But....(and large but)
Labour have instituted fiscal rules - the most important of which is that they essentially *can't* spend more than they receive over the the term of a government (roughly).
Which *does* mean, as pragmatist initially said, that either: tax receipts, and probably tax rates, will have to go up; or spending growth will have to slow.
but it also means that debt won't keep growing. i.e. we won't go back to having to spend such large amounts of tax revenue on servicing government debt.
Posted By: Tricky Hawes on May 6th 2005 at 14:11:51
Message Thread
- FAO oh arr - for your information (General Chat) - Tricky Hawes, May 6, 13:50:49
- Tricky - I do know the difference between the National Debt (General Chat) - oh arr, May 6, 15:07:17
- You obviously don't...... (General Chat) - BeverlyHills0201, May 6, 15:13:21
- PSBR or not to PSBR - ok define PSNCR for me ! :) (General Chat) - oh arr, May 6, 15:36:56
- Public Sector Net Cash Requirement...... (General Chat) - BeverlyHills0201, May 6, 15:40:42
- another load of New Labour name change bull* (General Chat) - oh arr, May 6, 15:50:48
- Public Sector Net Cash Requirement...... (General Chat) - BeverlyHills0201, May 6, 15:40:42
- PSBR or not to PSBR - ok define PSNCR for me ! :) (General Chat) - oh arr, May 6, 15:36:56
- You obviously don't...... (General Chat) - BeverlyHills0201, May 6, 15:13:21
- Look at the National Debt in absolute terms ie ?'s (General Chat) - oh arr, May 6, 15:00:08
- Correct..... (General Chat) - BeverlyHills0201, May 6, 14:05:10
- But....(and large but) (General Chat) - Tricky Hawes, May 6, 14:11:51
- FAO Tricky - Gordon Brown's rule & implications thereof (General Chat) - oh arr, May 6, 15:32:35
- Politicians and fiscal rules (General Chat) - Winged Eel Creosote, May 6, 14:14:54
- fair point (General Chat) - Tricky Hawes, May 6, 14:21:34
- At a rate of cutting the PSBR by ?2bn a year (General Chat) - oh arr, May 6, 15:12:52
- And it will have to be direct (General Chat) - Pragmatist, May 6, 14:32:12
- National Insurance. (General Chat) - BeverlyHills0201, May 6, 14:36:30
- No you are wrong (General Chat) - Winged Eel Creosote, May 6, 15:05:27
- I think in one of the central government docs they define it as tax on income (General Chat) - oh arr, May 6, 15:16:49
- They don't. (General Chat) - BeverlyHills0201, May 6, 15:22:08
- You've got that wrong Beverley..... (General Chat) - oh arr, May 6, 15:42:47
- Hmmmm....... (General Chat) - BeverlyHills0201, May 6, 15:44:15
- You've got that wrong Beverley..... (General Chat) - oh arr, May 6, 15:42:47
- They don't. (General Chat) - BeverlyHills0201, May 6, 15:22:08
- No...... (General Chat) - BeverlyHills0201, May 6, 15:11:51
- I think in one of the central government docs they define it as tax on income (General Chat) - oh arr, May 6, 15:16:49
- Lol (n/m) (General Chat) - Pragmatist, May 6, 15:02:39
- No you are wrong (General Chat) - Winged Eel Creosote, May 6, 15:05:27
- National Insurance. (General Chat) - BeverlyHills0201, May 6, 14:36:30
- The "rules" were themselves political, not some sort of economic theory. (General Chat) - BeverlyHills0201, May 6, 14:31:43
- fair point (General Chat) - Tricky Hawes, May 6, 14:21:34
- But....(and large but) (General Chat) - Tricky Hawes, May 6, 14:11:51
- although - having read that again... (General Chat) - Tricky Hawes, May 6, 13:52:37
- Tricky - I do know the difference between the National Debt (General Chat) - oh arr, May 6, 15:07:17
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