August 21st, 2012

Government “Accidentally” Borrows £600 Million

This morning’s public borrowing figures do not make happy reading for the government. Despite July traditionally providing good news in terms of tax receipts, Chancellor Zero has borrowed £600 million in the last month – compared with a £2.8 billion surplus in the same month last year. The total borrowing projection for this year is now some £30 billion more than in 2011, despite the Coalition predicting that borrowing would fall.

BBC News‘ Jane Hill is suggesting that the government has borrowed the money “by accident“. Perhaps she has been reading Tory whip Greg Hands’ tweets to Guido:

Well that’s okay then…


155 Comments

  1. 1
    Twat Watch says:

    Debt also going to double under this *Gov*.

    Its like Gordon never left…

    Like

    • 3
      jgm2 says:

      His economic hole goes marching on…

      Like

      • 8
        Gideon says:

        “The total borrowing projection for this year is now some £30 billion”

        – I think you’ve missed a nought off there, £300 bn, Mister Fat Bogtrotter!

        1/10 for accuracy; 110% for effort!

        Seriously though, having borrowed £44.6 bn from April to July we’re on course for ONLY a £130,000,000,000 deficit in 2012/2013.

        toodle pip!

        Like

        • 16
          jgm2 says:

          Maybe he missed a ‘1’ off. 30bn becomes 130bn.

          What was it last year? 125bn?

          He needs to get that down below 100bn pretty sharpish. Cut deeper. Cut faster.

          Like

          • The Hatchet Man says:

            Time for Plan B -> Osborne for the chop

            Like

          • Really? says:

            Just stop pissing money we haven’t got away, on useless expensive shite that none want and even less need and stop handing it out to the bottomless pit called the EU or any despot around the world, who put out a begging bowl. FFS it’s not rocket science.

            Like

          • smoggie says:

            Plan B is still working on his latest album. Will need to wait until later in the year before the rapper and actor becomes available.

            Like

          • IMF (International Money-tree Fund) says:

            The all seeing eyes, aka the bond markets, won’t like this one little bit.

            Like

          • Time for “Plan C” – keep the licence fee – don’t give any to the BBC. Make them sell advertising like the other poor bastards – that way they will understand what economics is about in the real world the left wing feckers. Lets see how long freewheeling Flanders and Paxo can keep it up when the bills start to pile up!

            Like

        • 151
          One Sheet says:

          Have you noticed that Gideon has lost the ability to smile.
          His face is a constant scowl.

          So we are finding out that just like Gordon, Gideon is reacting to world events.

          The UK is too small en economy to call the shots, and must wait till the “big boys” make their move.

          I think that Gordon did a much better job than Gideon.

          Like

      • 13
        Lord Coe-Rupt-khunt says:

        Ah yes, this “accidental borrowing” in July , that’ll be the £5 billion London 2012 Presents Fund, for my mates.

        Like

    • 7
      Ed Millitwat says:

      Yeth but you both have the thame pwoblem we whiff to to tweble it.
      Too far and to faht but ath leath he ith moving in the wight diwection.

      Like

      • 69
        Kevin T says:

        If increasing spending is “cutting too far and too fast”, I would love to see his definition of cutting public it just right. Quadrupling it perhaps?

        Like

      • 82
        The Tit in No 10 (via e-mail) says:

        I say you jolly chaps!! It’s not so terribly much when you set it against the €USSR Budget. And Herr Pumpy promised me we can have all the money we want whenever we want it – providing I sign his piece of paper first! Frightfully tempting – what?? What’s the WF wattage today? How many more are to be completed this week?

        Sam turning a kind of nut colour.

        LOL

        Dave

        Like

    • 94
      JAKE says:

      HOW COME COFFEE HOUSE BLOG, RUN BY THAT STRANGE TALKING POSH BLOKE HAVE NOTHING ON THERE SITE ABOUT BORROWING…..STRANGE INDEED

      Like

    • 121
      Some Twat up North says:

      Plus the £354 million we have paid to stay in the euro club.

      FFS when will these twats admit to incompetence and fuck off back to fiddling about in their Duck Houses.

      HUNTS

      Like

  2. 2
    History repeats itself says:

    Why do we keep employing ex history students as our Chancellor of the Exchequer?

    Like

    • 6
      jgm2 says:

      You’d think, as historians, they would learn from previous mistakes. Ken Clarke though shows that being Chancellor is as simple or as difficult as you choose to make it.

      The Maximum Imbecile sought to make it as intricate and difficult and micro-managed as possible and totally (or deliberately) lost sight of the big picture.

