Tuesday, January 24, 2012

“extra borrowing has taken total government net debt above £1tn for the first time”

Government borrowing falls to £13.7bn in December

Government borrowing in December fell for the fourth month in a row. Official figures show a drop of £2.2bn from a year earlier to £13.7bn, which was a bigger fall than expected. The extra borrowing has taken total government net debt above £1tn for the first time, against £883bn a year ago.

Posted by jack c @ 11:12 AM (2197 views)
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22 thoughts on ““extra borrowing has taken total government net debt above £1tn for the first time”

  • So the rate of increase has fallen and the debt has gone up from 883bn to 1.004tn.

    Some austerity eh?

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  • This is mad. But not surprising. The financial industry is needs subsidies, eh? (liquidity and all that stuff)

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  • mark wadsworth says:

    DoublePlusGood – the rate of increase has fallen! Chocolate rations now up from 25 to 20 grams!

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  • I think that if you look at actual public figures…there are no cuts at all……spending will increase each year to 2015

    the ‘cuts’ are cuts into spending INCREASES…

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  • Does NOT include bank bailouts either…..

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  • Does NOT include bank bailouts either…. more QE when the current fund runs out next month 14 x5 months = 70 billion covers Oct2011-Feb 2012.

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  • sibley's b'stard child says:

    Cue the rubber-faced simian Milliband: “They’re cutting too hard, and too fast…”

    Jolly good MW, a little birdie tells me that Victory Gin rations have now been increased from one litre to a whole pint.

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  • mark wadsworth says:

    SBC, and tomorrow they’ll increase it yet again from a pint to half a litre. DoublePlusSplendid.

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  • has anyone seen or heard of this

    http://solarstormwarning.com/

    If the earth in fact gets a direct hit by a solar storm producing x-class solar flares, (Coronal Mass Ejection or CME) …it can cripple the world in more ways then we can possibly imagine, as it will cause nearly every electronic device to no longer work until it gets fixed. Imagine no more working cell phones, cars, trucks, planes, ships, computers, navigation systems, TV, radio, iPods, or game machines, let alone no more advanced medical services. *Since more then likely there will be no electric power in most of the world for many months on end, there will be no modern banking system in place, no New York Stock Exchange, credit cards will be worthless and what cash, silver and gold you have will be king. Food stores will soon be looted in the name of survival, most gas stations can’t pump gas for what cars and trucks that might still be working. All forms of radio communication will no longer work during this period, making it difficult if not impossible for local law enforcement to maintain law and order, and National Marshall Law = (Rex-84) will be ordered that the public will be mostly unaware of.

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  • At this rate the entire deficit will be funded by Merv in 2013. Surely the markets can see this is unsustainable and there are no cuts.

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  • @7 yes I have read of this before. Apparently you can replicate this by setting off a bomb in the upper atmosphere.

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  • ontheotherhand says:

    So that’s £121bn extra future tax or stealth-tax-inflation that has to be paid by all of us. Borrowing just defers the tax, which would be fine if it were investment to create some amazing productivity that would then pay the extra tax, but it’s just spending on day to day benefits and services we clearly cannot afford. I really think the pension MPs and BofE people receive should be correlated by formula to the state of the UK in the decades to come. We must create some way of incentivising them to think long term rather than kick the problem down the road to the next lot.

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  • mark (Tuesday, January 24, 2012 01:52PM) further to Khards post the BBC are carrying an article on a similar theme “Solar storm’s effects to lash Earth through Wednesday” see http://www.bbc.co.uk/news/science-environment-16701407 – lets hope the Mail doesnt get hold of this story !

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  • i will buy a few bottles of water and tins of food just in case, now where did i see that bunker and 200,000sq ft warehouse for rent

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  • mark wadsworth says:

    All right then lads, I’ll be back in touch once civilisation has rebuilt itself. Without iPods and colour TVs and internet, it’ll be like turning the clock back to the Dark Ages of the 1960s or something, we’ll all be running round grunting and daubing our wattles with woad.

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  • MW

    it will be terrible I am not sure how i would cope, the only thing left is meeting real people and some sex lol

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  • Guy’s if you want to sample what life would be like I’ll get you a guided tour this weekend of some old County Durham and Northumberland Pit Villages !

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  • just thinking about that refinery closure the site would make a great place to build a load of homes with a seaview

    what is it? 500 acres?

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  • mark wadsworth says:

    Mark, good point, will they repeal the Misuse of Drugs Act 1971 and let us all get on with turning on, tuning in and dropping out (or whatever the slogan was)? Will we be allowed to smoke in pubs?

    Jack C, I said 1960s, not 1800s!

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  • i wonder if the refinery closure will be one of those one off inflation boosting events that mervyn king is so reliant on, like every other one off event that makes for 1 giant porky mervyn king

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  • This quantity of borrowing is still £13.7bn too high.

    And do not forget the £300bn quantitative easing, which has significantly reduced our standard of living by devaluing Sterling via inflation.

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  • How about closing BBC-Pravda News down and the rest of the BBC too except Radio 3 and Five Live ?

    Would that be a worthwhile saving ?

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