February 18th, 2010

Double Dip Anyone?

Following the longest recession in history Britain posted its first-ever budget deficit for the month of January.  Usually January is a bumper month for tax receipts.  Unfunded government over-spending was £4.3 billion, when consensus economists were forecasting a £2.6 billion surplus, according to the median of 16 forecasts in a Bloomberg News survey.

Don’t rule out a double-dip recession.  With neither the Conservatives or Labour offering policies to kick-start consumer spending and GDP growth, we could be in a lot of trouble…


186 Comments

  1. 1
    Dick the Prick says:

    Have we definatey got out of recession though if the figures are corrected?

    Like

    • 5
      • 10
        Anonymous says:

        I have an idea to kick start the economy and save us some money.

        Tripple glazing every pensioner’s house.

        A lot better than giving £2k off Korean cars.

        Like

        • 61
          Qui Bono says:

          My millionaire pensioner neighbour thanks you for the gesture, paid for by your forced taxes, but regards the trivial CO2 savings as irrelevant and the whole scheme a pointless make-work charade.

          Like

          • Up sh1t creek says:

            But a damn sight more useful than New Labour’s make work scheme fining people for the 3000+ non-crimes New Labour created just to get as many as possible to have a criminal record.

            Like

        • 75
          The Dirty Rat. says:

          I’m still waiting for the cnut to come round with a squad of the unemployed and insulate my loft, like he said he would.

          Like

        • 98
          AC1 says:

          Diggin’ Holes, Then Fillin’ ‘em in again will jump start the economy!

          That or smashing windows to stimulate the glazing industry.

          http://en.wikipedia.org/wiki/Parable_of_the_broken_window

          Like

        • 104

          Only if all the glass is made in this country. Genuine question: is it?

          Like

          • Watch the Skies! says:

            Pilkington sold out to France’s Saint Gobain a while back. So it’s British in much the same sense that a Nissan car is: profits repatriated to the Mothership and shareholders, jobs put wherever the market is and the shareholders stand to gain most from local labour market conditions.

            Like

        • 121
          Whole hole says:

          We could fix all the pot holes the government created because they took the money from car taxes and fuel tax, and wasted it on benefits claimants to buy their votes!

          Like

          • Gordon Brown stole my pension says:

            You have my vote.

            Have you seen the state of the M25 either side of the Dartford crossing? It’s like the surface of the bloody moon.

            Like

        • 149
          Happy Scrapper says:

          As a Liebour hating car dealer with both German and Korean franchises I can tell you that you are wrong about the £2k scrappage subsidy.

          The manufacturer and the dealer fund 50% of the £2k which includes VAT Given that the vast majority of scrappage sales have been incremental the actual taxpayer funded scrappage subsidy is £700 per car less the revenue generated from the new registration fee of £55 per car which nets down to £645 per unit sold.

          Then of course there are the environmental benefits of significant reductions in emmissions and less fuel consumed to add to the safety benefits of the new car compared to the old banger.

          And there’s more; Not only has the scrappage scheme helped support my business through the most challenging car market of my lifetime, helping to safeguard nearly 100 jobs it has also enabled me to take on around 20% additional staff in my two Hyundai dealerships and will continue to support my business when the additional cars sold return for servicing and repair in the coming years.

          Don’t misunderstand me McDoom and Mandy can claim no credit as they simply copied an excellent German idea and are still hoons of the highest rank. Overall the Scrappage Scheme has been very good news for my business and my staff.

          Like

          • Rexel 56 says:

            Nobody disagrees that printing money to give to banks to buy government debt to fund money-off deals for motor cars, or indeed anything else, will protect jobs……

            ……. in the short term. Just don’t get used to it because the printing presses have been stopped now and lots of people have boughts cars one or two years earlier than they were going to – you will hit the wall again soon, hope you haven’t overstocked.

            Oh, and sterling is fucked so I hope Hyundai are planning a factory in the UK somewhere….. suspect not.

            Like

          • Happy Slapper says:

            Fookin expensive welfare programme if you ask me – what makes you a worthy beneficiary of taxpayers largesse and not the business next door struggling just as much? Well done on running a subsidised business, but don’t be such a pompous twat.

