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Gordon Is In Trouble As His Spending Goes Out Of Control

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http://www.telegraph.co.uk/money/main.jhtm.../21/ixcity.html

Borrowing hike hits Brown's reputation

By Edmund Conway, Economics Editor

(Filed: 21/07/2006)

Gordon Brown's reputation for financial prudence has been dealt another blow after official figures showed he has plunged further into the red, and a swathe of revisions to the past 50 years of public accounts threatened to leave him on a collision course with his borrowing rules.
The Government borrowed some £7.3bn last month - the most for any June in history, according to the Office for National Statistics. It means that, with three months of the new financial year gone, Mr Brown is already far further in debt than he predicted at the Budget. The budget deficit was £6.4bn in June, compared with £4.7bn last year....../
Mr Brown pledged in the Budget to cut back on his borrowing this year, but Christine Frayne of the Institute of Fiscal Studies said: "Today's figures show that the current budget deficit has to date increased by almost a third since last year rather than shrinking by half as the Treasury hoped at Budget time.
"This reflects both weak revenues and rapid spending growth, although it is far too early to tell if these trends will persist over the rest of the year."
She added that thanks to a series of revisions to the data, running back to 1946, the Chancellor had up to £13bn more leeway in meeting his "golden rule" - that he should only borrow to invest over the course of an economic cycle.
However, in an acutely embarrassing twist of fate, the statistical changes suggest the economy is behaving in a slightly different way than previously thought. It means the Treasury may have to overturn its recent decision to change the dating of the economic cycle.

Moving the goalposts was not such a good idea after all. Once you begin twisting and manipulating data you have to keep on doing so to cover up what you have just covered up. What an ugly mess.

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I have this mental picutre of Gordon - backpeddling his economic biCycle, one big boulder in the road and he'll be thrown off.

What he has done to the future of this country for his own personal ambition is disgusting.

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My mental picture is of Gordon Brown shouting through the letter box of No 10.

"For ***** sake Tony give me the job now! Monday could be too late! [pause] I know you are in there so answer the ******* door. [pause] Tony! resign today you selfish w***** [pause] See you Jimmy!"

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My mental picture is of Gordon Brown shouting through the letter box of No 10.

"For ***** sake Tony give me the job now! Monday could be too late! [pause] I know you are in there so answer the ******* door. [pause] Tony! resign today you selfish w***** [pause] See you Jimmy!"

And a voice from behind the door saying "F*ck off you Scots b@stard, I'll 'See you' in hell before you get in here."

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And a voice from behind the door saying "F*ck off you Scots b@stard, I'll 'See you' in hell before you get in here."

<pedant> Mr Blair is Scottish too </pedant>

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"However, in an acutely embarrassing twist of fate, the statistical changes suggest the economy is behaving in a slightly different way than previously thought. It means the Treasury may have to overturn its recent decision to change the dating of the economic cycle."

IMO he'll just move it again - he's got no respect for the public or the city - it was clear he didn't care what anybody thought about his credibility last time he did this...

Edited by dnd

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<pedant> Mr Blair is Scottish too </pedant>

"Oh what tangled webs we weave when first we practice to decieve"

(correctley attributed to Walter Scott, not Shakespeare)

Edited by jonewer

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It is beginning to sound like a Scottish conspiracy of some kind now :ph34r:

No sh*t sherlock!

Why do you think the Scots get around £2,000 per capita more in state benefits than the English?

Tuition fees in England and Wales but not in Scotland?

England jumped into bed with a flithy northern whore and caught the clap. Time to sever the strings with the irritating little bastards.

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No sh*t sherlock!

Why do you think the Scots get around £2,000 per capita more in state benefits than the English?

Tuition fees in England and Wales but not in Scotland?

England jumped into bed with a flithy northern whore and caught the clap. Time to sever the strings with the irritating little bastards.

Controversial but amusing.

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  • 301 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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