Saturday, November 15, 2014

UK borrowing even more than last year

'Savage cuts'? You ain't seen nothing yet

But the truth is that the UK’s debt is far worse than it was when the Coalition took over. Despite all Chancellor George Osborne’s efforts to reduce spending, we are borrowing even more than last year — and because earnings are low, so too are tax revenues, making it harder to pay the interest on those debts without borrowing more.

Posted by hpwatcher @ 12:20 PM (2662 views)
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3 thoughts on “UK borrowing even more than last year

  • This is going to be the big story; no-one will care about house prices, it will be a tale of government cuts and tax increases.

    Home owners are quite nicely placed to bear the brunt of the full onslaught. Mansion tax will be expanded to include ALL homes. UK government currently expanding the numbers of tax inspectors to ensure all due tax is extracted. Dodgy landlords expect to receive extremely large demands and fines, if your tax isn’t in order….don’t forget, they now have the power to go directly to your bank accounts!

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  • Observer: “How the government has helped the rich by hitting the poor”. Front page – you won’t miss it!

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  • HMRC has been turning a blind eye on landlords – less than half declare rental income. If they get their house in order, expect a good portion of landlords to exit the sector when their post tax returns don’t look so nice any more… Of course in la-la land they could just put up rents to cover it?

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