            Like

      • 11
        Tube_Thumper says:

        the only growth we have is called gordon brown

        Like

      • 19
        La' says:

        Soros has doubled his gold and baked bean holdings

        Like

      • 59

        Brown has connived at so many insidious stealth taxes, that in his narrow ultra specialised mind (He could never be accused of being a Generalist), he actually thinks that he has earned the money to spend on pet projects and aid for the Feckless, and Bored.

        It will be a surprise that he has overshot the PSBR estimates. The only thing that you cannot hide in a set of proper accounts is the movement of cash.

        Labour have manipulated the figures on Economic Activity or Unemployment till they can fiddle no more. It is the Total Debt that will kill ‘Prudence’ off.

        He is malevolently EVIL.

        Like

      • 158
        Tapestry says:

        Recession? who knows?

        But January shortfall in revenue says Darling’s claim to be on track to borrow £175 billion is conkers.

        http://tinyurl.com/ylrmzeu

        Like

      • 164
        Is Gorgon Brown A Liar answers on a postcard pls says:

        Double Dip Double Dip don`t make me larf does anyone believe we are “OUT” of recession no way Gordoom has cooked the books I mean o.o1% growth ie 0.00% rounded up give me a break I run (sorry try to run) a small business you know the sort BACK BONE OF THE ECONOMY and if we are out of recession then i`ll vote Liebour MY ARSE

        Like

      • 186
        Great Granddad says:

        GDP is not an exactitude but a proxy. Honestly calculated (and honesty is not to be taken for granted) it is a pretty good but rough estimate. How accurate an estimate? Difficult for anyone outside the calculation loop to judge. Where should one set the error bars for this statistical measure? Who knows but anything less than five per cent would be absurdly optimistic.

        So what does an increase in gdp of one tenth of a percent mean? Absolutely nothing. Zilch. A statistical non event.

        So we cannot have a double dip recession until we have emerged from the first one. At a claimed one tenth of a per cent no emergence has so far occurred. QED

        Like

    • 18
      Down with Brown! says:

      0.1% growth overall.

      The only bit of the economy that is growing is the unsustainable bit, the public sector.

      Like

      • 27
        obangobang says:

        How come we need two quarters of negative growth to be in a recession but only one of (barely) positive growth to be out of recession?

        Like

        • 37

          We are being Seasonally adjusted in line with Met Office forecasts.

          Like

        • 41
          ShoutsAtTheTV says:

          Yes, this discrepancy had troubled my mind..

          Like

          • Gordon Brown says:

            To counter claims of my government massaging figures, I have passed the job of collating and analysing data to Prof Phil Jones and his CRU crew.

            Like

        • 89
          Mr Ned says:

          obangobang, you raise a very valid point and if the first quarter of 2010 shows the economy shrank by 2% then labour would be still able to declare that we are not in recession, and repeat it right up to polling day.

          They will use the “It takes two quarters to be a recession” argument for all they are worth and those common purpose fuckers at the BBC will let them get away with it too!

          Like

          • QUANGOCRAT says:

            I really think that we need an overstaffed, overpaid assembly of the great and the good to produce quarterly reorts on the validiity of the quarterly reports that the goverbment use. You know it makes sense, and more to the point might make me a lot of money!!

            Like

      • 111

        “0.1% growth overall. ”

        Is that a real decimal point or a CCHQ decimal point?

        Like

    • 92
      K. Vaz says:

      Who cares? You racist taxpayers bought me a house. I’m sorted. Double-dip? That’s a side-helping at the restaurants I eat in – at your expense. Racists.

      Like

      • 114
        Mr Ned says:

        Mr Vaz, If you treat me like a racist, then I shall act like a racist, as I would hate to disappoint you, you mendacious, malevolent, Madras Monkey fucker!

        Like

    • 116
      Up sh1t creek says:

      To have a double dip recession, you first have to be out of recession in the first place. Sorry, but the recent rigged figures showing a 0.1% growth is ONS bullshit so Gordon can claim that the UK is out of recession before the general election.

      Let’s see how those tax receipts are going…..

      Oh well, better raise the taxes to REALLY improve those figures. Morons!

      Like

  2. 2
    My Vote Never Counts says:

    Double dip? – Guacamole anyone?

    Like

  3. 3
    Tube_Thumper says:

    Double dip anyone? Yes please ! I saw it once in a porno film that jacqui smith old man lent me

    Like

  4. 4
    David Hodge says:

    I have put my money under my bed.

