UK finances deteriorate further

#5
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.
 
#6
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.
 
#7
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....
 

Biped

LE
Book Reviewer
#8
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.
 
#12
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!
 
#13
muhandis89 said:
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!
True dat 8O
 
#14
muhandis89 said:
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!
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.
 
#15
Silver_Bull said:
muhandis89 said:
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!
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.
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
 
#16
One story that didn't seem to get much coverage was that this Administration borrowed £4.3 billion in January 2010. This is the first time ever/ever that a British Govt has borrowed in a January.
 

OldSnowy

LE
Moderator
Book Reviewer
#17
The Bank that started the rot - Northern Rock - is the bank of choice for many TUs and is of course based in the NE. The others that failed - common denominator = Scotland. They've previous on this - the Darien scheme was the reason the sweaties begged to join the UK in the first place :)

They should indeed have been left to sink.
 
#18
I was on a site about 18 months ago the Contractor had gone bump and spanked us for 20k. The site manager's answer to this was "The govt needs to do something". Once I'd stopped laughing I realised the govt did do something - they reduced interest rates to near zero. So they bailed out the insolvent and the financial feckless and screwed over the solvent. We are truly fooked.

And you may laugh and scoff and say I don't understand economics. But I understand this - you don't borrow yourself wealthy. And I'll remember this when I lay a lad off tomorrow - because politicians don't make people redundant.
 
#19
Silver_Bull said:
I was on a site about 18 months ago the Contractor had gone bump and spanked us for 20k. The site manager's answer to this was "The govt needs to do something". Once I'd stopped laughing I realised the govt did do something - they reduced interest rates to near zero. So they bailed out the insolvent and the financial feckless and screwed over the solvent. We are truly fooked.

And you may laugh and scoff and say I don't understand economics. But I understand this - you don't borrow yourself wealthy. And I'll remember this when I lay a lad off tomorrow - because politicians don't make people redundant.
You may be the only one that does,really understand what an economic shit-tip this country really is.
My wife,and I have scrimped and scraped for years,paid of our mortgage 2 years ago,had some savings,never in debt (apart from the mortgage),and we get nougtht from our savings,because other feckless twats keep complaining about the interest rate,and I can't afford to get on the property ladder etc.

We bailed out the banks,on the understanding that they started lending money again,instead they're letting small businesses go to the wall,and paying themselves bonuses,what the f*ck for,they're not doing the job they're paid to do in the first place! :?

Rant over. P.S. sorry about the lad.
 
#20
OldSnowy said:
The Bank that started the rot - Northern Rock - is the bank of choice for many TUs and is of course based in the NE. The others that failed - common denominator = Scotland. They've previous on this - the Darien scheme was the reason the sweaties begged to join the UK in the first place :)

They should indeed have been left to sink.
NR was a victim of itself: it had no long-term strategy to deal with failures in its liquidity profile. RBS was just bloody stupid viz ABN Amro.
 

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