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Michael.1997 6 billion deficit, 2010 163 billion..
Posted by 'merv' on 05 May 2010 @ 14:05

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mervJoined: June 2005
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how is that better?

If Gordon had only saved a little more in the good times, we might have had a little more to fall back on in the bad, economists sigh. Last month saw public-sector net borrowing hit Ł19.9 billion, the highest on record, according to the Office for National Statistics. The chancellor of the exchequer, Alistair Darling, has forecast that Government borrowing will reach Ł175 billion this year. It is forecast that total government debt will double to 79 per cent of GDP by 2013, the highest level since World War 2. Mr Chote recently warned that "the scale of the underlying problem that the Treasury’s detailed forecasts identify will require two full parliaments of mounting austerity to repair.”

Before 1997, dividends issued by UK companies and paid to pension funds were tax-free - that is, the tax could be claimed back via a system of tax credits. Not any more, decided Brown. Tax relief was scrapped, reducing the amount collected by pension funds by around Ł5 billion a year. Pension funds holding the cash that you, me and almost everyone else in the country plan to use for our retirement have lost around Ł100 billion over the last 12 years.

In May 1999 Gordon Brown had a plan to sell some gold. There were two problems with this, which concerned his economic advisers deeply. The price of gold had slumped after a decade of stagnation, but was likely to increase in the proceeding years. Added to this, the announcement of a major sell-off would drive the price down further. Little of this worried Gordon. Experts believe that the poorly timed decision to flog our national treasure has cost us all around Ł3 billion.

The system of financial regulation dividing powers between the Treasury, the Bank of England and the Financial Services Authority, established by Brown as Chancellor in 2000, missed what amounted to the biggest financial crisis of our lifetime. Whoops. This has led some glass-half-empty commentators to conclude that the system set up by Brown failed and should be replaced. The Commons Treasury Select Committee’s report on the collapse of Northern Rock said that the Financial Services Authority had “systematically failed in its duty” to oversee the troubled bank’s activities. Little did it realise at the time that Northern Rock was the over-leveraged tip of the securitised iceberg.

In 2002, Gordon Brown introduced a new tax regime to help small businesses. He announced a new zero per cent rate of corporation tax on profits below Ł10,000. It was designed to boost the ability of small businesses to grow and prosper. It didn't quite work out this way. It became advantageous for sole traders such as taxi drivers or plumbers to turn themselves into limited companies to take advantage of the new rules. A Treasury Minister later commented that "the Government did not realise how many people would engage in abusive tax avoidance", despite the fact that it was "blindingly obvious" to tax experts "within 5 seconds" of the budget announcement that this would happen. Gordon scrapped the rules a few years later, raising the rate from 0 per cent to 19 per cent when he released how much money was being lost.

Mr Brown rarely apologises. In fact, he never apologises. But occasionally he acknowledges "mistakes", albeit begrudgingly. Over the abolition of the 10p tax rate in 2007, Mr Brown told Radio 4's Today programme that "we made two mistakes. We didn't cover as well as we should that group of low-paid workers who don't get the working tax credits and we weren't able to help the 60 to 64-year-olds who didn't get the pensioner's tax allowance." Experts use stronger language to describe the Budget of 2007, which was designed to produce positive headlines for the 2p cut in income tax. Accountants calculated that the scrapping of the 10 per cent tax rate, coupled with the increase in the proportion of tax credits withdrawn from higher earners, would leave 1.8 million workers earning between Ł6,500 and Ł15,000 paying an effective tax rate of up to 70 per cent.

Robert Chote, director of the Institute for Fiscal Studies, has said the tax hike which heralded the end the new Labour may actually end up losing the Government money. "If you look at what happened when higher rates were last changed in the 1980s, that might lead you to suggest that such a move might actually lose you revenue, rather than gain it, as people actually declare less income for tax," he said.

