UK public finances post largest August deficit since at least 1993

Discussion in 'Economics' started by ASusilovic, Sep 21, 2010.

  1. This morning’s UK public finances severely dent hopes that the fiscal position is on a clearly improving trend. Admittedly, a seasonal collapse in corporation tax receipts usually means that borrowing is pretty hefty in August. However, August’s public borrowing figure (on the PSNB ex. measure) of £15.9bn is more than £3bn in excess of the consensus forecast, and is the largest August deficit since records began in 1993.

    Ouch, ouch, ouch. I think GBP needs to tank a bit further...
  2. zdreg


  3. Tax Evasion

    Danny Alexander, the chief secretary to the Treasury, sought to counter the critics by using his speech to the conference yesterday to say it is immoral for the rich not to contribute their fair share. He announced a 900 million-pound ($1.4 billion) plan to reduce tax evasion and avoidance.

    Alexander echoed Chancellor of the Exchequer George Osborne’s criticism of people who make a “lifestyle choice” to live on welfare benefits as he attacked people who think not paying tax is a “lifestyle choice that is socially acceptable.”

    “We will be ruthless with those often wealthy people and businesses who think they can treat paying tax as an optional extra,” Alexander said. “Tax avoidance and evasion are unacceptable in the best of times but in today’s circumstances it is morally indefensible.”

    The plan will increase fivefold the number of prosecutions for tax evasion, form a team of investigators to find money hidden offshore and target those who avoid paying the top 50 percent tax rate on incomes above 150,000 pounds a year. A unit of the U.K. tax authority that currently monitors 5,000 high earners will be given resources to look more closely into the tax affairs of 150,000 people.

    Is this Labour speaking or the Conservative Party ? ;=)
  4. madness man:mad:
  5. Na, the wealthy Brits are heading to places Like Brazil to set up shop.

    The US and UK will have not only a Wealth Drain but a Brain Drain.....if this madenss continues.

    The PRODUCERS have the means to Pick up and Leave, as pointed out in Atlas Shrugged.
  6. The problem with brazil, Singapore etc is the Sun, you see. I don't like heat at all.