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pipllman

Uk Public Finances, £1,500.2 Billion Debt

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The ONS pronouncements today

http://www.ons.gov.uk/ons/rel/psa/public-sector-finances/may-2015/stb-psf-may-2015.html

Highlights of which include

  • In May 2015, PSNB ex was £10.1 billion (0.5% of GDP); a decrease of £2.2 billion compared with May 2014.
  • At the end of May 2015, public sector net debt excluding public sector banks (PSND ex) was £1,500.2 billion (80.8% of GDP); an increase of £83.2 billion compared with May 2014.

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Around 9.5 months output

hardly onerous.

good news is Osborne can ease up on "austerity"

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He can't cut. Just has to give the appearance he can. He went balls deep for cuts 2010-2013 and flatlined the post 2008 recovery which was just starting.

He then realised (or was told) a housing boom/borrowing binge would be far better.

There will be no one to blame if he flatlines the economy again.

Maybe he'll blame Greece this time. Or Labour again. Or immigrants. Or the dog next door.

Anyone else other than Osborne as he can't accept he's only good for folding towels and flipping houses.

Edited by Assume The Opposite

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He can't cut. Just has to give the appearance he can. He went balls deep for cuts 2010-2013 and flatlined the post 2008 recovery which was just starting.

He then realised (or was told) a housing boom/borrowing binge would be far better.

There will be no one to blame if he flatlines the economy again.

Maybe he'll blame Greece this time. Or Labour again. Or immigrants. Or the dog next door.

Anyone else other than Osborne as he can't accept he's only good for folding towels and flipping houses.

Still think you have got to look at relatives rather than absolutes. At the end of the day we borrowed big, unlike the Eurozone, and we have wound up with the biggest aggregate GDP growth 2010-2015.

If your measure of success is how fast we have grown, number one isn't bad.

My worry is not the slow rate of growth, but the rapid rise of debt. The fact we managed top spot in Europe doesn't make me think we borrowed too little.

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Still think you have got to look at relatives rather than absolutes. At the end of the day we borrowed big, unlike the Eurozone, and we have wound up with the biggest aggregate GDP growth 2010-2015.

Well, we've doubled the debt total and added circa 2 million to the population in those 5 years.

Not sure how much energy usage goes to GDP (if it all, but I bet it does), but....build up the population, increase utility costs and that's going to add to GDP - as will generally having to clothe, feed and house those extra people.

Not what I'd call a sustainable strategy.

Edited by canbuywontbuy

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It makes me ROFL when Osbourne claims Labour tax and spend when he personally raised VAT which affects the most poorest in society and borrowed £600bn to make the economy okay.

His best option would of been to do nothing and not prop up the banks or the housing market.

GDP is also meaningless, especially as it now includes crude estimates of drugs and prostitution. Probably an inside joke aimed at the Chancellor himself.

The public borrowing leading up the 2008 crisis was nothing eyewatering. Post WW2 the debt was at 250%. By Osbourne's standards that would of meant cutting public sector workers legs off to tackle the big bad deficit. Austerity is just an excuse to further enrich the rentiers and parasites in the City. The graph below is just one piece of the vast evidence which shows it's completely unnecessary.

Screen%20Shot%202015-06-19%20at%2013.35.

Having the Labour vs Tory gives you the impression of choice.

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