    Like

  5. 7

    Double dip?
    Rather Multi dip!

    Kick-start?
    Who!
    Where!

    Like

  6. 7
    Nestor Mahkhno says:

    Look, we’re on an up escalator. Our leaders have two buttons, deflation and inflation. By clever alternating of the buttons at just the right time they will lead us to growth and security.

    What could be simpler than that? Just trust our leaders, they have only our good at heart.

    Like

    • 14
      Cast Iron Dave says:

      Stagflation here we come…

      Like

    • 20
      Gordon ( SoldGoldAtThe ) BottomBrown says:

      Trust me. I am a genius as acknowledged by towering figures such as Joseph Stiglitz and Piss Organ.

      This is no time for fresh thinking – THIS IS NO TIME FOR A NOVICE.

      Stick with us in The Bunker.

      Like

      • 39
        Gordoom Brownfinger (the man with the fecal touch) says:

        I recommend buying gold now at the top of the market and selling it again in 5 years time at the bottom.

        Wibble.

        Like

    • 67
      Sir Everard Digby says:

      I beg to differ – McDoom operates one strategy regardless. Borrow or Print and Spend.

      Like

      • 101
        ShoutsAtTheTV says:

        ..Think you mean “Investment”, rather than “Spending”, don’t you?

        I mean all these huge, monetary investments are bound to yield a HUGE monetary return any moment now..

        Like

  7. 9
    SpoofReader says:

    IF I had any money, it would not go under the bed. An airline ticket to almost anywhere would do it. I’d even plant a tree when I got there (mary jane, anyone?).

    Like

    • 42
      Straphanger says:

      You could steal someone’s passport before you go and then murder whoever you think is responsible for your lack of money.

      Like

  8. 12
    Down with Brown! says:

    Higher taxes would seem to be the most likely cause of a double dip.

    Like

    • 183
      Happy Slapper says:

      and plunging sterling….and higher interest rates….and plunging house prices….oh fuck it – take your pick, they’re all coming…..

      Like

  9. 13
    Alexsandr says:

    Hmmm
    I reckon Mr Darling will have to review his budget as his strategy is to ignore the deficit and hope that economic growth will cover it.

    now is the time to start sacking all the useless pen-pushers in the civil service, the quangos and local government. We can’t afford em.

    Like

    • 32
      Henry Crun says:

      Al, I think you meant to say that Mr. Darling’s strategy is the one that Gordoom told him to adopt.

      Like

    • 33
      Piazzale Loreto says:

      The time has come to close Scotland and declare it a nature reserve.

      Like

    • 40
      The Gord's Prayer says:

      ************ LET US PRAY ************

      Our Pariah, which art in Downing Street,
      Hated be thy name.
      Thy government come,
      Our Nation’s wealth go, in 2010 as in the 1970’s.
      Give us this day our daily soundbites
      And forgive us our tirading against those who tyrannise against us
      And lead us not into another term of office,
      But deliver us from evil
      For thine is the catastrophe, the penury and the gloom
      For ever and ever. Amen.

      Like

      • 53
        Nunc Dimitis says:

        Lord, now lettest thy servant depart in peace, according to thy word
        For mine eyes have seen thy salvation

        Like

        • 64
          Nunc Dimitis (second attempt) says:

          Oops. Hit the wrong tit.

          Lord, now lettest thou thy servant depart in peace, according to Mandy’s word
          For my one good eye has seen your lampposts
          Which thou has prepared before the face of all people
          To be a light to light up the Genitals and to be the Glory of thy Grocer M&Ssad

          Like

      • 74
        gildedtumbril says:

        I was deeply moved…And now let us pray for those less fortunate than ourselves…er…er…er. Dammit, can’t think of anyone. And please, no one mention turd world unfortunates.

        Like

    • 109
      Grumpy Old Man says:

      And especially the NHS, which I believe has more chair polishers than patients.

      Like

  10. 17
    Anonymous says:

    We’re already in a lot of trouble. My spouse and I now have 6 redundancies between us and no prospect of work. Five of those redundancies were under a Labour Government’s watch.

    How many more times should we be expected to wipe up Labour’s shit with the shirts off our backs?