      The simple approach is to live within your means. Even history graduates should be able to manage that. And to get that message across to the electorate.

      Like

      • 21
        It's all Balls says:

        Can’t understand why Gordon who invented the Golden rule, chose to sell the Gold.

        Like

        • 29
          jgm2 says:

          Which ‘Golden Rule’ are we talking about here. The one where he would only borrow to ‘invest’ Or the one where he wouldn’t increase borrowing over 40% of GDP. Until he did.

          Like

        • 40
          Tay King-dePisse says:

          Gordon believes in the Copper Rule: “Do unto others unless there’s a copper standing right there.” Which is pretty much the ethical standard of any politician, unless of course, the copper in question is in their “employ,” and at least loyal enough that, once bought, he stays bought.

          Like

      • 56
        Ken Clarke says:

        Yes, I refuse to leave my present job except to become chancellor.

        Like

        • 95
          Border Terrier says:

          Ken, we need you in government, as a replacement for Gideon and your very sensible views on Europe.

          Like

  3. 4
    jgm2 says:

    I think it’s obvious what Greg Hand is saying Guido. He’s saying the T*ries aimed to borrow less (and failed). The bedwetters would have aimed to borrow more. And still over-borrowed. Just like they did for the 13 years they were in power.

    Notthat it excuses the T*ries of course. All it proves is that they need to cut harder and faster.

    Like

  4. 5
    skippy says:

    Chancellor Zero is turning into the Brooner

    Like

    • 17
      Denis McShane's Shed says:

      Get John Redwood in now.

      Like

    • 39
      Forkbender says:

      Do you think that Gideon is the heir of Broon

      Like

      • 78
        Really? says:

        Anyone and I mean anyone, who imagines it is a good idea to put up taxes in a recession and choke off demand, while not cutting excess vanity spending, is not simply incompetent, they are also dangerously overpromoted.

        Like

  5. 9
    Gordon Brown MP says:

    Cameron should sell some athletes!

    Like

  6. 11
    [insert name here] says:

    So:

    Planned borrowing = bad
    Borrowing caused by failed policy = good

    Glad that’s been cleared up.

    Like

  7. 12
    George Galloway says:

    He’s raping the economy

    Like

  8. 14
    Chris McDonald says:

    Happens to me all the time…
    Chris McDonald
    Sent from my BlackBerry® wireless device

    Like

  9. 15
    Liarpoliticians says:

    The bankers wanted to carry on their frauds, and Labour, now Tories throw money at the banks so they can carry on their frauds. The bankers and politicians continue to get rich, while your economy is laid to the floor and will never recover.

    There MUST be arrests, charges and prison on bankers and politicians who created and enabled the frauds respectively. Until this happens, your economy will be sh1t.

    Like

  10. 19
    Nonjob says:

    Gideon and his chums are going to have to carry on borrowing.

    How else can we pay for the lifestyles of all the parasites in the public sector, the Guardianista bed-wetters and people who think they are too good to work for a living?

    Like

  11. 22
    Anonymous says:

    Yes, Labour would borrow it on purpose to maintain growth and give us something to work with.

    What Chancellor Zero does it cut spending, which cuts growth, which increases the borrowing anyway.

    Much better to do it on purpose, than by accident. Doing it on purpose at least suggests you have a plan and aren’t clueless.

    Like

    • 28
      jgm2 says:

      cut spending, which cuts growth, which increases the borrowing anyway.

      Voodoo economics. Cutting spending does not increase borrowing.

      If I spend less I do not then have to go and increase my bank loan. And neither does the UK.

      Like

    • 33
      Jimmy Carr says:

      Government spending is not GROWTH ffs!!! – Growth is new money coming into the country for products and services exported.

      If you build something in Britain and sell it in Britain it’s the same old money going around!

      Only new money is growth!

      Like

      • 35
        The Maximum Imbecile says:

        Print more growth!!!!

        Like

      • 38
        Merv the Swerve says:

        Thanks for that……………… get the presses running again lads!

        Like

      • 41
        SP4BS says:

        It is possible for a hermetically sealed theoretical economy to grow.

        If people are making more stuff, and doing more things, that have a clear value, would you say that wasn’t growth unless things were going over a border?

        New “stuff of value” is growth.

        Like

        • 67
          Jimmy Carr says:

          That’s expansion in productivity, no new money there.

          The economy is nothing but money, growth only happens when new money arrives in the economy, expansion of productivity just speeds up the cash flow cycle!

          Like

          • Jimmy Carr says:

            It would be new money and growth if you’re increased productivity and services were purchase by foreign visitors!

