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Public finances go from bad to worse

News that the usually lucrative month of October has seen the public purse pushed further into debt for the first time in 14 years has sparked serious criticism of Gordon Brown's recent policy. October is historically one of the better months for the Treasury with various tax renewals and large amounts of income collected.

While there is no surprise, to those following the economy closely, regarding the amount of funding which has been used to try and refloat the economy, it does bring home the situation when it is in front of you in black and white. There are various estimates in the market regarding the full-year deficit for 2008 and 2009 with figures of in excess of £100 billion commonplace at the moment. These are figures which at some point will need to be repaid and until that time will attract interest charges which the taxpayer will be forced to cover.

The next government, whoever that may be, is likely to inherit a government balance sheet which is in dire distress and one which were very much limit their options with regard to tax and the economy. However, if Gordon Brown's so-called scorched earth approach does pay off then the rewards could be very handsome indeed.

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