£22bn black hole

[keeperofdarktails]

I've just heard Rachel Reeves talk about how the previous govt has left a £22 billion black hole in the economy.

I'd have thought that after over a decade of austerity we should be in a (theoretically) better place in the economy so why is there a black hole? I know cost of living has increased and prices etc, but they've had years of cutting public spend budgets too so I just wonder where has the money gone..? I wish the bbc reporter would have asked her this, reporting was so obviously biased.

Unions haven't had pay rise yet.

Both the IFS and the OBR have confirmed that the black hole was larger than forcasted.

According to the Telegraph, OBR is to investigate Hunt’s Treasury spending forecasts over £22bn black hole"

@skolzy and you think that 52% understood all the financial implications? They were fed a pack of lies about immigration ( higher than ever but 3rd world rather than EU) and the idea we could fund these things ourselves , except what with? Shirt buttons - of course many people who voted remain are angry because it was all so predictable-my father in law is 85 - voted for it and accepts he believed a pile of absolute bullshit

The Tory government set up the pay review bodies. Sunak was responsible for the remit of those negotiations. The normal process is for a govt to accept the independent review body recommendations. This is what Labour has done. It's not given the unions everything they asked for. They have moved forward and settled the strikes on the basis of the review body set up by Sunak, but he refused to settle.

Apologies: In 1998 it became an independent public organisation, wholly owned by the Treasury Solicitor on behalf of the government,[

I found the link

Nigel Farages Ukip party was going to sweep up at the 2015 General Election. To stem the flow of votes...Cameron called a in-out referendum on membership of the E.U....This was the general publics chance to show their frustration at mass immigation and years of Austerity. The establishment grossly underestimated the % of the ppl that voted to leave, they assumed remain would win by a landslide. Only...They misjudged the swell of anger sweeping the nation after the Manchester Arena bombings. To continue to be seen as a Democracy...the government had to keep to their word and leave the E.U...or millions of ppl would have taken to the streets in protest. (The start of civil war on the steets).

No its not all the tories, it just so happens they were the ones in charge when it all happened 🤦‍♀️

@skolzy I don't disagree with you on why it was called or the fact they went along with it- I do think by 2018 though it should have been made clear what the deal was, what the financial implications were , what immigration implications were and a second referendum offered with 3 options of remain, leave with the deal as it was or a Norway type arrangement. As it was we ended up with leaving with very little more than a no deal kind of option, when plenty have said they were thinking it would be a Norway type situation . The vote didn't offer that- it was just remain or leave ( and by leave they implied little would change- as was said frequently you will still be able to marry, retire, live, work in EU etc - that really isn't the case at all unless you fit very specific criteria.

I have a fix for the black hole!

Public sector pay rise: £9 billion
Ed Millibands Foreign Green fund: £11.6 billion
Ukraine Annual Payment: £3 billion

Total: £23.6 billion

Additional savings per year:

Foreign aid: £8.3 billion
Asylum seekers cost: £4 billion

Lifetime cost per asylum seeker: £400,000 ( fullfact.org/immigration/asylum-seeker-net-contributions/ )

Why do you say they weren't doing their job?

So you think the pay review bodies should have been ignored and millions of Teachers and NHS staff given nothing?

The Tories commissioned these bodies to independently access a new pay rise, Hunt in his wisdom did not budget for even a 1% pay rise, he left it all to the new Govt to sort out.... then he also cut NI by over 30 billion ALL unfunded.

The "Black Hole" is down to the Tories and trying to wreck the new incoming Labour Govt, but of course, its us they are fucking over.

I have attached it for you

https://www.msn.com/en-gb/money/other/obr-to-investigate-hunt-s-treasury-spending-forecasts-over-22bn-black-hole/ar-BB1qQ23Z

@SlothOnARope

Close to £1bn wasted on funding the royals over the past decade.

And nearly a BILLION POUNDS on foreign aid EVERY YEAR. Not every bloody ten years! Except with dishing out billions to other countries, there is fuck-all benefit to the UK and its citizens. The Royals make much more money than they cost. Also, LOL at you trying to make it sound more by giving the amount over TEN YEARS. 😆

Foreign aid contributes massively to the financial black hole and needs banning. Not reducing . BANNING.

Why not a 1% increase in income taxes for all? I never understand why they don't just do that!

How much foreign aid do you think is invested in work done abroad by British companies?

Fat cat payments to inner circle and squandering of public wealth for the sake of benefiting the rich. Complete disregard for those who are struggling financially and salaries for teachers and NHS that are a joke. Not forgetting the millions used to prop up the terrorist genocidal occupying regime abroad. That’s the Tory legacy.

The decade of austerity was Cameron's times-that was over with Johnson.

Obviously Johnson was a spender, and Liz Truss wasted £25 billion all on her own.

"The Royals make much more money than they cost"

No they absolutely don't, they're a complete scam, as you will see from the many links, books and articles proving this and cited on many mn royals threads from the past five years.

I understated the cost actually, that was just the sovereign grant. With hidden costs, the royal circus has been estimated to cost £345 m a year. Can they not budget for this year with the £87m they scammed us out of last year, the grasping fuckers? What the fuck do they spend it all on?

Has the best use of all that land, cash, time, energy, policing and resources really been considered to be in the best interests of the other 65 million citizens of the realm? The country is falling apart and there's no other possible use for all of that wealth?

I won't argue with you about foreign aid. The list of government failings is truly endless.

Nah Austerity is alive and kicking, hence council services ever worse, roads falling apart and every longer nhs waiting lists, not to mention, no prison spaces.

Truss wasted around 100 billion, she also has caused Govt borrowing costs to rocket.

True @iwishihadknownmore

More hidden spending

x.com/supertanskiii/status/1829087232642212306?s=61&t=708dEn_EkpuN3JVBO9mR8A

I don't agree with Starmer and Reeves plan to do austerity 2.0. You don't run a country like a household budget, but I do understand why they feel the need to show restraint in the face of Tory media.

https://ifs.org.uk/articles/home-office-budgeting-and-asylum-overspends

We seem to just see incompetence from the government and the civil servants whom I assume are advising them,

The Brexit vote should have been advisory even being final it should have been clear that a vote of this magnitude had to have a much higher percentage of leave for it ti pass, eg at least 70%. No company would make a key decision based on who got slightly more.

Rwanda - we seem to have spent ridiculous amounts on this 'contract', which idiot negotiated that? We're also not yet been told how much we've got to pay to get OUT of tat contract.

Meanwhile the 22bn black hole means pensioners who were born, have lived and worked all their lives here have to live hand to mouth, can't afford food and heating etc whilst boatloads of men arrive and are given free bed and board with no doubt the heating up on full when it gets cold. You couldn't make it up.

And they want us to pay more tax.....

Did you not notice that lots of other countries had lockdowns and were also paying huge amounts of support/grants etc to people and businesses prevented from working due to the lockdowns. It wasn't just the UK.

I can imagine the howls of anguish in the UK if we hadn't lockdown when most other countries were doing it. In fact, there were. Loads of people were criticising Boris for not locking down sooner and being stricter and citing places like Rome in Italy where you needed a permit to leave the house!