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....The chancellor’s thinking is clear enough. Ten years ago, when the financial crisis broke, the UK was running an annual budget deficit – the shortfall between what the state raises in revenue and what it spends – of around 2. ... [Read full article on Guardian ]
Sunday 23rd of July 2017 12:35:11 PM
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....2% growth in the first quarter. A slowing economy, rising inflation and a decline in corporation tax receipts meant the UK borrowed more than expected in June, with the country’s budget deficit rising to £6. ... [Read full article on Guardian ]
Monday 24th of July 2017 05:01:27 AM
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Latest Finance News related to Budget Deficit

While Hammond looks for a magic money tree, Labour has found one | Larry Elliott image
....The chancellor’s thinking is clear enough. Ten years ago, when the financial crisis broke, the UK was running an annual budget deficit – the shortfall between what the state raises in revenue and what it spends – of around 2. ...
Ecuador risks Opec split by increasing oil output image
Source : Guardian [Read Article] Tuesday 18th of July 2017 05:25:11 PM
.... Historically, during previous Opec production curbs, compliance has weakened over time. Ecuador said it would only be able to cut 60% of its agreed reduction because of its considerable budget deficit. ...
The Tories have failed to fix the roof – and now storms are brewing | Larry Elliott image
.... The UK has had a recession once in every decade since the 1970s and there is a 50% chance of there being another one in the next five years. Recessions play havoc with the public finances: three of those since the 1970s have seen the budget deficit – the difference between what the government spends and its income in any one year – rise to 6% or more. ...
UK public finances face twin threat from Brexit and downturn, says OBR image
Source : Guardian [Read Article] Thursday 13th of July 2017 12:07:53 PM
.... “Even a small deterioration in growth could mean billions of pounds less funding for our public services in the long term,” he said. The OBR noted that Brexit was not the only threat to the government’s aim of eliminating the UK’s budget deficit. ...
The UK economy must take a long, hard look at itself | Larry Elliott image
.... They had arrived in office promising a different economic model that would be less dependent on private and public debt, and the result was that taxes were raised and public spending was cut to rid Britain of its budgetary incontinence. Businesses would be encouraged to invest by the commitment to reduce the budget deficit, while the Bank of England’s easy money regime would ensure that the economy kept growing at a reasonable pace. ...
Ending austerity means increasing taxes or deficit, warns thinktank image
Source : Guardian [Read Article] Saturday 8th of July 2017 07:00:02 AM
....Theresa May’s failure to win an overall majority in last month’s general election has led to many leading Conservatives – including the foreign secretary, Boris Johnson, health secretary Jeremy Hunt and the education secretary Justine Greening, suggesting that the time has come to abandon the 1% cap on public sector pay. Hammond has been resisting calls for a more generous approach to public sector workers and has insisted that the government stick to its plan of eliminating the budget deficit by midway through the 2020s. ...
Extra £1bn for Northern Ireland will barely dent public finances image
Source : Guardian [Read Article] Tuesday 27th of June 2017 05:04:26 PM
....A £1bn saving, if that is what was planned, was not priced into the Treasury’s forecasts and therefore its loss is academic. And yet the money would have come in handy this year, when Hammond has conceded that the budget deficit will increase for the first time since 2010. ...
The eurozone must reform or die | Kenneth Rogoff image
Source : Guardian [Read Article] Friday 16th of June 2017 05:00:00 AM
.... And make no mistake: the election of Emmanuel Macron is a landmark event, raising hopes that France will re-energise its economy sufficiently to become a full and equal partner to Germany in eurozone governance. Macron and his economic team are full of promising ideas, and he will have a huge majority in the national assembly to implement them (though it will help if the Germans give him leeway on budget deficits in exchange for reform). ...
Trump to privatise air traffic control image
Source : BBC [Read Article] Monday 5th of June 2017 06:42:18 PM
....The plan will need to get through Congress for approval. Mr Trump's budget proposal said the change would take effect in 2021 and estimated the reform would increase the budget deficit by about $45bn (£35bn) over 10 years. ...
