The negative effect of borrowings on the UK economy
In the month of February, The deficit in the budget has hit a never touched record because of the receipts of the income tax that were facing a dive and the amount of spending had gone up. This was a big blow for the Chancellor; George Osborne who was just after a few hours was going to bring out the annual budget of the country.
According to the figures that were put out there was a proof that the chancellor is going to get a little chance to stimulate the economy. As in the current times the triple-A rating are under some kind of warning from the agencies of the credit rating, it is important that he should convince the people in the market that is going to be dedicated to the plan of deduction of the deficits and also try to not bring an increase in the speed of the cuts for the task of easing out.
He had given a warning already that he is not going to bring in any kind of give away as far as the statement of his budget is concerned. There might be one thing that can prove to be an offset that is providing help to the people who fall in the bracket of being low-income. The sales tax on new property can also go up if the house of a high volume. Philip Shaw, economist at Investec was of the view that the figures have been brought out just like that without any concrete logic behind it. This thing is not going to be positive thing for the budget and might prove to be uncomfortable.
The officials of the Office for National Statistics added that the net borrowing of the public sector that would be exclusive of the public sector interventions, which can be taken up as a measure from the side of the government, had touched a record in the month of February. It had touched the figure of 15.183 billion pounds in last month from 8.875 billion pounds that was in the month of February in the year of 2011. Apply with doorstep loans @ http://www.doortodoorsteploan.co.uk/ and get quick funds.
Both Conservative as well as Liberal Democrat coalition government had made efforts in erasing of the deficit budget of the country. This was at the higher point of 11 percent in Gross Domestic Point that is GDP at the time when these guys came to power in the year 2010 which proved to a cornerstone of economic policy of these parties.
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