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laurejon

Brown Orders Darling To Wipe 100bn Of Public Debt Off The Books

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Gordon Brown has ordered Darling to wipe the 100bn of public debt from the books.

The Chancellor came under fire yesterday over plans to exclude Northern Rock from the public finance figures in his first Budget next week.

Alistair Darling plans to exclude the bank’s estimated £100 billion liabilities from the headline figures, both next week and in future. Instead, the figures will be treated as a special item.

Adding the bank’s liabilities to the net debt figure would break the Government’s own sustainable investment rule that debt should not exceed 40 per cent of gross domestic product. Including Northern Rock would push that to between 43 and 45 per cent.

The Chancellor will use the latest Office for National Statistics (ONS) borrowing figures in his Budget on Wednesday, as usual. These were compiled before the bank’s nationalisation and do not refer to those liabilities.

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i do hope the opposition don't let him get away with this.....

its lke the banks. eveything is good here... increase dividend, profits up....

bu11sh1t !

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The ONS must be pissed off, they forced it through against his wishes.

7th February 2008

12.2 Any Government guarantees in relation to Northern Rock plc’s borrowing and

depositors are classified as contingent liabilities for the purposes of National Accounts

and Public Sector Finances

14.7 The impact of Northern Rock plc’s reclassification on Public Sector Current Budget

has not been quantified but should be minimal.

14.8 With the exception of the relevant transactions referred to in Section 13, the

Government Deficit and Debt statistics required for European Union purposes will not

be affected by this decision.

I suppose we have the EU Treaty referendum vote today, for some reason I think

they were using this as a bargaining chip or maybe a threat against rebel MPs and Lib

Dems, althought maybe not.

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Hang on, wasn't this one of the key factors in the decision to nationalise it? i.e. the guarantee would have to be brought onto the books in the Branson or Management bids so they decided to fully nationalise it anyway?

[edit: spelling, only one "d" in would, but there is a sea in Chesterfield]

Edited by Paddles

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http://business.timesonline.co.uk/tol/busi...icle3486125.ece

The TimesMarch 5, 2008
Chancellor Alistair Darling condemned over Northern Rock Budget planGrainne Gilmore, Philip Webster and Christine Seib
The Chancellor came under fire yesterday over plans to exclude Northern Rock from the public finance figures in his first Budget next week.
Alistair Darling plans to exclude the bank’s estimated £100 billion liabilities from the headline figures, both next week and in future. Instead, the figures will be treated as a special item.
Adding the bank’s liabilities to the net debt figure would break the Government’s own sustainable investment rule that debt should not exceed 40 per cent of gross domestic product. Including Northern Rock would push that to between 43 and 45 per cent..../

Subprime Minister Brown and his poodle, U-turn Ali, are just 2 among a slew of crooks who have been cooking books and fiddling for years.

Another time, another Britain and they would have been consigned to the dustbin of economic history years ago.

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Another time, another Britain and they would have been consigned to the dustbin of economic history years ago.

This is stunning ---- Dishonesty & Fraud now a way of life - It starts from the Sub-Prime Minister downwards to the lowliest employee in a council office....

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I thought the delay was due to them working out what they need to put onto the books: ft.com

The ONS also said it would delay adding Northern Rock to public sector net debt until next month at the earliest. Officials indicated they wanted to get the sums right first, but said guidance that about £90bn of debt would be added to the books was still broadly correct.

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I thought the delay was due to them working out what they need to put onto the books: ft.com

The ONS also said it would delay adding Northern Rock to public sector net debt until next month at the earliest. Officials indicated they wanted to get the sums right first, but said guidance that about £90bn of debt would be added to the books was still broadly correct.

nasty niff in the air?! :unsure: :angry:

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  • 294 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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