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UK state spending explodes


Oblivion.

Well-known member
Joined
May 10, 2010
Messages
375
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.
 
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