Why help to buy is no help at all to the economy | Jeffrey Frankel image
Source : Guardian [Read Article] Tuesday 30th of May 2017 09:54:25 AM
....If President Donald Trump manages to get any economic legislation passed at all in the coming year, it is likely to be a tax cut. Congressional Republicans say they want revenue-neutral, efficiency-enhancing tax reform, which is properly defined as lowering marginal tax rates but simultaneously eliminating distortionary deductions, thereby keeping revenues and the budget deficit stable. ...
White House denies 'egregious' budget accounting error image
Source : BBC [Read Article] Wednesday 24th of May 2017 05:46:23 PM
....The budget forecasts about $2tr in extra federal revenue growth over the next 10 years, which it uses to pay for Mr Trump's "biggest tax cut in history". But that very same $2tr is then used to reduce the budget deficit. ...
London economy subsidises rest of UK, ONS figures show image
Source : Guardian [Read Article] Tuesday 23rd of May 2017 10:26:10 AM
....5bn surplus that is recycled by the government to provide financial help to Britain’s less well-off regions, according to an official breakdown of the public finances. The first attempt by the Office for National Statistics to break down the UK’s budget deficit by region has demonstrated the importance of the capital and highlighted how taxes and public spending are used to narrow the north-south divide. ...
Portugal back to fiscal health, says EU image
Source : BBC [Read Article] Monday 22nd of May 2017 11:27:55 AM
. Portugal has become the latest bailed-out eurozone country to receive a clean bill of health from the European Commission after its budget deficit fell to 2% of GDP last year. ...
Labour gambles on tax and spend – but will the public back it? | Larry Elliott image
.... That gamble is necessary because Labour’s tax increases only cover day-to-day spending and not investment in public infrastructure of £25bn a year. Labour believes that the failure of the Conservatives to get the budget deficit down despite year after year of austerity has made it possible to make the case for a different approach under which McDonnell would take advantage of low interest rates to borrow to invest. ...
Theresa May will cause more poverty than Thatcher, Gordon Brown warns image
....Household budgets of less well-off families have received a double blow this year. Wages have failed to keep pace with prices, while cuts to tax credits have come into force after being announced by George Osborne in 2015 as part of a renewed attempt to reduce the size of Britain’s budget deficit. ...
Macronomics image
Source : BBC [Read Article] Monday 8th of May 2017 07:46:22 AM
.... The economy has been creating jobs at the fastest pace in more than a decade. The European Union requires members to make sure their budget deficit (essentially the difference between what it brings in through revenues e. ...
UK needs £15bn in cuts or tax rises to clear deficit by 2022, says IFS image
. It will take an extra £15bn of spending cuts or tax rises to eliminate the budget deficit by the time of the 2022 election, a leading thinktank has said as it laid bare the damaging legacy of the financial crisison UK living standards and public finances. ...
Trump seeks tax windfall for business image
Source : BBC [Read Article] Wednesday 26th of April 2017 12:20:53 PM
.... . While conservatives traditionally have never met a tax cut they didn't like, many in Congress have taken strong positions in recent years against adding to the budget deficit. ...
Saudi Arabia's King Salman reverses public sector pay cuts image
Source : BBC [Read Article] Sunday 23rd of April 2017 06:39:53 AM
....Wage increases for lower-ranking civil servants were suspended, and overtime payments and annual leave capped. Salaries and allowances accounted for 45% of government spending in 2015, or $128bn (£99bn), and contributed to a record budget deficit of $98bn. ...
Philip Hammond signals ditching of Tory 'no tax rise' pledge image
Source : Guardian [Read Article] Friday 21st of April 2017 12:58:04 PM
....Philip Hammond has given a strong hint that the Conservatives may ditch their pledge not to raise VAT, national insurance or income tax, saying the flagship 2015 policy had constrained his ability to manage the economy. The chancellor, who was recently forced to drop an attempt to raise national insurance for the self-employed, suggested the tax lock had hampered the government’s drive to reduce Britain’s budget deficit. ...
Trump tax cut plan will be as big a flop as failed healthcare reforms | Nouriel Roubini image
....Now Trump and congressional Republicans are pursuing tax reform, starting with corporate taxes and then moving on to personal income taxes, as if this will be any easier. It won’t be, not least because the Republicans’ initial proposals would add trillions of dollars to budget deficits, and funnel more than 99% of the benefits to the top 1% of the income distribution. ...