            Like

          • SP4BS says:

            If productivity is higher, and people actually have “more stuff” or even “more services”, they are genuinely richer. There is no need to count it going across a border.

            You know, the earth is a hermetically sealed economy, and stuff does get made all over the place. Making people “feel richer” because they have indeed all got phones and colour tellys.

            Is what you are saying a known economic theory?

            Like

          • AC1 says:

            SP4BS
            He’s spouting complete crap.

            Trade can be between people, the amount of (freely engaged in, i.e. not rent-seeking) trade increases productivity via comparative advantage.

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

            Like

      • 47
        Steve Miliband says:

        The M3 extension is growth

        Like

      • 109
        AC1 says:

        “Only new money is growth!”

        Are you being sarcastic?!?

        Do you genuinely believe that money velocity AKA comparative advantage has nothing to do with the economy, and that working for foreigners = growth?!?

        If you’re not being sarcastic, what do the windows taste like on your bus?

        Like

    • 126
      Minimum Imbecile says:

      Yes, Labour would borrow it on purpose to maintain growth

      Would that include growth of 0%?

      Like

  12. 26
    Steve Miliband says:

    Those Ocean Finance terms are lethal

    Like

    • 34
      Bastard love-child of Powell and Foot. says:

      Ocean Finanace counts as “planned” borrowing, Gideon’s probably using Wonga with a 4 digit apr.

      Like

    • 77
      Anonymous Entrepreneur says:

      Got me a nice yacht, and I use it in the ads, so it’s very tax efficient.

      Like

  13. 36
    Nonjob says:

    No wonder our cousins across the Atlantic think the UK is a socialist nightmare.

    It is!

    Like

  14. 42
    Axe The Telly Tax says:

    The only explanation is that Osborne knows they are going to lose in 2015, so he is passing on an even bigger clusterfuck to Balls & Miliband, who will end up having to go cap in hand to the IMF, who will in turn demand savage 50% cuts across the bloated public sector.

    Labour get the blame and the Tories win a mega-landslide in 2020 and are guaranteed at least 30 years in power.

    Like

    • 49
      SP4BS says:

      The only other explanation is that he doesn’t know how to work the levers of the economy and how to drove it in the right direction.

      Having said that the only people who say they know how the levers of the economy work are economists (aka fantasists).

      Like

    • 50
      jgm2 says:

      Labour get the blame..

      I doubt it. They managed to avoid the blame for their clusterfuck in the first place ‘It was the banks, it was the yanks, it wasnae me…’

      Time to start edging towards the exit. This is not going to end well.

      Like

    • 118
      Trahison des Clercs says:

      As the IMF said to ‘Sunny Jim’, “If you want to eat, this is where you sign”

      Like

  15. 43
    Where is Gordon? says:

    You the reason you never see Gordon in parliament, is because he’s clearly working at the Treasury

    Like

  16. 48
    smoggie says:

    Accidental finance? Now there’s a thing. Wouldn’t Osborne be better off going for a payday loan?

    Like

  17. 53
    Jimmy says:

    Have I said “I told you so” yet? I can never remember.

    Like

    • 59
      Lou Scannon says:

      Next time you want to access your memory, remember to press ‘select all’.
      Ah ! I think I see the problem ……

      Like

    • 65
      SP4BS says:

      No. But I don’t think you get to either. Before the election I was wondering whether dave and co were as libdem as they sounded. And indeed they are.

      They’ve taken a very pussyfooting line on this “cuts” business.

      Like

    • 84
      jgm2 says:

      Have I said ‘I told you so?’

      http://boards.fool.co.uk/id-say-the-next-bubble-will-be-cash-i-can-see-8764925.aspx?sort=username

      Date: 06/09/2004

      I’d say the next bubble will be cash. I can see folk hoarding cash for some years to come unless da gubmint steps in. Since hoarding money and not borrowing bundles and spending it new cars/foreign holidays, kids designer clothes etc is bad for our retail-based economy I reckon da gubmint will have little choice but to print money.

      Stage one of this is already in the pipeline as I’ve flagged up here before with Mad, mad Gordon Brown, the maddest chancellor in the whole damn town borrowing an additional umpty-dump billion to ‘improve’ education and the NHS. The result of this will be no discernable improvement in either but ‘employment’ in both will rocket and all these newly-created ‘workers’ will be out splashing their government cash around. This will result in them propping up the economy for longer than they’d be able to if they were being paid supplementary benefit which is all the majority of them are worth. Which should increase Labour’s chances of being re-elected which is all that really matters. Innit.

