{"id":14262,"date":"2012-02-24T08:52:17","date_gmt":"2012-02-24T08:52:17","guid":{"rendered":"http:\/\/www.taxresearch.org.uk\/Blog\/?p=14262"},"modified":"2012-02-24T08:52:17","modified_gmt":"2012-02-24T08:52:17","slug":"lets-face-the-reality-that-without-real-change-in-policy-the-deficit-will-not-go-away","status":"publish","type":"post","link":"https:\/\/www.taxresearch.org.uk\/Blog\/2012\/02\/24\/lets-face-the-reality-that-without-real-change-in-policy-the-deficit-will-not-go-away\/","title":{"rendered":"Let&#8217;s face the reality that without real change in policy the deficit will not go away"},"content":{"rendered":"<p>This is another graph based on budget data from a period of more than a decade, all sourced from HM Treasury. It shows current\u00a0government\u00a0income compared to current\u00a0government\u00a0spending from 1997 to 2016 (the last being forecast data, of course). Current spending excludes investment spending but that\u00a0then\u00a0leaves this looking akin to a more commonly\u00a0understood\u00a0commercial sector view of 'breaking even':<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter\" src=\"http:\/\/www.taxresearch.org.uk\/Documents\/govtinc.jpg\" alt=\"\" width=\"528\" height=\"381\" \/><\/p>\n<p>Despite all the spin against them, Labour had spending well under control throughout this period. It\u00a0managed\u00a0its budgets.<\/p>\n<p>Then the bankers trashed the economy.\u00a0The impact is very obvious.<\/p>\n<p>Now the Tories say they'll rebalance the books, <a href=\"http:\/\/www.taxresearch.org.uk\/Blog\/2012\/02\/23\/theres-not-a-hope-that-osborne-can-deliver-on-his-growth-forecasts\/\" target=\"_blank\">except as I've shown<\/a>, there is no chance that they will do that.<\/p>\n<p>In that case we still face the certainty of deficits for time to come. Ed Balls has realised that.<\/p>\n<p>What he and we now need to say is what we do about that when it is very obvious that the private sector cannot ever get us out of this mess. I suggest starting from <a href=\"http:\/\/www.taxresearch.org.uk\/Blog\/2011\/09\/26\/the-economic-policy-we-need-is-based-on-freedom-from-fear\/\" target=\"_blank\">here<\/a>, and <a href=\"http:\/\/www.taxresearch.org.uk\/Blog\/2011\/07\/26\/the-alternative-economic-policy-we-need-2\/\" target=\"_blank\">here<\/a>\u00a0and, of course, <a href=\"http:\/\/www.amazon.co.uk\/Courageous-State-Rethinking-Economics-Government\/dp\/1907720286\" target=\"_blank\">The Courageous State<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>This is another graph based on budget data from a period of more than a decade, all sourced from HM Treasury. It shows current\u00a0government\u00a0income compared<br \/><a class=\"moretag\" href=\"https:\/\/www.taxresearch.org.uk\/Blog\/2012\/02\/24\/lets-face-the-reality-that-without-real-change-in-policy-the-deficit-will-not-go-away\/\"><em> Read the full article&#8230;<\/em><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[35],"tags":[],"class_list":["post-14262","post","type-post","status-publish","format-standard","hentry","category-economics"],"_links":{"self":[{"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/posts\/14262","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/comments?post=14262"}],"version-history":[{"count":0,"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/posts\/14262\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/media?parent=14262"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/categories?post=14262"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/tags?post=14262"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}