Public borrowing at June record

[CurlyWhirly]

Talking of bad news... http://news.bbc.co.uk/1/hi/business/7513309.stm

Borrowing so far this financial year has reached £24.4bn since April - the biggest quarterly figure since 1946.

The figures came as it emerged the government is considering relaxing its own rules on how much it can borrow.

Moving the goalposts more like.

Is anyone else concerned about the amount of money that is being borrowed i.e. the national debt?

I'm concerned that the next generation will be liable for the huge interest charges as, like all borrowing, eventually it has to be paid back.

Also it could get even worse :0

"At this rate of increase, borrowing will come in at around £57bn this year, almost £15bn higher than the chancellor’s Budget prediction," said Jonathan Loynes at Capital Economics.

"And this is before the slowdown in the economy has really had much effect," he said.

I believe that we will be bankrupt before long or am I being silly?

[catgate]

I believe that we will be bankrupt before long or am I being silly?

We are. Bankcrupted by the biggest set of self centred liars and thieves the country has ever known.

[Tankus]

...heh ...sort of reminds me of the Italians .....Heavy rain in the Alps dumped a signifigant amount of fallout about a month after chernoble ...Po valley I think ,got into the food chain , and got biologicaaly concentrated in domestic pigs ,bit like of cumbrian and North welsh hill sheep , detectable dosage levels in meat made the bacon unfit for human consumption ..... not much the Italians cound do about the rain or weather patterns ...so rather than dump the meat , they upped maximum permitable radation dosage levels in foodstuffs , making the meat legally fit for consumption again .....

bit like tha' broon and his prudent non negotiable golden rule of 40%GDP ......we are way over it anyways due to some ceative accounting (including Northern rock liabilities )

Gordons out in the next election ,even he knows that..... so hes spending the camerons government money now .... not his problem ...guv!

[andsome]

How many times on this forum have I been castigated for daring to suggest what load of wallies this lot are? Right from the day they were first elected, it was pretty obvious to anyone with a modicum of common sense that it would all end up in tears. They should all be put on trial. Anyone with any sense can see that you cannot keep on spending £1.50 for every £1 earned. Nothing has been put into reserves at all.

[CurlyWhirly]

bit like tha' broon and his prudent non negotiable golden rule of 40%GDP ......we are way over it anyways due to some ceative accounting (including Northern rock liabilities )

Gordons out in the next election ,even he knows that..... so hes spending the camerons government money now .... not his problem ...guv!

Yes but it will be our problem as whoever gets into power in a couple of years time will probably have to raise taxes just to service the massive interest payable on such a large amount of money

Incidentally I wonder where the government would get this money from as with the credit crunch banks are very uneasy about lending to each other and I would think that this would apply to governments too?

[CurlyWhirly]

Gordons out in the next election, even he knows that

Also I think it would be better if the general election was held every 3 years (like the London Mayor's job) as 5 years is too long a time if a party is elected and subsequently fails to adhere to it's manifesto like Labour have done with backing out of their election manifesto to put the EU treaty (or whatever you want to call it) to a referendum and not go ahead with ratifyting it without any say by the people

[CurlyWhirly]

Nothing has been put into reserves at all.

No and to think that when New Labour came to power in 1997, they had a healthy surplus i.e. reserve but squandered it all!

[catgate]

Nothing has been put into reserves at all.

No and to think that when New Labour came to power in 1997, they had a healthy surplus i.e. reserve but squandered it all!

It is Labour's way of demonstrating that they are caring for the "working class". They are making sure they have to work. They have done it every time they have been in power. They con the unions into supporting them and then crap on them.

They claim that they conceived the NHS but in fact it was Winston Churchill who first suggested, and it was Atlee (I think) who originally argued against it.

[catgate]

Here's a wonderful idea to cut down on government expense and thus cut borrowing :-

http://news.bbc.co.uk/1/hi/uk_politics/7515985.stm

Unfortunately it has one big draw back........there are currently over 2 million officially recognised as unemployed (but actively seeking employment ha-ha) chasing an ever dwindling number of jobs (25,000 as of last week). In the current mess that Cyclops has got us into the number of jobs is decreasing just as fast as the rising number of unemployed is accelerating.

