Further news this morning of austerity failing – the budget deficit for July 2012 was £600m – compared to a surplus in july 2011:
This year, the deficit is £44.9bn – up from £35.6bn in the first four months of 2011. This figure excludes one off payments made by the transfer of royal mail pension assets into the public sector – so when you see some people saying the deficit is lower now than last year, don’t fall for it – they can only say this by including this single payment, which disguises the economic reality we are facing.
The deficit is increasing because tax receipts are falling and benefit payments are rising. This is exactly in line with what anti-austerity…
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