Wall Street’s love affair with Trump cools as healthcare bill sows welcome doubts image
....The second is that the president’s ambitions may well have to be scaled down. Trump wants to use the savings from replacing Obamacare with something cheaper to fund his fiscal boost, but the Congressional Budget Office said last week that the impact on the budget deficit would be substantially less than originally estimated: a reduction of $150bn (£120bn), rather than $336bn. ...
Government borrowing falls in February image
Source : BBC [Read Article] Tuesday 21st of March 2017 11:02:34 AM
.... . "Furthermore, an appreciable budget deficit is still seen existing in 2021-22 so there is still work to be done then on getting the public finances back to full health. ...
Lord King: Scotland 'could be independent' image
Source : BBC [Read Article] Monday 20th of March 2017 09:34:16 PM
.... . "And it would be a challenge to borrow on the international market if Scotland decided to run a large budget deficit. ...
No major currency problem for Scotland, says Mervyn King image
Source : BBC [Read Article] Monday 20th of March 2017 09:16:47 PM
....The former governor of the Bank of England, Lord Mervyn King, says "Scotland certainly could be an independent country" and he does not see any major problems in terms of its currency. Speaking to BBC Newsnight, Lord King said the cost of borrowing for Scotland would go up if it decided to run a large budget deficit. ...
Aberdeen wrestles with hard choices as independence looms again image
Source : Guardian [Read Article] Saturday 18th of March 2017 03:59:43 PM
.... In that time the UK’s GDP growth has outstripped that of most of the developed world. That’s a blow to Holyrood, which is struggling with a budget deficit nearing 10% before Nicola Sturgeon even thinks about the implications of leaving the UK. ...
Hammond's NICs U-turn is a political disaster for the government | Larry Elliott image
....That said, there was no real need for Hammond to announce the NICs change. It was going to raise a tiny amount of money – only about £2bn over the course of this parliament – and was set to make no noticeable difference to the size of the budget deficit. ...
The Scottish economy has strengths – but could it make a success of independence? | Larry Elliott image
.... To make the sums add up, those advocating independence assumed an oil price of $100 a barrel, double today’s level. According to estimates made last year by the Institute for Fiscal Studies, Scotland will have a budget deficit of more than 9% of GDP this year, more than three times as big as that for the UK. ...
UK government surplus gives Philip Hammond pre-budget boost image
Source : Guardian [Read Article] Tuesday 21st of February 2017 01:33:43 PM
....“This gives the chancellor a bit more room for manoeuvre in his final spring budget next month. If the UK economy remains stable over the transition period once article 50 is triggered, Hammond could meet his objective to reduce the budget deficit below 2% GDP by 2020-21, while offering a few small giveaways. ...
A stock market crash is a way off, but this boom will turn to bust | Larry Elliott image
.... That means stock market records will continue to be broken over the months ahead. Until the moment comes when traders get spooked by rising interest rates, burgeoning budget deficits, protectionism or a combination of all three. ...
Saudi Arabia signals end of tax-free living as oil revenues slump image
Source : Guardian [Read Article] Tuesday 31st of January 2017 01:51:14 AM
....Saudi Arabia is the world’s biggest oil exporter and the largest economy in the Arab region. It froze major building projects, cut cabinet ministers’ salaries and imposed a wage freeze on civil servants to cope with last year’s record budget deficit of $97bn. ...
Retreat from globalisation will destabilise the world economy | Mohamed El-Erian image
....First, because they issue the world’s main reserve currencies, the advanced economies get to exchange bits of paper that they printed for goods and services produced by others. Second, for most global investors, these economies’ bonds are a quasi-automatic component of portfolio allocations, so their governments’ budget deficits are financed in part by other countries’ savings. ...
Brexit has allowed the banks to get off Britain's naughty step image
Source : Guardian [Read Article] Sunday 29th of January 2017 04:00:28 PM
....A forthcoming paper for the Robin Hood Tax campaign by the former City banker Avinash Persaud says the government could build on an existing financial transaction tax – stamp duty on share trades – to create a more broadly-based levy that would raise an additional £5bn a year. For a Treasury still running a hefty budget deficit, that is a tidy sum. ...
