August UK deficit biggest ever

[MrSmith]

Jackanory tells the story!

 

What’s your problem, you can’t read the link, or don’t believe the link?

[AWOL]

http://www.telegraph.co.uk/finance/economics/9557329/UK-borrowing-running-more-that-25pc-over-target.html

 

Deficit 25% over target

Benefit spend increasing

Government spending increasing

Income tax receipts falling

Corporation tax receipts falling

Unemployment stubbornly high

A deep recession

Increasing news of mass job losses

 

But apart from that , everything in the garden is lovely.

[AWOL]

Britain is still very wealthy. The powers that be are now painting a far gloomier picture than the real picture so that we will gladly keep taking the bitter pills. The rich are still getting richer.

[chem1st]

The benefit bill is going up because pensions are benefits and the government is putting pensions up above inflation!

[kidley]

The benefit bill is going up because pensions are benefits and the government is putting pensions up above inflation!

 

Where does your monthly stoppages to your old age pension go, a pension does not mean you have not paid into it, Billions are paid into the old age pension and where do you get that they are going up more than inflation the last (i think) rise was very much an exception and now the are talking about the old age pension going up in line with the average pay rises

[wednesday1]

Britain is still very wealthy. The powers that be are now painting a far gloomier picture than the real picture so that we will gladly keep taking the bitter pills. The rich are still getting richer.

 

Spot on Phil, this crisis is like manna from heaven for the Tory right, who with there Lib Dem 'allies' are using it to roll back the size of the state like they could previously only have dreamed of.

[chem1st]

Where does your monthly stoppages to your old age pension go, a pension does not mean you have not paid into it, Billions are paid into the old age pension and where do you get that they are going up more than inflation the last (i think) rise was very much an exception and now the are talking about the old age pension going up in line with the average pay rises

 

There are no monthly stoppages for an old age pension?

 

Unless you have a voluntary pension.

 

There is NI which is a form of income tax. And next month they introduce NEST - which for all intents and purposes is another income tax.

[kidley]

There are no monthly stoppages for an old age pension?

 

Unless you have a voluntary pension.

 

There is NI which is a form of income tax. And next month they introduce NEST - which for all intents and purposes is another income tax.

 

I have misunderstood this then

 

Which contributions pay for which benefits

 

Class 1

 

 

I may as well add this.

 

State Pension and national insurance contributions

 

To get State Pension, you must usually have paid contributions or had NI credits which add up to a minimum amount in a certain period

Class 1 national insurance contributions count towards contribution-based Jobseeker’s Allowance, Incapacity Benefit, contributory Employment and Support Allowance, Bereavement Benefits, State Retirement Pension and Maternity Allowance