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Oliver Sutton

Public Sector Net Borrowing Worse Than Expected

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http://www.bloomberg.com/news/articles/2015-09-22/u-k-has-highest-august-budget-deficit-since-2012-as-tax-falls

Britain had the highest August budget deficit for three years as the tax take from individuals and companies dropped.
Spending exceeded revenue by 12.1 billion pounds ($1.5 billion) compared with a deficit of 10.7 billion pounds a year earlier, the Office for National Statistics said in London on Tuesday. Economists in a Bloomberg survey had forecast a 9.2 billion-pound shortfall. Government income fell 0.6 percent and spending climbed 1.6 percent.

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How long can they keep up the pretence of austerity under our ridiculous debt based monetary system. We can't be far away from some sort of currency crisis.

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Obviously not investing enough in welfare benefits, all this damn austerity. We could all rest easy if we had a Corbyn Government propped up by Woods and Sturgeon. Spen, spend, spend and all our problems would be over.

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twelve billion pounds deficit in one month

after 5 years of an austerity government

what would it be like if they were on a spending spree?

Yes, hilarious isn't it?

And apparently we are 'enjoying' a recovery and good growth.

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Where's this money being spent? It certainly isn't being spent on public services.

We simply can't afford to prop up banks and/or their junk debts.

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Where's this money being spent? It certainly isn't being spent on public services.

We simply can't afford to prop up banks and/or their junk debts.

PAying for the public sector and the bankers.

All they are doing is rewarding themselves now and asking US to pay for it in the future.

It's doomked to failure and WILL leave a massive black hole.

Austerity is inevitable.

I keep saying it, but getting out now looks like the smary move.

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http://www.housepricecrash.co.uk/forum/index.php?/topic/205697-uk-government-borrowing-falls-in-june-on-record-tax-haul/

Uk Government Borrowing Falls In June On Record Tax Haul

UK government borrowing fell to £9.4bn in June, down £0.8bn from a year earlier, as income and corporation tax receipts rose to record levels, official figures show.

And it was this headline in July.

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Didn't take the Tories long to throw their pre-election deficit reduction timetable overboard, did it? All of three months. :lol:

Business as usual then.

spend2.jpg

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http://www.bbc.co.uk/news/business-34014803

The UK government spent less last month than it received in taxes and other forms of income, official figures have shown.

Government borrowing was in surplus by £1.3bn in July, the Office for National Statistics (ONS) said.

That was the first July surplus since 2012, thanks largely to higher amounts of income tax receipts.

The government received £59.1bn in income in July 2015, which is about 4% higher than last year's figure.

That's the surplus gone then from last month.

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Tax take dropping....Oh dear.

But but but....dont we havce record low unemployment.

This is the problem with having housing costs so high.

Record low unemployment... and how many of those technically in employment are working low hours (by choice or otherwise), are getting low wages or are self-employed and making naff-all income.

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Record low unemployment... and how many of those technically in employment are working low hours (by choice or otherwise), are getting low wages or are self-employed and making naff-all income.

One other factor...I just cant be bothered lining the pockets of the 1%ers any more so I work less. I pay less tax. I am voting with my work ethic.

How many others are fed up effectively working for nowt ?

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On the same day that Addenbrookes hospital in Cambridge has gone into special measures, not because of problems with care (500k operations a year with some of the best outcomes in the world) but because they can't afford sufficient staff. The cost of a non-subsidised flat is around £600 a month per bedroom + bills.

Once again the problem is high house prices leaving little room for other spending.

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On the same day that Addenbrookes hospital in Cambridge has gone into special measures, not because of problems with care (500k operations a year with some of the best outcomes in the world) but because they can't afford sufficient staff. The cost of a non-subsidised flat is around £600 a month per bedroom + bills.

Once again the problem is high house prices leaving little room for other spending.

I read somewhere that they have a budget definic of 60M a year...no mention of how much debt.

The NHS are clearly paying themselves and their suppliers too much, with money they are borrowing.

Real austerity has not yet started....but cant be far off.

The easiest solution is less population....maybe a war will be started·

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Where's this money being spent? It certainly isn't being spent on public services.

We simply can't afford to prop up banks and/or their junk debts.

£23.00 an hour for supervising a team of 3 dishing out HB doesn't sound too austere to me...

http://www.indeed.co.uk/viewjob?jk=90dfc92cbe733571&l=Anglesey&tk=19vi30j7707753kj&from=ja&alid=7f80b6ccd81bf274&utm_source=jobseeker_emails&utm_medium=email&utm_campaign=job_alerts

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.....that is what happens when costs, waste and the salary pot increases. ;)

This is what happens when those in charge help themsleves to 60-70% if peoples income and spend it on themselves, their friends and their pet projects.

I've said for a long time, the UK taxation and UK public sector are a massive problem.

No one talks about it.

All we get is free loading VI saying they need more and more to support their current expenditure ( i.e their wages ).

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the credibility of successive governments that preach austerity whilst presiding over an increasing deficit and debt gets called into question doesn't it?

how low can the credibility go?

what happens if it gets so that the majority don't believe it anymore?

That the government needs low interest rates is without question now

I think some of the forecasts for debt interest and GDP look a touch optimistic otherwise

http://www.parliament.uk/briefing-papers/sn05745.pdf

14/15 = £45.2bn / 2.5% GDP

15/16 = 46.7bn / 2.5%

16/17 = 51.1bn / 2.6%

17/18 = 55.9bn / 2.8%

18/19 = 57.2bn / 2.7%

19/20 = 58.5bn / 2.6%

20/21 = 58.6bn / 2.5%

So, in a nutshell, the government is forecasting to be paying nearly £12bn a year more in interest in 18/19 then it is this year - nearly a £1bn a month more!

Edited by pipllman

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Where's this money being spent? It certainly isn't being spent on public services.

£1.2Bn a week on interest repayments on the £1.5Tn debt - so there's £5Bn down the swanny every month on interest repayments alone.

So, in a nutshell, the government is forecasting to be paying nearly £12bn a year more in interest in 18/19 then it is this year - nearly a £1bn a month more!

According to Osborne's 2010 forecast, we were meant to be in a yearly surplus by 2015/16!

Edited by canbuywontbuy

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