    Like

    • 21
      Tube_Thumper says:

      has it occured to you that you and your spouse are about as useful as a fart in a spacemans suit thats why yiou keep getting fired

      Like

      • 26
        Anonymous says:

        And on what evidence do you base that accusation?

        Like

        • 117
          Grumpy Old Man says:

          If you’ve been working for the State or other unionised enterprise, the Unions ensure a last in-first out policy. It doesn’t matter how good you are,
          as tube abuser knows full well.

          Like

          • Mr Ned says:

            If you’re working for the state, chances are you are not facing redundancy this side of an election.

            And redundancy is NOT the same as getting the sack.

            Many really good, hard working, productive employees (in both the public and private sectors) get made redundant when a middle manager fucks up and blows their departmental budget in the first 6 weeks of an annual plan, or the market conditions change, or any number of other reasons.

            When the shit hits the fan in the public sector, after the election, there will be a lot of good nurses, police and others being made redundant, WHOEVER gets into power.

            I wonder how many global warming coordinators get the chop?

            Like

          • QUANGOCRAT says:

            I think we ought to set up an overstaffed, overpaid etc etc to look into it

            Like

      • 35
        Boys From County Hell says:

        A redundancy is not being sacked.

        Like

    • 133

      “now have 6 redundancies between us”

      This is not a problem unless you have less than 12 wives.

      Like

      • 152
        Anonymous says:

        We have never been fortunate enough to work for the public sector, so had to work for the other one.

        The longest period of employment I ever had was 17 years, and my spouse had 15. We both lost our pensions back at the start of the decade. There’s no job security any more, just everyone out for themselves, and we’re tired of picking up the pieces and starting again. That’s why we’ve decided to up sticks and leave.

        Like

        • 169
          Sting's Beard says:

          Please dont go until you’ve had a chance to vote against that F*** Wit in No10 who has caused your problems.

          Like

  11. 22
    Dick Scratcher says:

    Nicholas Winterton – what a tit:

    http://www.bbc.co.uk/programmes/b00qs5yw

    Like

  12. 24
    Alastair Scumball says:

    “Hey! Hey!..”

    Like

  13. 29

    A cunning plan. Why don’t we advertise Government agencies very heavily with bland adverts about anything. Advertise for more Social Workers, Teachers, and Climate Change Researchers. Of course it will put the prices up for the Beasts of Burden in the taxable sector, but keeping unemployment down is the main driver. Debt is easy. We will just get some more credit cards, and continue ramping up Overseas aid.

    Great Britain is good for the credit. You know it make sense. It’s the right thing to do.

    Like

    • 84
      J. G. Brown says:

      You are no onger my favourits but plug, where were you when I needed you, you are a waste of space, goodbye, a cork will do from now on.

      Like

  14. 31
    Boys From County Hell says:

    Don’t worry there is no chance of us becoming the next Greece, the Krauts won’t lift a finger to help us for a start.

    Like

  15. 34
    TOO FARR says:

    That Nicholas twaterton, the bloody idiot, just lost the Tories 10,000 votes with his crass comments, I’d make the arsehole walk everywhere. the fat bastard needs the exercise.
    DC should kick the silly old fool out of the party.
    These people should realise they are OUR SERVANTS. f****g FIRST CLASS travel….. cupid stunt.

    Like

    • 72
      Down with Brown! says:

      What rail class do Radio 5 live presenters travel and who pays for it?

      I think first class travel expenses are the one sort of expenses MP should be allowed. There is a good case for MPs travel expenses that Winterton fails to make. People want MPs to be working during the week both in their constituency and at Westminster. Those who have a long way to travel can use the time on train to catch up on work. It’s great in standard class when you can get a table and work, but all too often you are standing up and crammed like sardines with hundred of other shmucks.

      Like

    • 94
      REEVO says:

      Nick can travel in first class anytime he wants all he has to do is pay for it himself.

      Welcome to the real world Nick…we are all in it together you know!

      Like

      • 113
        Anonymous says:

        Old Nick probably voted for the privatisation of BR, he could pay the same as everyone else or a free 2nd class but he could pay the premium for 1st class, now that would be fair.

        Like

  16. 36

    Neither Labour nor the Conservatives seem to have the guts to tell the public straight that VAT, income tax, fuel and alcohol duties have got to rise significantly to pay off the UK debt. Unemployment (particularly in the public sector) will rise massively and we will all hurt very badly indeed.

