Going easy on a Labour recession

In a similar vein to this recently, the BBC are trying to reassure us that despite borrowing being the highest ever, it was less than predicted. The BBC keep looking to minimise worries over this recession but oddly during the "Tory Recessions" I don't remember the BBC looking for any signs of Green Shoots at all. Rather then it was all ceaseless misery and depression; a solemn intoning of the latest increase in unemployment figures and emotive pieces about the real misery behind the figures.

But that's the difference: to the BBC the Tories were responsible for their recessions and positively enjoyed them whilst this recession is entirely caused by external factors and the Labour party are bravely doing what they can for the British public - who should be damn well grateful. Any less than terrible news must be reported with a positive spin so as to try and create an atmosphere in which the Labour party can still win any election.



Debt:
Government Debt Rises By £14.8bn – In One Month

Public borrowing rose by a further £14.8bn last month, taking the half-yearly figure to its highest ever level.

September’s rise means Government net borrowing stands at £77.3bn for the six months of the financial year so far.

The Treasury expects borrowing to reach a record £175bn for the year as the cost of the recession drains public finances.

Total spending stood at £45.7bn over the month compared with just £35.4bn in receipts.
This is because the Government is having to spend more on outlays such as unemployment benefits but is receiving less as the jobless total rises.

Net benefit payouts were up nearly 10% on the same month last year to £13.8bn, while the Government’s VAT and income tax revenues were both down by more than 13% on 12 months earlier.

The Government spent £5.9bn in interest payments on the debt – 43% above the same month last year and the highest monthly payout on record, according to the ONS.

The nation’s net debt now stands at £824.8bn, representing 59% of the UK’s entire economic output – another new record.

It's all going terribly well for the country "best placed" to face the world recession...