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Making the world smile, one muscle at a time

Is the 25% cut in the deficit real?

by Marrick on October 24, 2012

One of the things that has been much trumpeted recently is the government##Q##s “success” in cutting net borrowing (the deficit) by 25%. I thought I##Q##d look into it. Here are the net borrowing figures for the last few years – just before the financial crisis and just after: 2007-08 £40.3bn 2008-09 £104.2bn 2009-10 £167.4bn 2010-11 […]

It’s time to admit you got it wrong, people…

by Marrick on June 26, 2012

Britain is slowly sinking into the doo-doo as weaker tax receipts from the recession-bedevilled economy emptied out the Treasury’s chamber pot. Figures from the Office for National Statistics showed that net borrowing (excluding the bit the bankers stole from us) stood at a tad under £18 billion last month. This is up from the £15 […]

The recession: it could have been worse says ONS

by Marrick on May 25, 2012

Yesterday’s revelation by the Office for National Statistics that Britain was indeed back in recession, confirmed the announcement made earlier this month that growth had stalled and gone into reverse, but added the sting in the tail that things are worse than previously thought. It might seem that the jump from two tenths of a […]

Do millionaires pay enough tax?

by Marrick on April 23, 2012

The Office for National Statistics have issued some "facts". Their spin is that "while some multi-millionaires pay less tax than the rest of us, it seems most cough up their share." Official government figures show that 72% of those who earned £10m-plus in 010/11 paid tax at a rate of 40%. 12% paid tax at […]