However, should the job market suddenly take an up turn, this scheme should be a perfect god send.

Meanwhile the Court Jester can claim he is "husbanding the economy in a prudent manner", whilst piling up enormous debt and problems for who ever replaces him.

[andsome]

One hare brained scheme followed by another, then another.

[catgate]

Our magnificent and munificent idiot Cyclops has done another one. He has promised the Palestinians £30,000,000. For the leader of a party that is totally bankrupt and the "head" of a country that is going the same way, I think it demonstrates a clear grasp of financial matters...........he will leave his successor deeper in the poo.

Tough on Prudence ....tough on the causes of prudence.

[CurlyWhirly]

Here's a wonderful idea to cut down on government expense and thus cut borrowing :-

http://news.bbc.co.uk/1/hi/uk_politics/7515985.stm

Unfortunately it has one big draw back........there are currently over 2 million officially recognised as unemployed (but actively seeking employment ha-ha) chasing an ever dwindling number of jobs. In the current mess that Cyclops has got us into the number of jobs is decreasing just as fast as the rising number of unemployed is accelerating.

I think it's a good idea to encourage the long term unemployed back into work assuming that there are going to be enough jobs (as you've already pointed out)

[CurlyWhirly]

Our magnificent and munificent idiot Cyclops has done another one. He has promised the Palestinians £30,000,000. For the leader of a party that is totally bankrupt and the "head" of a country that is going the same way, I think it demonstrates a clear grasp of financial matters...........he will leave his successor deeper in the poo.

Yes these sorts of actions make my blood boil

He's giving away money that is borrowed and he intends to borrow even more to get us out of the Treasury's problem of shrinking tax revenues with the current UK economy slowdown.

If Brown had put away some money during the 'good times' then he wouldn't need to borrow any more money :(

[CurlyWhirly]

Our magnificent and munificent idiot Cyclops has done another one. He has promised the Palestinians £30,000,000. For the leader of a party that is totally bankrupt and the "head" of a country that is going the same way, I think it demonstrates a clear grasp of financial matters...........he will leave his successor deeper in the poo.

Tough on Prudence ....tough on the causes of prudence.

Another link - http://www.timesonline.co.uk/tol/news/worl...icle4367684.ece

In particular Mr Brown said he wanted to support efforts to enable Palestinians to get cheap mortgages – something it is hoped might kick-start a moribund housing market in the occupied territories.

He should be helping out first time buyers here in the UK and not worrying about other countries!

p.s. Alistair Darling has finally got the message that we can't take any more tax rises!

http://business.timesonline.co.uk/tol/busi...icle4360643.ece

[Tankus]

National debt

March 2001 £311 billion

October 2007 £513 billion

June 2008 £640.8 billion

March 2009 £581 billion - budget forecast as recorded by nat stats online

but ....here

Gordon Brown has been accused of covering up the true scale of Britain's national debt which research claims is three times higher than the Government admits.

A new study claims that public debt is a massive £1.3 trillion

[andsome]

How I wish that Thos and The Grump would visit here again and tell us what they think of this lot now.

[CurlyWhirly]

National debt

March 2001 £311 billion

October 2007 £513 billion

June 2008 £640.8 billion

March 2009 £581 billion - budget forecast as recorded by nat stats online

but ....here

Gordon Brown has been accused of covering up the true scale of Britain's national debt which research claims is three times higher than the Government admits.

A new study claims that public debt is a massive £1.3 trillion

From your link:

The figure is higher than Britain's Gross Domestic Product - meaning the nation's wealth would be outstripped by its debt.

If this is true (and we will probably have to wait until this current lot are kicked out of office in 2 years time to find out the truth) then the UK is bankrupt :(

p.s. I tend to believe it as I think the government would try anything to hide the real figures.

