MercoPress. South Atlantic News Agency
Record borrowing from UK government takes net debt to 67% of GDP
Tax revenue continues to fall and consumption recovery is tepid The British Government borrowed £15.7 billion last month - an amount that was less than expected, but still the highest December figure on record. Borrowing for the whole of 2009 reached £142.6 billion, the highest since Office for National Statistics (ONS) records began in 1946.
The UK's net debt also hit £870 billion, the equivalent of 61.7% of the country's annual output. This is the highest proportion since the ONS began recording the measure more than 30 years ago.
The data reveals the effect of Britain's longest recorded recession on state funds in a period where tax revenues fell and unemployment payments rose.
Government year-on-year income fell for the 15th consecutive time to £37 billion although the recent return of VAT to 17.5% may bring some relief. Spending for the month surged to £48.3 billion with social benefit payout rising 9%.
Currency rates were impacted by the news and sterling fell to a one-week low indicating concern among international investors.
The figures will increase pressure on the UK Government for clearer plans to repair public finances, either through spending cuts or tax rises. However, British retailers are worried that public spending cuts and tax rises will hit consumer demand in the coming months.
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Read all commentsthis article explains that England's net debt also hit 870 b. £..the equivalent of 61.7% GDP..............
Jan 23rd, 2010 - 06:37 pm 0this definition is not true (at least technically !)..when you talk about
the Debt, then you must define it's detailed contains.!public or private ..
this country's( only)net “ Fiscal” debt is - 1 trillion £-.this number covers
current money and interest values !! not nominal ( constant) !!
this country resists against (US $)..(Euro).. else ..becouse it wants to
storage and suppres own debts as nominally not currently !! in other
words it does not want to payback debts !! England's Financial Systematics are allways under “ default conditions”... in person
I never lend to this country as nominally becouse it can't be lucrative.
ONS and ( or) other national statistics (other countries') are not reliable
they have chaotic calculations !! numbers are not true in general !
as a sample : CPI(consumer price inflation) numbers are all false ..
other ones more worse and degenerated..
h. you say that England does not want to enter Euro Zone to
Jan 23rd, 2010 - 11:15 pm 0suppress it's debts.! .this is technically true !
but Anglo Saxons don't have this high level brains..cannot think !
all are Keynes idiot ! off shore butterflies !.usualy thinks tactical
not even strategical !! not have eagle eyes !! can not see somethings !
I say that they don't enter Euro Zone becouse they have phobias
related to their own other European rivals ....that is simple !.
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