Thursday, Nov 19, 2009

To infinity and beyond

BBC: Rise in public sector borrowing

The UK's public sector net borrowing reached £11.42bn last month, official figures have shown.The figure was the highest for the month of October since records began in 1993 was much higher economists had expected. The ONS said public sector net debt as a percentage of GDP totalled 59.2% in October, also the highest since records began.

Posted by jack c @ 10:17 AM (1541 views)
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1. hpwatcher said...

This is completely out of control...and then yesterday we had Brown making more absurd promises, with absolutely nothing to back them up.

He should do the decent thing.........

Thursday, November 19, 2009 10:30AM Report Comment

2. jack c said...

All very well making a commitment to half the deficit - the problem is that the deficit is now continually running at levels beyond what is anticipated - the markets are going to react adversely to these figures at some point - whether Mr Brown and Mr Darling can stave this off until the next election is (IMO) becoming more and more debatable.

Thursday, November 19, 2009 10:47AM Report Comment

3. Crunchy said...

There must be the mother of all taxations in the future methinks. Makes sense to me.

Thursday, November 19, 2009 10:48AM Report Comment

4. waitingfor hpc said...

this country under labour is out of control and going down the drain! they expect companies to pay tax under the recovery, what recovery??? also companies can offset loses made to future profits earned, so very little tax will be collected for years and years anyway!

Thursday, November 19, 2009 11:10AM Report Comment

5. jack c said...

waitingfor hpc - to expand upon your point corporate tax receipts are down approx 38% for the month and the deficit for the month is twice that forcast - as hpwatcher and yourself say it's all getting out of control and when the markets truly see it that way then we will really find out what our politicians are made of.

Thursday, November 19, 2009 11:19AM Report Comment

6. alan said...

@ Jack C,
For once, I feel I must look away from the scenario you have posted. I don't want to know what the politicians are made of, I think I can guess.....

I sense this site has moved away from just looking at house prices because the overall UK economic climate is so unreal and global economics is a power struggle. House Prices are a (very large) pawn in an electoral game. I think we have moved away from Brown's "economic prudence" into an "anything goes" situation in UK economics. Professors on Sky News were criticising Brown last night for focussing on polling day while the economy suffered - not much more I can add to that.

Thursday, November 19, 2009 12:12PM Report Comment

7. tom101 said...

There really is a power vacuum developing now. Nu Labour or conservatives are just not the ticket out of this and I am really concerned that UKIP and t'others will be filling their space. I think a high proportion of the populace, in particular the elderly will be going for UKIP. Personally, I am of moderate mind, capitalism is great for growth but we have a social responsibility too which is clearly not being excercised by our politicians and influential people who's responsibilities affect a great many people. In short the biggest danger to our security and plans we have for ourselves and our families (plans we all have on this site) is apathy.

Who said we had to stop fighting for our liberties? This is 1938, this time perhaps not a World war in sight, but time is running out!


Thursday, November 19, 2009 01:15PM Report Comment

8. nomad said...

The information that put it into perspective for me was this. In 2014 10% of tax revenue will be required to pay the interest on government debt.

Thursday, November 19, 2009 02:20PM Report Comment

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