|NEW CHANCELLOR PHILIP HAMMOND|
Update 28 Jan., 2018 -- The National Debt has now reached an incredible £214,8trillion and May and Hammond carry on as if there was nothing wrong.
Update 25 July, 2017 --
Another increase and the National debt reached now £1.8trillion. Tories answer to it will be more cuts and increase tax to bring the debt down but the National Debt will still increase.
Update 30 Nov., 2016 --
New Chancellor Philip Hammond is no better. In his budged he announced an increase of debts between £50 and £65billion. It would reach £2trillion soon with all the cuts and austerity the National debts goes up alarmingly. ??????
It is incredible what is going on.
UPDATE: 20 May, 2016
For the year 2014/15 the debt increased by £115billion
In my opinion everybody expected an increase of borrowing since Chancellor George Osborne grandiosely reduced the corporation tax. It also would not surprise anybody if Mr Osborne reduces the corporation tax even further at the same time when he cut Welfare by £12billion and insists on austerity.
Analysts expected in August 2015 the borrowing figure to be down to £9billion but it was £12.1billion which was disappointing.
So far the total debt stands at £1,56btrillion and at the end of August it was up by £69.9billion on a year earlier.
a So fr in 2015 the total debt amounts to £1,56trillion and is 81.58 per cent of GDP. UK has to pay a £43billion of interest on the debt which amounts to 8 percent of UK tax income. It looks like as if the National Debt will increase by the same amount by the end of 2020 as before by the Tories first five years in office. David Cameron stated that the debt came down and George Osborne stated that they cut the deficit in half. The must have held the charter upside down.
The Office of National Statistics (ONS) claims there is a fall of income tax paid in August and the corporation tax is also down. The reason of it is that Chancellor George Osborne reduced the corporation tax which now comes into effect.
A Treasury spokesperson said: “Britain hard work is paying off with cumulative borrowing. £4.4billion is lower at that point last year. We have more than halved the deficit but there is more to do with debt remaining higher than 80 per cent of GDP.”
But Vicky Redwood for Capital Economics said: “The figure bringing the recent run of good news for the Chancellor to an abrupt end.”
The public sector net borrowing total of £12.1billion was significantly higher than the consensus forecast of £9.2billion.
The Office of Budget Responsibility (OBR) forecasts in July that the £89,2billion in previous year.
“The government apparently to be making slow progress in reducing the bad deficit,” said Ross Campbell from the Institute of chartered Accountants in England and Wales.
“Sorting out public finance depends on robust tax receipts, so it is disappointing to see corporation and income tax revenues decrease.”
“The Spend Reviews in November is looking at expenditure but it must also take into account what income can be recouped or we risk turning deficit reduction into a three parliament problem.”