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Old 24-09-2014, 11:15   #1
Visage
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Default The UK economy

Thought its about time we had a public SB thread on this.

http://www.theguardian.com/money/201...borrowing-rise

Quote:
The chancellor is on course to miss his deficit-cutting target this year, according to the latest figures, giving him a headache in the run up to the 2015 election when the economy takes centre stage.

Weak tax receipts pushed borrowing to 11.6bn in August excluding bank bailouts, 700m more than a year earlier according to the Office for National Statistics. Borrowing in the fiscal year so far, from April to August, was 45.5bn, 2.6bn higher than the same period last year.
For a chancellor who said he'd eliminate the deficit by the end of the parliament, to find that actually its increasing year on year, is a pretty bad failure.

So is he guilty of merely over promising, and underestimating the scale of the problem, or is his failing down to poor policy decisions?
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Old 24-09-2014, 11:17   #2
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All three.
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Old 24-09-2014, 11:23   #3
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Quote:
Thought its about time we had a public SB thread on this.
Posts in private forum.
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Old 24-09-2014, 11:33   #4
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This is interesting. Tax receipts (blue line) fell off a cliff in 2008-2009, and then recovered, reaching a post slump peak in mid 2010. Ever since then they've been trending downwards (apart from an all-too-brief spike in 2013).
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Old 24-09-2014, 12:20   #5
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Well there's no more funny money (QE) going into the economy, not that surprising?
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Old 24-09-2014, 23:11   #6
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The only figure they talk about with 'recovery' is GDP, and that is likely only propelled by the housing bubble.

So apart from homeowners and housebuilders, the average person hasn't seen this 'recovery' - wages are flat as a witch's tit and unemployment is still stubbornly high in relation to how well the economy is supposed to be doing. FTSE 100 bonuses doing great though.

Tax receipts as you show, are also unhealthy. We know why though, any increase in jobs has been down to piss poor zero hour part time jobs which are barely taxable and the worker often subsidised with in-work benefits anyway. Part of the reason why they can't get the welfare bill down either, as hard as they keep trying, and as much as they continue to vilify the underclass in order to grease the wheels for harsher cuts and sanctions.

I suppose Labour are the lesser of two evils, but Ed is going to disappoint you Visage, he will.
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Old 25-09-2014, 07:22   #7
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Plus a lot of new jobs are people going self employed.
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Old 25-09-2014, 07:45   #8
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I'm creaming it lads fucking booming
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Old 25-09-2014, 08:21   #9
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Originally Posted by WINNER View Post
I'm creaming it lads fucking booming
You are Championship on the payscale on SV mayte, most of us are premier league.
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Old 25-09-2014, 09:44   #10
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I'm dole scum from Monday at the moment!
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