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UK budget deficit widens further

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posted on Mar, 19 2009 @ 06:10 PM
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UK budget deficit widens further


news.bbc.co.uk

The UK's deficit widened to £8.99bn in February, a record level for the month, official data has shown.

This was eight times the figure seen a year earlier, as tax receipts fell 10% causing the government to borrow more.

As unemployment has risen and firms have seen profits fall this has hit the money government collects in taxes.

The cumulative deficit for the fiscal year is £75.2bn, increasing the chance that government borrowing for the year will exceed its own £77bn forecast.
(visit the link for the full news article)




posted on Mar, 19 2009 @ 06:10 PM
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Ok, I'm lost and confused now...

If the government is borrowing this amount, where the heck did they get the billions to bail out the banks?

Where are they borrowing from?

It seems completely idiotic to borrow or take from the tax payer to pay off a loan that they borrowed from some bank with which they bailed out with the money they borrowed...

Just who is nailing the lid ono the coffin of the public as a whole?
Is it the bankers, the government or combination?

Something stnks here.. and it's not morning fresh 'wake up' coffee.


Last month the Office for National Statistics (ONS), which publishes the borrowing figures, said the debts of Royal Bank of Scotland and Lloyds Banking Group would be included in the public finances since the government took stakes in the firms.

This could add between £1tn and £1.5tn to public sector debt.


Why is anyone, who is unemployed, bothering to look for work if our bankers and governments are just making everything worse instead of really doing something of use..


"UK manufacturing activity has not so much fallen off a cliff, but off Mount Everest," said Howard Archer, chief UK and European economist at IHS Global Insight.



news.bbc.co.uk
(visit the link for the full news article)



posted on Mar, 19 2009 @ 08:53 PM
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They're doing what we're doing... they're just printing money over there in the UK.

Were you really surprised?



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