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Government borrowing higher than last year – it’s hurting – and it’s not working

June 26, 2012 11:06 am

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Government borrowing has risen. The amount borrowed by the government in the first two months of 2012/13 is NEARLY FOUR BILLION HIGHER than the first two months of 2011/12 (stripping out the one-off effect of the Royal Mail pension funds coming onto the Government’s books).

As the country returned to recession and growth disappears, Public Sector Net Borrowing is £3.9 billion more, not less, than it was over the same period last year.

Lets take a look at that in chart form:

It’s hurting. It isn’t working.

Winston_from_the_Ministry

Love these charts
billbat

Dave says that it is because we are not a Reserve Currency, I would have thought England getting Knocked out of the Euro2012 would be a better excuse. Or is that next month’s excuse?
robertcp

It is clear now that eliminating the deficit in this Parliament was impossible and counter-productive. The economy stopped growing very soon after Osborne became Chancellor. Darling’s aim to reduce it by half was realistic and might actually be what happens.

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