BBC NEWS | Business | UK public borrowing up in March
This is staggering - we are at the top of the economic cycle and we are massively overdrawn - follows on from a top report yesterday saying the UK economy is skating on thin ice.
A timebomb which I'm amazed hasn't gone off yet - probably just after the next election - if the Conservatives get in then they'll be blamed for putting the finances in order and causing a recession again or having to raise taxes.
I am constantly wondering why they still have national insurance payments - why don't they just lump it all in to one income tax system - this should cut down costs on tax administration and can also put a small tax rise to solve the above at the same time.
A timebomb which I'm amazed hasn't gone off yet - probably just after the next election - if the Conservatives get in then they'll be blamed for putting the finances in order and causing a recession again or having to raise taxes.
I am constantly wondering why they still have national insurance payments - why don't they just lump it all in to one income tax system - this should cut down costs on tax administration and can also put a small tax rise to solve the above at the same time.
posted by Andy Watts at Tuesday, April 24, 2007
1 Comments:
We've been going badly in the red for years, despite all the Government spin about "longest period of growth" it's been fuelled by massive Public and private borrowing. Usual Labour trick of trying to buy their way out of the Business Cycle using money the country can't afford (despite higher taxation) and in the process, has made the country a lot less productive and public services no better or even worse in many cases!
They've been doing it since the stock market slump in 2001. We'll end up in a lot more crap than if they had responsibly mangaged the 2001 downturn. But, there won't be an election for 3 years and the problems will be exposed before then, just that the Conservatives will have to do the clean-up operation as usual. Had the main stream media (BBC et al) actually mentioned these problems sooner (hmmm.. wonder why? OH! too busy kissing New Labour's back-side), perhaps more of the electorate would have been aware. The BBC website still buries stories like this down their order and the evening news bulletins make no mention of it! I seem to remember that they couldn't wait to headline bad news when the Conservatives were in office.
I thought government controlled media wasn't supposed to exist in Western Democracies, yeah right!
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