Borrowing is RISING under the Tories

22nd January, 2013 10:10 am

The latest ONS figures (published today) show that public sector net borrowing (excluding the impact of the Royal Mail transfer) in the first 9 months of 2012/13 is £106.5bn. In the same period of last year it was £99.3bn. That’s a rise of £7.2bn (or 7.3%). Here’s the customary graph:

Public Sector Net Borrowing (£ Billions)

borrowingisrising

Forecasts from the Office for Budget Responsibility showed that between 2010 and 2015, the government is expected to borrow £212 billion more than planned at the time of the 2010 spending review…Osborne isn’t working.

  • Gabrielle

    So much for the Tories’ much vaunted claim that they’re the party of financial competence.

    So much for Dave and Nick coming together ‘in the national interest’.

    So much for all the OMG we’re going to be like Greece and it’ll all be Labour’s fault!!!! lying scaremongering.

    So much for Dave’s saying ‘the good news will keep on coming!’

    Whose fault is it? Is it Gordon Brown’s fault? Is the fault of disabled people? Or is it the fault of the pet party of the bankers who actually caused the global financial crisis?

    Still, the mega wealthy are doing well out of it. Not so much anybody else. And the Tories always wanted an excuse to shrink the welfare state.

  • Gabrielle

    Apparently there was a Tory PPB this evening (I didn’t see it), which even the Spectator’s Fraser Nelson was utterly gobsmacked by. Cameron claims in the broadcast that:

    “So though this government has had to make some difficult decisions, we are making progress. We’re paying down Britain’s debts.”

    Nelson says:

    David Cameron’s policy is to increase Britain’s debt by 60 per cent, more than any European country. To increase it more over five years than Labour did over 13 years. Just yesterday, we learned the national debt had hit £1,111 billion and it’s heading to £1,400 billion.

    By no stretch of the English language can this be described as “paying down Britain’s debts.” What Cameron said is not an exaggeration. It’s a straight falsehood, and one that demeans his office. He has previously used different language, saying that he is “dealing with the debt”.

    …. [In the broadcast] people are asked to guess how much the deficit is going down by. They guess low figures – 2 per cent, etc – and are then told that it’s actually 25 per cent. Then they say how impressed they are with the Tories. Have you spotted the trick? No normal person knows what “deficit” means, nor should they. It’s a Westminster wonk word, not even used in business. Most people will think “deficit” means “government debt”. Every time a proper poll is conducted about public perceptions about debt, it exposes the staggering extent to which people have been successfully misled. Last month, ITV – the channel the Tories chose to make this broadcast – released a poll showing just 6 per cent of the public realise that the national debt is rising. Why might this be? Is it because they’re all thick? Or is it because the Cabinet – even the Prime Minister himself – keep telling them that it’s falling?

    http://blogs.spectator.co.uk/coffeehouse/2013/01/david-cameron-tells-porkies-about-britains-national-debt/

    Cameron must really despise the public. Well done to Fraser Nelson for exposing these lies – Labour need to really pull out the stops to get this message across.

Latest

  • Comment Transport is the lifeblood of London, its communities and its opportunities

    Transport is the lifeblood of London, its communities and its opportunities

    Last week I launched my transport vision for London – ‘The Lifeblood of London’. I believe transport offers some of the biggest opportunities for radical changes towards making London a more affordable, liveable and sustainable city. Transport is the great enabler – it allows us to get to our jobs; it allows businesses to transport their goods; it allows communities to be connected and families and friends to keep in touch. When people are connected, their lives are better, it’s […]

    Read more →
  • News Polling There has been a “big and meaningful shift” in attitudes towards Miliband, poll finds

    There has been a “big and meaningful shift” in attitudes towards Miliband, poll finds

    At the weekend we reported that there could be some kind of post-debate bounce for Labour because YouGov gave the party a four point lead on Sunday. However, the polls quickly levelled out again to put the parties on more-or-less equal footing. But YouGov polling for The Times Red Box has found that since his successful appearance on Thursday, attitudes towards Miliband have shifted. YouGov asked respondents four questions that they also asked seven weeks ago and compared the results. Over […]

    Read more →
  • News Almost two-thirds of people want some form of public ownership of the railways, polls finds

    Almost two-thirds of people want some form of public ownership of the railways, polls finds

    More people want the railways to be brought into public ownership than want them to stay privatised, a new poll has found. The poll by Survation for campaigning group We Own It  found that only 17% of people asked wanted the railways to remain in private hands. Meanwhile, 40% want the entire rail network brought back into public ownership and 23% said they’d like some franchises back in the public sector. That means 63% of people – just under two-thirds […]

    Read more →
  • Comment Featured Miliband’s carefully calibrated balancing act

    Miliband’s carefully calibrated balancing act

    The next few weeks could see a lot happen – in 2010 we had Cleggmania and the Lib Dems bouncing from 3rd to 1st and back to 3rd, whilst Labour polled as low as 23% and as high as 33%, all in the short campaign. And when the dust settles after 7th May Ed Miliband will either be written off as another in the list of Labour leaders who didn’t win a General Election (he would be in good company […]

    Read more →
  • News Balls pledges Business rate cut for 1.5 million small businesses in first budget

    Balls pledges Business rate cut for 1.5 million small businesses in first budget

    Shadow Chancellor Ed Balls will say today that Labour’s first Budget will cut business rates for 1.5 million small business properties – and then freeze them the following year – as part of the party’s “Better Plan for Small Businesses”. Labour claims that will save the average business around £400, and will be funded by scrapping another cut in corporation tax for large firms. Unveiling the pledge tomorrow, Balls will say: “Every large business started off as a small business and […]

    Read more →
Share with your friends










Submit