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Uk Government Borrowing Falls In May To Only £10.13Bn

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http://www.bbc.co.uk/news/business-33197650

A rise in income tax and VAT receipts helped to cut UK government borrowing in May, official figures have shown.UK government borrowing fell to £10.13bn in May, the Office for National Statistics (ONS) said, down from £12.35bn a year earlier.It was the lowest borrowing figure in May for eight years.Public sector net debt excluding public sector banks now stands at £1.5 trillion, the ONS said, which is 80.8% of gross domestic product (GDP)."While the deficit in the financial year ending 2015 has fallen by more than a third since its peak in the financial year ending 2010, public sector net debt has maintained a gradual upward trend," the ONS said in a statement.
I'm sure we can all agree this is fantastic news, only £10bn borrowed to add to the national debt.

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No mention of the private debt which caused the financial crisis at over 200% of GDP, BBC?

No mention of the £600bn added to the national debt, BBC?
No mention of the Current Account deficit at 5-6% of GDP, BBC?

On the bright side another £10bn won't hurt.. Lets celebrate and have some narcotics and girls while adding to the GDP!

Cheers Osborne!

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We spend £1 billion pounds more than we can afford every 3 days.

It's this simple fact that should be on every news bulletin. It's not of course.

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End austerity now!

why? it's just being spent wrong..

adage of the day:

give a man a fish, and he'll feed his family for a day

teach a man to catch a fish, and he'll feed his family for life.

would you agree that the socialism/benefit's culture is just doing the "give a man a fish"????

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why? it's just being spent wrong..

adage of the day:

give a man a fish, and he'll feed his family for a day

teach a man to catch a fish, and he'll feed his family for life.

would you agree that the socialism/benefit's culture is just doing the "give a man a fish"????

Teach a man to fish, and he'll still vote for the guy who gave him a fish!

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We spend £1 billion pounds more than we can afford every 3 days.

It's this simple fact that should be on every news bulletin. It's not of course.

Why cant we "afford" it?

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£2bn less than in May 2014

R K asks why can't we afford it?

We can, for now. Pretty easily in fact. The issue is if the money is being spent wisely or not. If it is being wasted and all that it is doing is building up debt that could become more expensive to service, it might leave us in a situation where we need to spend money on something and have a hard time finding it.

Basic financial sense tells us that you can't spend more than you make forever. In the case of a country with its own currency, a good track record of paying interest and debt capital on time and with a growing workforce and growing economy, you can spend more than you have coming in for a long, long time. But sod's law says the day you get towards the upper end of your ability to spend is the day you need to find a chunk for something unexpected.

It doesn't, imo, do any harm, when the national debt has doubled in the last 7 years or so, to take a pause, even if just to check that you can rein it in at will.

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Why cant we "afford" it?

Because our aggregate debts are already >500% of GDP, excluding the off-sheet stuff, and increasing at ~7% per annum.

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Why cant we "afford" it?

Because we can't. Nothing much else needs to be said.

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Why cant we "afford" it?

Because we can't. Nothing much else needs to be said.

Maybe RK was referring to the deeper systemic issues:

The myth of trickle down economics being a proven failure.

An unbalanced UK economy being too focused on financial services and producing too little for export.

Fudged GDP, inflation figures and outdated economic modelling. Debt money system requiring QE, FLS, ZIRP...

Socialising the losses due to the collapse of the financial institutions (plus all the props).

Global corporate Tax avoidance/evasion allowed by the captured policy legislators, maintaining UK tax havens.

Resulting in the failure to tax the top 1% fairly in a progressive tax system.

Financial fraud on a grand scale in the City without any real legal consequences.

The impact of unregulated globalisation (promoted immigration) and process automation driving down wages/conditions and reducing the tax take.

I'm sure I missed a few more in my rushed reply. Continue...

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When the bond market goes tits up and we are forced to bail out the to big to fail profligate yet again there'll be plenty of 'money' found.

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