      Stage two, for the next election, may well be more of the same. After all we ‘only’ have national debt of 30% of GDP as opposed to Italy which has 50%. So in true ‘keeping up with the Jones economics’ Mad Brown is mentally preparing us for much higher national debt levels.

      Stage three will be that good old-fashioned cash bubble standby – inflation. We’ll simply print money – well, by the time we’ve got Italy’s national debt and pension liabilities the pound will be worthless anyway so we might as well. Gubmint pay-rises all round thus forcing private industry to match. Prices will go up and so we’ll be able to pay off our ludicrous houses for the equivilent of a loaf of bread. This will save the majority of voters from their self-imposed debts and prolong the economic miracle even further. Sure, savers and pensioners will be stuffed but the 40% or whatever (but definitely increasing) of the voters employed by the gubmint will be kept on-side.

      So there it is. Cash is the next bubble.

      Damn, but I’m good.

      Like

  18. 57
    Gordon Brown says:

    Short on cash this month? Then do what I did and apply to Wonga.com. I borrowed £500 billion, which you’ll be paying back for the next 250 years.

    Like

  19. 58
    Ah! Monika says:

    I sayagain. This country is bleeding to death, we need more cuts!

    Like

  20. 61
    annette curton says:

    Lol, “I accidentally borrowed £600 million”, sounds like an MPs justification of an expenses claim.

    Like

  21. 64
    Ah! Monika says:

    A Sky advert is offering loans at 1740%, with a 25% reduction. Why doesn’t The Treasury undercut them?

    Like

  22. 66
    Steve Miliband says:

    Tax receipts down…….

    Take less tax = spending up = growth = economic recovery. Use tax take more efficiently, don’t spend it if you can’t afford it.

    Like

  23. 74
    Anonymous says:

    I’m sure opening shops for longer on a Sunday will get us out of this hole though. Otherwise it might start to look as if Cameron and Osborne don’t know what they’re doing.

    Like

  24. 75
    Gideon says:

    Quick Merv — We’re a bit short again this month — forge us another £100bn, there’s a good chap. P.S. There’s a Peerage in it for you in due course.

    Like

    • 85
      Merv says:

      Like Eddie George before me, I accept no responsibility for any financial disaster or shenanigans.

      Here’s the funny money.

      Like

      • 92
        Eddie George says:

        I vas only following orderrs.

        Like

        • 97
          albacore says:

          Now then, it ain’t that Parliament’s just one sick joke
          Their intention was always to see G B broke
          They’ve busted the Bank and flung open the borders
          But, like you said, they’re only following orders

          Like

  25. 86
    Asil Nadir says:

    Don’t come knocking at my door for any more donations please.

    Like

  26. 91
    Tax is theft says:

    I may “accidentally” vote UKIP next time..

    Like

  27. 93
    gorge ozbroon says:

    The proof of the pudding will be ONS figures due out the end of this week.

    Like

  28. 98
    ToonBob... says:

    £600 million is not going to cover our ‘accidental’ overseas monetary promises!

    Like

  29. 107
    HenryV says:

    EU contributions + Overseas Aid = £30billion

    Reaction Engines Limited could put the UK back in the lucrative satellite launcher market which could also spur UK industry into other hi-tech engineering endeavours. REL survives on only a few million pounds per year. We give India £284million per year, a country with its own national space programme. Are HMG really that dumb?

    Like

  30. 113

    Borrowing up is no surprise when government economic policies have failed, but not to worry for it will be everyone else’s fault but theirs. With even all those economists who once supported Osborne now saying he has it wrong what do you expect.

    At this rate the word “Conservative” will soon be equated with “disaster”. While the people suffer the consequences, with another lost generation under Tory rule. There is pattern forming here.

    I wonder if Cameron ever reflects over the time he allegedly told a close friend when asked if he was ready to run a nation, “how hard could it be?”

    Like

  31. 115

    To quote Jesse J from Price Tag:

    “I wonder how they sleep at night”

    Just like the old woman down the road whose operation has been cut by the nhs, or the bloke who has been burgled by the man who turned to crime in desparation after loosing his job and who the police dont have the resources to catch, or the youths who cant find work regardless of how hard they try, or the mum who has to go hungry to ensure her children are properly fed, or the man dealing with his wife who has comitted suicide due to government policies, I wonder how they sleep at night.

    But hey ho not to worry because its:-

    “about the money, money, money.”

    Jesse J I thank you.

    Like

  32. 120
    Basil Nadir says:

    But what has Jesse Jackson got to do with it?

