State spending still rising
http://www.telegraph.co.uk/finance/e...borrowing.html
George Osborne's plans hit by rising borrowing
George Osborne’s attempts to slash Britain’s ballooning deficit have been dealt a blow by official figures revealing a shock rise in borrowing in July.
Quote:
Originally Posted by Telegraph
The damning numbers mean the Chancellor may have to tap the markets for at least £10bn more borrowing than last year, even after the planned £18bn of tax rises and spending cuts.
Economists put the looming shortfall down to the weakness of the economy, which has resulted in a fall in tax receipts and a sharp rise in benefit payments.
The Treasury had been expected to pay off £2.2bn of the national debt last month, which is traditionally good for corporation and self-assessment tax receipts. Instead, the Office for National Statistics (ONS) revealed that the Government borrowed £600m more.
The surprise rise meant the Government has borrowed £11.6bn more in the first four months of the year than in 2011, excluding one-off items such as the £28bn Royal Mail pension transfer and the Special Liquidity Scheme for Britain’s banks.
There is no surprise here, because with a tiny bit of research on the internet last year you could have found out (and still can, links can be provided if anybody wants them) that government spending is going to continue rising to 2015 (and beyond). I said state spending was still rising, despite what the BBC and others say, and was decried for it. I know it's nice to believe in fairytales of Thatcheresque cuts by the Conservatives, which is what we need, but it's just not happening ladies and gentlemen ..... Sooner or later, within the next few years, we will go the way of Greece - Euro or no Euro, we're broke. But should we be surprised? this is what happens when you spend..
- £10bn+ on the Olympics (people running around an expensive stadium for two weeks).
- £15bn+ to be told what to do by the EU (with the figure for costs of EU legislation at £100bn odd per year).
- £1bn+ on a war that didn't concern us (Libya).
- Billions on the fruitless war in Afghanistan.
- £11bn a year on foreign aid.
- Billions on housing benefit (giving people houses for free, even 18 year olds believe it or not).
- Tens of billions of a health service which pays sums of £20 per box of rubber gloves that cost £1 odd.
+thousands of other wasteful examples.
The state now spends (and badly) around 40% to 50% of what we produce - that figure should be at 30% absolute maximum and even then its too high for my liking.
Thoughts?