    Like

    • 50
      Yep ................... says:

      Yep !

      Like

    • 93
      Brown re-invents the 1970's "Brain-Drain" says:

      Right on the money !! Post 6 May whoever wins the election the message for the British Electorate is going to be very very hard indeed. Massive Public Sector job losses;tax hikes and savage public spending cuts with nothing no even NHS/Education escaping. Expect also huge union unrest with the public sector unions calling strikes with interest rates having to rise to combat the effects of QE

      Unemployment will continue to rise particularly for those 16-24(incl graduates)and we will be in for a very hard 5 – 10 years.But still there’s always the 2012 Olympics legacy !!

      Like

      • 100
        Down with Brown! says:

        Maggie got us through just as bad times between 79 and 83 remember.

        Like

        • 122
          Grumpy Old Man says:

          Oh we do. That’s why Socialists hate her so much – she got rid of all the non-jobs in the union-run heavy industries. Mind you, she had Chancellors who could count and avoided boating holidays. Unfortunately the heir to Bliar wants to be loved more than he wants to be respected. He’s going to be disappointed on both counts.

          Like

        • 150
          JMT says:

          I know, but even she would struggle to get through what labour have done this time.

          Like

      • 176
        worldweary says:

        Anyboby with get up and go, went in the 60s and 70s, similarly in Ireland, leaving the deadbeats and their friends to create jobs in the public sector.
        Somebody arriving under, or on top of eurostar
        gets my vote to stay. it at leasts raises the gene pool.

        Like

  17. 43
    George Costanza says:

    Like

  18. 46
    righty right wing (mrs) says:

    It is time for the Conservatives to accept that clinging to the centre ground & love bombing the liberal left is not going to get the unpleasantness done & dusted.

    We need to cut taxes & slash spending.

    It is not rocket science – but the tossers in Blue Labour just dont get it.

    Vote for tax & spending cuts – it is the only way to gete the money out of the non productive public sector & into the wealth & job creating private sector.

    Like

    • 105
      Anonymous says:

      Yes but not into the coffers of private contractors like Rail services which just suck on the public teet, fares higher and subsidies through the roof. Also in the past cuts have suposedly made but numbers of civil servants has increased especially managers, cut but across the board.

      Like

    • 184
      Happy Slapper says:

      spot on mrs rrw…then maybe expats could come home and not take a massive pay cut due to oppressive taxes – I can’t see it though…

      Like

  19. 47
    purpleline says:

    Guido- stop using the term a double dip recession, we are still in recession, the +0.1% may yet be revised down, it is hardly growing even if the number is correct. Look at German 4th quarter GDP than went back to 0%.

    Therefore, I expect GBP to be flat or minus still when revision come out.

    Sterling is a major sell and the Tory party must make a decision to slash spending and lower the Tax burden. I agree with the 10k Tax rate, but I would actually be more political, Osborne should re-introduce the 10p starting rate, stating Brown fucked it and raise the threshold to start paying Tax and reduce the top rate to 45p from 50p for all tax payers earning above the current 40p Tax threshold. (The signal is more important) this could be coupled with a lowering of the NI rate by the increase coming in this April.

    This would chime in with we are all in this together

    Like

    • 62
      Mark Mywords says:

      I’ve been waiting all fecking morning to read something fecking sensible: now this is sensible – very very sensible – very very fecking sensible !!!

      DC – do it!

      Like

    • 76
      Old Tory. says:

      I agree, I think no one earning under 10k should pay tax. DC should have a good look at this…. and tell us why it is a bad idea.

      Like

    • 78
      REEVO says:

      Except “we” are not all in it together!

      If you are stuck or planning a life in the UK then probably.

      Otherwise “not”

      Like

  20. 48
    Stepney says:

    I’m afraid we really are fucked gentlemen.

    Taking a longer view we have simply not made any provision for the new economy. How? Well, simples, when manufacturing industry died on its arse we tried to soak up the unemployment with a massive boom in public sector jobs, which as we all know, get us absolutely nowhere, because in the end, it produces value to the economy to the tune of the square root of fuck all.

