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UK state spending explodes


Well-known member
May 10, 2010
With the British public's attention focused on events in Gaza, the UK authorities have taken the opportunity to bury some dire state spending figures *cough* I mean, release important economic data to the public.

It turns out, those horrid Tories - who wanted to slash state spending as quickly and aggressively as possible - are presiding over a spending explosion: BBC News 'UK public sector net borrowing, excluding financial interventions, hit £8.6bn in October, the Office for National Statistics (ONS) said. That marked a sharp rise from the £5.9bn borrowed in October 2011.'

Tellingly, 'Corporation tax receipts fell nearly 10% in October, a month when there is usually a heavy inflow to boost the public coffers. For the seven months of the financial year so far, borrowing has reached £73.3bn, excluding the one-off effects from the transfer of Royal Mail pension assets. That is £5bn higher than the same time last year.'

Source: BBC News - UK public sector borrowing worse than expected in October

These figures are disturbing. If the UK goes back into recession next year, the bond markets could lose faith, with unfortunate consequences.