I1L2T3 Posted August 3, 2012 Share Posted August 3, 2012 And of course it will continue to increase whilst ever we are in deficit, but we're a long long way off being in surplus in order to start paying down the national debt. The economy is shrinking. Tax receipts are falling. Borrowing is going up again. So yes, budget surplus is a long way off. Years. If we are lucky. On an Olympic theme what has happened with the UK deficit is like a runner doing pretty ok for the first 2000m of the 5000m, then dying on his feet. Link to comment Share on other sites More sharing options...
MrSmith Posted August 4, 2012 Share Posted August 4, 2012 The economy is shrinking. Tax receipts are falling. Borrowing is going up again. So yes, budget surplus is a long way off. Years. If we are lucky. On an Olympic theme what has happened with the UK deficit is like a runner doing pretty ok for the first 2000m of the 5000m, then dying on his feet. If I’m reading this correctly then tax receipts are rising http://www.hmrc.gov.uk/stats/tax_receipts/tax-receipts-and-taxpayers.pdf 2007-08 451,063 2008-09 439,103 2009-10 408,509 2010-11 447,159 2011-12 466,571 Link to comment Share on other sites More sharing options...
LeMaquis Posted August 4, 2012 Share Posted August 4, 2012 If I’m reading this correctly then tax receipts are ris http://www.hmrc.gov.uk/stats/tax_receipts/tax-receipts-and-taxpayers.pdf 2007-08 451,063 2008-09 439,103 2009-10 408,509 2010-11 447,159 2011-12 466,571 Regardless of whether the figures are right that's still only half of the balance sheet. If government expenditure is going up then things might not be getting better. If there are more people out of work then benefits expenditure at least will be rising. Link to comment Share on other sites More sharing options...
MrSmith Posted August 4, 2012 Share Posted August 4, 2012 Regardless of whether the figures are right that's still only half of the balance sheet. If government expenditure is going up then things might not be getting better. If there are more people out of work then benefits expenditure at least will be rising. According to this the welfare bill is now 63.1 billion, but it appears to have grown significantly over the past decade. http://www.ukpublicspending.co.uk/year_spending_2012UKbn_12bc1n#ukgs302 2010 61.1 billion, 2009 54 2008 48.4 2007 43.7 2006 43.6 2005 42.4 2000 35.6 Soaring benefits bill fuels hostility to welfare state The public backlash against Britain’s benefits culture has grown dramatically after the county’s social security bill soared under Labour to £165 billion a year, an official report has found. I don't know why the bold figure differs from the other figures above. Link to comment Share on other sites More sharing options...
I1L2T3 Posted August 4, 2012 Share Posted August 4, 2012 If I’m reading this correctly then tax receipts are rising http://www.hmrc.gov.uk/stats/tax_receipts/tax-receipts-and-taxpayers.pdf 2007-08 451,063 2008-09 439,103 2009-10 408,509 2010-11 447,159 2011-12 466,571 Income tax receipts are falling. Take out the extra receipts due to NIC and VAT increases and see what it looks like. Things will look very bleak when the 2012-13 figures come out. Link to comment Share on other sites More sharing options...
MrSmith Posted August 4, 2012 Share Posted August 4, 2012 Income tax receipts are falling. Take out the extra receipts due to NIC and VAT increases and see what it looks like. Things will look very bleak when the 2012-13 figures come out. It doesn’t look too much to worry about at the moment and is still over 6 billion higher than when they came to power. 2009-10 144,881 2010-11 153,491 2011-12 150,988 Link to comment Share on other sites More sharing options...
polo mint Posted August 4, 2012 Share Posted August 4, 2012 It doesn’t look too much to worry about at the moment and is still over 6 billion higher than when they came to power. 2009-10 144,881 2010-11 153,491 2011-12 150,988 Indeed it seems like there are high hopes of a recovery here. http://www.dailymail.co.uk/debate/article-2180079/A-roaring-British-success-From-rabble-record-breakers-Unnoticed-strike-ravaged-car-industry-triumphantly-defying-recession-proof-industry-CAN-world.html A roaring British success: From rabble to record breakers! Unnoticed, our once strike- ravaged car industry is triumphantly defying the recession- proof our industry CAN take on the world http://www.smmt.co.uk/2012/06/uk-automotive-industry-targets-all-time-manufacturing-records/ UK automotive manufacturers have set their sights on breaking all-time manufacturing records by the end of 2015. The confidence is fuelled by multi-billion pound investments committed to the country over the past 18 months that will see production expanded, new models introduced and thousands more people employed. According to figures announced ahead of today’s SMMT International Automotive Summit, the UK could surpass the 1972 record of 1.92 million cars produced, with over two million units rolling off domestic manufacturing lines in 2015. This landmark relies on eurozone stability and ongoing government support and collaboration. Achieving annual car manufacturing volumes in excess of two million units would equate to an increase in manufacturing output of more than 50% over 2011’s level of 1.3 million units. That's a pleasant change from the decline between 1997 and 2010 Link to comment Share on other sites More sharing options...
NorthernStar Posted August 4, 2012 Share Posted August 4, 2012 , your positivity in the face of gloomy forecasts from the overwhelming majority of economists is quite remarkable. UK manufacturing contracts at fastest rate in three years UK employment rate rises Link to comment Share on other sites More sharing options...
polo mint Posted August 4, 2012 Share Posted August 4, 2012 , your positivity in the face of gloomy forecasts from the overwhelming majority of economists is quite remarkable. UK manufacturing contracts at fastest rate in three years UK employment rate rises Perhaps you should try reputable sources for your statistical material rather than posting from comics. But I suppose if you did that they would have the negative material that you are seeking. http://www.bbc.co.uk/news/business-18881881 Link to comment Share on other sites More sharing options...
NorthernStar Posted August 4, 2012 Share Posted August 4, 2012 Perhaps you should try reputable sources for your statistical material rather than posting from comics. But I suppose if you did that they would have the negative material that you are seeking. http://www.bbc.co.uk/news/business-18881881 Your last post links the Daily Mail as a source:hihi:. At least my links have proven sources with links and direct quotes of sources within the storey to bodies like Markit Economics the world’s largest private sector producer of economic data and Moody’s Analytics etc. Link to comment Share on other sites More sharing options...
Recommended Posts
Archived
This topic is now archived and is closed to further replies.