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


EDDIE IZZARD’S HOTEL BILLS NOT LAWFULLY DECLARED EDDIE IZZARD’S HOTEL BILLS NOT LAWFULLY DECLARED
POLITICAL PARTY RICHLIST POLITICAL PARTY RICHLIST
EU PLOTS TAX ID NUMBERS FOR EVERY EUROPEAN CITIZEN EU PLOTS TAX ID NUMBERS FOR EVERY EUROPEAN CITIZEN
MUNT ADMITS SHE DIDN’T DECLARE LOCAL CAMPAIGN TRANSPORT MUNT ADMITS SHE DIDN’T DECLARE LOCAL CAMPAIGN TRANSPORT
OZBOT VERSUS ANDROGENOID OZBOT VERSUS ANDROGENOID
“Fat Cats For EU” “Fat Cats For EU”
“CHEATED” LIBDEM PICTURED CAMPAIGNING ON BATTLE BUS “CHEATED” LIBDEM PICTURED CAMPAIGNING ON BATTLE BUS
CHRISTINE HAMILTON HIRED ON THE PUBLIC PAYROLL CHRISTINE HAMILTON HIRED ON THE PUBLIC PAYROLL
CONSERVATIVES IN: SPOT THE DIFFERENCE CONSERVATIVES IN: SPOT THE DIFFERENCE
HULL UNIVERSITY THIRD TO DISAFFILIATE FROM NUS HULL UNIVERSITY THIRD TO DISAFFILIATE FROM NUS
CAMERON’S AIRFARE FABLE CAMERON’S AIRFARE FABLE
TELEGRAPH BLOODBATH: NEW JOBS CULL UNDERWAY TELEGRAPH BLOODBATH: NEW JOBS CULL UNDERWAY
CCHQ FREEZE MPS AND ASSOCIATIONS OUT OF VOTE SOURCE CCHQ FREEZE MPS AND ASSOCIATIONS OUT OF VOTE SOURCE
OSBORNE MISSED BORROWING TARGET BY EVEN MORE THAN PREVIOUSLY THOUGHT OSBORNE MISSED BORROWING TARGET BY EVEN MORE THAN PREVIOUSLY THOUGHT
POLICE INVESTIGATING SHADOW MINISTER OVER ELECTION EXPENSES POLICE INVESTIGATING SHADOW MINISTER OVER ELECTION EXPENSES
TOOTING BY-ELECTION CAMPAIGN KICKS OFF IN BATTERSEA TOOTING BY-ELECTION CAMPAIGN KICKS OFF IN BATTERSEA
ELECTORAL COMMISSION ON JOCK-‘COPTER CAMPAIGN ELECTORAL COMMISSION ON JOCK-‘COPTER CAMPAIGN
STURGEON DUCKS CHOPPER QUESTION STURGEON DUCKS CHOPPER QUESTION
NUS CHIEF EXECUTIVE PAID FIVE TIMES AVERAGE GRADUATE NUS CHIEF EXECUTIVE PAID FIVE TIMES AVERAGE GRADUATE
CORBYN CLAPPED COMMIE LEADER FOR REFUSING TO TOAST THE QUEEN CORBYN CLAPPED COMMIE LEADER FOR REFUSING TO TOAST THE QUEEN
SNP CHOPPER NOT DECLARED PROPERLY SNP CHOPPER NOT DECLARED PROPERLY
SADIQ RAISES EU FLAG ABOVE CITY HALL SADIQ RAISES EU FLAG ABOVE CITY HALL
SAJ ‘PRIVATELY SAID HE WANTED TO LEAVE’ SAJ ‘PRIVATELY SAID HE WANTED TO LEAVE’
CRICK CRICK’D CRICK CRICK’D
EU WANTS CULTURAL QUOTAS ON NETFLIX AND AMAZON PRIME EU WANTS CULTURAL QUOTAS ON NETFLIX AND AMAZON PRIME
LIBDEM WHO COMPLAINED TO POLICE ABOUT TORY ELECTION FRAUD BROKE SPENDING RULES LIBDEM WHO COMPLAINED TO POLICE ABOUT TORY ELECTION FRAUD BROKE SPENDING RULES
LABOUR WON’T ALLOW CONFERENCE DELEGATES TO SELF-IDENTIFY LABOUR WON’T ALLOW CONFERENCE DELEGATES TO SELF-IDENTIFY
WORST BEATLES TRIBUTE BAND EVER WORST BEATLES TRIBUTE BAND EVER
CELEBRITY CONSUMER CHAMPION HITS BACK AT BSE CELEBRITY CONSUMER CHAMPION HITS BACK AT BSE
MOMENTUM REJOICE! ONLY 65% THINK CORBYN NOT READY TO BE PM MOMENTUM REJOICE! ONLY 65% THINK CORBYN NOT READY TO BE PM