Re: Government & Post Election Discussion
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Re: Government & Post Election Discussion
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Re: Government & Post Election Discussion
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---------- Post added at 15:08 ---------- Previous post was at 15:01 ---------- Quote:
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Re: Government & Post Election Discussion
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Re: Government & Post Election Discussion
They’ll possibly pay down the debt by increasing VAT. That’s what Thatcher did.
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Re: Government & Post Election Discussion
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All the debt/deficit figures are here. https://www.ons.gov.uk/economy/gover...aast/march2018 ---------- Post added at 16:44 ---------- Previous post was at 16:37 ---------- Quote:
If VAT was raised by 5% (adding 25% more on), that would raise another £31 billion per year, taking around 50 years to reduce the debt. Howe raised VAT to fund income tax cuts, not reduce debt - the basic rate was cut by 3p to 30p in the pound, while the highest rate came down from 83p to 60p. A few years later, the basic rate of tax had fallen to 25%, while the higher rate had been slashed to 40%. VAT went from 8% to 15%. U.K. Gross debt in 1979/80 was £107 billion - in 1992/93 it was £248 billion (as a % of GDP it went from 51% to 40%). |
Re: Government & Post Election Discussion
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So, the reality of the current increased spending commitments is higher taxes and/or higher borrowing. From the FT just now: Quote:
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Re: Government & Post Election Discussion
Yet austerity is more than just the numbers. The cuts in Central Government funding to all aspects of society is still ongoing and, varying on the sector, is now show cronic levels of service degradation.
Look at the Police, Prisons, Social Care areas for example. Not only is the ability to deliver core services now at risk but the ability to recover from these changes, going forward, is also debatable. When you cut funding, you cut jobs. This loses skills and experience which at best takes years to replace and at worse will never be replaced. |
Re: Government & Post Election Discussion
And again you can increase spending and still not get improved services, just employing more "consultants (non medical)", financial officers and administrators to oversee the new money. True you can cut till things don't work either but the first in and last out are not the front line providers where we need things to happen.
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