Trump is a conservative – but that won't stop him sending deficits soaring image
....The fact is that whenever one party has firm control of government, it has a powerful incentive to borrow to finance its priorities, knowing that it won’t necessarily be the one to foot the bill. So expect US President-elect Donald Trump’s administration, conservative or not, to make aggressive use of budget deficits to fund its priorities for taxes and spending. ...
Rising inequality threatens world economy, says WEF image
Source : Guardian [Read Article] Wednesday 11th of January 2017 09:26:38 AM
.... The rest of the developed and much of the developing world is heading in the same direction. To fund welfare programmes, including a long-term-care insurance begun in 2000 that ranks as one of the most generous in the world, Tokyo has run up a budget deficit of 240%. ...
Government borrowing higher than expected in November image
Source : Guardian [Read Article] Wednesday 21st of December 2016 01:23:07 PM
....Official figures showed that income tax receipts increased by only 1. 1%, after several years of consistent 3%-plus growth, to prevent the UK’s budget deficit falling at the pace forecast by City analysts. ...
Government borrowing falls less than expected in November image
Source : BBC [Read Article] Wednesday 21st of December 2016 10:21:45 AM
.... . Chancellor Philip Hammond said at the time the government was aiming for a higher budget deficit of £68. ...
US could wait until next summer to raise interest rates, say economists image
Source : Guardian [Read Article] Sunday 18th of December 2016 05:58:02 PM
....The New York Dow Jones index soared last week to within 160 points of a record 20,000 amid forecasts that a huge stimulus package in the first year of Donald Trump’s presidency would trigger an economic boom. While Trump has promised to cut taxes affecting middle-income earners and pump funds into major infrastructure projects, many economists are wary that Congress could delay or block the moves, fearing a steep rise in the government’s budget deficit. ...
Savers are slowly choking off the life of the world economy image
Source : Guardian [Read Article] Sunday 18th of December 2016 07:00:44 AM
.... But middle-income families can only save because they don’t pay enough tax for officials in Tokyo to provide basic services. Every year the Japanese government runs a 10% budget deficit, such that its accumulated debt is worth almost 250% of GDP. ...
Keynesian economics: is it time for the theory to rise from the dead? image
Source : Guardian [Read Article] Sunday 11th of December 2016 12:52:51 PM
.... When animal spirits are low, governments should step in with public investment. They should do this even at the cost of a higher budget deficit, because the higher growth that will result will mean the investment more than pays for itself. ...
With its deal on barrel quotas, Opec is back on the radar – for now image
Source : Guardian [Read Article] Wednesday 30th of November 2016 07:27:03 PM
.... A sub-$40 price, if sustained over many years, could have worked. But the Saudis, facing an enormous budget deficit, have blinked first. ...
10 economic consequences of Donald Trump's election win image
Source : Guardian [Read Article] Monday 28th of November 2016 01:18:08 PM
.... The Republicans’ hegemony will enable easy agreement on tax cuts financed mainly by higher public borrowing, rather than by facing down special interest lobbies’ resistance to the elimination of exemptions and loopholes. These tax reforms will create even bigger budget deficits, which in turn will stimulate more growth and inflation. ...
OK, no workers in the boardroom: but May must be strong on executive pay image
Source : Guardian [Read Article] Sunday 27th of November 2016 07:00:53 AM
....A full overhaul would be the right thing to do. Setting relief at 20% for everyone would save £15bn a year – serious money in the context of a budget deficit of £68bn. ...
REVEALED: British workers' 'DREADFUL' decade of ZERO wage growth image
Source : Daily Express [Read Article] Thursday 24th of November 2016 03:58:00 PM
....Britain is now in line for "an additional dollop of austerity" in the 2020s, the think tank warned. It comes after Chancellor Philip Hammond said in the 2016 Autumn Statement that he would target eliminating the budget deficit in the next Parliament. ...