    So we waved bysie-bye to our factory output as it went eastwards; we employed a million or two people in non-productive, non-jobs; we relied on a dodgy old financial sector to create a mirage of success; we all played being rich by looking in estate agents windows; we decided that 5 million people sucking up benefits wouldn’t be a problem; we have made a pigs fuck of the vocational and education sectors and we thought it could all last forever.

    You aint seen nothing yet.

    As a country the nearest analogy I can come up with is setting out to sea on a li-lo with a hurricane warning in the offing.

    We are SO unprepared for the modern global economy. So, thanks for that Gordon (and John and, for a bit of the shit at least, Maggie come to that).

    Like

    • 70
      Boys From County Hell says:

      Perhaps we could retry a return to feudal peasantry and self sufficent subsistence living, Pol-Pot style, It would involve shooting anyone wearing glasses though.

      Like

    • 87
      Sir Everard Digby says:

      Agreed -why subsidise foreign motor companies to continue overproducing cars?

      Why shut down our defence industries and export jobs to the EU ?

      To introduce a new economy(which is what we need) will take years-living the good life on North Sea Oil and a credit bubble at the same time as instilling state dependency in the population makes this much harder – any parties talking about this?

      Like

    • 118
      Green shoots are just the tip of an iceberg says:

      Green Industry will be the next national employer! Mass food production when we can no longer pay for the 30% of food we import, largely unskilled badly educated workforce, what else can they do when the economy hasn’t got the money for Public sector and benefit wage bill?

      Cuba when the Berlin Wall came down.

      Like

      • 128
        Mine d'Boggles says:

        Oy! I like blueberries from Chile at £4 per 225g (whatever that is in feet and inches). The ones in my garden only crop in summer. Shocking. And you all said you didn’t want global warming. Eat concrete then.

        Like

      • 147
        Watch the Skies! says:

        …without fine cigars, sunshine, or a Beloved Leader.

        Like

  21. 49
    Not one of Thatchers Children says:

    I’m Voting Labour.

    If I am going under, you set of cnuts are coming with me!

    Like

  22. 54
    laocowboy2 says:

    What has to be done is a known. Whether either have the guts to do at least some of it before a fill blown crisis arrives is an unknown. Obvious measures include: –
    – Later retirement dates (on a more aggressive basis than offered so far)
    – Pay and hiring freeze (2 yrs min) for public sector at lower levels
    – Actual pay cuts for more senior staff, with the cuts increasing with salary level. No replacement of attrittion by new hires.
    Yes some of the best would quit the civil service. Good – they would go off to create wealth rather than to consume it.

    Like

  23. 58
    Catflap says:

    I doubt the Cons could pull off another ‘Miracle of the Marne’ when they get in.
    House prices are already too high(No Boom there) public assets have already been sold and oil and gas is running out.
    Public jobs is where all the coalminers and shipbuilders and their offspring went, so cut them and what have you got?
    A third world shithole full of localized asset strippers nicking drain covers etc.
    Inevitable really.

    Like

  24. 68
    tommy atkins says:

    take out govt. spending and we have been i a recession for the last seven years…….the dole figures are fiddled with people being on ‘training courses’…..

    many are not allowed to claim or do not bother.

    with the costs involved of setting up a business ie rent/rates/insurance etc we will not be creating many jobs…that is why the govt. created 1 million non-jobs to hide the decimation…….and the banks will make money from bond or stock trading instead of funding business because they can get out of their positions with a click of a mouse.

    we are totally fucked……..and yet the twats that got us to this point,blair,brown,darling etc will walk away with bags of cash…….

    i find it abhorrent that we have a system where useless pricks that know nothing about finance actually hold all the cards!

    Like

    • 96
      Jonah Watch says:

      Yes Gordo has been fiscally stimulating the economy for years and years (2000/2001?) calling it an end to boom and bust. (We were all taken in by his fucking golden rule)

      This may help explain some of it:

      The public sector continues to take on new workers the ONS stats show 6.09m people employed by the taxpayer compared with 5.8m a year ago.

      Public sector workers paid more than £2k extra a year compared with private sector, after public sector pay races ahead of inflation.

      So far the private sector & the young has borne the brunt of the recession

      Since 1997 the Labour government has created 2.1 million new jobs

      all in the public sector.

      As noted in the Indy Article the bank of canada has placed the UK 4th after PIG.

      The socialists always have difficulty balancing the books.

