About that deficit REDUCTION plan George…

August 21, 2012 11:03 am

Last year we had a surplus in July, how about this year? 

  • AnotherOldBoy

    Last year the top rate of income tax was 40%.  This year it is 50%.  No surprises, then.

    • markfergusonuk

      I think you’ve got that the wrong way round…


      Mark Ferguson

    • aracataca

      50% top rate introduced April 2010. 
      Planned reduction of top rate to 45 % April 2013.

      At least make some sort of attempt to get your facts vaguely right.

    • Brumanuensis

      Is that you, Danny Alexander?

  • aracataca

    ‘I’ll cut the deficit not the NHS’ 
    David Cameron – May 2010All the pain is for nothing. Even by their own half-baked criteria their plan is not working.

  • http://profile.yahoo.com/JNCTPY54L5PWVMREGWZ7GXGRLY stuart

    We had a surplus in July 2011?  And it was over £2.5 bn? Those were the days! 

  • Brumanuensis

    Somehow, this seems appropriate: http://www.thedailymash.co.uk/news/business/leading-economists-call-for-new-ways-to-dispose-of-osborne-2012082138612

    Please vote for your preferred option below.

  • Brumanuensis

    In fairness to Osborne, there are a couple of factors – the late filing deadline for corporation tax, this year, as well as a shut down of the Elgin gas field – that have distorted the figures slightly. However the underlying trend since the start of the year has been consistently negative. If the artificial boost of the transfer of Royal Mail pension assets is stripped out, we have borrowed about £9 billion more than we did in the first four months of the 2011/12 financial year.

    In response, HMT state “today’s numbers emphasise how risky it would be to deliberately increase borrowing”. Leaving aside that low-interest rates have very little to do with his fiscal policy – otherwise how exactly have Japan and the US sustained such low rates? – we now arrive at the economics of the madhouse, where as Duncan Weldon of the TUC has pointed out, we are fine with ‘accidentally’ borrowing more than planned, but refuse to deliberately do so in order to fund investment! This is insane. Today, we sold £1.35 billion of 17-year gilts, at a real yield of -0.025%. Investors are paying us to hold on to the their money. And yet we do nothing with it. Nothing. We are wasting billions of pounds of cheap revenue, paying for higher welfare costs and muddled ‘re-organisations’ of public services, whilst our manufacturing sector, according to today’s CBI monthly trends survey, falls to its weakest level since last December ( -21% ). 

    • aracataca

      It’s the last throw of the dice by neo-liberal monetarism and it’s going to recreate 1932 all over again with the impoverishment of the western world.

  • Pingback: What’s the prescription for knee-jerk reactions? | Adam Tyndall

Latest

  • Comment The culture of high risk credit is being exploited by betting shops

    The culture of high risk credit is being exploited by betting shops

    Since the financial crisis, the perfect storm of recession and banks restricting access to credit has led to the rise of payday lenders. Our high streets are slowly deteriorating from the vibrant, diverse places they once were into an abyss of pawnbrokers, payday loan shops and bookies. The three feed off of each other, targeting some of our most deprived areas and perpetuating a cycle of despair driven by the need for extra income. Research carried out by Geofutures found [...]

    Read more →
  • Comment Should people be asked if they are party supporters when they register to vote?

    Should people be asked if they are party supporters when they register to vote?

    Chris Clark and Rav Seeruthun on a small change that if adopted, would free activists to spend more time on community work Every year at party conferences we hear professional politicians eulogise hard-working party volunteers. And there’s no activity more often evoked than that of ‘knocking on doors’. It’s a common delusion that the purpose of doorstep canvassing is to ‘persuade’ voters. Having taken part in our fair share of Labour canvassing sessions, we’ve both had the dispiriting experience of [...]

    Read more →
  • Europe Featured You can always rely on the Conservatives to ignore the public when it comes to Europe

    You can always rely on the Conservatives to ignore the public when it comes to Europe

    Europe is not often the issue which comes top of people’s concerns on the doorstep. Nor do opinion polls suggest that Europe is a priority for voters when compared to issues like the economy or jobs. But you can always rely on the Conservatives to ignore the public when it comes to Europe. This week saw over a hundred Conservative MPs rebel and vote against their own Queens Speech. They were angry that it hadn’t included a bill which would [...]

    Read more →
  • News Seats and Selections Vicky Foxcroft selected as Labour’s PPC for Lewisham Deptford

    Vicky Foxcroft selected as Labour’s PPC for Lewisham Deptford

    Vicky Foxcroft has been selected by Lewisham Deptford CLP as the party’s candidate for 2015 at a selection meeting this afternoon. Here’s a brief biography: Vicky grew up in the North West in a single parent household, and was the first person in her family to go to university. She has held many positions in the party including Chair of Labour Students, has sat on the National Policy Forum and is currently a local councillor and is Chair of Lewisham [...]

    Read more →
  • Comment Labour’s future schools policy: why accountability matters

    Labour’s future schools policy: why accountability matters

    Stephen Twigg, Labour’s Shadow Education Secretary is one of the more thoughtful and pragmatic individuals to hold this vitally important brief for some time. To his credit Stephen has been out and about these past two years listening to pupils, teachers, parents and governors and finding out more about the challenges they face on a day-to-day basis. In addition Stephen has been looking closely at some local, regional, national and international programmes that have had a demonstrable impact in raising [...]

    Read more →