Saturday, July 19, 2008

Darling to cut spending, but still increase borrowing!

Taxpayer can bear no more, admits Alistair Darling

Taxpayers are at the limit of what they are willing to pay to fund public services says Darling. Darling warned that the downturn was far more profound than he had thought and could last for years rather than months. He told Cabinet ministers this week that there would be no more money for schools, hospitals, defence, transport or policing. Tax receipts are falling but unemployment costs are on the up! He confirmed that the Treasury was revising its rules to allow more borrowing. His disclosure came as 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. He said Britain could still be suffering by the next election, expected in 2010.

Posted by who stole my pension? @ 07:21 AM (920 views)
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9 thoughts on “Darling to cut spending, but still increase borrowing!

  • Correct – taxpayers are a bit miffed off right now but surely increased borrowing will add to inflation, increase pressure on the pound and so might as well be just the same as a tax increase anyway.

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  • it_is_going_with_a_bang says:

    Yes we will be suffering until the next election. Suffering Gordon Brown. Hopefully the election will at the very least remove his ugly face from the scene.
    Opening up a paper and seeing his face is like looking into a mirror and seeing a huge zit on the end of your nose.

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  • Yes it’s all very well Mervyn King warning us not to ask for higher wages, but doesn’t

    a) printing more money (increasing the money supply) and
    b) increasing the borrowing requirement

    do exactly the same??

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  • Darling:- “…Taxpayers are at the limit of what they are willing to pay to fund public services … ”

    “willing” ? is he kidding ? …. and what ‘public services’ ?

    Is that the best excuse he can find to explain the dire mess this country is in ?! Maybe hes softening us up for worse headlines to come.

    The cabinet is more like a collection of halfbaked idealists who turn up for a cup of lentil tea whilst leaving their kids in the No.11 creche for numeracy, and promptly debate how to take knife weilding idiots to meet the victims they stabbed earlier in the day. These kids fear nothing, and are a by product of the great school system this govt (in the loosest sense of the word) have built.

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  • last_days_of_disco says:

    Saying, we can’t increase taxes, but don’t worry, we will give the next government a headache by increasing borrowing “wink wink” is
    a despicable action. Surely its just a spineless unrepresentative thing to do which is worse than raising taxes. At least if he raised taxes we have the choice of saying we will do without these great government “services” — big joke — and actually cut back on the Government jobs for the boys mentality.

    This so called government is currently plumbing the depths of unrepresentative corruption.

    Its all coming home to roost now, housing prices are going to fall by 20% in one year, forget two years.

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  • Cunning words Darling !

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  • we have learnded sweet [email protected] adams from the adam smith inst. or have we?

    UK celebrates tax freedom dayThinktank says we are working five months for Gordon Brown
    Ashley Seager The Guardian, Tuesday May 31, 2005 Article historyToday is the day when Britons can celebrate the end of working to pay their taxes for this year and start working for themselves, according to a thinktank.
    Tax Freedom Day 2008 falls on 2 June.

    This means that for 155 days of the year, every penny earned by the average UK resident was taken to support government expenditures.

    http://www.adamsmith.org/tax-freedom-day/

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  • could it be the old economic stress test

    pushing us to the limits and then backing off?

    gosh, we, collectively, are so unaware!

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  • Most amusing bit; ‘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.’

    If Badger listens to and likes Leonard Cohen we are all doomed.

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