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:
@GuidoFawkes Yes, but point is Labour would do it deliberately.—
Greg Hands (@GregHands) August 21, 2012
Well that’s okay then…
Debt also going to double under this *Gov*.
Its like Gordon never left…
His economic hole goes marching on…
“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!
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.
Time for Plan B -> Osborne for the chop
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.
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.
The all seeing eyes, aka the bond markets, won’t like this one little bit.
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!
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.
Ah yes, this “accidental borrowing” in July , that’ll be the £5 billion London 2012 Presents Fund, for my mates.
Beef Bavette anyone?
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.
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?
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
HOW COME COFFEE HOUSE BLOG, RUN BY THAT STRANGE TALKING POSH BLOKE HAVE NOTHING ON THERE SITE ABOUT BORROWING…..STRANGE INDEED
HELLO I’VE JUSTED STARTED TO USE THE INTERNET TOO, SHALL WE HAVE A CHAT ABOUT IT?
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
Why do we keep employing ex history students as our Chancellor of the Exchequer?
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.
Can’t understand why Gordon who invented the Golden rule, chose to sell the Gold.
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.
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.
GordMong suffers from the Three “C”‘s curse…
Yes, I refuse to leave my present job except to become chancellor.
Ken, we need you in government, as a replacement for Gideon and your very sensible views on Europe.
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.
So we have a choice between reckless stupdity and careless incompetence..
Hardly makes the heart soar does it?
‘Reckless stupidity and careless incompetence’.
The nicknames for Ed Balls & Ed Milibandwagon ?
Sadly, and this is being dragged out of my like trying to chew rusty razor blades, it seems to describe all sides of the HOC Tories, LieBooring and Limp Dumbs.
We’re all in the shit, big time.
Together though! Lets not forget the together bit…
Chancellor Zero is turning into the Brooner
Get John Redwood in now.
Do you think that Gideon is the heir of Broon
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.
Cameron should sell some athletes!
So:
Planned borrowing = bad
Borrowing caused by failed policy = good
Glad that’s been cleared up.
Certainly seems like it by what handy tweets
Is it better to try and fail (T*ries) than to not try at all(Labour/Homer Simpson)?
Trying is the first step towards failure. Len told me that.
That’s just it, Ed old man, you’re trying. Most people find you exceedingly trying, in fact.
He’s raping the economy
Stay Calm and Keep Buggering On!
We will leave that to you
Ohhh Willy my Willy are we really going to get a Great Dane?
Did we slip into recession whilst we were asleep
I’d like to wish Julian Assange good luck in his escape from the Ecuadorian Embassy tonight!
I only just got out of the Hammersmith Odeon
They should ask MI6 for one of their diplomatic bags which can be padlocked from the inside.
I’ll get the Jaffa
Misnomer – a diplomatic bag is a generic title, as it can be a shipping container.
If the UK enact their UK only law which effectively allows them to unilaterally ignore the Vienna convention, the repercussions for British diplomats could be, well, unpleasant.
But when did sense raise it’s glorious and lovely head to a politician, recently?
Yes, I have to share the sitting room with that awful ambassadress woman, and she keeps turning the TV away from the porno channels. At least I have my own bedroom for a bit of relief.
half asleep.
Happens to me all the time…
Chris McDonald
Sent from my BlackBerry® wireless device
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.
Oy vey! They’re on to us! Quick, start a false flag!
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?
It’s that simple. Cut deeper. Cut faster.
If he’d done it on day one we’d be over the trauma by now. As it is, it’s death by a thousand cuts. Or, more accurately, death by a million non-cuts.
As Canada did.
ie Deeper and faster.
Damn… now you’re awake!
Actually, no politician from any party has got the courage to do the right thing, as there are too many votes to lose in the public sector. This death by debt will continue until bankruptcy is forced on to the country, and then lead to revolution. I and my good friends in Russia will then be able to come to the rescue and put the country back on the right path. Boaz.
http://eotp.org/2010/10/13/2010-liberal-democrat-mike-handycock-hancock-m-p-arrested-over-claims-of-sexual-assault/
Well said Handy. This calls for an Illuminati polka celebration, the Tories are on their way out! Jahbulon.
