Shock UK deficit figures are the worst in six years

It would be foolish to laugh at George Osborne’s misfortune; we know that this will only mean worse hardship for the UK’s poorest in the years to come.

Osborne is a classic fool – he never, ever, learns from his mistake.

That mistake is that no country can cut its way out of a deficit. It simply won’t happen and today’s figures illustrate that fact.

The only way out is by investing in the country’s economy, building its strengths and supporting its people, and helping the economy grow. But Osborne is looking the other way.

And why not? After all, he won’t suffer.

And, as we’ve already established, nobody who will suffer can get a fair hearing in the UK’s biased media.

George Osborne’s deficit-cutting drive has been dealt a blow ahead of next week’s spending review after official figures showed the worst October for the public finances in six years.

The deficit, or the gap between what the government spends and takes in, swelled by 16% from a year earlier to £8.2bn in October, according to the Office for National Statistics (ONS). It was a larger shortfall than the £6bn forecast by economists in a Reuters poll.

The chancellor wants to eliminate the deficit on the public finances by the end of the decade. As part of that push, he will unveil plans in his spending review on 25 November to cut government department spending by around £20bn over the next four years.

Economists said the latest public finances suggest Osborne will miss his deficit-cutting goals for this year and that he will redouble austerity measures in next week’s spending review and accompanying budget update, known as the autumn statement.

Source: Shock UK deficit figures dent George Osborne’s economic plan | Business | The Guardian

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13 thoughts on “Shock UK deficit figures are the worst in six years

  1. philipburdekin

    What a bunch of idiots we have in power, so where are the £BILLIONS, WHERE HAS IT GONE? WE THE PROPLE NEED TO KNOW, QUESTIONS NEED ANSWERING.

  2. Dez

    No wonder he does not want bank interest to rise even a smidge. But that’s ok us modest savers don’t mind helping keep the boys in champers by us getting diddly squat interest on our savings.and watching it depreciate in value year after year…..

  3. amnesiaclinic

    Exactly. He won’t suffer or his mates but the hardworking families, the poor, the sick and the disabled are the ones who will pay the price of this redoubled austerity (misery).
    And, of course, it still won’t work.
    But it isn’t meant to.

  4. Mr.Angry

    The man is a danger can’t the public vote this numskull to eternity, for those that voted this degenerate imbecile into power I hope you hang your heads in shame.

    Or maybe as Layla says this is the intended plan to take us back 100 years or more and depopulate by what ever means.

    Lets hope DC gets good use of his new private jet the two faced low life.

  5. Kate

    People suffering the deepest cuts, are the same people that keep the economy alive with their spending, cut them to the bone & you cut the economy to the bone.

    1. fathomie

      Exactly. What makes you laugh (cynically) is that Osbournes pals, the rich, contribute nothing to the economy, yet everything is sacrificed to make them happy. Nothing I hear you ask? Since the majority of the wealthy have non-dom status, as Private Eye has shown, have their property (and land) registered offshore, they pay no UK taxes. They also spend their money in Monte Carlo, import their cars, food, clothing from Italy, France and the USA, so yes, they contribute fat zero to the UK economy. Meanwhile, all those who Osbourne is attacking for having the temerity of not being rich, or being born with a silver spoon, do contribute, with all of their income. They pay taxes, they buy food, they buy UK goods, they pay VAT on everything in sight, they pay for their utilities. Some Tory prat on the BBC forum said the poor contribute nothing in taxes, in fact, and ludicrously, they contribute far more than the rich oafs he admires so much…

  6. Neil Shaplin

    Does anybody else get the feeling that the figures were MEANT to be terrible? That the deficit was always going to be even worse than forecast, just to give Osborne the excuse he needs to cut everything he hasn’t already? Maybe even – by a staggering coincidence – going ahead with those tax credit cuts his boss promised wouldn’t happen?

Comments are closed.