The Politics Thread 3.0

[KK]

The government ran the first July budget surplus in more than a decade last month, as Britain’s public finances recorded an unexpected leap back into the black with help from an increase in self-assessed tax payments.

Public sector net borrowing last month, excluding the nationalised banks, was in surplus by £184m, the first surplus in that month since 2002, the Office for National Statistics (ONS) said on Tuesday. City economists had expected the government to record a £1bn deficit.

Receipts from self-assessed income tax increased by £800m to £8bn last month, compared with July 2016, giving the government the highest level of July self-assessed tax receipts since it started recording these payments in 1999. While the increase reflects rising numbers of self-employed workers, January and July are typically busier months for self-assessed returns.

Howard Archer, chief economic adviser at EY Item Club, said the figures were a welcome boost for the chancellor, Philip Hammond, who now had a “very decent chance” of undershooting his 2017-18 fiscal target.

“While a struggling economy and higher interest debt payments look likely to hamper the public finances over the coming months, the chancellor does look to have a very good chance of having some wiggle room in November’s budget,” he said.

However, Britain is still in the red for the current financial year, as public sector net borrowing excluding state-owned banks increased by £1.9bn to £22.8bn in the four months to July, compared with a year ago.

Analysts at Capital Economics expected the improvement last month to be a “temporary blip”. “Despite July’s strength the chancellor may still find that he has little scope for any easing back on the planned fiscal squeeze in his November budget,” said Ruth Gregory, UK economist.

The Office for Budget Responsibility, the Treasury’s independent forecaster, expects £58.3bn of public sector borrowing during the current financial year, an increase of £13.2bn on the year ending March 2017. That borrowing, excluding the banks, equated to 87.5% of GDP at the end of July, according to the figures.

The borrowing figures come amid rising dissatisfaction with austerity. The chancellor faces increasing pressure to lift the cap on public sector pay, though he may have limited room for manoeuvre if he sticks rigidly to the government’s deficit reduction plan.

Hammond has stated that he remains committed to the fiscal rules he set out at the autumn statement, which aim to lead to a balanced budget by the mid-2020s.

A spokesperson for the Treasury said: “We are making good progress in strengthening our public finances and living within our means. Our national debt, at £65,000 for every UK household, is still too high. That is why we have a clear fiscal plan to reduce our debts and build a stronger economy for every household.”

https://www.theguardian.com/business/20 ... since-2002

Blimey, that spokesperson sure sounds like Theresa May...must share scripts.

[Preezy]

I've really taken my eye off the ball with UK politics in the last few weeks, what with all the noise from Trumpville. Have the DUP imposed puritanical laws upon us all yet? Is May still Prime Minister? Is Boris Johnson still a thing?

[Moggy]

I've really taken my eye off the ball with UK politics in the last few weeks, what with all the noise from Trumpville. Have the DUP imposed puritanical laws upon us all yet? Is May still Prime Minister? Is Boris Johnson still a thing?

The DUP have banned same sex hand holding on Sundays.

Theresa May is still in Number 10 but is now the cleaner.

Boris Johnson is a thing.

Jacob Rees-Mogg is now our lord and master.

Big Ben has lost its bong.

[Squinty]

It turns out that they actually have a clue what they are doing with Brexit.

I'm sorry that was lie.

[Denster]

Wrong thread.

[Blue Eyes]

I'm totally incompetent when it comes out politics, as you could probably tell, so forgive me for asking: what have this new coalition done so far and what are they proposing in general? I'm at a total loss and I feel depressed about it.

[Lagamorph]

I'm totally incompetent when it comes out politics, as you could probably tell, so forgive me for asking: what have this new coalition done so far and what are they proposing in general? I'm at a total loss and I feel depressed about it.

Nothing and nothing basically

[Moggy]

I'm totally incompetent when it comes out politics, as you could probably tell, so forgive me for asking: what have this new coalition done so far and what are they proposing in general? I'm at a total loss and I feel depressed about it.

The election was on 8 June, Parliament went on summer recess on 20 July and they don't return until 5 September. To be fair to the ConDups they haven't had any time yet to do anything.

[andretmzt]

I'm fairly sure some gooseberry fool ideas were pushed through on the last day before the recess in the hope no one would notice. Like dropping plans for rail electrificaton.

[Squinty]

Wrong thread.

You are quite right. I sometimes forget where I'm posting.

[Denster]

It's cool. This one is for bashing the Tories. The other one is for bashing the leavers.

[Moggy]

It's cool. This one is for bashing the Tories. The other one is for bashing the leavers.

So salty.

[Denster]

It's cool. This one is for bashing the Tories. The other one is for bashing the leavers.

So salty.

It's funny cos it's true.

[Grumpy David]

It's cool. This one is for bashing the Tories. The other one is for bashing the leavers.

[Rex Kramer]

It's cool. This one is for bashing the Tories. The other one is for bashing the leavers.

And we've got this one for bashing the bishop - t:celebrity-women-thread-delux-nsfw?f=7. The holy triumvirate.

[Squinty]

It's cool. This one is for bashing the Tories. The other one is for bashing the leavers.

So salty.

It's true though

[Moggy]

It's cool. This one is for bashing the Tories. The other one is for bashing the leavers.

So salty.

It's true though

They are the party in power and are doing a terrible job. Of course they are going to get bashed.

[DML]

It's cool. This one is for bashing the Tories. The other one is for bashing the leavers.

So salty.

It's true though

Its called 'telling the truth'.

[Preezy]

They are the party in power and are doing a terrible job.

What are you basing this on?

Genuinely interested because as I said previously I haven't followed UK politics as closely as I should have recently, so don't have an opinion on the macro level of how the country is doing, but on the micro level in my life, I honestly don't think I've noticed a downturn (or an upturn) in things that I could attribute to the actions or inactions of the government.

I don't doubt that they're doing a terrible job (they're politicians, after all), but would be handy to have something tangible to point to.

[Moggy]

Plus the thread is hardly a Labour love in. Most of us are against Corbyn on the EU and we all had a good laugh at Diane Abbott when she tried to do maths. I only voted Labour because my local MP is ok and because a Labour government was (slightly) better than the idea of the current Tory party style of government.

The trouble with the right wing on the forum is that they either refuse to post any reasons as to why they like the Tories, or they spend their time coming up with increasingly desperate sounding reasons why Corbyn is so evil (he’s a terrorist!! He isn’t doing something that he didn’t even promise to do!!) rather than why May would be so good.

The left have it easier, May’s policies for the election were so appalling that she dropped them without hesitation once she managed to get the DUP to support her.