pslewis

And you thought Labour was bad!

The amount of new public sector borrowing hit a record of £15.9bn for last month, according to the Office for National Statistics (ONS).

The larger-than-expected figure came after higher inflation led to a rise in interest payments on index-linked government bonds.

Come on Tories/LibDems .... get a grip .... or lets get Brown back (at least he knew what he was doing!).

The Zohan

Plllllllllleeeeeeeeeeeeeeeeeeeaaaaaaaaaaaaaaaaaaaa asssssssssssssssssseeeeeee do not feed the troll.

Yes Pete, Gordon is the man to put it right bring him back asap and all will be well.

Now go take your meds and get you bag changed, it must be bulging with all that p1ss and wind by now

pslewis

Come on Paul ..... facts are facts - we borrowed more last month than we have ever borrowed in history (hardly trolling! ).

I was quite excited that this Government may actually turn things around - ending the benefit culture - getting to grips with tax evasion, etc, etc, etc.

But, I do fear that it will be like all the rest in history .... good ideas not followed through and we may as well have stuck with what we knew and trusted!

So, pppppllllleeeeaaaaassssseeee don't imply I am a Troll just because I have a different viewpoint from your good self!

boomer

That'll be the effect of Liebour's "scorched Earth" policy of awarding billions of pounds worth of contracts to be paid for by the public sector as they knew that they had zero chance of getting re-elected!

mb

jonc

And banker's bonuses are getting bigger and bigger!

pslewis

99% of Bankers are Tories .... so, I shouldn't be surprised!

SJ_Skyline

Bollocks.

You're saying it just to get a rise out of people (not that I object)

jonc

Even better!!

boomer

First hit (using "labour contracts election") on an Interweb seach comes up with...

General Election 2010: Labour 'rushing' lucrative IT contract spending 'to beat rules'

mb

EddScott

Best not to mention that overall spending for the year is down £4bn.

However, at that rate its still going to take several years for the actual deficit to start coming down, if ever.

QE has done nothing but prop up the house of cards. Inflation is high as suppliers are already gearing us up to the VAT increase. Once that is calculated in and public sector workers are either on the doll or on the picket lines, inflation will drop as people stop spending. More QE will some in in an attempt to keep us spending. Deflation will be a problem again.

OR, the BoE will keep interest rates low for too long because they are being pressured by government/banks to pump as much profit into the banks as possible to make them strong enough to be sold back to private investors. Interest rates will rise too fast to calm inflation, it won't work and in 24 months time interest rates will be close to double figures.

If they thought people were struggling before with mortgage payments, you wait until all those folk on 2-3% above base trackers are in double figures and see how many defaults a month occur.

pslewis

I'm saying it because it's in the News today and SN may wish to discuss it .... as, quite clearly, some on here thought that Labour were borrowing too much (when, in fact, this bunch are borrowing record amounts!)

So, discussion topic for those who wish to - others can pass on by

dpb

dont ffs bring facts into the equation - that would ruin everything

Petem95

This is Labour's legacy

http://www.telegraph.co.uk/finance/e...-payments.html

At least we have the Tories in power now - they're used to have to clearing up after Labour mis-management, but the mess Labour has left this time is so bad it looks like it will take decades to fully recover from.

kingofturds

iTrader: (1)

So we owe over a £1trillion to various Countries with little hope of paying it back, who has the real problem here

f1_fan

iTrader: (9)

Are you really that numb?

NEWSFLASH: No one will sort this out as no party has the spine or ever will have. End of!!!

The Zohan

+1

F1 Fan - oh come on at least they are trying which is more that those fools led by Donkey Brown did!

f1_fan

iTrader: (9)

No Paul they are doing a lot of talking, not much doing and even if they do what they say, which they won't, it won't be nearly enough anyway.

The last time they were in power they were just as big a shambles as the lot we have just got rid of. They were in power for 18 years and only when Ken Clarke took the helm for the last 3 years did the economy start to come round.

EddScott

They are tackling the same problem but with a different stick. Labour wanted to wait until next year to start cuts in order to keep the UK economy going - keep us all spending and driving the economy forward. The ConDems are cutting now to reduce government costs but this means cutting jobs which weakens the economy by reducing consumer spending. If we have strikes and a "winter of discontent" it will affect consumer spending habits and people will reduce their incidental spending. Couple this with a rise in VAT and people may just stop spending and cutting back. Demand will reduce which in turn reduces inflation which could lead to deflation.

As much as I disliked the latter part of Labour rule, don't forget that it was the Tories that originally started the UK on the financial addiction in the 80s. Labour should have weened us off and pushed manufacturing, they didn't.

Leslie

They have to find £44 billion every year to pay the interest on the loans initiated by the previous government which consisted of your heroes of course Pete!

Takes a bit of keeping up with NL spendthrift nonsense.

