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It seems that the January PSBR figure has been downgraded from £4.3 billion to £43 million.

 

Not much of an error as I'm sure you will agree and we are fortunate to have such an honest government to advise us of and correct all of their mistakes - well some of them anyway!

 

Government wisdom - now there is a contradiction in terms if ever there was one - now predicts that the the annual national debt will not grow by the £178 billion forecast in the last budget as it is only £132 billion with just two months to go.

 

I hope that you are all as appreciative and grateful as I am that we are indeed fortunate to have such a prudent and well run government with such integrity.

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Whoever gets in come May, the debt is such that we will see tax rises.

 

http://www.telegraph.co.uk/news/election-2010/7474376/Labour-warns-of-more-tax-rises-next-year.html

 

“The First Secretary (Mandelson – you know the one that had to resign twice for fiddling) admitted that “further” raising of taxes beyond the range of measures already announced would have to be considered a year from now.

 

Public spending cuts would also have to be examined, he said.”

 

http://www.telegraph.co.uk/finance/financetopics/budget/7471543/Budget-2010-Alistair-Darling-boosted-as-public-finance-figures-beat-forecast.html

 

“The budget deficit was £12.4bn in February, the Office for National Statistics said today, compared with £8.8bn a year earlier. However, the shortfall was lower than the £14bn predicted by City economists.

 

Tax receipts climbed 3.6pc in the month, the sharpest rise since April 2008, as the amount generated by value-added-tax jumped by almost a third compared with February 2009. The figures leave the deficit at £132bn for the first 11 months of the year, so unless March proves particularly weak, the deficit will come in under the Government's forecast of £178bn.”

 

 

 

So watch out, Darling has a few quid in his pocket to throw into the kitty just before election time.

 

Woopee.

 

But the size of the problem is still far too big.

 

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