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According To Darling

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Taxpayers are at the limit of what they are willing to pay to fund public services, the Chancellor has said in an interview with The Times.

In his gloomiest assessment yet of the state of the British economy, Alistair Darling gave warning that the downturn was far more profound than he had thought and could last for years rather than months.

He revealed that he told Cabinet ministers this week that there would be no more money for schools, hospitals, defence, transport or policing.

He confirmed that the Treasury was considering revising its fiscal rules to allow more borrowing to deal with the economic problems. He said that he did not believe that voters, already struggling with higher food and fuel bills, would be willing to pay more tax.

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“People will pay their fair share but you can’t push that,” he said. “My judgment at the moment is that there are a lot of people in this country who feel they work hard, they make their contribution and they’re feeling squeezed. Every Chancellor has to be very conscious of the fact that there’s a balance to be struck between how much you can spend and how much people will say, ‘OK, if you’ve got another pound to spend remember me as well’.”

His disclosure came as latest figures showed that public borrowing rose by £9.2 billion last month, well above City forecasts of £7 billion and the highest for June since 1993, when monthly records began. Borrowing of £24.4 billion between April and June was a postwar quarterly record.

Jonathan Loynes, chief European economist at Capital Economics, predicted that public borrowing would reach £57 billion this year, £15 billion higher than the Budget forecast.

Mr Darling said of this week’s Cabinet meeting: “I’ve been very clear with my colleagues that there is no point them writing in saying, ‘Can we have some more money?’ because the reply is already on its way and it’s a very short reply. I told them at the last meeting of Cabinet they’ve got to manage within the money they’ve got.”

The Chancellor also disclosed that to cheer himself up this week he went to a concert given by his musical hero, Leonard Cohen, whose songs are regarded as hauntingly depressing even by fans.

Laying bare for the first time the Government’s assessment of the scale of the downturn, he said that Britain could still be suffering by the next election, expected in 2010.

“At Christmas most people remained hopeful there would be an improvement by the autumn,” he said. “Most people would now say it’s far more profound. It’s affecting every economy and everybody. I can’t say how long it will last.”

He has already downgraded his growth forecasts twice, but he cautioned yesterday that the true picture was “at the bottom end of my range” set out in the last Budget.

Its going to be bad, really bad, if Darling is frankly admitting this... its almost like, we have spent all the money, thats it...

ITS GOING TO BE F*CKING HUGE.... :(

Linky

Edited by mbga9pgf

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The good news is that if you're a banker you have nothing to worry about, there's aways money to help you out apparantly. After all, what good is a chancellor or PM if ithey can't protect the wealth of their future employers?- those well paid bank jobs don't grow on trees, they have to be earned ( preferably with taxpayers money.)

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The Chancellor also disclosed that to cheer himself up this week he went to a concert given by his musical hero, Leonard Cohen,

:lol::lol::lol::lol:

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He revealed that he told Cabinet ministers this week that there would be no more money for schools, hospitals, defence, transport or policing.

And then, off camera "but there'll be plenty in the trough for us, oink oink!!"

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Its going to be bad, really bad, if Darling is frankly admitting this... its almost like, we have spent all the money, thats it...

ITS GOING TO BE F*CKING HUGE.... :(

Linky

Someone should give Darling a book to read over the weekend.

The one I have in mind is The Bumper Book Of Government Waste.

It'd be a start.

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An amazing achievement from this government. Nominal tax take is at an all time high, and yet our public services and infrastructure are 3rd rate and the treasury hasn't got a pot to piss in. Factor in all the off balance sheet PFI fiddles and we really are screwed.

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Taxpayers are at the limit of what they are willing to pay to fund public services, the Chancellor has said in an interview with The Times.

He got that right, at least.

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Well, it makes a change from "sound fundamentals", "well placed to weather the storm", etc. etc. blah blah blah.

We've all paid plenty of tax (well, OK not all of us, but much tax has been paid), and Brown p1ssed it all away in the boom.

If he'd kept some of it, maybe we'd not be in this fix.

The sound of a man exiting his job?

I wonder if it's a sign he'll actually grow some balls, stop mumbling and looking confused, and actually do something.

I don't know.

Oh nooooooooo ! Leonard Cohen!

