Highest August borrowing figure on record

UK Public Sector Net Borrowing (PSNB) in August was a surprise £15.9 billion. This was a rise of £1.9 billion on August last year and was the highest August total on record, and well above the market forecasts of just over £13 billion. So far this fiscal year, between April and August, total PSNB has totalled £51.5 billion. This is … Continue reading

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Fiscal tightening needs to be increased

The Institute for Fiscal Studies, which has no political alignment, has said that the government would have to find another £13bn during the next parliament, in order to put the public finances back on an even keel.   In his pre-Budget report, the Chancellor, Alistair Darling, outlined measures for a £57bn fiscal tightening which is about 4.1% of national income, … Continue reading

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Missing tax costs the UK £40bn a year

HM Revenue & Customs published a piece in the printed Pre Budget Report called Protecting Tax Revenues 2009. In this they projected that there was a “tax gap” of 8%, which means of the total tax which they would expect to receive they are unable to get their hands on 8%. And, 8% is not a trifling matter, as it … Continue reading

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