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Oliver Sutton

Public Sector Net Borrowing

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10.2 bn against 9.4.

Last month's revised up to 12.8 from 10.5.

UK June public finances show borrowing running in line with government goal

The government's preferred measure of public borrowing, which strips out some of the effects of its bank bailouts, showed a deficit of 8.470 billion pounds in June, the Office for National Statistics said on Friday.

This is down from 11.869 billion in June 2012 and slightly higher than the deficit of 8.0 billion pounds forecast by analysts.

Distortions from the transfer of gilt coupon payments from the Bank of England to the Treasury, and recently a windfall tax payment from Swiss banks, have made Britain's public finances difficult to interpret.

In June, the PSNB measure was reduced by 3.9 billion pounds due to the further transfer of gilt proceeds from the central bank.

But May's borrowing figures were revised up by 2.235 billion pounds, after the ONS said that it would no longer book 3.2 billion pounds of expected revenue from the Swiss tax deal, and instead only count the 342 million pounds actually received.

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On an underlying basis - stripping out the effect of cash transfers from Royal Mail and the Bank of England - the government is aiming for a deficit of no more than 120 billion pounds or 7.5 percent of GDP this year.

Just the regulation 7.5% primary deficit again this year...

Spend%20Spend%20Spend.jpg

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10.2 bn against 9.4.

Last month's revised up to 12.8 from 10.5.

UK June public finances show borrowing running in line with government goal

But if you look at the bigger picture

Sam Coates Times@SamCoatesTimes 1h More good news for George: revisions to borrowing mean that the deficit in 2012/13 is £116.5bn, lower than the 2011/12 shortfall of £118.5bn

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Classic Gidiot

But May's borrowing figures were revised up by 2.235 billion pounds, after the ONS said that it would no longer book 3.2 billion pounds of expected revenue from the Swiss tax deal, and instead only count the 342 million pounds actually received

McBroon was an amateur

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The situation with the supposed tax repayments from bank accounts in Switzerland is in danger of making us look like a laughing stock.

Today has unearthed an even more blatant example albeit fortunately on a smaller scale. It concerns the new tax agreement between the UK and Switzerland.

Last month ONS included the Office for Budget Responsibility forecast for the total tax likely to be received from the agreement (£3.2 billion)

The May 2013 net borrowing figures now include the actual payments received to date (£342 million) from Swiss banks

This is a bit like a financial remake of the incredible shrinking man!

http://www.mindfulmoney.co.uk/wp/shaun-richards/what-is-the-debt-situation-of-the-uk/

Edited by JaneTracy

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Classic Gidiot

But May's borrowing figures were revised up by 2.235 billion pounds, after the ONS said that it would no longer book 3.2 billion pounds of expected revenue from the Swiss tax deal, and instead only count the 342 million pounds actually received

McBroon was an amateur

Ken Lay would be proud.

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total government debt of 1.2 trillion

thats £60,000 per taxpayer

assuming 20 million taxpayers.

it will NEVER be paid back.

Plus these future taxpayers are also expected to service £50k student debts and £150k mortgages on £25k salaries.

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Brilliant, but, virtually no GDP growth.

Yup. Despite no deleveraging in private debt.

At least house prices are going up, and thats what matters, is it not?

Just got to ratchet up that imputed rent. Maybe a u-turn on HB caps is required, georgie boy?

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Plus these future taxpayers are also expected to service £50k student debts and £150k mortgages on £25k salaries.

Debt is never paid back. They just hope it will be 'inflated away'. With no room down via rates, good luck with that.

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Imputed rent ... in 2009 it was 7.8% of GDP and in 2013 it is 10.2% of GDP ... so a 30% increase in the 'value' of imputed rent and over 2% directly added to GDP. This is how George thinks he can grow GDP and if GDP grows then interest rates can be kept low and more money can be pumped into the housing market to increase house prices and consequently create 'growth' in GDP ... rinse and repeat until after the election.

They've reversed the Titanic for another run at the iceberg.

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They've reversed the Titanic for another run at the iceberg.

:lol: I chuckled at that one.

Brown was delusional and mad, Osborne is a liar and a chancer. Still two more years of pretence, an election, then who knows power and the perks it entails - or cushy favours called in.

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:lol: I chuckled at that one.

Brown was delusional and mad, Osborne is a liar and a chancer. Still two more years of pretence, an election, then who knows power and the perks it entails - or cushy favours called in.

When there is clearly no way around it, or out of it and they know it....all they can do is tell the populace things can only get better when they passed the tipping point ages ago.......different people change their personalties in different ways when trying to show and spread confidence and optimism......I don't know why they are not up front and open about it all instead of trying to pull the wool over peoples eyes, people who can see through it, and behaving like spoilt naughty children trying to wriggle out of the inevitable.....makes them look stupid, even if they are not, because they won't admit the the truth, like all people in denial who have a goal to deliver. ;)

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don't know why they are not up front and open about it all instead of trying to pull the wool over peoples eyes, people who can see through it, and behaving like spoilt naughty children trying to wriggle out of the inevitable.....makes them look stupid, even if they are not, because they won't admit the the truth, like all people in denial who have a goal to deliver. ;)

Most people think that the UK's economy works like your average household budget, with income and expenditure. If they were told that in actual fact the debt will never be repaid, that government and private debt must continue to increase or the entire system will collapse they would panic. Or maybe point the finger of blame at the very banking system they have grown to love.

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Most people think that the UK's economy works like your average household budget, with income and expenditure. If they were told that in actual fact the debt will never be repaid, that government and private debt must continue to increase or the entire system will collapse they would panic. Or maybe point the finger of blame at the very banking system they have grown to love.

Its got to keep increasing because the maths just don't add up in an aging population. Not sure we can blame the banking system for a entitled population that votes for benefits in excess of tax receipts and politicians oblige and kick the can down the road. Just considering what the liability of the state pension for the average person at inception is, is frightening. What kind of lump sum would buy the universal pension of £145, not that a capless index linked annuity is available in the private sector....the annuity rate would be set at around 2.5% so you would require a lump sum of over £300,000.

Not much reward for a lifetime work is it (the cliche response), when in actual fact many recipients may already be net recipients of the tax system with so much working age welfare.

The figures don't add up and we could be f**ked.

Edited by crashmonitor

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  • 243 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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