Labour's farewell note.. along with debts of over £2 trillion

http://www.dailymail.co.uk/news/arti...2trillion.html
http://news.bbc.co.uk/1/hi/uk_politics/8688470.stm

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Labour delivered a final two-fingered salute to Britain by boasting 'there's no money left' on leaving office, it emerged yesterday as it became clear that the true size of the national debt is more than £2trillion. The new Chief Secretary to the Treasury, Liberal Democrat David Laws, revealed that he arrived at his office to discover a handover note from his Labour predecessor Liam Byrne. It read: 'Dear Chief Secretary, I'm afraid to tell you there is no money. Kind regards and good luck!' Traditionally, departing ministers leave detailed and constructive private advice for their successors, whatever their party.

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http://i.dailymail.co.uk/i/pix/2010/...07_634x458.jpg

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Experts are warning that 25 per cent spending cuts in most government departments are now necessary - the biggest seen for 65 years. Chancellor George Osborne is preparing to unveil the first tranche, worth £6billion, next week. He will deliver an emergency Budget, which will include tax hikes and spending reductions, on June 22, but will sketch out initial belt-tightening measures on Monday.

Next week's cuts will include curbs on public-sector recruitment, scrapping big civil service bonuses, axing ID cards and major Government IT projects, and renegotiating contracts with 70 suppliers to Whitehall. In an unexpected move, all spending signed off by Labour since January 1 is being reviewed and could be cancelled. That includes £420million committed to dozens of school building projects, a series of costly defence contracts and a £600million computer contract for new personal pensions accounts.

The coalition government yesterday said it was increasingly clear that Gordon Brown had been 'cooking the books' for years by keeping massive liabilities off the nation's balance sheet and publishing wildly optimistic growth forecasts. A new independent watchdog, which will take over the job from the Treasury of predicting the future path of the economy, has been asked to conduct a full-scale audit of the public books to inform next month's Budget. The Office for Budget Responsibility, headed by Sir Alan Budd, a founding member of the Bank of England's monetary policy committee, will end what Mr Osborne described as the 'fictional' forecasts issued by his predecessors.

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The Conservatives and Liberal Democrats on the other hand are only proposing at the moment £6 billion worth of cuts which is small change compared to a deficiet of something like £180 billion per year. The joke is on ourselves and our families ultimately as we will be paying/suffering for the mess they left office with (as Labour usually do). The debt is expected to be over the £2 trillion mark and its growing every second of the day.

Thoughts, what areas would you cut in public expenditure?

There could be spending cuts in literally every department. A while ago at school I was looking through several of the school catalogs and the prices for somethings is just extortionate and because these companies know that they have been recommended to the school by the Government that they will order from them and they will be paid these ridiculous sum. When really if things were done better and left down to the individual school/county councils then a lot of money could be saved that way.

Again about ridiculous things which have been put in place. A few years ago my local council didn't spend their entire annual budget for roads because the work simply didn't need to be done. The following year when work was needed, because they hadn't spend the money from the previous year they got a considerable amount less for when they actually needed it. Now to save it happening again they do unnecessary work just to use the money so they get it again next year. However with his money being 'wasted' there are many other areas which could benefit from a cash injection but councils seem not to be able to do it.

If they really want to make spending cuts then they really good do it down to the smallest things. I doubt that now VAT is going/gone up to 20% it will ever go back down, they will say something about it going down to 15% in the worst economic times ever and eventually we will forget that it was 17.5% and 20% will be the normal. I just hope that this Government really do the country some good.

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. It read: 'Dear Chief Secretary, I'm afraid to tell you there is no money. Kind regards and good luck!'

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ROFL. That actually made me laugh. Funny man. I shall be doing a proper reply to this too but just thought I had to post that first.

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Originally Posted by -:Undertaker:-

http://www.dailymail.co.uk/news/arti...2trillion.html
http://news.bbc.co.uk/1/hi/uk_politics/8688470.stm

http://i.dailymail.co.uk/i/pix/2010/...07_634x458.jpg

The Conservatives and Liberal Democrats on the other hand are only proposing at the moment £6 billion worth of cuts which is small change compared to a deficiet of something like £180 billion per year. The joke is on ourselves and our families ultimately as we will be paying/suffering for the mess they left office with (as Labour usually do). The debt is expected to be over the £2 trillion mark and its growing every second of the day.

Thoughts, what areas would you cut in public expenditure?

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£6 billion is still a lot. How do you / UKIP propose to cut more per year? :S

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Originally Posted by Saurav

£6 billion is still a lot. How do you / UKIP propose to cut more per year? :S

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Well I thought that would be obvious, you know, since UKIP stand for being out of the EU. £103 billion could be saved pretty easily there.

I did laugh to be honest, although I suppose he highlights a rather important issue. I don't really think anyone knows the figure for debt, it's not a clear cut thing but I do agree with you, £6 Billion really isn't enough. I'm gonna wait and find out what else they do but my faith in the new government will be diminished soon enough if nothing better is done.

Not going to say anything just one word - epic.

Shows what economic mess the UK is truly in.

Lol saw this on the news yesturday I actually sat there and laughed at the T.V.

Tbh, whats 6 billion going to do?

Oh wow, I never knew a trillion existed

Oh well here we go. All political parties say its a mess when they get in and exagerate. So much for the new progressive government with a new way and new thinking. Will be no different than last time. VAT and Capital Gains tax will go up at the first possible opportunity and they are supposed to be the 'no tax party'. Hope lib-dems keep them to their promises.