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Government Spending Issue1 #65943

CONTEXT(Help)

UK economic problems »UK economic problemsUK economic problems☜UK GDP (2010) £1410 bn. National debt £850 bn, 60% of GDP. (Context: Japans debt is 194% of GDP, Italy is 100% of GDP). £107 bn is due to banks bailout 2009. Annual borrowing is 12% of GDP. 1/6th of borrowing is to service the National Debt.☜F1CEB7

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Government SpendingGovernment Spending☜☜FFB597

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Benefits »Benefits Benefits ☜Problem of withdrawal of benefits when claimant finds work locks many people into unemployment, poverty and welfare dependancy. Can be addressed by Green Wage Subsidy, which also moves economy onto sustainable footing. http://bit.ly/9j66GI☜FFB597

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Budget deficit »Budget deficitBudget deficit☜UK budget deficit is high at 11% of GDP, but must be reduced carefully so as not to harm the vulnerable and endanger the recovery. The Governments aim of 20% through taxation and 80% through spending cuts is thought unbalanced by many economists.☜FFB597

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INFRASTRUCTURE INVESTMENT »INFRASTRUCTURE INVESTMENTINFRASTRUCTURE INVESTMENT☜Keynesian economists strongly advocate Government investment to meet the problems of recession. This does not necessarily have to be funded by more borrowing, as Quantitative Easing (QE) can generate the finance, provided a return on investment is expected.☜FFB597

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National Debt »National DebtNational Debt☜☜FFB597

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Taxation »TaxationTaxation☜☜FFB597

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Waste and inefficiency »Waste and inefficiencyWaste and inefficiency☜Inherent in all organisations, potentially more in bureauracies. Must be addressed by feedback (suggesiton box) from workforce, who are most aware of inefficiencies. ☜FFB597

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White Elephants »White ElephantsWhite Elephants☜e.g. ID cards, Trident, Eurofighter, aircraft carriers, computerisation, road building. Potential savings iro £213 billion. ☜FFB597

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Link[1]

Author: Office of National Statistics
Cited by: Richard Lawson 5:00 PM 13 June 2010 GMT
URL:

http://www.statistics.gov.uk/downloads/theme_economy/PB09.pdf

Excerpt / Summary

The capital account has remained in surplus for over 20 years. A surplus of £3.4 billion was recorded in 2008, constituting the highest recorded cash surplus.

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Entered by:- Richard Lawson
NodeID: #65943
Node type: Issue
Entry date (GMT): 6/13/2010 3:47:00 PM
Last edit date (GMT): 8/29/2012 8:17:00 AM
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