Brexit will blow £59bn hole in public finances, admits Hammond image
Source : Guardian [Read Article] Wednesday 23rd of November 2016 08:39:09 PM
....With the public finances expected to deteriorate, Hammond could have made emergency spending cuts; but instead he formally abandoned George Osborne’s target of dragging the public finances back into the black by the end of this parliament in 2019-20, and introduced new, looser tax and spending rules. Under the new framework, the budget deficit is now not expected to be eliminated until some time in the next parliament. ...
Autumn statement more Fifty Shades of Grey than Pride and Prejudice image
Source : Guardian [Read Article] Wednesday 23rd of November 2016 07:47:36 PM
.... There has been insufficient investment in research and development, in transport infrastructure, in superfast broadband and in housing. These deficiencies explain why the government has struggled in vain to eliminate the record peacetime budget deficit it inherited from Labour in 2010 and why the UK’s balance of payments deficit is running at 6% of national output. ...
Government borrowing falls on record October tax take image
Source : BBC [Read Article] Tuesday 22nd of November 2016 10:38:31 AM
...." . British Chambers of Commerce (BCC) head of economics Suren Thiru also said the size of the UK's budget deficit could limit the scope for growth-boosting measures in the Autumn Statement. ...
Donald Trump's economic policies could go badly wrong – but not soon enough image
Source : Guardian [Read Article] Saturday 19th of November 2016 04:04:24 PM
....Put simply, Trumponomics is a gamble on deficit spending. Tax cuts and spending increases will lead to bigger budget deficits – a doubling from 3% to 6% of GDP, according to independent estimates – and an increase in the national debt, which is already above 100% of national output. ...
Fuel prices are 'beyond reach' of many Zambians image
Source : BBC [Read Article] Friday 18th of November 2016 05:35:12 PM
....In Zambia, fuel subsidies have been cut and the cost of transport has risen by 25%. The move is part of the government's attempts to reduce its ballooning budget deficit and, it is also believed, part of the groundwork necessary to qualify for a bailout loan from the International Monetary Fund. ...
Justin Welby to help UK thinktank build vision of post-Brexit economy image
Source : Guardian [Read Article] Thursday 17th of November 2016 12:01:33 AM
....Justin Welby will join other leading figures including the general secretary of the TUC, Frances O’Grady, and the chairman of the John Lewis Partnership, Sir Charlie Mayfield, on the Institute for Public Policy Research (IPPR) programme that will seek remedies for six key UK weaknesses. Launching its commission on Thursday, the IPPR said the apparent success of the economy masked fundamental problems: weak investment compared with rival countries; a huge trade deficit; a budget deficit that would get bigger as the population ages; the capture of the fruits of growth by a small minority; the gap between the south-east and the rest of the country; and poor progress in meeting the UK’s climate change ambitions. ...
EU warns eight nations on budget deficit image
Source : BBC [Read Article] Wednesday 16th of November 2016 11:57:40 AM
. The European Commission has warned that eight eurozone countries, including Italy, are at risk of breaking EU rules because of excessive budget deficits. ...
UK slowdown will give chancellor little scope for tax cuts, says PwC image
Source : Guardian [Read Article] Tuesday 15th of November 2016 12:01:01 AM
.... As a result, it warns public borrowing could significantly overshoot forecasts from the fiscal watchdog, the Office for Budget Responsibility (OBR), made before the referendum. PwC projects a budget deficit – the gap between what the government spends and receives – of about £67bn this year, more than £10bn above the OBR forecast, and this would only fall to around £18bn by 2019/20 on unchanged fiscal policies, rather than moving into surplus as the OBR forecast in March. ...
Bond bubble could burst with explosive impact image
Source : Guardian [Read Article] Monday 14th of November 2016 08:06:30 PM
....But, as JP Morgan’s chief global strategist David Kelly argues, the idea that the US is massively underperforming its potential for growth and requires a big fiscal stimulus is wrong. The US economy is at virtual full employment and the federal budget deficit is already rising. ...
The Oval Office will tame President Donald Trump image
Source : Guardian [Read Article] Friday 11th of November 2016 10:48:51 AM
.... He would also build his promised US-Mexico border wall; deport millions of undocumented workers; restrict H1B visas for the skilled workers needed in the tech sector; and fully repeal the Affordable Care Act (Obamacare), which would leave millions of people without health insurance. Overall, a radical Trump would significantly increase the US budget deficit. ...