I mean who believes that the 'official' inflation rate is only 4% and that unemployment has fallen in past years as the unemployment figures don't include the 2.6 million people on incapacity benefit!

p.s. we have nothing to show for it - where's all the money gone?

Surely not all on wars?

[catgate]

p.s. we have nothing to show for it - where's all the money gone?

Surely not all on wars?

Where do you want to start, other than the wars, which have consumed billion upon billion?

The Westminster trough

The EU trough

Gifts to all the seedy dictators and regimes you can think of.

Foreign aid to anyone who is prepared to take it. (Even China was recently given millions.)

Vast sums (running into multi billions) paid out to ineffective "consultants", think-tanks, quangos, special advisors, spin doctors etc. whose contribution has only been to line their own pockets (and prop up the PLP in the hope of an "acknowledgmental" Lord or Sirship.)with deadbeat schemes that were none starters,but which were sufficiently flattering to the egos of those entrusted with the running of the country.

Then you can look at the cost of benefits (including the millions paid out wrongly and illegally).

The cost of supporting immigrants (both sorts).

The list is endless, and so would be the supply of funds, thought the one eyed ne'er do well, in his ignorant, short sighted bid for glory (and a bloody big pension).

[CurlyWhirly]

Where do you want to start, other than the wars, which have consumed billion upon billion?

The Westminster trough

The EU trough

Gifts to all the seedy dictators and regimes you can think of.

Foreign aid to anyone who is prepared to take it. (Even China was recently given millions.)

Vast sums (running into multi billions) paid out to ineffective "consultants", think-tanks, quangos, special advisors, spin doctors etc. whose contribution has only been to line their own pockets (and prop up the PLP in the hope of an "acknowledgmental" Lord or Sirship.)with deadbeat schemes that were none starters,but which were sufficiently flattering to the egos of those entrusted with the running of the country.

Then you can look at the cost of benefits (including the millions paid out wrongly and illegally).

The cost of supporting immigrants (both sorts).

The list is endless, and so would be the supply of funds, thought the one eyed ne'er do well, in his ignorant, short sighted bid for glory (and a bloody big pension).

That's a pretty big list

Now I know, cheers.

[catgate]

That's a pretty big list

Now I know, cheers.

On top of that, Curly, he has just promised the Palestinians mortgages, in addition to giving them several million olde englyshe pounds!

[Watchful]

I wonder if he'll lend me a meagre ten thou. so I can get the house I really want ?

[CurlyWhirly]

On top of that, Curly, he has just promised the Palestinians mortgages, in addition to giving them several million olde englyshe pounds!

He should be concentrating on our own mortgage market

[catgate]

I just came across this on Guido's back pages :-

Saturday, April 5, 2008

What is "Progressive Governance"?

The closing press conference offered few clues. All the heads of government were keen to chip in when it came to global warming and the credit crunch - big picture problems about which they can do little. But asked to speak out on China and Tibet, or Zimbabwe, they looked distinctly shifty, and kept their mouths shut. "We didn't discuss Zimbabwe," Mbeki said.

Whatever Progressive Governance is, it's not about freedom and democracy.

UPDATE : A comment by a co-conspirator is worth reproducing. Gordon said at the closing press conference that the International Monetary Fund (IMF) needed complete re-structuring so it could act as an "early warning system". Eh?

Dec 2003 IMF gives Brown borrowing warning

Sep 2005 IMF report warning over £1 trillion mountain of debt

Sep 2005 Brown besieged over growth and borrowing plans

Dec 2005 IMF fires new warning over Britain's finances

Sep 2006 IMF warns over UK property crash

Oct 2007 IMF report UK house market is 'heading for crash'

Apr 2008 IMF: UK vulnerable to US-style housing slump

It must have come as a shock to him to find he had shot himself in the foot.

[Tankus]

[Tankus]

SNP win Glasgow east .......does this mean the beginning of the end of the UK ?

massive swing on nuLabs 3rd safest Scottish seat

choice !