UK Deficit

Will Austerity Really Reduce the Government Deficit?

John Mills | Posted 10.09.2014 | UK Politics
John Mills

In 2013, the government deficit, according to the latest available Office for National Statistics (ONS) figures, was £92.9billion, which was 5.8% of GDP. All our major political parties are fixated on getting this deficit down by cutting expenditure and raising taxes. But should they be quite so determined to do so? Is austerity really the best way to cut the deficit?

Osbornomics, Not Wallace, Is Miliband's Problem

Jasdev Singh Rai | Posted 28.07.2014 | UK Politics
Jasdev Singh Rai

Miliband is certainly an intellectual full of ideas and a clever strategist. But Osborne has proved himself to be an equally powerful intellectual, better at gaming strategy. Labour could outwit Tory strategists. Instead of fielding Miliband in a 'presidential style' election, it could play the party instead as a collegium.

This Awkward Graph Shows Osborne Is Failing To Get The Books In Order

The Huffington Post UK | Asa Bennett | Posted 20.06.2014 | UK Politics

George Osborne's plan to eliminate Britain's deficit by 2018 has been undermined as the decline in the rate of borrowing looks to have ground to a hal...

Asa Bennett

Clegg's Eleven-Step Journey From Wanting 'Savage Cuts' To More Spending

HuffingtonPost.com | Asa Bennett | Posted 09.06.2014 | UK Politics

Nick Clegg has promised that the Liberal Democrats will aim to stay in the political centre-ground, avoiding the Tory strategy of "austerity forever" ...

No 'Austerity Forever', Promises Clegg

The Huffington Post/PA | Posted 09.06.2014 | UK Politics

The Liberal Democrats will commit to "significantly" reducing the national debt as a percentage of GDP every year from 2018/19 and only borrow to inve...

The UK Is £100bn More In Debt Than Osborne Tells You

The Huffington Post UK | Asa Bennett | Posted 08.04.2014 | UK Politics

George Osborne's austerity message is set to be dented by the government's own statistics body, as it prepares to adopt new calculations that mean the...

Business Chief Says Osborne's Austerity Cuts Are 'Brilliant Houdini-Like Trick'

The Huffington Post UK | Asa Bennett | Posted 01.04.2014 | UK Politics

George Osborne has been praised by a major business chief for a "brilliant Houdini-like trick" by promising "tough" cuts without following it up with ...

Osborne's 'Smoke And Mirrors' Over Welfare Cap

The Huffington Post UK | Asa Bennett | Posted 19.03.2014 | UK Politics

George Osborne's decision to cap spending on benefits in the next parliament at £119 billion has been dismissed as "smoke and mirrors", by a leading ...

Scrap Pension Relief - Help Cut the Deficit and Increase the State Pension

Joseph Finlay | Posted 29.03.2014 | UK Politics
Joseph Finlay

Pension relief is one of the most common (and government-sanctioned ways) to avoid tax. Limiting it (especially if other exemptions and loopholes were also altered) could lead to further knock on gains for the public purse as higher earners find fewer simple ways to avoid taxation at their disposal.

2014: The Road to the Election

John Lehal | Posted 10.03.2014 | UK Politics
John Lehal

With 2014 marking the last full year before the next General Election, as well as the Scottish independence referendum and local and European elections, it might be fair to say our politicians are looking ahead with some trepidation at the year ahead.

UK Deficit Is Twice What Osborne Tells You, Warn MPs

The Huffington Post UK | Asa Bennett | Posted 23.01.2014 | UK Politics

Government figures used by George Osborne and coalition ministers on the size of Britain's budget deficit may be misleading, an influential committee ...

Osborne: UK Won't Have A Deficit In 2018 (Four Years Later Than Planned)

The Huffington Post UK | Asa Bennett | Posted 05.12.2013 | UK Politics

George Osborne has used today's Autumn Statement to reveal that the UK will no longer have a budget deficit by 2018, even though he first set out to d...

Not Even Back to Where We Started

Tony Dolphin | Posted 04.02.2014 | UK Politics
Tony Dolphin

In his Autumn Statement, the Chancellor is claiming vindication for his economic strategy, saying that it has put Britain back on the road to economic recovery. However, while it does appear to be the case that the economy is recovering again, this is in spite of his economic policies, not because of them.

