UK government borrowing hits £16 billion in November
With the UK government borrowing deficit as a whole well over £500 billion news that last month's deficit alone topped £16 billion should not come as much of a surprise. However, the situation is set to get much worse and experts, as well as the government, have already admitted the total figure will hit over £1 trillion before the UK economy recovers. This would mean that consumers and taxpayers will be hit with massive taxes as and when the economy picks up in order to replenish and reduce national debt in the future.
The current Labour government policy of spend spend spend has to be paid for at some time and the UK taxpayer will be the pot from which the money is taken. Depending when and how the money is recovered could well make or break Gordon Brown's attempt to win the next general election. Taxpayers have been willing to fund the various rescue packages in exchange for a recovery in the economy and even the potential for a return. However, these returns and promised benefits have yet to materialise and the UK taxpayer is now losing patience with the policy and the strategies involved.
Share this..
Related stories
MPs blame bankers for economic turmoil
Yet again the UK banking scene has come in for some significant criticism from MPs across all parties. Blaming a culture of "easy rewards", the fault for the current economic climate has been laid fairly and squarely at the door of the UK financial sector. However, this is now old news and many consumers across the UK are more interested in the future and how regulators will ensure we do not see a...
Read MoreErnst & Young drops a bombshell on UK property sector
The Ernst & Young LLC Item Club has dropped a bombshell on the UK housing market with the suggestion that while prices will increase in the short term they are highly likely to return to a slump in the latter part of 2010. While the UK government has already ridiculed this particular report, this report is from a very influential group of city analysts and economists who have for some time "had th...
Read MoreThe UK job market continues to weaken
The government is in a desperate race to try and refloat the UK economy before we see a major collapse in the UK employment market. A recent flurry of announcements from various recruitment agencies suggests that new positions in the UK are becoming more and more scarce and many companies are looking to cut back on their recruitment costs and employment base.
This does not bode will...
Is Alistair Darling putting the UK financial markets at risk?
A number of prominent tax experts in the UK have stepped forward to criticise Alistair Darling's "smash and grab" with the introduction of a new banking tax on financial sector bonuses. This is a situation which has been ongoing for some time, with both regulatory costs and tax costs increasing for financial firms in the UK, but one which is starting to affect the competitive edge of the UK financ...
Read MoreBarratt Developments confirms £720 million fundraising
As we covered last night in one of our post, Barratt Developments has today confirmed a £720 million fundraising which will allow the company to strengthen the balance sheet and also acquire land for future development. This seems to be something of a new trend in the property sector although there are also signs that many more companies in other sectors are looking to take advantage of the recen...
Read More