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  • 1.7tn - 2.2tn: 479bn 607bn 696bn 703bn

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    Cr0tus
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    Britain's public finances are worsening, with the national debt projected to treble due to bank bailouts while tax receipts fall, pushing the deficit up. Central government receipts in January 2009 were down 11% from a year earlier, with corporation tax down 22.5%, VAT down 19.5%, and income tax down 7.7%. The national debt stood at £696-703 billion in January 2009 and could grow to £1.7-2.2 trillion when including liabilities of bailed out banks Royal Bank of Scotland and Lloyds.

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    Britain's worsening public finances

    Original Title

    UK National Debt

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    Britain's public finances are worsening, with the national debt projected to treble due to bank bailouts while tax receipts fall, pushing the deficit up. Central government receipts in January 2009 were down 11% from a year earlier, with corporation tax down 22.5%, VAT down 19.5%, and income tax down 7.7%. The national debt stood at £696-703 billion in January 2009 and could grow to £1.7-2.2 trillion when including liabilities of bailed out banks Royal Bank of Scotland and Lloyds.

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    1.7tn - 2.2tn: 479bn 607bn 696bn 703bn

    Uploaded by

    Cr0tus
    Britain's public finances are worsening, with the national debt projected to treble due to bank bailouts while tax receipts fall, pushing the deficit up. Central government receipts in January 2009 were down 11% from a year earlier, with corporation tax down 22.5%, VAT down 19.5%, and income tax down 7.7%. The national debt stood at £696-703 billion in January 2009 and could grow to £1.7-2.2 trillion when including liabilities of bailed out banks Royal Bank of Scotland and Lloyds.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
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    of 1

    Britains worsening public finances

    The ONS predicts that Britains national debt


    could treble as a result of the governments bank
    bail-outs, while at the same time tax receipts
    have been falling, pushing the deficit up
    Central government receipts in January, year on year

    Corporation tax

    -22.5%
    VAT

    -19.5%

    1.7tn-2.2tn

    When liabilities of RBS and Lloyds are included


    Income tax

    -7.7%
    Total current receipts

    -11.0%

    479bn
    January 2007
    Before it all went wrong

    607bn
    October 2007
    Following bailout
    of Northern Rock

    696bn 703bn
    September 2008
    Following bailout of
    Bradford & Bingly

    January 2009
    Where we are now

    SOURCE: ONS

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