Les

jonc

So what do you suggest? Do nothing? No wait, that was Darling Brown's idea......

Petem95

Yeah top solution there f1_fan

Public support for reducing public debt is actually surprisingly high considering a large proportion of the public probably don't really understand the situation.

EddScott

No it wasn't. It was to postpone cuts until 2011 to give the economy more time to get back on its feet. ASSUMING it wasn't election bollox to win votes.

It makes sense however, keep the dynamo spinning until its strong enough to self support. Cut too early and the shock to the economy will cut the growth off. Lots of cuts in the very near future, VAT up to 20% in the very near future. Growth is going to slow big time in Q1 and Q2 of next year. Loss of jobs, reduction in spending, businesses out of business becuase no one is buying, mortgage defaults, shortage of people eligible for mortgages, restrictions on multiples for mortgages, surplus of houses in the system.

Its not looking good is it?

f1_fan

iTrader: (9)

You don't get it do you? Even if the government pushes through all the spending cuts it proposes (which it won't as it has no spine and the public support you speak of isn't really there anyway and certainly won't be in 12 months time) it isn't nearly enough. Not even close!!!!

jonc

No body in their right mind would suggest that the economy can be fixed in a year or so after 13 years of Labour spending and borrowing. The current government have only been in office for 5 months!!! Labour's solution was to continue to let the deficit grow, print more money, borrow more and spend more, whilst still planning for cuts and VAT increases. There wasn't any indication that the ecomony would grow even if Labour stayed in power and continued its spending and borrowing.

Petem95

Yes I do 'get it' thankyou, and I'm well aware that with all the cuts proposed they are only going to put a dent in the deficit (ie the INCREASE in national debt - a lot of people seem to think the deficit is the debt), and that it's a long way until the country will be in a position to actually start reducing the debt as a whole (which will likely be increasing at a faster rate in future due to interest rates)

It may well not actually be possible, and bankruptsy for the country may well be the end result. If it comes to that the country will be in a pretty dire situation, and high living standards and the welfare state will become a thing of the past for a lot of people, but at least the current government is making the effort to do something about it!

Are you suggesting we might as well still have Labour in power, with their head in the sand just endlessly increasing public sector jobs (and leaving the country liable for their pensions and benefits - not just salaries)

Jamie

8% went to Pakistan

EddScott

The point they made and what I mentioned is that they thought that keeping up QE and keeping up public spending would strengthen the economy. Keep public sector jobs, keep building public sector projects to keep private sector jobs i.e. the new Schools projects, handouts to private sector business to keep people in employment like the loan to Sheffield Forgemasters thats now been cancelled.

Bring the cuts in too early, don't carry on with QE, make luxuries more expensive and you risk choking off economic growth.

I'm not saying which is right or wrong but both have their drawbacks. I think the ConDems are doing the right thing (apart from the Free Schools) but as to which way the world swings only time will tell.

dpb

So what youre saying F1 is w'ere doomed anyway , well unless Gordan comes back form helping Africa ( well see about that ) to sort us all out , and we might as well declare ourselves bankrupt

Is that it ?

pslewis

YOU WHAT!??????????????????????????????

Little history lesson for you here, are you sitting comfortably? Then I will begin ......

Once upon a time when the world entered a deep, deep recession all the lands were terrified. A knight in shining armour sat, alone, at the head of the pass ready to fight tooth and nail for the country he served - that man was Gordon Brown, the One Eyed Knight of the West.

Along rode another knight in rich jewels and trinkets, clearly one of a very wealthy family, Knight Cameron of the Eton round table - he sat above his steed alongside the One Eyed Knight and looked at the coming disaster - the hoards of natives carrying debt and poverty - he, basically **** himself. Knight Cameron declared that we should run away, hide, and do nothing at all .... maybe they will pass by without hurting us?

But the One Eyed Knight stood firm ... and alongside him rode his Darling Knight - alone they stood as the hoards came upon them. They didn't blink, they didn't shiver, they didn't turn into Tory jelly of no substance ........ the Knights from the other Lands under attack saw this brave act and stood alongside the One Eyed Knight and his Darling.

Together they all but defeated the hoards - but the citizens of the One Eyed Knights lands wanted the new Knight Cameron and his Jester Osbourne .. for they promised trinkets and chests of gold .. the people sent the brave One Eyed Knight on his way, despite standing where the Knights of the Eton round table feared to tread.

Very soon the trinkets turned into plastic and the gold was fools gold - the simple people had been had by the wealthy Knight with nothing to lose .. the same Knight who ran and hid with his Jester Osbourne.

The people of the land cried out for the One Eyed Knight to return .. but, he had gone over the hills never to return.

Basically - the TORIES said DO NOTHING!!!!

Labour said LET'S FIGHT!!!!!

End of lesson ......... thanks for watching

dpb