UK [to be] 'fastest-growing Western economy'

[I1L2T3]

Of course they have run deficits, but it is a matter of scale. Between 1997 and 2002 Labour kept to the Tory spending limits. It didn't go down well with their grass roots support. After 2002 they cut loose spending massively over and above what was the norm for the last 20 years. The public sector expanded by 1 million. There is absolutely no way that would have happened under the Tories.

 

Do you know the employment costs of 1 million extra public sector workers?

 

You can look up the figures yourself and you will see that spending was not particularly excessive. Spending did not cause the crisis.

 

---------- Post added 09-11-2013 at 20:58 ----------

 

It was government borrowing and excessive spending that caused the debt to get out of control. You don't build up debt without spending more than you have.

 

Many banks around the world got into a financial mess. Others didn't. The problem in the UK is down to lack of regulation. Gordon Brown (Mr No More BOOM & BUST) set up the FSA in 1997 to regulate the country's financial institutions "WITH A LIGHT TOUCH". It wasn't a great plan.

However only a few financial institutions needed bailing out. Not the £trillion of debt we have now. And the financial institutions aren't responsible for the deficit that we still have today. That can be laid at the feet of Brown & Darling for setting spending levels based on projected growth in tax revenues that just weren't realistic or achievable.

 

Brown never listened to folk who told him a crisis was coming because he believed his own bullship about abolishing Boom & Bust.

 

Government spending needs to be brought back under control for sure. The following site shows an excellent graph. Take a look at the Tory years. Take a look at the Labour years. Deficit nearly all of the time. Deficit is a problem all parties fail to tackle consistently.

 

http://www.debtbombshell.com/britains-budget-deficit.htm

 

Take a look at 2008 and after and the rapid increase in deficit. That was caused by the crisis.

 

---------- Post added 09-11-2013 at 21:00 ----------

 

Was 13 years not long enough to regulate them? Or perhaps when he had the banks begging for billions? Was that not the right time?

 

It should have been plenty of time to stop what Thatcher had started. Labour had no interest in reversing it. They accelerated the process if anything. Shameful.

[Hillpig]

I think the Bankers earn every penny, my portfolio is managed by Coutts, they are very nice.

[I1L2T3]

I think the Bankers earn every penny, my portfolio is managed by Coutts, they are very nice.

 

You need to get better at spelling swear words.

[Obelix]

Just tell us all who it was who deregulated the banks in the first place

 

Could you tell us why you are paying more tax first please? Let's not have you deflect this question eh?

[Mecky]

Could you tell us why you are paying more tax first please? Let's not have you deflect this question eh?

 

I don't know why I am paying more tax, I just am. The employer and the IR does the tax calculations and payments on my behalf. Tax is up, NI is up and VAT Man has put VAT at 20% (up). Meanwhile the cost of living has increased, food, powerand electronics.

 

Now tell us who built that little nest-egg of who deregulated the banks in the first place.

[L00b]

I don't know why I am paying more tax, I just am.

With respect, Mecky, the likely hows and whys have been explained to you.

 

Rate thresholds (e.g. 40% tax rate) have been brought down, and certain fiscal advantages (e.g. child benefit for higher earners) have been withdrawn.

 

Both of these result in increased deductions from your gross wage (dependent upon your wage level and circumstances), regardless of any wage increase(s).

The employer and the IR does the tax calculations and payments on my behalf. Tax is up, NI is up and VAT Man has put VAT at 20% (up).

Do you pay VAT on your gross wage?

[Obelix]

I don't know why I am paying more tax, I just am. The employer and the IR does the tax calculations and payments on my behalf. Tax is up, NI is up and VAT Man has put VAT at 20% (up). Meanwhile the cost of living has increased, food, powerand electronics.

 

Now tell us who built that little nest-egg of who deregulated the banks in the first place.

 

Tax is not up - please show me what tax rate has been increased then - you've been moaning incessantly about the 50% rate CUT. The personal allowance has been increased which means you pay less tax as less income is taxable.

 

Let's say you were earning £25k a year which is the average wage or thereabouts, so Mr Average.

 

NI is not up - you paid £2120 in 2010/11 falling to £2070 this year...

 

Doing the numbers, assuming a normal tax code, you would be getting net of income tax and NI..

 

2013/14 £19815

2012/13 £19531

2011/12 £19361

2010/11 £19173

 

Clear? Or still want to carry on digging?

[truman]

Tax is not up - please show me what tax rate has been increased then - you've been moaning incessantly about the 50% rate CUT. The personal allowance has been increased which means you pay less tax as less income is taxable.

 

Let's say you were earning £25k a year which is the average wage or thereabouts, so Mr Average.

 

NI is not up - you paid £2120 in 2010/11 falling to £2070 this year...

 

Doing the numbers, assuming a normal tax code, you would be getting net of income tax and NI..

 

2013/14 £19815

2012/13 £19531

2011/12 £19361

2010/11 £19173

 

Clear? Or still want to carry on digging?

 

He just doesn't want to tell us he's a 40% rate payer....... apart from a change in BIK that's the only way he'd pay more income tax..

[WeX]

He just doesn't want to tell us he's a 40% rate payer....... apart from a change in BIK that's the only way he'd pay more income tax..

 

Or his earnings have risen under the current government, but he is never going to admit that fact either as that would mean acknowledging he is doing better now.

[truman]

Or his earnings have risen under the current government, but he is never going to admit that fact either as that would mean acknowledging he is doing better now.

 

There is that but..I thought he was a public sector worker? Haven't their wages been decimated by the Tories?