Reality Escapes

The budget deficit - the difference between government spending and the income it receives through taxation and other sources - is expected to be more than £170bn or 12.6% of GDP in the current financial year one of the highest of any major economy.
the government had to borrow a further £4.3bn last month to help cover the deficit.

Last month was the first time since records began the government had to borrow money in January, usually a bumper month for income from tax receipts.

Gordon Brown reiterated that there would have to be tax rises and cuts in spending to reduce the deficit.

"We have been crystal clear that we will halve the deficit over the next four years - indeed, more than halve it," he said.

I'm fucking scared now, Gordy old bean and it isn't the Tories that are frightening me.


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