borrower is a corporation with a monopoly on the use of force on this island which calls itself the UK government. Through a combination of propaganda and sticks and carrots it has convinced most of this island's inhabitants to personally identify with the corporation.

Edited by Dorkins

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The other thing that strikes me, is that this "reduction" in the amount we had to borrow this month has been put down to increased tax take.. and not cuts.. So when the hell are all these cuts going to register ??

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The other thing that strikes me, is that this "reduction" in the amount we had to borrow this month has been put down to increased tax take.. and not cuts.. So when the hell are all these cuts going to register ??

According to their own plans, the government is not intending to cut overall spending, just increase it at a slightly lower rate than was previously planned. In their projections they forecast a 6% pa increase in tax revenue every year from 2011-2015:

http://cdn.hm-treasury.gov.uk/2011budget_complete.pdf

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Cool. That's only 15,000,000,000 divided by roughly 60,000,000 = £250 per person in the UK

Or roughly £1000 borrowed last month on behalf of every family in the UK to keep the debt ponzi going.

I hear my nieces are just delighted with this months £250 quid each 'investment' in their future and can't wait to pay it back with interest as soon as they start working. They're getting a little impatient about getting on with paying it back though, as they haven't even started school yet. Youngsters today, I don't know! <_<

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It's a sad state of affairs when borrowing £15,000,000,000 this month is considered good news.

incredible isn't it :angry:

my personal borrowing this month = zero. Government borrowed on my behalf = £250 (plus dependants share = £750), annually my small family will owe £9000 more than we already did, plus compound interest. Oh Dave not so deep and fast please!

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According to their own plans, the government is not intending to cut overall spending, just increase it at a slightly lower rate than was previously planned. In their projections they forecast a 6% pa increase in tax revenue every year from 2011-2015:

http://cdn.hm-treasury.gov.uk/2011budget_complete.pdf

When i see a picket line of council workers squabbling about their pensions i'm going to have to fight really hard not to swerve

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China. They will revel in every opportunity to get us to borrow more from them. UK and Europe are going to be Chinas new bitch, US is the used whore.

Is there a chinese word for default? I'm not sure they're just going to laugh it off when we say "You know those trillions we owe you? Sorry had a slight ****-up on the liquidity front!"

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Is there a chinese word for default? I'm not sure they're just going to laugh it off when we say "You know those trillions we owe you? Sorry had a slight ****-up on the liquidity front!"

I think they might just laugh it off, as they swoop in and buy up everything we own for pennies with their newly-gold-backed Yuan.

Edited by General Congreve

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errr... us !

BOE can just create the 15.156 Billion out of thin air , then ask for it back with interest.

The system is totally crazy.

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  • 311 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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