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Thread: Smallest budget deficit expected since 2002

  1. #1
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    Smallest budget deficit expected since 2002

    Chancellor Philip Hammond is expected to unveil the smallest budget deficit since 2002, in his spring statement on Tuesday.

    However, he's told the BBC national debt is still too high, adding: "There is light at the end of the tunnel... but we are still in the tunnel at the moment."
    Labour (and some Conservatives) have urged him to end public spending cuts but the chancellor told the Andrew Marr Show it would be wrong to pour "every penny" into additional public spending. He said it was "very important moment" to see debt starting to fall after growing for 17 continuous years.

    The UK is now running a surplus of 3.8bn in its current budget the money borrowed to fund day-to-day spending rather than long-term investment - according to the Office for National Statistics.

    "We have a debt of 1.8 trillion - 86.5% of our GDP," Mr Hammond said. "All the international organisations recognise that is higher than the safe level."
    He reminded people that the UK has 65,000 worth of public debt for every household in this country.
    Let's hope MacDonnell's rash call for more spending is resisted until the overall trend is maintained for at least a couyple more years...

    http://www.bbc.co.uk/news/uk-politics-43363167
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    UK Debt is not paid back simply by taking the UK budget into surplus, UK National Debt is continually been paid off as gilts and bonds mature and are paid.

    Even at the height of the current deficit crisis back in 2009, UK government bond yield continued to fall, meaning that the markets never believed that UK borrowing was out of control, or at crisis point, contrary to the doom and lies spread by George Osborne.

    Budget Surplus has happened in only 5 financial years in the last 40 years, more times under Labour than under the Tories

    It is now time for the low level of deficit to be combined with tax raising powers on mega salaries, very high value property, empty properties, second homes, people sitting on land assets and large corporations using loopholes to avoid paying a fair share of tax, to put desperately needed funds into the NHS, local authorities, the emergency services and education.

    enough is enough and public services in many areas are beyond breaking point, with NHS trusts in debt, councils using up reserves and schools falling to pieces.
    We're all Jock Tamson's bairns

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    He's been fiddling the books again then ..
    --
    "The Inland Revenue is not slow, and quite rightly, to take every advantage which is open to it under the Taxing Statutes for the purposes of depleting the taxpayer's pocket. And the taxpayer is in like manner entitled to be astute to prevent, so far as he honestly can, the depletion of his means by the Inland Revenue"

    Lord Clyde: "Ayrshire Pullman Motor Services V Inland Revenue, 1929"

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    Quote Originally Posted by johnofgwent View Post
    He's been fiddling the books again then ..
    At least hes not been booked for fiddling, unlike certain supermarket bosses...
    The poster reserves the right to amend or completely change any opinions he has posted at any time...

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