Friday, June 19, 2009


Update: UK DEBT BOMBSHELL [Link] "by 2011 the interest on the national debt will cost £42.9 billion a year."
No, not a Spanish genetically modified organism but: Oh...My...God. Blatantly copied this evening from the ever-enlightening Burning Our Money we see how Crash Gordon and his glove-puppet Darling are on course to overshadow the highest government borrowing from previous years by AT LEAST twice the previous record - but more probably and more worryingly, by a factor of four.

"That is incompetence of an exceptionally high order."

Government borrowingSoaring into the stratosphere

"Today's public borrowing stats are way beyond dire: they are OMG terminal." (click on image for link to cumulative public sector finance and net debt on the UK National Statistics website)

In the first two months of this financial year the government borrowed £30.5bn, comfortably over twice what they borrowed in the same two months last year.

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Paul said...

They will have to borrow more if the recession lasts longer than expected. With no pay increases, decrease in profits, the temporary cut in VAT not working etc there will be less money flowing into the Treasury.

Span Ows said...
This comment has been removed by the author.
Span Ows said...

I know, what depresses me is that at every 'green shoots' story or something reasonable like the GBP going up a bit or whatever then all the usual suspects bounce out with "end of recession" or "problems over" or some equally WRONG tosh...blah blah blah ...morons.

Pardon me...where's my pills.

Paul said...

I was at a client's this afternoon who advertised for a joiner - they make UPVC windows and hardwood doors and windows - they got 30 job applications everyday for a week.

We've been lucky in the South that it hasn't been as bad as elsewhere in the country, doesn't mean it hasn't hit just not so hard.