Message Thread:

Please God the one eyed pillock has..... by 'alanrr' (30 Apr 2010 @ 1:27)

Re: Please God the one eyed pillock has..... by 'DavyBoy' (30 Apr 2010 @ 7:42)

Re: Please God the one eyed pillock has..... by 'tsp' (30 Apr 2010 @ 9:01)

Re: Please God the one eyed pillock has..... by 'Ballhatchet' (30 Apr 2010 @ 9:25)

Labour supporter then? by 'alanrr' (30 Apr 2010 @ 13:22)

Re: Labour supporter then? by 'Ballhatchet' (30 Apr 2010 @ 18:29)

Re: Labour supporter then? by 'DavyBoy' (30 Apr 2010 @ 18:43)

Re: Labour supporter then? by 'speedyman' (30 Apr 2010 @ 19:19)

Re: Labour supporter then? by 'DavyBoy' (30 Apr 2010 @ 20:36)

Re: Labour supporter then? by 'Ballhatchet' (01 May 2010 @ 19:48)

Re: Labour supporter then? by 'Shanny' (02 May 2010 @ 8:29)

Re: Labour supporter then? by 'itpro' (02 May 2010 @ 18:31)

Itpro no one saw the 'global' recession coming! by 'RotaxTim' (02 May 2010 @ 20:40)

Re: Itpro no one saw the 'global' recession coming by 'itpro' (02 May 2010 @ 23:47)

Re: Itpro no one saw the 'global' recession coming by 'RotaxTim' (03 May 2010 @ 0:17)

Re: Itpro no one saw the 'global' recession coming by 'NikG' (03 May 2010 @ 0:17)

Re: Labour supporter then? by 'Ballhatchet' (03 May 2010 @ 10:38)

Re: Labour supporter then? by 'RotaxTim' (03 May 2010 @ 10:54)

Re: Labour supporter then? by 'merv' (03 May 2010 @ 12:07)

Re: Labour supporter then? by 'itpro' (03 May 2010 @ 23:45)

Re: Labour supporter then? by 'Ballhatchet' (04 May 2010 @ 15:32)

Re: Labour supporter then? by 'RotaxTim' (04 May 2010 @ 15:44)

Re: Labour supporter then? by 'itpro' (04 May 2010 @ 17:02)

Vote Labour. by 'Trev' (04 May 2010 @ 17:24)

Re: Vote Labour. by 'RotaxTim' (04 May 2010 @ 17:28)

Re: Pain alright by 'Ballhatchet' (04 May 2010 @ 17:54)

Simply Brilliant, Ballhatchet! by 'itpro' (04 May 2010 @ 19:23)

Tories bad for the UK by 'Trev' (04 May 2010 @ 20:00)

Re: Tories bad for the UK by 'RotaxTim' (04 May 2010 @ 20:09)

Re: Tories bad for the UK by 'michaelg36' (04 May 2010 @ 21:57)

Naive at best! by 'RotaxTim' (04 May 2010 @ 22:30)

Re: hahaha by 'Ballhatchet' (04 May 2010 @ 22:50)

Re: Tories bad for the UK by 'alanrr' (04 May 2010 @ 23:34)

Michael, I don't know what you study.... by 'itpro' (05 May 2010 @ 1:55)

Re: Michael, I don't know what you study.... by 'DavidG' (05 May 2010 @ 11:39)

It;'s an important day, today! by 'itpro' (05 May 2010 @ 12:21)

Michael.1997 6 billion deficit, 2010 163 billion.. by 'merv' << You are here!

