Osborne Borrowed More Last Year

Turns out government borrowing actually rose last year. Revised ONS figures show public sector borrowing for 2012-13 was £118.8 billion, up from £118.5 billion the year before. This week’s Speccie cover article gets to the point:

“When the Chancellor stands up to present his spending review next Wednesday it will be with the reputation of a crazed axeman. Much of the country, whether it thinks it a good thing or not, subscribes to the belief that George Osborne is shrinking the state year-on-year, slicing here, chopping there. In a recent poll 58 per cent of respondents agreed with the proposition that Osborne’s ‘austerity drive’ is ‘harming the economy’… Osborne is no mad axeman but a bodger blundering around with a blunt chisel.”

Osborne wants to portray himself as a responsible, sound money Chancellor making tough choices, streamlining an overbearing state and making government more efficient. The truth is borrowing, and as the graph below shows, spending is still going up:

The Treasury is pushing the fact that borrowing fell last month year-on-year, which is encouraging. But to say they are not doing enough is an understatement…

See also: Tale of Two Austerities




Tip offs: 0709 284 0531
team@Order-order.com

Quote of the Day

Heather Wheeler talks to Burton Mail about her tweet…

“It was a tongue in cheek pop after the European Parliament tweet – it was purely that. I also wanted to congratulate Team GB on a brilliant result and thirdly congratulate the Commonwealth countries who also did very well. Fourth, I am also looking forwarded to establishing new trade agreements. That was it – nothing more. Let’s just enjoy the summer!”

Guidogram: Sign up

Subscribe to the most succinct 7 days a week daily email read by thousands of Westminster insiders.

Facebook

“JEREMY, JEREMY, JEREMY” “JEREMY, JEREMY, JEREMY”
FANCY A JOB IN DANCZUK’S OFFICE? FANCY A JOB IN DANCZUK’S OFFICE?
TEAM GB SING NATIONAL ANTHEM ON VICTORY JET HOME TEAM GB SING NATIONAL ANTHEM ON VICTORY JET HOME
HOW BRITISH EMPIRE BEATS EU FOR OLYMPIC MEDALS HOW BRITISH EMPIRE BEATS EU FOR OLYMPIC MEDALS
PRCA Complain to Carolyn Harris Over Lobbyist’s Pass PRCA Complain to Carolyn Harris Over Lobbyist’s Pass
Oily Smith the Devolution Dodger Oily Smith the Devolution Dodger
Times Runs Full Page Ad for “China Heroes” Times Runs Full Page Ad for “China Heroes”
SONG FOR JEREMY SONG FOR JEREMY
DROMEY CUTS SHORT ATTACK ON CORBYN TO GREET CORBYN WARMLY DROMEY CUTS SHORT ATTACK ON CORBYN TO GREET CORBYN WARMLY
LABOUR MP GIVES LOBBYIST PARLIAMENTARY PASS LABOUR MP GIVES LOBBYIST PARLIAMENTARY PASS
BILL ETHERIDGE SPEAKS: “IT’S BEEN HARD TIMES” BILL ETHERIDGE SPEAKS: “IT’S BEEN HARD TIMES”
JAMIE OLIVER’S SUGARY, FATTY ADVERTISING HYPOCRISY JAMIE OLIVER’S SUGARY, FATTY ADVERTISING HYPOCRISY
LABOUR CONFERENCE CRISIS TALKS BREAK DOWN LABOUR CONFERENCE CRISIS TALKS BREAK DOWN
BRUTAL TORY ATTACK AD SAYS LABOUR SOFT ON ISIS BRUTAL TORY ATTACK AD SAYS LABOUR SOFT ON ISIS
CORBYN TO ATTEND MOMENTUM EVENT WITH VILE INTERNET TROLL CORBYN TO ATTEND MOMENTUM EVENT WITH VILE INTERNET TROLL
HOW TO MAKE CANADIAN MINING INTERESTING HOW TO MAKE CANADIAN MINING INTERESTING
TORY REPORT CLEARS FELDMAN AND SHAPPS TORY REPORT CLEARS FELDMAN AND SHAPPS
FIRST PICTURE OF BEARDED GOVE FIRST PICTURE OF BEARDED GOVE
OWEN SMITH: WE NEED TO GET ISIS “ROUND THE TABLE” OWEN SMITH: WE NEED TO GET ISIS “ROUND THE TABLE”
BREITBART BOSS TO RUN TRUMP CAMPAIGN BREITBART BOSS TO RUN TRUMP CAMPAIGN