High borrowing: Govt blew a hole in our public finances
Responding to the latest ONS statistics which show public sector net borrowing at the highest February total since records began, Liberal Democrat Treasury Spokesperson Sarah Olney MP said:
This Conservative Government blew a hole in our public finances and made hard-working families pay for it through unfair tax rises, higher mortgage bills and soaring inflation.
The Chancellor could have taken action in last week’s Budget to put our economy on the right track, but instead we saw a total lack of ambition and no economic plan.
Instead of just sitting on its hands, this Government should invest to grow our economy and give people and businesses proper help by cutting their energy bills.
Boris Johnson’s dossier: Britain’s Berlusconi strikes again
In response to the release of Boris Johnson’s dossier submitted to the Privileges Committee, Liberal Democrat Deputy Leader Daisy Cooper said:
Britain’s Berlusconi strikes again. After countless lies, scandals and failures, it’s time to put an end once and for all to this Conservative soap opera.
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5 Comments
Why does the Bank of England (Britain?) treat inflation as a single entity when it has components as demonstrated by there being insufficient money to feed towards 30% of our children properly and excessive money to pay corporate C E Os and buy top of the range cars etc?
Why does H M G use targeted taxation to manage inflation instead of general bank rate rises which have also contributed to the banking growing crisis?
Why use bank rate rises, the money from which goes to the banking industry when targeted taxation money goes to the public purse?
There’s a lot wrong with conservative economic policy. However, you can’t criticise the Govt for spending too much on the one hand with comments like “blew a hole in our public finances”, then claim they should spend more to keep energy bills down.
Just what does “blew a hole” mean anyway? The government’s deficit equals everyone else’s surplus or savings. Is Ms Olney saying we’re all saving too much?
They should haveincreased fuel duty. No-one knows how they are going to fund the private sector pay awards, assuming the strikers vote for them. Fuel is far too cheap, people driving around in 3tonne vehicles when the planet is burning is ridiculous.
And -bonus – it would have decreased inflation!
@Jenny Barnes
“people driving around in 3tonne vehicles when the planet is burning is ridiculous.”
If it’s an SUV I agree.
If it’s e.g. a builder’s van it’s an entirely different matter. It might be very expensive in the presence economic situation for a small firm builder to change their van. How difficult do you want to make it for a small firm builder to actually get on and do the work which needs to be done?
Mightn’t it be better to hike vehicle tax on the SUVs and their like?
A Ford Transit van – typical builder’s van comes in various sizes, but roughly weighs 1.5 Tonnes, can carry 1.5 tonnes and does 40+ mpg. The Ford ranger Raptor does 20mpg. So the tax on fuel does exactly what it should.
There are people in my area of SouthEast england driving 100 miles round trip to trade jobs. Fuel is too cheap.
And electric cargo bikes are available
https://www.theguardian.com/lifeandstyle/2023/mar/20/cargo-bikes-cut-congestion-and-pollution