      Like

    • 97
      Down with Brown! says:

      Simple solution slash the benefits and make the useless pricks go back to work.

      Like

    • 138
      Anonymous says:

      Total debt (which doesn’t include lots of things that it should) is now £848 billion; they’re obviously trying very hard to get to the magic trillion figure in time for the election.

      Then they can say “look, we’re really good. we spent a trillion quid of money that doesn’t even exist on all our core voters. vote for us; nobody else’ll give you a trillion quid of someone else’s money”

      Like

      • 141
        Jonah Watch says:

        That is the annoying thing about the Brown narrative, it makes me sick when he says “we spent X billionS on blah blah blah” whilst the tories cut as though it is something to be proud of!

        What about careful use of the government tax receipts rather then pissing them down the drain creating non jobs in the public sector!

        Like

  25. 77
    K Muckguire says:

    Suck my lying salty pea sized balls.

    Like

  26. 99

    We are heading for a double dip recession and Guido rightly points out that neither political party is demonstrating that they posses the necessary cahoonies to be able to deal with it.

    We need to vote out ALL the large Parliamentary parties. None of them have OUR interests at heart and they are all demonstrating a dedication to the corrupt and wasteful EU, un-necessary political correctness and a callous disregard to spending OUR money.

    The only solution is to vote them ALL out!

    Like

  27. 102
    budget suggestion says:

    Legalise drugs and tax them.

    Like

  28. 107

    If we double dip then there won’t be inflation – so your short gilts won’t work for much longer Guido.

    On the other hand, if we double dip say hello to more money printing and good stock market returns – just take advantage of it whilst planning your escape, because what comes afterwards…yeesh.

    Like

  29. 112

    […] Short but oh so sweet…. the only growth we have is called gordon brown […]

    Like

  30. 123
    Steve Expat says:

    The Times puts it so well:

    British finances to be ‘worse than Greek deficit’

    http://business.timesonline.co.uk/tol/business/economics/article7031896.ece

    Like

    • 125
      Thats News says:

      I think the Tories are very sensibly keeping silent on what they plan to do. Wouldn’t do for Brown to steal their ideas, and then bugger them up!

      Like

      • 142
        Jonah Watch says:

        Agreed

        Like

      • 154
        udderly 'orrible says:

        I think the Tories are absolutely mad to want to win the election.
        Let McMental get back in and shovel up his huge pile of marxist shite … within a month the IMF would be inside No 10 bearing a straitjacket and a horse syringe filled with morphine.

        Like

  31. 124
    Marcus Aurelius says:

    sorry Dave you are useless and your lad Osborne is much worse.

    We need leaders with backbone to save us not some Blue Labour puppets simpering on the GMTV sofa.

    You need to hand power and money back to us. You can make a start by offering constituencies the opportunity to recall corrupt MPs. But why would you do that when you are parachuting your own PC candidates into seats above the protest of local party workers?

    Best just accept you’ll lose a lot of seats to the UKIP effect, Dave.

    Like

  32. 130
    Enough spin already! says:

    What’s all this double dip shit? Media headline crap. The expression insinuates that we got out of recession! Eh? We contracted at over 6 %, and grew in last quarter 0.1% (if you believe that!) we are still in the same pile of shit and getting worse with same financial problems causing it. This collapse is not linear, but s low train wreck that will last for many years.

    Like

  33. 132
    Anonymous says:

    Surely there will be a double-dip recession? The only reason we were officially out of recession was because of a temporary one-off additional chunk of government spending/printing. Since then the vat rate’s gone back up and various other spending has been reduced or dropped.

    The government spent/printed 100’s of billions to produce the bogus “0.1%” growth figure for just a single quarter; without that extra spending it’d take a miracle to not be in negative territory.

    I don’t see it as a double-dip recession, because we were never really out of recession in the first place; it was just a faked illusion created by huge one-off government spending/printing, the growth was never real; the real quarter’s growth was more like minus 5%, not plus 0.1%

    They’ll massage the new figure though anyway, if it’s negative then they’ll ofset it with yet another kind of one-off chunk of spending/printing. They’ll just spend/print/borrow whatever they want in a bid to hide the true growth figure until after the election.

    They really don’t give a flying fuck about the real economy; they’re only interested in hiding the truth from the voters until after the election, and they’ll bankrupt the country if that’s what it takes to hide things.

