UK Debt is bigger than we thought
http://www.telegraph.co.uk/finance/economics/11117335/Just-how-big-is-Britains-debt-mountain.html
According to these figures published by the ONS. We are borrowing more than last year on the back of weak tax revenues on a basis of a jobs rich but tax poor recovery.
Remind me how is this lot any better than the incompetent Labour lot we chucked out almost five years ago?
According to these figures published by the ONS. We are borrowing more than last year on the back of weak tax revenues on a basis of a jobs rich but tax poor recovery.
Remind me how is this lot any better than the incompetent Labour lot we chucked out almost five years ago?
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Comments
The problem really is this right-wing economic theory they both keep following like some kind of religion.
Absolutely. If we lurched to the left, spend 3 times as much, we'd be in a far better position for sure.
<rolleyes>
Yes ! And we all know that every left wing government has always left the economy in a much better shape than they found it !!!!!
It isnt a left or right thing. The political class as a whole are too tied into the corporate structure, and decisions are made to benefit them and the march to globalism than what we as a country need. High employment is of no benefit if most of the new jobs ensure people remain net drains on the economy through benefits due to low wages and high living costs.
We need more contributors, not just 'more jobs'. No party of any colour will do that for us I don't think.
Borrowing is up by £2.7bn over last year - a figure which could easily be turned around by the end of the financial year or vanish as a revision in subsequent updates. A couple of years ago we were in the same situation and, predictably, had the same complaints here on DS - and it was turned around.
This lot are better because at least during their term of office they will have brought the deficit down significantly, albeit not to their targets. Bu contrast, Labour will only be adding to the deficit.
Just reporting what the ONS and Telegraph is telling us.
Rather than speculating what Labour might do.
Their financial statement advice service is 25% off, and make your figures look so much better.
Nonsensical to imply that my criticism of an extreme belief means I have my own extreme belief as well.
So the Tories have created a lot more 'red tape' and upped the minimum wage substantially?
or hidden, or disguised...
Oh, my mistake, they did that already.
The Office for National Statistics (ONS) has changed the way it measures our public finances, throwing fresh light on the precise state of the nation's coffers.
The latest revisions help bring the UK in line with European accounting standards, but they don't make great reading for the Chancellor.
According to the figures, Britain's debt mountain is £127 billion bigger that we first thought.
But that's ok, it will vanish by the year end...
This year, the OBR forecast a rise in income tax receipts of 6.5 pc. But income tax receipts have actually fallen by 0.8 pc.
don't you mean lower?
when an employer has a larger pool of potential employees to choose from, then salaries will fall, and therefore tax receipts fall. what could the solution(s) be?;-)
Because..
Income tax payments for August itself were up by 2.4%.
Solutions (all painful)
Raise the age at which the state pension is paid to 70 by 2025. For each year, the age of payment is raised, the government saves £13 billion
Increase VAT to 22%
Capital gains tax to apply to the sale of everyone's home. There will be an allowance to shelter gains from inflation
NHS charges for overnight stays or GP visits. Means tested exemptions.
Remove the upper earnings limit on National Insurance contributions (currently £41,865)
Alternatively, do much more to grow the top line - more help for new businesses, attract more business to the UK, help existing businesses solve the issues that prevent them from growing faster, prioritise capital budgets to projects that enhance revenue etc.
Please accept my apologies. I mistook you for one of our left wing diehards. You're usually quite reasoned.
My mistake!
Well mismanagement by successive governments - particularly the last one - has led to this diabolical mess.
It is going to take decades of careful budgeting to put it right.
Yeah the implication of what your saying is right-Capitalism can never deliver the good life for all hardworking people regardless of whether its under Labour,New Labour,Torys ,coalition the inherent limits of capitalism mean the good life can never be for all no matter how hard they work.
That would be a start!