Basic income for all: a 500-year-old idea whose time has come? image
Source : Guardian [Read Article] Thursday 10th of November 2016 11:28:56 PM
....To Megalogenis, the global financial crisis should be recognised as the day the future began: “The last few years in politics have diverted us from the great lesson of 2008-9. We now have a federal government looking at a structural budget deficit, a Reserve Bank that has lost its discretion on the price of money because global interest rates are now so low and a wages system not rewarding the worker for what the open market has demanded they do for the last 20 years, which is adapt – a model that’s broken but exhausted. ...
US voters chose candidate with a more radical approach to economy image
Source : Guardian [Read Article] Wednesday 9th of November 2016 07:53:12 PM
.... Hillary Clinton’s proposals were cautious, costed and conservative. By contrast, the president-elect is gambling that he can shift the US out of its post-financial crisis torpor through a mixture of tax cuts and spending increases even though they run the risk of higher inflation and a bigger budget deficit. ...
Globalisation backlash enters new phase with Trump win image
Source : Guardian [Read Article] Wednesday 9th of November 2016 10:09:27 AM
.... US borrowing costs are likely to stay lower for longer. Trump’s views about fiscal policy – tax, spending and the budget deficit – are not entirely clear, but he seems to want lower taxes, higher spending on America’s clapped-out infrastructure and defence, and less federal borrowing. ...
£25bn hole will limit Philip Hammond's options in autumn statement, says IFS image
....Britain’s leading tax and spending experts have warned Philip Hammond that his options are limited in this month’s autumn statement after predicting that slower growth and higher inflation will punch a £25bn hole in the public finances by the end of the current parliament. The Institute for Fiscal Studies said that if economic forecasters were right about the impact of Brexit, the new chancellor would have to extend austerity after the next election in order to finally eradicate the budget deficit built up during the financial crisis of 2008-09. ...
The legacy of leaving old industrial Britain to rot is becoming clear | Larry Elliott image
....Even if the lower estimate is right, it is still a colossal sum. As the report notes: “The financial crisis of 2008 is not the defining event in Britain’s recent economic history, nor even the main cause of the present budget deficit. ...
In interesting times, we’re stuck with a dull and cautious chancellor image
Source : Guardian [Read Article] Sunday 6th of November 2016 07:00:09 AM
.... This forecast, from the Resolution Foundation thinktank, represents the widening gap between the Office for Budget Responsibility’s March forecast and the likely outcome, and assumes a hard Brexit, soft austerity outcome. Such a shortfall will leave the budget deficit £23bn shy of where Osborne expected it to be in 2020. ...
Government borrowing rises to £10.6bn in September image
Source : BBC [Read Article] Friday 21st of October 2016 09:39:33 AM
.... The government's central goal, its most urgent priority, was to stop spending more than its income. Closing the gap between the two - aka the budget deficit - was an end that justified deep cuts to benefits for people of working age, including for recipients who were working. ...
Brexit 'rollercoaster' warning as Hammond axes deficit target image
Source : BBC [Read Article] Monday 3rd of October 2016 01:16:04 AM
....Mr Hammond said the government would use "all the tools at its disposal" to increase the amount of new housing stock "because making housing more affordable will be a vital part of building a country that works for everyone". Asked whether the public investment plan marked the end of the "age of austerity", Mr Hammond told BBC Radio 4's Today the annual budget deficit was still "eye-wateringly large" and that a framework was still required to get the public finances into the black "in due course". ...
Indonesia tax amnesty hit by protests image
Source : BBC [Read Article] Friday 30th of September 2016 02:50:31 AM
.... . It's meant to plug a big budget deficit but their unions say it unfairly pardons wealthy tax dodgers. ...
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Brazil launches rescue plan to fix economy image
Source : BBC [Read Article] Wednesday 14th of September 2016 12:57:35 AM
....Brazil's economy continues to contract. The plans are part of the new president's "Crescer" ("Grow") initiative, which aims to increase private investment in the country, in an attempt to address its huge budget deficit amid the country's worst recession in 80 years. ...

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