Friday, December 18, 2009

Brown's Borrowing Binge

Borrowing Brown's binge knows no bounds, hitting a record high of an eye watering £20 billion last month. How much more will the struggling Supreme Leader borrow before being booted out of office?

UK public borrowing hit an all-time high of £20.3 billion for a single month in November, according to official figures. Voters are left numb by mind-boggling numbers.

All dutifully reported but tucked away in The Times and Telegraph. Dog bites man just isn't news.

The record £20.3 billion is more than was borrowed for the whole of 2002. The IMF reckons that's equivalent to the entire 2009 output of economies such as Costa Rica and Uruguay.

The gloomy figures also showed net debt reaching a record £844.5 billion in November. For the first time, public sector borrowing taking the UK’s net debt to 60 per cent of total economic output.

The borrowing figure, which is £4.9 billion higher than the same month last year, is the highest since the Office for National Statistics (ONS) began compiling records in 1993.

But something doesn't add up. As part of his pre-election pre-budget report, Dreadful Darling said that net debt currently stood at £798 billion, or 55.6 per cent of gross domestic product (GDP).

But the ONS data showed that at the end of November, debt stood at £844.5 billion, which is 60.2 per cent of economic output.

The Orange Party feels a headache coming on. Brown's borrowing binge drives home the true impact of a recession depression far deeper than was spun to play the politics of false hope and optimism.

Just how the government plans to halve the UK's monstrous deficit within a promised four years in its re-election dream world, is anyone's guess.

Ominously a third of this spending was accounted for by the bill for a decade of government failure. Social benefits such as Jobseeker's Allowance at £16.2 billion, is the highest for at least eight years.

Only last week the Institute for Fiscal Studies (IFS) warned that the chancellor could have to find an extra £2,400 for every family to restore the public finances over the life of two parliaments.

Well thanks a lot New Labour. What a great legacy to leave future generations after a miserable twelve years in office.

The fag-end government is bankrupting the nations with a mixture of incompetence and smoke and mirrors accounting after Borrowing Brown cooked the books.

Feral economics have taken hold. A rudderless ship of state is sinking fast, left to the mercy of a political leadership that knows the game is up.

Unprecedented debt, the pound down the pan, pensions plummeting. Banks sailing off into the sunset with a wad of funny money. Gold sold off at rock-bottom prices and a dole queue longer than Borrowing Brown's arm.

And there's still at least three months to go before the general election.

How much more will Brown borrow and saddle the country with debt, just to dig himself out of the economic mess of his own making and screw things up for the incoming government?

1 comment:

Beggars Belief said...

Is there nothing that can be done to oust these Marxist traitors? Are we truly so impotent that we have to meekly wait for "The Election"?
Can a handfull of criminals, masquerading as Government Ministers (headed by Brown the Ruiner) really carry on with their scorched earth destruction & 60 million of us just let them???