http://www.guardian.co.uk/business/2...wing-economics
The public finances lurched to a record deficit last month driven by a weakening economy and overspending by the government, and analysts say much worse is yet to come as the economy tips into recession.
The Office for National Statistics said that public sector net borrowing came in higher than expected at £8.1bn, a record for a September and way above the £4.8bn shortfall seen in September last year.
That left the cumulative PSNB for the first half of the 2008/09 fiscal year at £37.6bn versus £21.5bn in the same period a year ago and the highest since records began in 1946.
"The September public finances were dreadful, deteriorating even more than expected. This highlight the extremely poor state of the public finances as they are hit by past largesse, the marked economic slowdown, markedly weak housing market activity and prices, rising unemployment and government policy concessions since the March budget," said Howard Archer, economist at consultancy Global Insight.
http://www.guardian.co.uk/money/2008...gages-property
Mortgage lending slumped by 10% in September to its lowest level for more than three-and-a-half years as the housing market slowdown stifled demand for new loans, figures showed today.
The Council of Mortgage Lenders (CML) said its members advanced loans worth £17.7bn over the month, a decline of 42% on September 2007.
Over the course of 2008 net mortgage lending, which takes into account repayments and redemptions, could fall to around a third of last year's figure, it said.
http://www.guardian.co.uk/business/2...y-slump-crunch
The grim state of the economy is underlined today with research showing business confidence has slumped to a record low as a result of the global credit crisis, while official figures due later this week are expected to to confirm that the UK has tipped into recession. With data published today also expected to show a widening budget deficit, experts warn that the government's plans to boost spending in the face of the recession will cause the deficit to balloon to record levels.
Peter Mandelson, the business secretary, confirmed yesterday that the government was considering bringing forward some spending on schools and hospitals, but denied that this amounted to a policy of "spend, spend, spend".
Oh Dear. Hopefully Labour voters will suffer the most.
The public finances lurched to a record deficit last month driven by a weakening economy and overspending by the government, and analysts say much worse is yet to come as the economy tips into recession.
The Office for National Statistics said that public sector net borrowing came in higher than expected at £8.1bn, a record for a September and way above the £4.8bn shortfall seen in September last year.
That left the cumulative PSNB for the first half of the 2008/09 fiscal year at £37.6bn versus £21.5bn in the same period a year ago and the highest since records began in 1946.
"The September public finances were dreadful, deteriorating even more than expected. This highlight the extremely poor state of the public finances as they are hit by past largesse, the marked economic slowdown, markedly weak housing market activity and prices, rising unemployment and government policy concessions since the March budget," said Howard Archer, economist at consultancy Global Insight.
http://www.guardian.co.uk/money/2008...gages-property
Mortgage lending slumped by 10% in September to its lowest level for more than three-and-a-half years as the housing market slowdown stifled demand for new loans, figures showed today.
The Council of Mortgage Lenders (CML) said its members advanced loans worth £17.7bn over the month, a decline of 42% on September 2007.
Over the course of 2008 net mortgage lending, which takes into account repayments and redemptions, could fall to around a third of last year's figure, it said.
http://www.guardian.co.uk/business/2...y-slump-crunch
The grim state of the economy is underlined today with research showing business confidence has slumped to a record low as a result of the global credit crisis, while official figures due later this week are expected to to confirm that the UK has tipped into recession. With data published today also expected to show a widening budget deficit, experts warn that the government's plans to boost spending in the face of the recession will cause the deficit to balloon to record levels.
Peter Mandelson, the business secretary, confirmed yesterday that the government was considering bringing forward some spending on schools and hospitals, but denied that this amounted to a policy of "spend, spend, spend".
Oh Dear. Hopefully Labour voters will suffer the most.
and I'm not sure if it included PFI and other fiddles but it was still a surprise.
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