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Chancellor Suffers Double Blow As Government Borrows More Than Expected

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http://www.telegraph.co.uk/business/2016/05/24/chancellor-suffers-double-blow-as-government-borrows-more-than-e/

The Chancellor suffered a double blow on Tuesday after official figures showed public borrowing was higher than expected in April, while the previous year's deficit was also larger than first thought.

Public sector net borrowing, excluding public sector banks, stood at £7.2bn in April.
Public sector net debt, excluding public sector banks, now stands at almost £1.6 trillion, or 83.3pc of gross domestic product (GDP).

Maybe he needs to stop talking about Brexit, and actually....work on not making this country utterly bankrupt.

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http://www.telegraph.co.uk/business/2016/05/24/chancellor-suffers-double-blow-as-government-borrows-more-than-e/

Maybe he needs to stop talking about Brexit, and actually....work on not making this country utterly bankrupt.

Yep.

Maybe what we need is a Corbyn government. Foreigners lose confidence, forcing crisis measures as in the '70s.

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Funny that he can't accurately predict borrowing and yet he's so precise in all his economic predictions if we vote Brexit.

Nothing remarkable there, except the way it gets spun.

It's much simpler evaluating a difference (one scenario vs another) than predicting an absolute figure. You're positing an entirely bogus comparison.

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Nothing remarkable there, except the way it gets spun.

It's much simpler evaluating a difference (one scenario vs another) than predicting an absolute figure. You're positing an entirely bogus comparison.

Fair comment. I still hope we vote Brexit so I can see how his predictions of doom and gloom play out. But at the risk of turning the thread into another Brexit/Bremain one, I'll shut up now.

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Cut corporate taxes, miss target, blame poor, cut public spending, rinse, repeat

Samuel Tombs @samueltombs

Bad public borrowing figs continue to entirely reflect weak growth in tax receipts. Corporation tax ↓5%y/y in April

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The debt only getting bigger.....the debt is not being inflated away....income less than outgoings...wages not paying anyway.....productivity grows only as long as the debt grows..... ;)

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Nothing remarkable there, except the way it gets spun.

It's much simpler evaluating a difference (one scenario vs another) than predicting an absolute figure. You're positing an entirely bogus comparison.

In 2010 he predicted surplus in 2015/2016. In 2015/2016, there was a deficit of £76bn.

He's got Carney-itis. These guys can't even predict what the next month will be.

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The debt only getting bigger.....the debt is not being inflated away....income less than outgoings...wages not paying anyway.....productivity grows only as long as the debt grows..... ;)

...and yet, our leaders tell us this is as good as it gets! (Remain).

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Funny that he can't accurately predict borrowing and yet he's so precise in all his economic predictions if we vote Brexit.

We have to put with him and Carney making predictions as far away as 2030....Osborne is a joke chancellor who managed to outspend even Labour - in a time of so-called austerity.

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Osborne has accomplished what Brown could only dream of, simultaneous private sector and public sector debt bubbles and a record current account deficit!

Truly the work of a Ponzi Master!

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Osborne has accomplished what Brown could only dream of, simultaneous private sector and public sector debt bubbles and a record current account deficit!

Truly the work of a Ponzi Master!

Indeed,he hasnt even reversed any of Browns manic spending.There are more people sat in their front gardens enjoying the sun in my street than ever before.Retired at 55 public servants on huge pensions (coppers and teachers),single mothers in houses their partners or relations buy then rent to them for the housing benefit,two of those now,the guy on the sick with his hips putting his mountain bike into the mobility car and off to their caravan in the lakes.When i moved into this street state benefits would of been roughly £55k a year in the street,all pensions and some child benefit,now they are over £200k.In my street.

NI falling as well looking at the figures.Now i wonder why that is?.16/21 hours and tax credits anybody? .Record employment,falling NI says it all.

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Osborne has accomplished what Brown could only dream of, simultaneous private sector and public sector debt bubbles and a record current account deficit!

Truly the work of a Ponzi Master!

Yes well prior to 'it's the mess we inherited' they were screaming 'not enough'.

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So tax avoidance goes on at both the top and the bottom of society.......not in their benefit to work a full week, only worth working up to personal tax allowance or until working extra pays no more only costs more......the middle end up paying for the top, the top they will never reach to and the bottom where they fear to fall to. ;)

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This is the problem, that was seen 20 odd years ago - loads of people people retiring and switching from paying tax to drawing pensions.

Of course that morn Brown planned for it by putting most people under the age 40 on tax credits.

