Britain squabbles over basis points

Quick thought: Has anyone seen the pathetic squabbles between the UK’s ruling elites?  British politics seems to have degenerated to such a degree these days that the hugest issue in parliament right now is the dredded “PUBLIC SPENDING CUTS”.

Cuts this, cuts that, here a cut, there a cut, everywhere a cut cut, old McCameron had to CUT, eeyi eeyi oooh!

Labour leader and official opposition (i.e. the #1 loser in the country) Ed Miliband has been crying injustice on the national media this past week over the Draconian and ruthless and heartless and horrible and nasty budget cuts from the Cameron-Clegg Tory-LibDem coalition dictatorship.

Ok so let’s put this heartless budget cutting into perspective with some rough numbers.

• Total planned cuts over 5 years = £80bn
• £16bn per year
• Current deficit this year = +- £220bn
• New deficit this year after cuts +-£204bn
• Therefore annual cuts = 0.7% of UK GDP

Ed Miliband is moping around lamenting the ‘pace’ of budget cuts, but at 0.7% could they be any slower?  What is he asking for, 0.5% of GDP, 0.213% of GDP?

Meanwhile the November UK govt borrowing requirement was the largest on record, and December’s was the largest December on record.

Mmmm, some austerity…