HomeUnited KingdomNational debt at 100% of GDP for first time since 1960s. The chancellor is already seeking big savings to fill, what she says, is a £22bn legacy black hole in the public finances.
National debt at 100% of GDP for first time since 1960s. The chancellor is already seeking big savings to fill, what she says, is a £22bn legacy black hole in the public finances.
September 20, 2024
National debt at 100% of GDP for first time since 1960s. The chancellor is already seeking big savings to fill, what she says, is a £22bn legacy black hole in the public finances.
“It meant that borrowing for the current financial year, at £64.1bn, was £6bn higher than the OBR had forecast.
ONS chief economist Grant Fitzner said: “Borrowing was up by over £3bn last month on 2023’s figure, and was the third highest August borrowing on record.
“Central government tax receipts grew strongly, but this was outweighed by higher expenditure, largely driven by benefits uprating and higher spending on public services due to increased running costs and pay.”
[removed]
I suppose if they keep rolling out that “black hole” sophistry forever, some people might believe it. Here comes a huge assault on the middle classes. They’ll up the class war rhetoric, skewing the language so that the working classes broadly support it. Then they’ll come for the working classes. But do you know who won’t pay a single penny? The wealthy and powerful who pay their dues and fund all of the political parties. Obvious I know.
this isn’t a 22bn legacy black hole when 50% of it was created by the incumbent.
Things I would like to see happen:
1: George Osbourne on charges for allowing Google to suddenly not pay taxes
2: An Investigation into the borrowing of Money from the Banks, to then Bail out the banks, where the banks get to charge us higher interest than we charge them for the loan, scrape it all back form the senior leadership, and imprison all those who thought it was acceptable (2008 crash)
3: Remove the right for Starbucks to operate in Britain until they pay back our calculated Back Taxes and Interest rates, because even though it was legal loopholes, it was immoral, don’t like it, then don’t do business here
4: Investigate where the PPE money actually went, it cannot be easy to completely hide what you did with a Billion pounds, rake it back, with interest, and send those responsible to Jail.
5: International Arrest warrants for Tony Blair and his war crimes, with the deaths of all British soldiers in Desert Storm 2 laid at his feet.
6: Sanctions on Saudi Arabia and the United Arab Emirates for their roles in supporting the 2 towers and July 7th attacks, couple of Billion in fines should do it.
7: Closing down of all the Tax loopholes, and the tax system in total, getting overhauled so it is easier to understand, and in plain english, to stop stupid little sub clauses allowing tax exemptions.
8: While we are at it, I also want a Diamond Pony, NOT a sculpture or anything, but an Actual Living Freaking Pony made of Diamonds.
If only we were a really rich country that could raise more tax if we wished to.
I was told this was disinformation when the tories claimed this was going to happen?
Way out of her league. Embarrassing. Smh ngl.
Tories have destroyed this country and yet still people are like “LABOUR ARE THE PROBLEM”.
Up vote, down vote. Honest question for people. Who do you think is responsible for this state of the UK economy? Party, individuals etc. Who? Because this isn’t a good moment to be British.
Time for turbo charged austerity. Because regular austerity served us so well.
As in another thread, it’s SO frustrating to see this now painted as a Labour issue. Months back, certain elements of the press ignored so many of these issues, as did ministers. Now, the second Labour are in, the ministers who never previously thought it was an issue are adamant it’s a giant problem all of the current governments making, as are the same parts of the press. Meanwhile, those who were outraged about previously are suddenly silent. It feels like watching a group of teens trying to project manage, and just focussing on “as long as it doesn’t blow up on my watch”.
It’s infuriating that a party can ignore long standing issues until the moment someone else is holding the hot potato. Because it’s all so tribal that then we do it too. Surely our governments should care not just about their reputation during periods they’re in power, but their legacy, and what they leave in place for the future, even if they won’t get credit for it. We’re doomed to governments who just keep placing sticky tape over the issues on the assumption that it’ll hold until it’s someone else’s problem.
£310bn to £410bn on covid.
Giving away billions to Ukraine.
Billions more on “NetZero”.
And billions more accommodating boating enthusiasts.
Time to reign in wasteful spending.
Legalise. Cannabis.
Or we can stay in debt for years. They’re all thinking of ways to fill the defecit and the answer is right in front of them.