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The Chancellor also disclosed that to cheer himself up this week he went to a concert given by his musical hero, Leonard Cohen, whose songs are regarded as hauntingly depressing even by fans.

Injin, that is so not funny.

Oh all right!

:lol::lol::lol::lol::lol:

We're doomed!

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Well, it makes a change from "sound fundamentals", "well placed to weather the storm", etc. etc. blah blah blah.

We've all paid plenty of tax (well, OK not all of us, but much tax has been paid), and Brown p1ssed it all away in the boom.

If he'd kept some of it, maybe we'd not be in this fix.

The sound of a man exiting his job?

I wonder if it's a sign he'll actually grow some balls, stop mumbling and looking confused, and actually do something.

I don't know.

Oh nooooooooo ! Leonard Cohen!

strong economic fundamentals, depends on what your looking at, one of the fundamental points in economic growth is credit, that has almost gone since 2007, banks needing help yer right strong fundamentals.

http://www.housepricecrash.co.uk/forum/ind...ic=82483&hl=

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Good grief. He should be sodding reducing spending, not weak promises to give no more. And also, AD - Shift those billions spent on truancy programmes into national service / hard labour schemes etc. - anything to try and equip the nation's yoof to acquire skills that will see us through a long term weakening of the economy.

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What he means is that they can't raise taxes before the next election. If they get in again well thy can ramp them up.

Tax and spend

squeal piggy!

Edited by Ash4781

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Well **** me backwards, and there was me thinking that we were the best placed economy to weather the economic tsunami :lol:

gordon & co obviously saw the water recede and all the extra sandy beach,so decided to go and play in it.They failed to observe the 50 foot wall of water hurtling towards them from afar.

Tsunami is a very accurate analogy.The people that survived the 2004 boxing day tsunami were the ones who were "in tune with nature"......the warning being,when the water goes back.....run like hell and climb up a very high tree.

So it's nice to see that us lot were heeding this.

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He revealed that he told Cabinet ministers this week that there would be no more money for schools, hospitals, defence, transport or policing.

And then, off camera "but there'll be plenty in the trough for us, oink oink!!"

All the soon to be borrowed money will be spent on people who are about to lose their jobs.

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The Chancellor also disclosed that to cheer himself up this week he went to a concert given by his musical hero, Leonard Cohen, whose songs are regarded as hauntingly depressing even by fans.

I think that's the only opinion I have in common with the Chancellor then. Great concert on Thursday, souless venue though. As Lenny said about the place; "here we are on just the other side of intimacy".

Here's another Leonard line which seems to sum up the whole Brown "prudence" experiment/disaster;

"You hate to see another tired man lay down his hand like he was giving up the holy game of poker".

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I think that's the only opinion I have in common with the Chancellor then. Great concert on Thursday, souless venue though. As Lenny said about the place; "here we are on just the other side of intimacy".

Here's another Leonard line which seems to sum up the whole Brown "prudence" experiment/disaster;

Great tune, great voice:

http://www.youtube.com/watch?v=AX6cZ7k8r3w...feature=related

Linked failed, substitute. ;)

Edited by winkie

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Yet you will note that he did not rule out further tax increases.

Even with tax at the curent rates a revolution is brewing and thats without the recession kicking in much so the goverment will risk all by trying to put more on the publics head so it's going to be a case of borrowing more, cutting spending or both.

Longer term they are no better than all them stupid people that kept MEWing

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Great tune, great voice:

The same Leonard Cohen who had to go out on tour to pay a huge tax bill after having a large amount of income nicked by his ex-wife/manager? Purfick.

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The same Leonard Cohen who had to go out on tour to pay a huge tax bill after having a large amount of income nicked by his ex-wife/manager? Purfick.

That's the fellah. Apparently, he came out of the Buddhist monastery where he'd spent a couple of years meditating to discover his agent had left an IOU note in his pension fund. "news like that can take the shine off your day, somewhat" was the quoted reaction I read recently.

Still, his loss is our gain; I'd not expected him to tour again at his age. Thanks Mr. Fraudulent Agent!

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  • 399 Brexit, House prices and Summer 2020

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      • down 5% +
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      • Even
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      • up 5%



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