Merry Christmas everyone – Borrowing is UP by almost 10%

21st December, 2012 2:51 pm

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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.

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