Except it wasn’t a 22b black hole until the government agreed to insane pay rises for certain sectors.
Watch the media spin this and blame labour as if this was not all under the tories.
Lord Ali will pay for it, if Keir asks nicely. No strings attached
16 comments
“It meant that borrowing for the current financial year, at £64.1bn, was £6bn higher than the OBR had forecast.
ONS chief economist Grant Fitzner said: “Borrowing was up by over £3bn last month on 2023’s figure, and was the third highest August borrowing on record.
“Central government tax receipts grew strongly, but this was outweighed by higher expenditure, largely driven by benefits uprating and higher spending on public services due to increased running costs and pay.”
[removed]
I suppose if they keep rolling out that “black hole” sophistry forever, some people might believe it. Here comes a huge assault on the middle classes. They’ll up the class war rhetoric, skewing the language so that the working classes broadly support it. Then they’ll come for the working classes. But do you know who won’t pay a single penny? The wealthy and powerful who pay their dues and fund all of the political parties. Obvious I know.
this isn’t a 22bn legacy black hole when 50% of it was created by the incumbent.
Things I would like to see happen:
1: George Osbourne on charges for allowing Google to suddenly not pay taxes
2: An Investigation into the borrowing of Money from the Banks, to then Bail out the banks, where the banks get to charge us higher interest than we charge them for the loan, scrape it all back form the senior leadership, and imprison all those who thought it was acceptable (2008 crash)
3: Remove the right for Starbucks to operate in Britain until they pay back our calculated Back Taxes and Interest rates, because even though it was legal loopholes, it was immoral, don’t like it, then don’t do business here
4: Investigate where the PPE money actually went, it cannot be easy to completely hide what you did with a Billion pounds, rake it back, with interest, and send those responsible to Jail.
5: International Arrest warrants for Tony Blair and his war crimes, with the deaths of all British soldiers in Desert Storm 2 laid at his feet.
6: Sanctions on Saudi Arabia and the United Arab Emirates for their roles in supporting the 2 towers and July 7th attacks, couple of Billion in fines should do it.
7: Closing down of all the Tax loopholes, and the tax system in total, getting overhauled so it is easier to understand, and in plain english, to stop stupid little sub clauses allowing tax exemptions.
8: While we are at it, I also want a Diamond Pony, NOT a sculpture or anything, but an Actual Living Freaking Pony made of Diamonds.
If only we were a really rich country that could raise more tax if we wished to.
I was told this was disinformation when the tories claimed this was going to happen?
Way out of her league. Embarrassing. Smh ngl.
Tories have destroyed this country and yet still people are like “LABOUR ARE THE PROBLEM”.
Up vote, down vote. Honest question for people. Who do you think is responsible for this state of the UK economy? Party, individuals etc. Who? Because this isn’t a good moment to be British.
Time for turbo charged austerity. Because regular austerity served us so well.
John Oliver has something to say about national debt
https://youtu.be/yq_E3HquRJY?si=YAqMyvnRZXqkXDGl
As in another thread, it’s SO frustrating to see this now painted as a Labour issue. Months back, certain elements of the press ignored so many of these issues, as did ministers. Now, the second Labour are in, the ministers who never previously thought it was an issue are adamant it’s a giant problem all of the current governments making, as are the same parts of the press. Meanwhile, those who were outraged about previously are suddenly silent. It feels like watching a group of teens trying to project manage, and just focussing on “as long as it doesn’t blow up on my watch”.
It’s infuriating that a party can ignore long standing issues until the moment someone else is holding the hot potato. Because it’s all so tribal that then we do it too. Surely our governments should care not just about their reputation during periods they’re in power, but their legacy, and what they leave in place for the future, even if they won’t get credit for it. We’re doomed to governments who just keep placing sticky tape over the issues on the assumption that it’ll hold until it’s someone else’s problem.
£310bn to £410bn on covid.
Giving away billions to Ukraine.
Billions more on “NetZero”.
And billions more accommodating boating enthusiasts.
Time to reign in wasteful spending.
Legalise. Cannabis.
Or we can stay in debt for years. They’re all thinking of ways to fill the defecit and the answer is right in front of them.
Except it wasn’t a 22b black hole until the government agreed to insane pay rises for certain sectors.
Watch the media spin this and blame labour as if this was not all under the tories.
Lord Ali will pay for it, if Keir asks nicely. No strings attached