Government borrowing rises to £10.6bn in September because you can’t trust Tories with the economy

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Another Tory target missed. I hope nobody is surprised.

Remember all that talk about the economy being like a household credit card that was “maxed out”? And that we needed to tighten our belts and live within our means (they’re still using that one, for crying out loud)?

That was a lie, of course.

National economies are not like household finances. For one thing, governments create money and spend it into the economy; if they are spending less money, then the economy suffers.

The Conservatives knew this, back in 2010. They knew that their spending plans meant the economy would contract and they would not be able to pay off any of the national debt.

They knew their economic mismanagement would increase the debt, in fact.

But they pushed on with it for one very simple reason: They wanted to take away your public services.

So, after six years of their irresponsibility, your national health service is on the brink of collapse, your welfare state is failing those who need it most, and the jobs and security of millions of people are in danger because they sucked money out of the economy and didn’t plan for emergencies like the fall in the value of the pound after the EU referendum.

The Conservatives are the party of economic stupidity.

If we had given responsibility for the economy over to the head of a domestic household, we would be better-off by now. Why? Because anyone can learn how to do what works.

Tories don’t do what works for the UK because they simply don’t want to.

So let’s all stop lying to ourselves that the economy is in better hands with Philip Hammond, eh? He’s as hopeless as George Osborne and his ‘History’ qualification.

You know who does have some good ideas? John McDonnell. Let’s give him a chance instead.

Government borrowing rose by more than expected to £10.6bn in September, according to figures from the Office for National Statistics (ONS).

The figure was £1.3bn higher than the same month last year.

For the financial year to date between April and September, borrowing fell by £2.3bn to £45.5bn.

The monthly figure had been expected to shrink to £8.5bn and economists said it would set the tone for the Autumn Statement on 23 November.

Paul Hollingsworth, UK economist at Capital Economics, said he expected Chancellor Philip Hammond “to announce a fairly disappointing set of fiscal forecasts” next month.

He said: “The latest outturn puts the public finances well off track to meet the Office for Budget Responsibility’s (OBR) March forecast.

“Indeed, if the public finances continued on the current trend in the fiscal year to date, then borrowing would overshoot the OBR’s forecast of £55.5bn for the fiscal year as a whole by around £17bn.”

Source: Government borrowing rises to £10.6bn in September – BBC News

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4 thoughts on “Government borrowing rises to £10.6bn in September because you can’t trust Tories with the economy

  1. NMac

    Tory austerity was never ever intended to reduce the national debt. It was to be used, along with an attack on the poor, the sick, and the disabled to finance tax cuts for already extremely wealthy people – ie the nasty Tories and their equally unpleasant friends.

    1. Dez

      I guess with that level of debts the Cons Canadian puppet master at the B of E will never increase the bank interest rate and cause the Cons more interest debt to add to their till roll of financial incompetence……The UK credit card is not safe in the Cons hands.

  2. Dai

    Gordon Brown rescued the economy when it was going over the cliff.

    The Tories want a low wage economy so we can become the sweat shop of Europe.

    The deficit is a after thought at the moment, but you can blame brexit a handy crisis to pin the Tory hat on..

  3. PJB

    The tories must be good magicians because all of the £BILLIONS they saved from all the cuts, WHERE THE – – – – IS IT ALL.

Comments are closed.