Cross-Party Economic Duplicity Carries Great Dangers

Alex Rickets | Posted 30.11.2013 | UK Politics
Alex Rickets

George Osborne's speech at the Conservative Party Conference in Manchester dealt with themes we have come to expect from him: an emphasis on fiscal discipline and assurances that he is on the side of aspirational, "hard-working" people the length of the country. There were, however, also features we haven't heard before...

Is It Time to Privatise the Monarchy?

Kieran Turner-Dave | Posted 22.09.2013 | UK Politics
Kieran Turner-Dave

I propose that the priority of the next government budget should be to privatise the monarchy... The only difference is that the royal family will have to dip into their vast personal wealth in order to fund their luxurious lifestyles - and pay their fair share of tax.

A Better Way of Working

Jeroen Hoencamp | Posted 20.09.2013 | UK
Jeroen Hoencamp

Better ways of working would save the average employee five productive hours a week, which works out, in average salary terms, to around £4,200 per employee per year. Employers would also save £650 per employee on the cost of the desk space they occupy, and £100 on printing. The country as a whole would gain £6.9billion year in working hours gained.

Mehdi Hasan

Cabinet Secretary Accused Of Advocating 'Extreme' Austerity

HuffingtonPost.com | Mehdi Hasan | Posted 03.07.2013 | UK Politics

The country's most powerful mandarin has been accused of breaching civil service political neutrality by publicly advocating austerity measures more "...

Ed Balls Urges George Osborne To Pump Money Into Economy

PA/The Huffington Post UK | Posted 22.06.2013 | UK Politics

Ed Balls has urged George Osborne to pump money into construction, saying investing in the economy now could reduce the need for deep cuts in two year...

The Deficit is Falling!

Jonathan Portes | Posted 23.06.2013 | UK Politics
Jonathan Portes

There's nothing in economic theory that says you pause a third of the way through a deficit reduction programme which has gone way off track; nor does the fiscal framework, now effectively defunct with the abandonment of the debt target, dictate this approach.

Public Sector Borrowing Down £300m

PA | Posted 23.06.2013 | UK Politics

Britain's finances remain under intense pressure after figures today showed annual net borrowing managed only a slight dip to £120.6 billion in the f...

Mehdi's Morning Memo: Ed Rejects Austerity

Huffington Post | Mehdi Hasan | Posted 19.04.2013 | UK Politics

The ten things you need to know on Friday 19 April 2013... 1) ED REJECTS AUSTERITY In recent days, Tony Blair and his allies have been sounding ...

'We've Cut the Deficit by a Third' - True - Here's What the Chancellor Didn't Say

Jonathan Portes | Posted 21.05.2013 | UK Politics
Jonathan Portes

The first substantive line of George Osborne's budget speech was: "We've now cut the deficit not by a quarter, but by a third". This might be surprising to anybody who read my earlier blog here, which pointed out that the deficit had (measured on a rolling twelve- month basis) been rising, not falling, for the last year or so.

Americans Are Laughing at Us and Using UK as a Case Study on Why Not to Do Austerity

Brian John Spencer | Posted 21.05.2013 | UK Politics
Brian John Spencer

The George Osborne budget was tepid and utterly uninspiring. To paraphrase Fraser Nelson of the Spectator, the budget was devoid of substance and replete with gestures.

Mehdi's Morning Memo: The No-Growth Budget

Huffington Post | Mehdi Hasan | Posted 21.03.2013 | UK Politics

The ten things you need to know on Thursday 21 March 2013... 1) THE NO-GROWTH BUDGET It's the morning after - and the chancellor George Osborne ...

The Boy Who Cried Growth: The Empty Rhetoric of George Osborne

Mehdi Hasan | Posted 20.05.2013 | UK Politics
Mehdi Hasan

Growth has ground to a halt, real wages are falling and more than 6m people want work but can't find it: yet our chancellor continues to fiddle - with beer duties and the pottery industry - as the British economy flatlines. The inconvenient truth is that George Osborne has become Labour's greatest electoral asset.