Borrowing is RISING under the Tories

January 22, 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.

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