well well well, looks as though the Tory mantra of reducing the deficit with balmy austerity measures truly isnt working "official statistics showed Britain ran up the largest current account deficit on record in the second quarter of 2012"
Just shows how broken the capitalist financial system really is or that Cameron and co are just a bunch of incompetent fools, which judging his Letterman performance is quite probable.
source:
http://www.guardian.co.uk/business/2012/sep/27/uk-gdp-economy-data-second-quarter
When you have a single clue what you're talking about come back, till then get a grip.
Here's a little hint, ONS decide the deficit is the difference between what comes in to the government and what they spend ignoring all investments.
EVERYONE else looks at net borrowing to determine deficit.
When Labour left power we had a deficit by way of total public borrowing(and debt we load onto the country) of about £170billion, or deficit according to ONS, was just over £110billion.
The "real" figure IS £170billion, that is how much we borrowed full stop that is how much was added onto our debt.
If you can tell me how in one quarter we have hit record deficit, when even according to their own numbers we hit £110billion (with the mostly pointless lower number) that is more than 4 times the figure they are now quoting as a record, go ahead.
In reality Labour left us with a deficit of £170billion, divide that by four and see if the 20billion in a quarter is some kind of new terrible record due to Conservative incompetence.
It's way way way way .... way way way way .... way way way easier to run up a £170billion deficit than it is to bring that back down. Almost every cut means someone losing out somewhere, Brown bought us out of a recession... with no sensible economy growth, infact with years and years of ruining the underlying economy, and he loaded massive completely previously unseen levels of debt and spending on the public sector to "fake" our way out of a recession.
The only way that plan would have continued to work was by continually every year massively increasing the deficit... we'd be talking about well over £200billion deficit to keep that idiotic plan going.
Due to inflation, "records" in every sector, in every statistic happen constantly. Record average wage as we hit £23k, because the year before it was £22.8k, and 50 years earlier it was £5k, because... money is worth less and we get more of it.
Another way to look at it, whats better, 20billion one quarter and 5billion in the other 3 quarters, or 19billion every quarter? One simple loan, completely meaningless statistic on its own is worth... nothing.
