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So much for austerity reducing borrowing

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OneFootInTheGrave

OneFootInTheGrave Report 21 Aug 2014 10:03

According to the latest bulletin released this morning by the Office for National Statistics (ONS), in July 2014 public sector net debt excluding financial interventions was £1,299.4 billion (76.5% of gross domestic product), an increase of £97.8 billion compared with July 2013.

I thought the government austerity polices were meant to reduce borrowing and the government keeps telling us that these policies are working - maybe I am missing something :-S :-S :-S

Researching:
I am researching the Wotherspoon family from the Old/New Monkland areas of Scotland, some moved to the Leslie and Kelty areas of Fife and I'm having problems linking the Wotherspoon's from Leslie and the Wotherspoon's from Kelty. I am also researching the Clusker family from Co. Meath in Ireland who moved to West Lothian and from there to Fife............"Vita non est vivere sed valere vita est"

Dermot

Dermot Report 21 Aug 2014 10:23

Some Government outsourced unworkable contracts are costly to cancel.

InspectorGreenPen

InspectorGreenPen Report 22 Aug 2014 15:17

Not that simple....!

As long as there is a budget deficit then the debt will continue to rise and this is borne out by the figures quoted.

What this Government's polices are succeeding in doing is reducing the annual budget deficit each year. Until the deficit becomes a budget surplus (around 2018 on current projections) then the total debt will continue to rise.

There is also another factor in that some new borrowing is for long term investment, not just to service the current account so even when the budget is in surplus you could still see a rise in debt.

Huia

Huia Report 22 Aug 2014 20:54

Here in NZ the government debt was $8 billion in 2008. Now it is over $81 billion and still rising as the govt borrows $30 million daily. Much of that money is borrowed to pay the interest on the existing debt, but the debt still exists and the interest bill keeps growing. Earlier this year the minister of finance proudly announced in his budget that we are now in the black and there was a surplus, but virtually in his next breath he said his next task was to get rid of the country's debt. Funny (not really) money.

Researching:
Avatar: Red poppy holding a yellow poppy.

maggiewinchester

maggiewinchester Report 23 Aug 2014 01:17

As far as I'm concerned, they should learn to live in the 'real world', then try to justify their public school 'wheezes'.

Researching:
Henry Floyd (g x 4 grandad) Allegedly the heaviest man in England in 1842