UK Government Performance 2019-2024

Man of Honour
Man of Honour
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Quite. I expect the integrity of the author of this below will drive them to make some scathing remarks...

https://www.ifs.org.uk/budget-2020

Is it a substantial increase in spending? Yes.
Is it funded by borrowing? Yes.

It's not as substantial as advocated by some, and it's at a different point in the economic cycle to browns deficit spending for example.

Do I approve? That depends on what the long term funding plan looks like, and the rate of return on the infrastructure investments being planned. By and large, the budget isn't really advocating borrowing to fund day to day expenses, which is where it gets really dangerous. The economic impact of corona virus is not yet known, and the balance of stimulus vs sustainability is very dependent on that.
 
Caporegime
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You are right, I was looking over the proposed figures for the entire parliament which are supposed to break even if the assumptions pan out.

The proposed figures are totally lol-worthy. How can Rishi simultaneously dump billions into the economy because of Covid-19 whilst using figures for his projections based on no Covid-19 to calculate borrowing?
 
Soldato
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It's not as substantial as advocated by some....
How substantial is it, and how substantial was Labour's proposed increase in spending? (That may not be who you were referring to when you said some but I'd like to know how they compare, I've not had the time to look up any details).
 
Man of Honour
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How substantial is it, and how substantial was Labour's proposed increase in spending? (That may not be who you were referring to when you said some but I'd like to know how they compare, I've not had the time to look up any details).

This is where it gets interesting. The spending packages announced in the budget, as per the ifs link, amount to an increase of £76bn by 2024. On paper, this compares with labour's spending plan of an increase of £80bn that was in their manifesto. However, labour's figures didn't include the waspi commitment (another £56bn) or costings for nationalisation, which was estimated between £50bn and nearly £200bn depending on source.

The tories have gone way beyond their manifesto commitments, but not broadly against them, mostly because their manifesto was light on details.

https://www.ifs.org.uk/election/2019/manifestos
 
Soldato
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Just waiting for all the pre election spending plan doom mongers to decry this budget.



Reassurance will be that it can be taken as a given that despite the higher spending the priority here will not be to benefit the worst off.

The model is to favor some agents while sacrificing others. In the case of our country that is its most poor and vulnerable members.

Boris gives considerable reassurance here in a way Corbin never could.

He represents a fiscal and moral order that the majority of the country support.

We can rest easily here, safe in the knowledge that poor bodies are worth little and deserve little.
 
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Soldato
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This is where it gets interesting. The spending packages announced in the budget, as per the ifs link, amount to an increase of £76bn by 2024. On paper, this compares with labour's spending plan of an increase of £80bn that was in their manifesto. However, labour's figures didn't include the waspi commitment (another £56bn) or costings for nationalisation, which was estimated between £50bn and nearly £200bn depending on source.

The tories have gone way beyond their manifesto commitments, but not broadly against them, mostly because their manifesto was light on details.

https://www.ifs.org.uk/election/2019/manifestos
That's about as clear as mud. :)

It does seem slightly at odds with all the different numbers bandied around by the media though, that daily fail article garnett posted bellow your post says the budget included £30bn to fight coronavirus, £175bn on infrastructure, and an extra £5bn for hostpitals so your figure of £76bn seems way off.
 
Man of Honour
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That's about as clear as mud. :)

It does seem slightly at odds with all the different numbers bandied around by the media though, that daily fail article garnett posted bellow your post says the budget included £30bn to fight coronavirus, £175bn on infrastructure, and an extra £5bn for hostpitals so your figure of £76bn seems way off.

£76bn is the per annum figure.
 
Soldato
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So around £380bn by the end of their term? That sounds more sensible, i though £76bn sounded rather small with how much a fuss the media have been making.
 
Soldato
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£76bn is the per annum figure.
So Labour intended to increase spending by £76bn in their manifesto, the Tories increase spending by £80bn in this budget, and you make the claim...
The [Tory] spending increase, while substantial, is still significantly less than labour were planning. Makes any criticism based on affordability clearly nonsensical.
I see...

:rolleyes:
 
Soldato
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Shouldn't that be the other way around? Aren't the conservatives saying they'll increase borrowing by £76b PA and Labour intended to increase it by £80bn PA, not that I've checked those figures or know if the Labour £80bn PA includes the WASPI pledge and renationalisation.
 
Soldato
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Shouldn't that be the other way around? Aren't the conservatives saying they'll increase borrowing by £76b PA and Labour intended to increase it by £80bn PA, not that I've checked those figures or know if the Labour £80bn PA includes the WASPI pledge and renationalisation.
Beg your pardon - that's right. Not that it changes the point.

The WASPI pledge is a distraction IMO. If anyone wants to discuss the rights and wrongs of whether or not to address that, then do that on its own facts , but I'm not sure it should be lumped into the assessment of otherwise seemingly very similar levels of expenditure being given very different treatment by clearly partisan commentators.
 
Soldato
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The Budget shows an expected £55bn shortfall between tax receipts and managed expenditure for 2020/21.

Could you link to an article specifically stating this, please. I'll updated pledge 32 when received.



Pledge 34 has been updated in OP

Implement a 3% surcharge for overseas buyers of English homes - Broken in 2020(2)
 
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Soldato
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Is that noise I hear people complaining about Tories spending money again? What strange times we live in. :D

No, just fed up of the hypocrisy.

10 years ago: "We have to get the deficit down" - cue austerity.

The last 3 years: "Labour have a magic money tree, haha - how will they pay for this"

Now: "We've found the magic money tree, so we're borrowing, increasing the deficit and investing"
 
Soldato
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Could you link to an article specifically stating this, please. I'll updated pledge 32 when received.

As previously, I'm directly using the Budget document itself:

https://www.gov.uk/government/publications/budget-2020-documents/budget-2020#budget-report

Specifically Charts 1 and 2 in the Executive Report, immediately before "Section 1. Budget Report", show total income and managed expenditure.

Edit: although the stated calculated difference was mental arithmetic by me :D
 
Soldato
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As previously, I'm directly using the Budget document itself:

https://www.gov.uk/government/publications/budget-2020-documents/budget-2020#budget-report

Specifically Charts 1 and 2 in the Executive Report, immediately before "Section 1. Budget Report", show total income and managed expenditure.

Edit: although the stated calculated difference was mental arithmetic by me :D

So it's £928 billion spent and £873 billion coming in. Therefore £55 billion deficit?

Agreed?
 
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