This is some text prior to the author information. You can change this text from the admin section of WP-Gravatar To change this standard text, you have to enter some information about your self in the Dashboard -> Users -> Your Profile box. Read more from this authorSo, despite all the cuts that have been made, the Government still need to borrow money and throughout July indebted us all to the tune of £3.8bn. Not good it seems and you’ve got to wonder where this money is going, because it ain’t going to help PPI claims victims what with the £2bn MOJ cut being announced. But, £3.8bn is a damn sight better than the month previous when it borrowed £14.7bn and May, when it had a £18.4bn hand out. The good news is: based on last years figures, the amount borrowed in July has been halved. Yippee. And who do we have to thank for keeping us up to date on the the ConDem bank account? Why, the Office for National Statistics (ONS) of course!
In total, public borrowing for the four months of the financial year so far totals £44.9bn. with the severe drop last month being due to 2nd installment tax payments. The OBR or Office for Budget Responsibility is predicting a total borrowing figure of £149bn for the financial year 2010/11, down from £155bn in the year previous. So we’re going the right way, but with a net debt of £816.2bn or £927.4bn if you include bank bail-outs, we’ve still got quite a journey on our hands. Thank you Johnny Banker you absolute bleedin…
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