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Tag Archives: Deficit spending

Labour’s plans would mean £20.7bn extra borrowing next year alone

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Via the Conservative Party, “Labour would increase borrowing by over £20 billion in the first year of the next Parliament”: Britain has a clear choice at the next General Election: competence or chaos. We can continue on the road to a stronger economy with a competent Conservative team that have a long term plan; or we can choose the chaos of Labour’s £20.7 billion unfunded spending promises, higher taxes and more borrowing which would take us back to square one. […]

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Bucks County Council extends council tax freeze

This week Buckinghamshire County Council (BCC) announced its budget plans for 2013/4. Keeping money in people’s pockets during these tough economic times is an essential part of ensuring the continued prosperity of Buckinghamshire. It is also welcome to see that the Conservative 2010 General Election pledge to freeze council tax for two years has been achieved and extended by the Council. I reproduce an extract below from the BCC press release: Despite £14.4m less funding from central government, freezing Council Tax […]

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More unexpected borrowing?

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Yesterday, we learned “public sector net borrowing was £0.6 billion in July 2012; this is £3.4 billion higher net borrowing than in July 2011, when net borrowing was -£2.8 billion (a repayment)”. Compared to say May, when we borrowed £17.9 billion, £600 million seems relatively modest. It’s still the gross annual earnings at the national average wage of over 23,000 people. Apparently, it was a surprise to economists (again). They expected the usual July surplus. As far as I recall, […]

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The triumph of politics » The Cobden Centre

At The Cobden Centre, Detlev Schlichter explains that, The biggest threat to your property and to your individual liberty does not come from markets and not even from the bankers. It comes from politics. I feel sure he is right. We’ve had decades of excessive political promises paid for by high taxes on people of ordinary incomes, deficit spending, national debt and currency debasement. That has inevitably caused a financial, economic and social crisis. And yet still it seems politicians and […]

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Autumn Statement chart of the day: living beyond our means for years

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Via the Autumn Statement, page 25, forecast Government receipts and expenditure through the Parliament as a percentage of GDP: See also this chart, showing how our national debt is forecast to increase as a consequence.  The legacy this Government was handed remains a scandal.

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The Autumn statement

Via HM Treasury, where all the key information may be found: Responding to the Office of Budget Responsibility’s (OBR) updated Economic and Fiscal Outlook, the Chancellor has set out details of further action the Government will take to protect the UK from global instability and the euro area crisis and build a stronger, more balanced economy for the future. Via Andrew Lilico on ConservativeHome: When we criticise Osborne – and I do – we must not forget either the huge task […]

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Spending – up. Borrowing – up. Debt interest – up.

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Via National Statistics Online – Public Sector Finances, the trajectory of cumulative public borrowing this year more or less matches last year: See also Deficit plan under pressure as UK borrows £14bn more in June. Here’s the tragedy: while my constituents and people across the country are seeing real reductions in services and worrying about cuts to public spending, public sector borrowing in June was slightly worse than last year and Government expenditure will increase in cash terms every year of the next five. In […]

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Speech in the budget debate

Steve Baker (Wycombe) (Con): When I came to the House today, I expected to hear a great deal of Keynesian argument and I have not been disappointed. I am sorry that the hon. Member for Great Grimsby (Austin Mitchell) is no longer in the Chamber, as I wanted to congratulate him on his comprehensive grasp of Keynesian arguments. Unfortunately, it was also excruciating. I am told that Keynes thought that the safe upper limit for the size of the state […]

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