    Like

  33. 125
    TomCatesby says:

    I once tried to borrow six hundred quid ‘by accident’, the bank told me to ‘fuck off’

    Like

  34. 130
    Some Twat up North says:

    When will people realise these Hunts know the price of everything and the value of nothing?

    Like

  35. 131
    Balthasar Gracian says:

    There is no Glory in cheating an Honest Man!

    Like

  36. 133
    Some Twat up North says:

    Off Topic

    Has anyone yet become aware of all these disabled people who are receiving benefits and competing in the Paralympics?

    Has Gideon become aware? Has he informed “ATOS” thats theres a possibility of another major contract to harass and pillary these people for the good of the Nations well being and as a notice to people, that you will be found! And if you have one limb missing and can hop 100 metres your benefit will be stopped and you will be deemed fit for work…

    Now come here and clean my stables.

    Like

    • 134

      As Panorama or Dispatches showed the other week (they did similar programmes) if you can press a button you are deemed fit for work.

      Absoluely disgraceful.

      Like

      • 135
        Some Twat up North says:

        Just tweeted jon snow asking how many paralympians have been assessed by ATOS.

        Like

      • 136

        Oh and if doctors dont pass a set percentage of people as fit for work they get bollocked – watch Panorama and Dispatches for the evidince.

        Like

        • 137
          Some Twat up North says:

          Seen it and was shocked, my partner is epileptic following a brain AVM can hardly walk and recently fell down stairs breaking a wrist, two fingers, her nose, one ankle and I found her in a puddle of blood when I came home…

          I am to take her for work assessment by ATOS in a couple of weeks. She is terrified!

          No gold medal or Plaudit for my Deborah…

          Like

          • Governments should not be terrifying its citizens. Any other person or organisation that did this, would by MI5s own definitions, be deemed “terrorists.”

            Yet Camerons government get away with it, until the next election anyway. There are a lot of older people who will have had partners mental and physical helath destroyed by this governments policies, lots of people recovering from the suicides, and lots of people in families who otherwise would be voting tory, who will think when they remember “Aunt Aggy” was this “right and proper.”

            Like

  37. 139
    Some Twat up North says:

    Stewart,

    They are terrorising the weak and infirm. Not only that but they are doing by proxy!

    This stinks!

    Like

    • 141

      Moreover this is exactly how extremism rose in Europe (not just in Germany, remember parts of the English Aristocracy were Htler supporters)in the 1930s – the marginalisation of minorities.

      The real darkness may be yet to come, which is why it is important that we as a nation don’t allow darkness to take hold. I can only hope that our current government have some within it who are esotericly aware and who have the backbone and courage to stand up to their colleagues and say, “what we have done is wrong – we didnt mean it to turn out this way – our intentions were good – but we got it wrong. And then find the ability to inspire and touch the hearts of their colleagues.

      Dumbledore (Harry Potter – now there is a woman on benefits who inspired a nation) will be turning in his grave at how darkness has penetrated.

      Like

  38. 140
    3 stooges came from last Labour government says:

    the Labour party are not and never have been on the side of the poor

    3 stooges were ed milliband ed balls gordon brown they wrecked the economy deliberately i don t know these folk go to university to learn economics only to turn out to be economic idiots ruining future lives

    but the bigger idiots are millions of uk voters who voted 1997-2010 new Labour party into power in 1st place

    Like

  39. 145
    300 public schoolboys in the current Government say "Hurrah" says:

    Hahahaha

    Like

  40. 149
    Ed Balls-Up says:

    These borrowing figures are terrible … borrowing should have been at least 10 times higher, since everyone knows if you borrow 10 times as much then you pay off the debt 10 times quicker.

    Like

  41. 153
    Not Moira Stewart says:

    It’s the difference between the cash they expected from tax (especially corporation tax) and what they actually received.

    Apparently, the government is surprised that putting tax rates up has the effect of decreasing tax receipts. Will they never learn?

    Tax is very definately taxing.

    Like


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VOTER-RECALL
Find out more about PLMR


Austrian Chancellor Werner Faymann on Cameron’s refusal to pay the £1.7 billion EU bill by December 1st:

“Well, then he’s gonna pay on December 2nd”



Mycroft says:

Have you read the last bit of Animal Farm?

You know where the animals are looking through the Farmhouse window?

My TV screen was that window at lunch-time today.

Be careful, the sudden self-congratulatory tone, the slightly pudgy outline of indulgence and you become exactly what you should despise.

The jolly face of the Quisling Cameron poses for your camera has mesmerised and deceived you, you who were once not so deceived.

You were no firebrand, you were a damp squib in my opinion, sorry.

You need a damned good kick up the ahse!


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