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TOPIC: Everything is on the up !
#174554
In The Know

Everything is on the up ! 9 Months, 1 Week ago  
The chancellor told the House of Commons growth was forecast to be 1.5% this year, 0.1% higher than forecast by the Office for Budget Responsibility in November, with the forecast for 2019 and 2020 unchanged at 1.3%.

In his 26 minute statement he also said debt would fall as a share of GDP from 2018-19, which would be the start of "the first sustained fall in debt for 17 years, a turning point in the nation's recovery from the financial crisis of a decade ago".

But he hinted at possible spending increases to come, in his autumn Budget, when he will "set an overall path for public spending for 2020 and beyond" with a detailed spending review in 2019.

www.bbc.co.uk/news/uk-politics-43380212
 
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#174558
Spee

Re: A long war to go - but cause for cautious optimism 9 Months, 1 Week ago  
'As a share of GDP' - are the critical words!

The actual National Debt will continue to increase every year - and is expected to exceed £2T by 2020.

OBR, ONS, the Tories etc. - all agree on this; but the GDP percentage reduction is welcome. However, as yet, it is just a projection.

It's nearly 50 years since the Tories achieved an actual National Debt reduction - a point which will be emphasised in the financial media tomorrow.

Hammond has been impressive and honest about the unsafe level of Debt - and the admission that it has doubled since his party returned to government in 2010.


 
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#174586
Spee

Re: Is the chancellor right that debt is shrinking? 9 Months ago  
Not really.

But yes - as a percentage of GDP - the National Debt is projected to fall.



www.google.com/amp/s/www.bbc.co.uk/news/...ww.bbc.com/news/busi



However as the BBC says - 'the actual cash value of that debt in billions of pounds is growing' - because we continue to borrow to pay our bills.

In only 8 years of government, the Tories have borrowed c£1T.


Soon the National Debt will break the £2T barrier - the Tories project!


 
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#174598
In The Know

Re:Everything is on the up ! 9 Months ago  
In The Know wrote:
the first sustained fall in debt for 17 years

Its not rocket science, is it ?

UK borrowing for 2017-18 - £45.2 billion
www.bbc.co.uk/news/uk-politics-43389534

UK interest payments - £46 billion
fullfact.org/economy/interest-payments-national-debt/
 
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#174599
Spee

Re: Is the chancellor right that debt is shrinking? 9 Months ago  
"When he (Hammond) says the Debt is likely to fall, he doesn't mean the government will owe less money"...BBC


Yes, it can be confusing for some!

What's accepted by the BBC, OBR, ONS and the Tories though - is that the National Debt will hit £2T shortly.

The figure is projected by all - including Hammond...


 
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