Re: Tories bad for the UK by 'itpro' (04 May 2010 @ 20:27)

Re: Tories bad for the UK by 'QuickOldTimer' (04 May 2010 @ 21:21)

Re: Tories bad for the UK by 'itpro' (05 May 2010 @ 1:58)

Re: Tories bad for the UK by 'QuickOldTimer' (05 May 2010 @ 9:57)

Re: Tories bad for the UK by 'QuickOldTimer' (05 May 2010 @ 10:12)

Re: Tories bad for the UK by 'alanrr' (05 May 2010 @ 14:17)

Re: JUMP JUMP JUMP to conclusions! by 'Ballhatchet' (04 May 2010 @ 20:06)

Re: JUMP JUMP JUMP to conclusions! by 'itpro' (05 May 2010 @ 1:59)

Re: JUMP JUMP JUMP to conclusions! by 'Ballhatchet' (05 May 2010 @ 9:15)

Re: JUMP JUMP JUMP to conclusions! by 'itpro' (05 May 2010 @ 11:04)

Re: JUMP JUMP JUMP to conclusions! by 'Ballhatchet' (05 May 2010 @ 11:11)

Re: JUMP JUMP JUMP to conclusions! by 'itpro' (05 May 2010 @ 11:36)

Re: JUMP JUMP JUMP to conclusions! by 'Ballhatchet' (05 May 2010 @ 12:10)

Re: JUMP JUMP JUMP to conclusions! by 'itpro' (05 May 2010 @ 12:28)

Re: JUMP JUMP JUMP to conclusions! by 'alanrr' (05 May 2010 @ 22:41)

You are not thinking, again. Trev. by 'itpro' (04 May 2010 @ 19:15)

Mixed feeling, Ballhatchet. by 'itpro' (01 May 2010 @ 1:04)

In a nutshell... by 'merv' (02 May 2010 @ 14:08)

voting not labour by 'kudos' (03 May 2010 @ 23:11)

itpro for pm, alanrr (lord tebbutt) for chancellor by 'kartcollector' (04 May 2010 @ 20:03)

Well Said 'michaelg36' by 'Trev' (04 May 2010 @ 22:18)

Re: Well Said 'michaelg36' by 'BanzaiBoy' (04 May 2010 @ 23:17)

Trev by 'itpro' (05 May 2010 @ 2:06)

Re: Trev by 'QuickOldTimer' (05 May 2010 @ 10:14)

Re: Trev by 'itpro' (05 May 2010 @ 11:08)

Re: Trev by 'QuickOldTimer' (05 May 2010 @ 12:00)

Re: Trev by 'Ballhatchet' (05 May 2010 @ 12:15)

Ball hatchet by 'itpro' (05 May 2010 @ 12:35)

Re: Ball hatchet by 'Ballhatchet' (05 May 2010 @ 16:13)

Re: Ball hatchet by 'itpro' (06 May 2010 @ 11:09)

Re: Ballhatchet by 'Ballhatchet' (06 May 2010 @ 11:42)

Re: Ballhatchet by 'itpro' (06 May 2010 @ 12:19)

Re: Ballhatchet by 'Ballhatchet' (06 May 2010 @ 14:44)

Re: Ballhatchet by 'itpro' (06 May 2010 @ 16:47)

Re: Ballhatchet by 'Ballhatchet' (06 May 2010 @ 17:19)

Re: Ballhatchet by 'itpro' (06 May 2010 @ 17:25)

Re: Keep up old man by 'Ballhatchet' (06 May 2010 @ 21:01)

You have the last wrod! by 'itpro' (07 May 2010 @ 2:50)

'Clever Trevor' - socialist racing driver by 'DavyBoy' (05 May 2010 @ 9:28)

Let's look at the CONCEPT, here! by 'itpro' (05 May 2010 @ 11:21)

There are plenty of rich Labour politicians.... by 'merv' (05 May 2010 @ 18:23)

Re: There are plenty of rich Labour politicians... by 'itpro' (05 May 2010 @ 23:47)

I went to.. by 'merv' (06 May 2010 @ 16:42)

Jilted John was right !! by 'JasoN' (04 May 2010 @ 22:29)

I am still waiting for a Labour by 'merv' (05 May 2010 @ 18:26)

Didn't the lyrics contain the words...... by 'alanrr' (05 May 2010 @ 22:47)

Re: Didn't the lyrics contain the words...... by 'KenE' (06 May 2010 @ 7:52)

Re: Didn't the lyrics contain the words...... by 'DavyBoy' (06 May 2010 @ 8:47)

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