Shock fall in tax receipts hurts UK debt-reduction plan

[alp227]

Source: The Guardian

Britain's double-dip recession took its toll on public finances last month after a slump in corporate tax receipts unexpectedly pushed the exchequer into deficit.

A sharp fall in manufacturing output added to the gloom following a survey by the CBI that revealed expectations for growth during the autumn have evaporated.

Labour seized on the figures, which it said revealed a huge hole in the governments plans where a growth strategy should be.

Labour's shadow chief secretary to the Treasury, Rachel Reeves, said the chancellor's promise to secure the recovery and get the deficit down was in tatters.

Read more: http://www.guardian.co.uk/business/2012/aug/21/uk-public-finances-deficit-borrowing

[1StrongBlackMan]

1. Gee ...

imagine that! Impose austerity and take coins out of the working classes' pockets and you see a reduction in tax revenues.

Gee ... Whowouldathunkit?

[Smilo]

2. They just won't learn

......... you spend your way out of a recession - austerity only leads to disaster big time.