Merry Christmas everyone – Borrowing is UP by almost 10%

December 21, 2012 2:51 pm

It’s just a few days before Christmas, and it’s time to announce George Osborne’s latest “gift” to the British people. Borrowing is up compared to last year – by almost 10%. The figures for the first eight months of the year were released today - let’s see how they compare to last year:borrowingUP

Merry Christmas, everyone…

  • Monkey_Bach

    No worries. Just keep cutting the welfare budget!

  • Dave Postles

    It’s a good job he’s not on PRP. He’s missed so many targets that he’s in danger of emulating Osborne & Little.

  • aracataca

    Proof if any were needed that Osborne’s policies are clearly not working.

  • aracataca

    Proof if any were needed that Osborne’s policies are clearly not working.

  • aracataca

    Proof if any were needed that Osborne’s policies are clearly not working.

  • aracataca

    Proof if any were needed that Osborne’s policies are clearly not working.

  • aracataca

    Proof if any were needed that Osborne’s policies are clearly not working.

  • aracataca

    Proof if any were needed that Osborne’s policies are clearly not working.

  • aracataca

    Proof if any were needed that Osborne’s policies are clearly not working.

  • JoblessDave

    Um, given the stated intention of both government and opposition has been over a number of years to introduce policies which reduce the deficit, borrowing was by definition always going to rise.

  • aracataca

    ‘You know, Paul, Reagan proved that deficits don’t matter’. D Cheney Republican Vice-President 2002.
    These figures show that government cuts have less to do with cutting the deficit and much much more to do with driving down labour costs for business.
    John Maynard Keynes anyone?

  • aracataca

    ‘You know, Paul, Reagan proved that deficits don’t matter’. D Cheney Republican Vice-President 2002.
    These figures show that government cuts have less to do with cutting the deficit and much much more to do with driving down labour costs for business.
    John Maynard Keynes anyone?

  • Winston_from_the_Ministry

    Surely everyone who knows the difference between deficit and debt already knew this was going to happen?

  • leslie48

    But the one thing Labour will have to confront in 2013 – is what it will do about the welfare bill which is one-third of government spending. . More and more it is dawning on everyone that ‘child tax credits’ and ‘child benefit’ will become a luxury for say anyone on over salaries of 40+ K when we have really poor families now suffering as indicated in recent Observer stories. The debate on ‘targetting’ the real poor families and the real disadvantaged frail elderly has to evolve. Now I say this because irrespective of increasing higher income tax, wealth tax ideas, changing the tax laws to stop the obscene tax avoidance of corporates and rich folk- we cannot surely continue to transfer income from the lower/middle middle income levels to yes the same people in the form of said benefits. Anecdotally this hit me again this Christmas as I hear of such recipients buying their kids Iphone 5’s , visting Casinos or visiting expensive London restaurants. This is where we have to be tough. Moreover the self-employed under-recording their incomes and then being rewarded by getting child tax credits is far too seriously widespread and that includes traders, taxi-drivers etc.,.some of whom will be Labour voters.

Latest

  • Featured 8 questions Iain Duncan-Smith must now answer

    8 questions Iain Duncan-Smith must now answer

    In November 2011 Iain Duncan Smith promised – one million people would be on Universal Credit by April 2014. Three years on fewer than 18,000 people are receiving Universal Credit. Despite over £600million being spent on the new benefit the programme is beset by chaos, waste and delays. This afternoon Iain Duncan Smith was forced to appear before the House of Commons to answer questions about this failing programme. But once again he refused to answer the simplest of questions about his […]

    Read more →
  • Comment They left us wanting more – Gordon Brown is only the latest big beast to depart

    They left us wanting more – Gordon Brown is only the latest big beast to depart

    “Always leave them wanting more.” It’s not entirely clear who said it first, but this has become one of the more popular, if rarely achieved, political clichés. Of all the recent political leaders we might have expected to stand aside with a clamour for more ringing in his ears, Gordon Brown would not have featured prominently in discussions. Brown’s Labour leadership culminated in the party’s second worst General Election performance in the post-war era. Although he opted to remain in […]

    Read more →
  • Comment Regional banks: a crucial ingredient to help small business

    Regional banks: a crucial ingredient to help small business

    On 19 November, I was at a meeting at the German Embassy with the head of the German Savings Banks Group, Sparkassen, Georg Fahrenschon. Herr Fahrenschon told us that local savings banks were the biggest single driver of economic resilience through the global financial crisis and in the recovery since. This was because of their support for small businesses, which are the backbone of the German economy. In the US, the economic recovery has been far stronger and more sustained […]

    Read more →
  • Comment To win back people’s trust, we need to be honest about what the limits of politics are

    To win back people’s trust, we need to be honest about what the limits of politics are

    With just over 6 months to go until the next General Election, one would expect there be to a lively debate across the political spectrum mapping the key battlegrounds of the election campaign over the coming months and presenting some of the major policy ideas of each party. Instead there appears to be a general mood of helplessness among both the Conservatives and Labour. Numerous commentators have highlighted a fundamental disconnect between the political class and the electorate; an insidious […]

    Read more →
  • News Labour will set up a national refuge fund

    Labour will set up a national refuge fund

    Today it’s International Day to Eliminate Violence Against Women. Yvette Cooper has marked this by announcing that Labour will set up a national refuge fund and is committed to continuing support for rape crisis centres. Cooper, writing in the Guardian, says that Labour will use the £3million they would save by abolishing police and crime commissioners to do this. This pledge is significant given that under the Coalition, cuts have meant that between 2010 and July 2014  the number of […]

    Read more →