Tuesday, Jun 20, 2006

Gordon Brown's miracle economy plunges deeper into the red

FT: Public borrowing goes deeper into the red

In his March budget the chancellor predicted lower public borrowing but since then accounts have plunged deeper into the red. Jonathan Loynes of Capital Economics said the data did not support the view that public finances were on an improving trend. Loynes said, "We still think further significant tax increases will ultimately be required to put the public finances back on a sustainable footing.

Posted by denzil @ 12:59 PM (552 views)
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6 Comments

1. tyrellcorporation said...

When the tax rises and spending cuts arrive (as they inevitably will), I wonder what's going to get the chop?

Front-line NHS staff or the hordes or non-job middle managers.
Road maintenance budgets or Diversity Agenda Councillors.
Mental Health Hospices or Asylum Seeker Advice Centres.

New Labour has managed to politicise the public sector like never before. Out go the mundane, unglamorous but essential roles of civil servants, which in my view is to faciltate the smooth running of a civilised society, and in comes social and political engineering on an Orwelian scale... all paid for by us!!!

The New Labour 'miracle' is unwinding before our eyes!

Tuesday, June 20, 2006 03:37PM Report Comment
 

2. Rimmer said...

Tyrell

I Couldnt agree more, anything can be accomplished if you borrow enough money, its just a shame it has to be paid back and was wasted on buying votes.

Probably hoping they can get out quick and take cover under a tory goverment somewhen soon!

Tuesday, June 20, 2006 06:24PM Report Comment
 

3. Btloptingout said...

Well said tyrellcorporation, you couldn't have summarised it more succinctly or more accurately.

In time the public perception of this '97-'07 Labour era will be viewed with nothing but disdain.....unfortunately it may be a couple of year before reality hits.

Tuesday, June 20, 2006 07:34PM Report Comment
 

4. uncle tom said...

The detail to note is that the increase in the deficit was mainly on the back of increased spending rather than less tax revenues.

Brown has tightened the belt a notch and people are squealing - but it's clearly nothing like enough.

If he ever gets into No.10, the new boy next door will have one hell of a poisoned chalice!

Tuesday, June 20, 2006 08:00PM Report Comment
 

5. Thisgent said...

Uncle Tom,

Poisoned Chalice? New Chancellor? Assuming that Gordon is actually willing to let go of the Treasury after he becomes Prime Minister! He is arrogant enough to think he knows best when it comes to finance, so he'll try to control both the economy and the top job at the same time. Then we will have a real dictatorship on our hands...

Tuesday, June 20, 2006 10:05PM Report Comment
 

6. tyrellcorporation said...

Nightmare scenario for Brown today. Racist attacks on guys wearing England shirts in Scotland. I think the rise in English nationalism will scupper Brown at the next GE. The irony being it was his own people wot dunnit...

Wednesday, June 21, 2006 02:50PM Report Comment
 

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