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.
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.
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!
Print more growth!!!!
Thats what the two Eds want, its their only policy. The rest of the page is blank.
Thanks for that……………… get the presses running again lads!
Which currency do you want us to print this week?
PS we’re still doing the drachmas and pesetas so you need to get your order in quickly.
Being Chairman of the Bank of England is a license to print money
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.
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!
It would be new money and growth if you’re increased productivity and services were purchase by foreign visitors!
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?
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
The M3 extension is growth
“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?
This is morally repugnant.
Yes, Labour would borrow it on purpose to maintain growth
Would that include growth of 0%?
Those Ocean Finance terms are lethal
Ocean Finanace counts as “planned” borrowing, Gideon’s probably using Wonga with a 4 digit apr.
Got me a nice yacht, and I use it in the ads, so it’s very tax efficient.
No wonder our cousins across the Atlantic think the UK is a socialist nightmare.
It is!
With Chairman Obama running things they need a bit of reading Matthew 7:5
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.
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).
He doesn’nt need to his money is safe
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.
As the IMF said to ‘Sunny Jim’, “If you want to eat, this is where you sign”
You the reason you never see Gordon in parliament, is because he’s clearly working at the Treasury
Accidental finance? Now there’s a thing. Wouldn’t Osborne be better off going for a payday loan?
Have I said “I told you so” yet? I can never remember.
Next time you want to access your memory, remember to press ‘select all’.
Ah ! I think I see the problem ……
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.
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.
You’ve been saving that one up for a while!
Oh the humanity.
Did I already say ‘I told you so’?
more mock humble from failed abortion
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.
Really? Let’s give them a call…
Want a cab to Spain?
I sayagain. This country is bleeding to death, we need more cuts!
Damned paper money !
At the moment it’s just teenage, self-harming kind of cuts. We need a proper operation and excision of the tumour. Then some chemo for good measure.
We need to stop the government cutting up the taxpayer’s wages!
+1000
Lol, “I accidentally borrowed £600 million”, sounds like an MPs justification of an expenses claim.
It was within the rules.
A Sky advert is offering loans at 1740%, with a 25% reduction. Why doesn’t The Treasury undercut them?
We don’t understand what you mean. Is it something to do with money?
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.
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.
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 Eddie George before me, I accept no responsibility for any financial disaster or shenanigans.
Here’s the funny money.
I vas only following orderrs.
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
Don’t come knocking at my door for any more donations please.
Polly want a cracker.
I may “accidentally” vote UKIP next time..
The proof of the pudding will be ONS figures due out the end of this week.
£600 million is not going to cover our ‘accidental’ overseas monetary promises!
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?
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?”
Put your mattress out on the lawn until it dries out you dirty bastard.
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.
Well said
But what has Jesse Jackson got to do with it?
I once tried to borrow six hundred quid ‘by accident’, the bank told me to ‘fuck off’
Did you get the PPI though?
When will people realise these Hunts know the price of everything and the value of nothing?
There is no Glory in cheating an Honest Man!
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.
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.
Just tweeted jon snow asking how many paralympians have been assessed by ATOS.
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.
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…
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.”
Stewart,
They are terrorising the weak and infirm. Not only that but they are doing by proxy!
This stinks!
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.
Harry Potter is a trannie ???
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
Ideals are like the stars. We make not be able to touch them, but, we benefit from their presence.
May
With a little imagination our economy is straighforwardly recoverable. Not easily but straighforwardly. But you wont do it by chasing money, you must inspire hearts. Competitive spirit is required, but chasing money isnt.
It’s simple really. Why would you try and milk the last ant?
Hahahaha
We second that
Hey guys this is a very special relationship.
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.
Ask your kind Unite chums for the money. Property = theft, remember.
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.