    Like

  34. 134
    Warsteiner says:

    Note to BBC –

    Headline of the day is not the assassination of a Hanas military commander in Dubai, nor is it Gordon Brown announcing the Labour election slogan in the Midlands ths weekend accompanied by five of his senior colleagues it SHOULD be the ruinatiopn of this country’s economy by Brown and his band of traitors, which JUST merited a mention.

    Yours disrespectfully

    PS STICK YOUR LICENCE FEE UP YOUR HOOP.

    Like

  35. 151
    Anonymous says:

    One of the reasons the tax receipts are so low (apart from the obvious of so many people going bust or having fewer customers) is that a large number of people (including me) who are on self-assessment are only paying the legal minimum in tax required to stop from going to prison; leaving all payments to the last minute until getting the “pay within 7 days or we start proceedings” letter, avoiding paying anything on account wherever possible.

    The “I’m just not going to give my hard earned money to these fuckers because they’re pissing it all up against the wall” mentality has truly kicked in, and the treasury are getting fuck all money because of that.

    They’re screwed because the recession has dented income/profits, but they’re just as screwed because people simply aren’t prepared to pay things on-account or on-time given the negligence of how the economy’s being run with our money.

    HMRC: if you want me to pay on account or on time, then tell the government to stop pissing the money against the wall. Until then you’re not going to see a fucking penny that you can’t legally force me into giving you.

    Like

  36. 153
    I hate New Labour says:

    But wait, the economy grew by 0.1% remember.

    And we all have Brown to thank for that.

    What a coincidence that these figures are released at a time when there won’t be PMQs for a few weeks…

    Like

  37. 155
    lol says:

    and it’s fucking snowing again

    Like

  38. 157
    The pound in your pocket says:

    It’s called quantitative fleecing.

    Like

  39. 165
    f0ul says:

    Being serious for a second – the answer is to force every public sector employee over 55 into early retirement – put the million people + it needs to remove from the system into the inactive list!

    Next trick is to start ignoring EU directives – it will cut the employment requirements, which then mean you can remove more people from the public sector – again – natural wastage!

    Finally – shoot Gordon – it won’t effect the figures, just think its a good idea!

    Like

    • 172
      A Pensioner says:

      When those public sector types retire they get a bit tax-free pension payoff. I doubt the cash would be there to pay that and the pensions thereafter.

      Like

    • 174
      Anonymous says:

      Simple choice – your job or your pension !

      Like

      • 177
        3rd world here we come says:

        Imagine if Britain was a person:

        He’d be an illiterate drunk with no skills and £250,000 in debt. He’d print his own money and spend a lot of it buy weapons to kill random Muslims for no reason, and so on….

        Britain is fucked. It’s much worse than 1976 when we had skills and trades, and a massive manufacturing base.

        What the fuck does Britain make, apart from land-mines to blow the legs off children?

        Like

  40. 175
    Grandma says:

    Was the volume turned off on Prof. Danny Blanchflower during his tirade on Channel 4, in order to give the economist with a different opinion on cut-backs, a chance to voice it?

    Like

  41. 179
    Jonah Watch says:

    Come on Guido

    Blanchflower gets far too much coverage, anyone who saw him on C4 this evening would think what a twat (we need to spend on and on and..) he disses the bond markets to his peril (“they are the guys who got us into to this” – populist shit that brown has been very successfully spinning since the crisis started). The guy is complete con artist. There must be some dodgy stuff about where he gets his opinions?

    Like

    • 181
      Jonah Watch says:

      “More than 60 senior economists have signed two open letters that back the chancellor’s decision to delay government spending cuts until 2011.

      The letters in the Financial Times say that any measures to trim the budget deficit this year could risk dragging the country back into recession.

      They are being seen as a riposte to the 20 economists who on Sunday backed the Conservatives’ call for cuts this year.

      Those economists said cuts were needed in 2010 to reassure the markets. ”

      1981 anybody? Not quite 300 economists though!

      Like


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UKIP’s Patrick O’Flynn:

“I think Mail online comments are a telling indication of public opinion.”



Left on Left says:

The lefties are attacking because the panellist is a millionaire and lives in a London home worth upwards of two million. Someone had best tell them he’s called Ed Miliband.


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