interestrateripoff Posted April 23, 2014 Share Posted April 23, 2014 http://www.bbc.co.uk/news/business-27125024 The UK government borrowed £107.7bn in the financial year to April 2014, lower than the £115.1bn amount it borrowed the previous year. In the Budget, the Office for Budget Responsibility (OBR) had estimated a deficit for the full year of £107.8bn. The government wants to eliminate the budget deficit by 2017-18. Borrowing in March fell to £6.7bn from £11.4bn a year earlier, excluding financial interventions, the Office for National Statistics (ONS) said. Result only borrowing £107.7bn for deficit spending. Go GDP! Quote Link to comment Share on other sites More sharing options...
Executive Sadman Posted April 23, 2014 Share Posted April 23, 2014 What does excluding financial interventions mean? I thought that ended years ago...are we in the financial black-ops era? I'll slip you a one trill note on the sly type stuff. Quote Link to comment Share on other sites More sharing options...
zugzwang Posted April 23, 2014 Share Posted April 23, 2014 (edited) What does excluding financial interventions mean? I thought that ended years ago...are we in the financial black-ops era? I'll slip you a one trill note on the sly type stuff. The bailout of RBS and Lloyds has been considered a 'temporary' liquidity provision for accounting purposes. This will change on September 1st when the obligation must be written down as debt under EU law. The other significant omission is interest on the national debt, currently running at c. £50bn/yr. The suggestion that the financial position of the UK has improved in any way since 2010 is preposterous. Edited April 23, 2014 by zugzwang Quote Link to comment Share on other sites More sharing options...
Bloo Loo Posted April 23, 2014 Share Posted April 23, 2014 remind me what we have sold in the last 12 months to bring in temporary cash? Is that true, interest is not included? Quote Link to comment Share on other sites More sharing options...
LC1 Posted April 23, 2014 Share Posted April 23, 2014 http://www.bbc.co.uk/news/business-27125024 Result only borrowing £107.7bn for deficit spending. Go GDP! Should have that pesky deficit spanked in no time at all then. Just don't mention that other 'D' word, apparently now unwritten from official newspeak... Quote Link to comment Share on other sites More sharing options...
Wurzel Of Highbridge Posted April 23, 2014 Share Posted April 23, 2014 The government are raking in lots of stamp duty, thanks to help-to-buy. Quote Link to comment Share on other sites More sharing options...
Kurt Barlow Posted April 23, 2014 Share Posted April 23, 2014 remind me what we have sold in the last 12 months to bring in temporary cash? Is that true, interest is not included? The Royal tour of Australia / NZ is doing wonders for online UK clothes retailers as 12 million women coo everything George / Kate are paraded in a new outfit Quote Link to comment Share on other sites More sharing options...
TheCountOfNowhere Posted April 23, 2014 Share Posted April 23, 2014 http://www.bbc.co.uk/news/business-27125024 Result only borrowing £107.7bn for deficit spending. Go GDP! Nothing to see here...move along. Quote Link to comment Share on other sites More sharing options...
Bloo Loo Posted April 23, 2014 Share Posted April 23, 2014 The Royal tour of Australia / NZ is doing wonders for online UK clothes retailers as 12 million women coo everything George / Kate are paraded in a new outfit ridiculous, but probably true. Quote Link to comment Share on other sites More sharing options...
Sour Mash Posted April 23, 2014 Share Posted April 23, 2014 What about the coupon payments on Gilts held by the BoE being returned to the exchequer (or are the Govt just not even paying it in the first place now...)? I'd bet that the reduction in costs due to having the central bank buy your own debt and effectively dodging paying any interest on it has helped lower the structural deficit by an appreciable percentage .... Quote Link to comment Share on other sites More sharing options...
