Latest public finance figures show borrowing rising to a record high of £15.9bn in August.

The sum was well ahead of the £14.1bn borrowed by the Labour Government during the same month last year and adds to pressure to bring the nation's finances under control.

The Treasury is now £58.1bn in the red for the first five months of the financial year - although this is slightly below last year's tally of £61.9bn.

Samuel Tombs, an analyst at Capital Economics, said August's public borrowing figure - the highest since records began - dented hopes that Britain's finances were on a clearly improving trend.

I've never really understood why governments should not owe money. If they want to build infrastructure and so on. You could say no-one should have a mortgage which they need to build wealth.

And why shouldn't future generations pay their share of us building a society for them?

That said..it's obviously out of control in Britain and you don't want to go the way of the US which owes so much money that if the Chinese call in their markers the country will go bust.

Maybe BR's NWO want it that way.

In The Know wrote:
Latest public finance figures show borrowing rising to a record high


The solution?

Sell Wales.

That is shocking news and shows that the new Government talk tough - but have not managed to control the finances at all.

Osborne is looking a bit of a dud this morning with those figures.

The CUTS need to be bigger and deeper.

Time to cut the Police by 40% and Justice budget in half. Close a third of prisons and stop remanding except for major offences ( not historic ones ever )of violence that carry a 10 year plus sentence.

Time to close down all these DATABASE units created by New Labour - and get rid of CCTV operators. The cameras can stay and then if a crime happens it can be looked at.

Time to increase tax massively on BIG CARS - double it and help the environment as well - only the rich drive big cars ( sorry JK )

Time to tax AIR TRAVEL with a green tax as well. Sorry airlines.

Time to tax BANK BONUSES. Time to cut the pay of anyone working in the Public Sector to UNDER THAT of the Prime Minister - who should receive the TOP SALARY in the PUBLIC SECTOR or there is no justice there.

Get rid of NATIONAL CURRICULUM TESTS - they dont work and cost education millions each year in marking and administration. Let the schools do them and report the results.

Sell off some of the BBC. Bank the money.

Possibly PRIVATISE EDUCATION as well - offer schools to the PRIVATE SECTOR to run and allow kids to have STATE VOUCHERS. State schools dont work - history has shown this.

It is time to rethink things - BLAIR's IDEAS have failed completely. He was the last chance for Public Services......they are now more bloated and not working.

The state cant afford the bill for them. Tax should be used for the poor and vulnerable - not to provide well paid jobs for the Middle Classes with poor qualifications.

The subsidy in the Public Sector undermines the Private Sector chances of developing and creating jobs.

If we dont watch out we will sink into a second deep recession and this time we cant borrow money to dig ourselves out of it.

BROWN has already printed 200 billion and devalued our currency by 25% in the process.

Total disaster.

With regard to salaries. The top person should not be able to earn more than 20 times what the lowest person in the organisation earns. So if the boss wants more pay he knows he's got to reward the lowst paid more!

veritas wrote:
I've never really understood why governments should not owe money. If they want to build infrastructure and so on. You could say no-one should have a mortgage which they need to build wealth.

Generally speaking I would agree (and properly managed debt can actually be an asset) - but we are way out of control at the moment (thank you, New Lie-Bour).

As Nick Clegg staed yesterday, current repayments are £44 BILLION a year in interest alone. Just think what we could buy with that if it were not going down the drain in repayments ?

The forthcoming cuts will only total a fraction more than that, so you can see for yourself that if Labour has not been wreckless with their spending we wouldn't have this problem now.

Unless we cut now, debt interest will be £70 BILLION by 2014 - and we will STILL owe all the debt !

PLUS as we are STILL borrowing (each and every month) to fund promises made by New Lie-Bour the debt is actually increasing (and so are the interest repayments).

Some economists on SKY NEWS a minute ago were saying we are facing a double dip - every indicator is showing a big slow down.....

Hold on to your hats.....

Sorry BR but I believe privatisation is part of the problem.

Apart from state assets that have taken decades to build up and are owned by the public, they are always sold off at rock bottom prices.

Nu Labour did this on steroids-making Thatcher look like quite amateurish.

As I said previously-look at the latest Private Eye and how Vodafone avoids $6B in taxes by basing themselves in a tax haven. Any profits made in Britain should be taxed at full British rates.

