Government debt hits record £1.98 trillion

[JamesBrown11]

"The UK government borrowed a record £127.9bn between April and June as tackling the coronavirus pandemic took its toll on the public finances."

UK quarterly borrowing hits record high - BBC News


Rishi Sunak: "I am also clear that, over the medium-term, we must, and we will, put our public finances back on a sustainable footing."

What do you think the government will do to achieve that?

[Lance]

Depends what medium term means. Could be 20 years. Which is longer than the 4/5 year election cycle.
So it’s basically meaningless.

[courtg9000]

That figure will rise.
No doubt about it.
I am expecting hefty tax rises very soon.

[darmstadt]

wonga.com

Sent from my 5g carrier pigeon

[DimPrawn]

IR35 will pay for it.

[jamesbrown]

They will make some token gestures on CGT and pensions relief, most likely. I wouldn't expect big tax rises in the next couple of statements. They'll do the minimum necessary to convince the markets they have a cunning plan.

[GigiBronz]

“No matter how paranoid or conspiracy-minded you are, what the government is actually doing is worse than you imagine.”
William Blum, Rogue State: A Guide to the World's Only Superpower

[AtW]

They will make some token gestures on CGT and pensions relief, most likely. I wouldn't expect big tax rises in the next couple of statements. They'll do the minimum necessary to convince the markets they have a cunning plan.

CGT is going to the Moon and Pension Relief for high taxpayers is the biggest fish they can fry - won’t be “tax increase” too!

[AtW]

btw - it’s not borrowing, it’s money printing because the main buyer of this “debt” is Bank of England - that’s the only reason bond rates are low (supposedly making this cheap borrowing), this fantasy land can only work for reserve currencies like USD and EUR.

It’s not going to end well because extra taxes needed to sell this illusion to the markets will feck the economy for good - it will take a tax-cutting Labour Govt to get any hope of revival, insane

[BlasterBates]

UK's recovery is a dead cat bounce for obvious reasons but no-one is prepared to discuss it.

Germany's economy powers ahead with a balanced budget

China's economy powers ahead