Ash4781 Posted April 23, 2014 Share Posted April 23, 2014 http://www.bbc.co.uk/news/business-27125024 Result only borrowing £107.7bn for deficit spending. Go GDP! Seems only marginally down on last year. I forget the Obr forecast. I think they originally planned to have the deficit closed by election but now what 2017-18. Then start on the £1tn+ debt? Quote Link to comment Share on other sites More sharing options...
zugzwang Posted April 23, 2014 Share Posted April 23, 2014 Seems only marginally down on last year. I forget the Obr forecast. I think they originally planned to have the deficit closed by election but now what 2017-18. Then start on the £1tn+ debt? Are you serious? There's no way that Osborne or anyone else will balance the books in the next parliament. As soon as the credit impulse from HtB2 wears off the economy will be in trouble again. The briefest flirtation with deflation will be permitted and then the QE program will be vigorously expanded - this time to include MBS purchases and sundry crap the banking crooks haven't yet been able to run off their books. In effect, the UK equivalent of Abenomics (though naturally, that description will not be referred to ever) - an inflationary assault, perhaps combined with a gilt yield peg. Murderous financial repression that's a prelude to hyperinflationary default around 2020. Quote Link to comment Share on other sites More sharing options...
Errol Posted April 23, 2014 Share Posted April 23, 2014 Quite hilarious that the 'target' was £107 billion. Quote Link to comment Share on other sites More sharing options...
AdamoMucci Posted April 23, 2014 Share Posted April 23, 2014 The other significant omission is interest on the national debt, currently running at c. £50bn/yr. Wow. £108bn defecit, £50bn of which is interest. F me. Quote Link to comment Share on other sites More sharing options...
oracle Posted April 23, 2014 Share Posted April 23, 2014 http://www.bbc.co.uk/news/business-27125024 Result only borrowing £107.7bn for deficit spending. Go GDP! still borrowing though. running the country finances should be almost as straightforward as running the household finances. if you have to resort to payday loans and wonga.com to keep the country afloat then you've got a problem. so the people in charge are either: a) incompetent and criminally negligent b)genuinely spendaholic and need their credit cards cutting up c) deliberate malfeasance. d)all of the above. perhaps it's to do with their "a-holic" philosophy that they still think it's ok to invite everybody round to the house for a party, to raid the fridge and the booze cabinet and create a racket, without their being some repercussions from those who actually have to LIVE in the house. (and they ain't happy) time to assert some basic house rules for these "guests" as to what behaviour is acceptable, and what is not. Quote Link to comment Share on other sites More sharing options...
Ash4781 Posted April 23, 2014 Share Posted April 23, 2014 Are you serious? There's no way that Osborne or anyone else will balance the books in the next parliament. As soon as the credit impulse from HtB2 wears off the economy will be in trouble again. The briefest flirtation with deflation will be permitted and then the QE program will be vigorously expanded - this time to include MBS purchases and sundry crap the banking crooks haven't yet been able to run off their books. In effect, the UK equivalent of Abenomics (though naturally, that description will not be referred to ever) - an inflationary assault, perhaps combined with a gilt yield peg. Murderous financial repression that's a prelude to hyperinflationary default around 2020.I mean in the forecast everything is rosy!A comment at the link on the OBR forecast. I suppose the shortfall will all fall on spending cuts Rather than tax rises? I like the plan of setting the forecast high and then undershooting it but barely lower on the year on year. http://www.publicfinance.co.uk/news/2014/04/government-met-2013-14-borrowing-target-ons-figures-show/ Quote Link to comment Share on other sites More sharing options...
ccc Posted April 23, 2014 Share Posted April 23, 2014 Wow. £108bn defecit, £50bn of which is interest. F me. In a two years the interest on the UK debt per year will be roughly the same as our entire infrastructure budget AND entire defence budget combined. Brilliant. Quote Link to comment Share on other sites More sharing options...
interestrateripoff Posted April 23, 2014 Author Share Posted April 23, 2014 In a two years the interest on the UK debt per year will be roughly the same as our entire infrastructure budget AND entire defence budget combined. Brilliant. It's OK tax cuts can pay for it. Quote Link to comment Share on other sites More sharing options...
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