News Corp does likewise as do hundreds of corporations...tax scroungers the lot of them while the working man pays full tax..as do 'dole scroungers" who pay VAT on everything.

I agree that botched privatisation without taxing profits on monopolies is bad for a country.

But the problem at the moment is that the Government has no money. It has collapsed and if it were a company it would cease trading with the amount of debt and the way it is rising.

Sadly the only thing you can do when facing such a debt mountain is sell off the family silver.

I cant see any other way - tax will never bring in the billions unles levied on everyone at around 60% to 80%. We need to tax people at 50% just to keep the debt and interest payments going.

I dont think the Public quite realise how bad this all this. I do suggest people read about the debt.

wasn't botched BR-it was deliberate.

veritas wrote:
As I said previously-look at the latest Private Eye and how Vodafone avoids $6B in taxes by basing themselves in a tax haven. Any profits made in Britain should be taxed at full British rates.

News Corp does likewise as do hundreds of corporations...tax scroungers the lot of them while the working man pays full tax..as do 'dole scroungers" who pay VAT on everything.

Relevant points veritas, but we have to live in the real world.

There is a difference between organising you tax affairs so as to minimise the amount of tax you pay (legit) and evading tax (not legit).

The companies you mention could easily base themselves elsewhere (result - UK loses money), and take their jobs with them (result - UK loses money and jobs !)

It seems a bit silly to equate a company which employs many many people (and therefor contributes in some way to the UK economy) with dole scroungers who have never contributed anything and probably never will.

I have a feeling that veritas would approve of Vince Cable's (right yet again !) speech -

www.bbc.co.uk/news/uk-politics-11382047

spivs and gamblers..yes sounds fine. But the Lib Dems will be gone within 5 years. A useless party on the way to oblivion..watch them wiped out at the next GE.

The unacceptable face of capitalism' is what Ted Heath called it.

It's baloney that corporations can 'arrange' tax affairs so they pay little or none and the tired old claim they 'create jobs' is as phony as their tax arrangements.

Allowing the world's largest corporations to be headquartered in tax havens is a joke. What are they going to do is you crack down on them?..pack up and refuse to do business in the UK..I don't think so.

As I said..dole 'scroungers' pay tax and cannot avoid it...ever !..it's called VAT.

and if the huge amounts of money pumped into social security stopped..the economy would collapse. landlords,pubs, shops, supermarkets, utilities would all collapse if the 'dole' stopped as it subsidies them all..everything..which is why it won't and as I said in other threads...heard it all before..and if it happens it's drinks on me.

Nu Labour ( and the Tories will do the same) did as the USA has done for the last 20 years..reduced tax on the wealthy with the predicable and ridiculous claim they will "create jobs"..actually assisted them flea..(they don't have of course..it's all on paper like News Corp in Delaware so it doesn't have to show the books.although the holding companies are HQed in the Caymans))but why would a corporation create jobs it doesn't have to when it can get the work done for a fraction of the cost in Asia...

During the Bush years the tax cuts at the top totalled $13Trillion..all on the phony claim the money would be invested in 'creating jobs'..except that's exactly what the wealthy invested in Asia..$13 Trillion over the same period.

Give the wealthy tax breaks and cuts and they actually destroy jobs.

Haven't you people ever read Marx????? ..It's not rocket science you know..capitalism will always eat itself up and the proles believe all the rubbish they are told by voodoo economists. But it isn't even capitalism anymore..it's robber baron time in the USA & UK and that is why they will both collapse in a heap.

Private corporations are not there for youthey don't have your best interests in mind..why would they ??

My dear veritas ....

Have you not been listening ?

THERE IS NO MONEY LEFT !!!!!!!!!!!! (the scroungers - like those who haven't worked for years / decades - have had it all)

No the money is still there.

It didn't disappear. It just changed hands. Like the Iraq War which even the conservative Republican Pat Robertson said was the biggest handover of public monies into private hands ever seen.

If you look at past empires they all collapsed because of endless or expensive wars ( and war is only ever about profit no matter how it is dressed up)

The hard part is to get the money back and politicians these days are simply rehearsing for their future careers-in jobs in corporations where the money is.

But if you take it from the lowest strata of society-these days there will be a revolution as that includes the middle classes as well.