The UK has a massive, unsustainable state, which is only going to get worse, demdnaing more money.

We need to scrap tax credits, kick pension age to 70 esp. for public sector workers.

There's so much work that should had been done ages ago but was put off + ignored.

Chicken roost time.

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Very odd response to the news from the giftless hoons at the Treasury.

"Today's figures show further progress in fixing the record post-war deficit we inherited... blah blah Brexit... "

Inherited??

Surely they mean 'were partly responsible for' ?

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Indeed,he hasnt even reversed any of Browns manic spending.There are more people sat in their front gardens enjoying the sun in my street than ever before.Retired at 55 public servants on huge pensions (coppers and teachers),single mothers in houses their partners or relations buy then rent to them for the housing benefit,two of those now,the guy on the sick with his hips putting his mountain bike into the mobility car and off to their caravan in the lakes.When i moved into this street state benefits would of been roughly £55k a year in the street,all pensions and some child benefit,now they are over £200k.In my street.

NI falling as well looking at the figures.Now i wonder why that is?.16/21 hours and tax credits anybody? .Record employment,falling NI says it all.

Not worth employers offering more than 21 hours a week, as that's when employers' NI kicks in.

(Employers don't have to pay NI on less than £156 a week. Oddly enough, that's almost exactly 21 hours at the National Living Wage.)

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Guest eight

In 2010 he predicted surplus in 2015/2016. In 2015/2016, there was a deficit of £76bn.

He's got Carney-itis. These guys can't even predict what the next month will be.

Lighten up dude. It's only seventy six thousand million pounds.

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This is the problem, that was seen 20 odd years ago - loads of people people retiring and switching from paying tax to drawing pensions.

Of course that morn Brown planned for it by putting most people under the age 40 on tax credits.

The UK has a massive, unsustainable state, which is only going to get worse, demdnaing more money.

We need to scrap tax credits, kick pension age to 70 esp. for public sector workers.

There's so much work that should had been done ages ago but was put off + ignored.

Chicken roost time.

Yep, meanwhile we'll vote Remain and the floodgates will remain open for Eastern Euros to come in and claim their benefits while working on salaries that barely contribute anything back to the treasury. The propaganda machinery has beaten everyone into submission. We now think this is fine, and to not think it's fine is racist.

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Indeed,he hasnt even reversed any of Browns manic spending.There are more people sat in their front gardens enjoying the sun in my street than ever before.Retired at 55 public servants on huge pensions (coppers and teachers),single mothers in houses their partners or relations buy then rent to them for the housing benefit,two of those now,the guy on the sick with his hips putting his mountain bike into the mobility car and off to their caravan in the lakes.When i moved into this street state benefits would of been roughly £55k a year in the street,all pensions and some child benefit,now they are over £200k.In my street.

NI falling as well looking at the figures.Now i wonder why that is?.16/21 hours and tax credits anybody? .Record employment,falling NI says it all.

Its not due to over spending.

Its entirely due to fall in tax receipts.

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Nothing remarkable there, except the way it gets spun.

It's much simpler evaluating a difference (one scenario vs another) than predicting an absolute figure. You're positing an entirely bogus comparison.

How so?

HMT/Remainers have been predicting exact figures like, today; holidays will be £230.00 more for a family.

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This is the problem, that was seen 20 odd years ago - loads of people people retiring and switching from paying tax to drawing pensions.

Of course that morn Brown planned for it by putting most people under the age 40 on tax credits.

The UK has a massive, unsustainable state, which is only going to get worse, demdnaing more money.

We need to scrap tax credits, kick pension age to 70 esp. for public sector workers.

There's so much work that should had been done ages ago but was put off + ignored.

Chicken roost time.

Trouble is you can't create jobs for the sake of giving somebody something to do....dig a hole to fill it in again....not unless you create demand, meaning growing the population with more people with more needs.......very much of the work that is done in society no money ever passes hands, caring work, voluntary work, cleaning work, DIY etc,etc.....so send mothers out to work so that another mother gets paid to care for someone else's children......put all old people in care homes instead of caring for your own elderly.....paying for a cleaner, paying for a gardener, a painter etc........what about all the automation that helps remove, do away with unnecessary jobs?....so it goes on. We should be working less not more. ;)

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Its not due to over spending.

Its entirely due to fall in tax receipts.

Don't know if you're being sarcastic, but if you are not being sarcastic, why must it be over-spending OR a fall in tax receipts? It's both.

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