UK finances deteriorate further

Discussion in 'Finance, Property, Law' started by Silver_Bull, Feb 18, 2010.

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  1. Nada. I wonder how far tax receipts lag GDP? It must be at least 12 months, possibly closer to 24..?
     
  2. My corp tax was £54k last year. Expect about £3k this year. Some drop. Unlike the country I'm not skint though 8)
     
  3. well least the exchange rate against the Euro is going up again :)
     
  4. Tax take down 11.8%, I'm surprised it isn't worse than that.
    It might be bad news for Mr Darling and Mr Brown but it is also an indicator of how badly Joe Public is suffering too. For some reason the BBC doesn't seem to acknowledge the huge drop in earnings this shows for the poor buggers out there trying to earn a living.
    Unlike Mr Brown, the general public don't have the option of printing off a few quid to make up their defecits.
     
  5. I reckon PAYE take must be massively down also. Ours is down over 50% per month compared to 18 months ago. Deficit halved in 4 years? Get a grip.
     
  6. I don't think Brown, Darling et al took into account the fact that although there are more people working than was expected at the start of the downturn, many are doing so on reduced hours and salaries.

    So you have loads of people in work but putting much less the taxmans way....
     
  7. Biped

    Biped LE Book Reviewer

    I think those figures are misleading. We are in a battle with the EU to see who can get their currency devalued the most. Good for business you see (apparently).

    After the EU saw our currency tumble by 20% last year and how it slowed down our decent into chaos, they are allowing Greece to sink the Euro a bit. We are responding by sticking some bad economic news into the fray to get ours down a bit to compensate, just like we used QE to bring about the same.

    Give it six months and we'll be in a full-on race between us and the EU to see who can be the first to need a wheelbarrow to buy a loaf of bread.
     

  8. DOOMED, DOOMED, WE ARE ALL DOOMED I SAY!! :x :x :x
     
  9. ''Tax receipts down''.Doesn't seem to slow down Bruin's offers to supply aid to all and sundry!
     
  10. 2 lots of economists with 2 sets of answers.When I was at Uni it was said of economists,that 10 in a room,could be asked for an answer,to a single question,and would offer at least 11 answers.Not a trusted profession IMHO!
     
  11. True dat 8O
     
  12. Now there's an understatement. :D

    Why couldn't they leave well alone - let the banks go bust and all get back to normal. We'd have been sorted now. The sooner everyone realises that a recession is required to purge the credit fuelled excesses the sooner we can get back to normal. Unfortunately most people expect the Govt to sort things and so they interfere and make things worse. Look at Japan over the last 20 years.
     
  13. I agree: the banks should have been allowed to fail.

    Having squandered billions of taxpayer's money, the banks are now busy hiding their bad debts ready for the next government to parcel up the whole shebang and sell them off to .... the unsuspecting taxpayer!

    Moral hazard anyone?

    Litotes