Britains deficit to be higher than Greek deficit

Discussion in 'Current Affairs, News and Analysis' started by Blogg, Feb 18, 2010.

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  1. And yet one eye continues to p1ss away money on pathetic vote grabbing

    "The Government is on course to run up a higher budget deficit this year than Greece after dire figures on the public finances today showed that it borrowed £4.3 billion more than it received in taxes in January, the first time this has happened.

    January is usually a bumper month for tax receipts as people submit their tax returns and corporation tax payments fall due.

    However, a steep decline in income tax and capital gains tax payments, coupled with a sharp rise in interest payments to cover the Government's debts, forced the Treasury to borrow money to balance its books.

    The dire data confounded economists' expectations of a surplus of £2.8 billion, and falls far short of the £5.3 billion surplus recorded in January last year. "

    Jonathan Loynes, chief European economist for Capital Economics, said: "Extrapolating the trend forward now points to a full-year borrowing figure of about £180 billion, some £10 billion higher than the Chancellor’s Pre-Budget Report forecast of £170 billion on this borrowing measure.

    "This would be the equivalent of around 12.8 per cent of GDP, just in excess of Greece’s 2009 deficit of 12.7 per cent.

    "January’s UK public finances figures have further underlined the need for more decisive action to improve the fiscal position when the economy is strong enough to withstand it."
  2. so if we get a kicking from the EU does that mean we can stop paying them all that dosh which they keep wasting considering were the largest financial contrubuting nation in the EU to the EU coffers, if so would be a good move in the first place.
  3. So this is all based on the phrase:

    Extrapolating the trend forward

    Shock. Horror. Probe. Sensation.
  4. Extrapolating the trend forward is certainly more accurate than Brown's estimate of the Deficit for the year that he told Darling to announce.

    The sooner they are out of office the better for this country, at least someone can start to turn round the financial disaster area Gordon Brown has left in his path.
  5. I think the boxheads pay the most.
  6. France pays the most then Germany. UK is third highest contributor but only just ahead of Italy.

    Edited to say: France and German contributions are way more than UK.
  7. Not unless its changed in the last 2 years,,3444385,00.html
  8. We just had a meeting about this issue (forcasting expenses) and it goes like this.

    They know they have X number of pensioners due now, or coming soon. They most likely have the market investments picking up some of the expense but as the market contribution decreases, the government contribution increases and therefore you have higher expenses for the same people.
  9. Haven't you lot been watching the party political broadcasts, err I mean news?

    Government spending on a scale that hasn't been seen since Nero moved into the Domus Aurea and said 'This place would look nice in gold' is essential if Gordon's recovery from the rest of the world's global recession is to be maintained. People who would argue otherwise just don't understand economics. That's people like Dave with his Oxford degree in, err, economics.

    Let me list some recent expenditure and try to explain the consequences of stopping it:-

    National Chip Week £100,000
    Hosted each year by Keith Chegwin to encourage us all to eat more chips. Without this vital investment by the National Potato Council, Cheggars would be back on telly to haunt us with reruns of Cheggars Plays Pop and a new series of that jungle show which he presented while not wearing any clothes.

    NHS Healthy Eating £50 million
    Do any of you realise just how many chips are consumed in this country? The consequences are horrendous. Blocked arteries, grease spots on clothes, the dry cleaning costs alone are crippling. Something has to be done. The NHS simply cannot justify spending scarce funding to treat heart attacks, strokes and kids with chips stuck up their nose when there are asylum seekers who sometimes have to wait days for vital, cosmetic surgery to enable them to start a career in Bollywood.

    Global Warming £1 billion (figures available for last week only)
    When asked 'How can we afford to spend this?', the Prime Minister replied 'We can't afford not to.' This masterpiece of understatement is good enough for me.

    Army Muslim Recruitment £90 million
    The army faces a 'diversity crisis' according to MoD. There simply aren't enough minority squaddies to provide a backdrop for the photos every time Gordon goes to Afghanistan. £90 million quid was a small price to pay to recruit 13 Muslims. I mean, what else would they spend it on? Don't you know the Cold War is over?

    Fascinating Performance Artist £4000
    Four grand to get Mark McGowan, one of our leading Young British Artists, to dress up as a soldier and lie down in the street in Brimingham pretending to be dead for a whole morning is a bargain. Government funded art protesting against a government funded war. The apparent contradiction in funding priorities is, in itself, a work of art on a par with National Chip Week. Mark's latest project will involve crawling through Wooton Basset with a sign round his neck. This builds upon his recent, well received crawl round New York while wearing a George Bush mask and his long distance crawl to Downing Street while pushing a peanut with his nose. Anybody who doesn't understand this is clearly Phylis, sister of Bob Stein.

    NHS Carbon Footprint Reduction Managers £95,000 per year
    Now that Nuclear Free Zone Officers are yesterday's fad, .......

    ..... it's no use. I can't keep this up. Blood, pi$$ and all my other body fluids are boiling. Suffice to say we're in the 'madhouse' phase of the economic cycle. Unsurprising as Gordon is reputedly chairing meetings with his advisors while dressed only in his underpants. We may need to get him out before the election.
  10. Funny thing is we have already reached the Dennis Healey socialist moment, that is, comes a point when raising taxes no longer increases revenue merely changes behaviour. So how are the socialist scum going to bring down the deficit?

    Ashie? What are your friends saying?

    I assume your red mates are planning to take away pension relief for starters. Gordon Brown talks about aspirations, what exactly would he know about that?
  11. Page 5 of
    gives the 2010 contributions and France is higher.
    Of course, this doesn't tell the whole story. Whilst France is the highest contributor, it gets more back so is actually a lower net contributor than Germany.
    According to a Danish EU site (figures only available to 2007) Britain is the second highest net contributor after Germany.
  12. I believe they're planning a tin-foil hat tax on rightists posting on ARRSE. But that might just be an extrapolation.
  13. This fact just highlights the gross incompetence's of our present Labour Government!
    Mind you, most M.Ps have MUCH MORE interest in what they can get for themselves these days, rather than the state of our country!
    Sad but true. :twisted:
  14. That sounds nasty!

    Did it hurt much when you had yours done?
  15. No need for that. All is well. Nothing to worry about.

    Under control because the need to cut public spending is, according to the cretin who currently sits in No. 10, a myth

    "The great myth the right are spreading through their friends in the press is that government caused this crisis and that government spending is prolonging it."

    "They seek to frighten us with the present level of the deficit but mention neither the automatic reduction that would be achieved as and when growth is resumed, nor the effects of growth on investor confidence for the good of the British people."

    Well now that really is rich: nothing to do with us and no need to worry because everything will by some unexplained process be OK (some day in the unspecified future) irrespective of the vast funding costs associated with having generated and continuing to generate crippling levels of public debt.

    (Caution: Bunker Mentality at work.)