Fascinating chart


Yes, Germany\’s financial sector support was more than the UK\’s.

So much for concentrating on manufacturing and not being over-whelmed by finance, eh?

And the tax loss due to recession? The UK\’s being much larger than everyone else\’s?

Just shows how Brown really, really, should have been running a budget surplus, doesn\’t it, as tax revenues were obviously being flattered by a bubble.

1 thought on “Fascinating chart”

  1. Put another way, the Government was running a large and increasing structural deficit from 2001 onwards. This was accelerating when Gordon Brown came to power.
    Last year I tried (very crudely) to model the difference between the reality and zero structural deficit. The implications are
    (1) That any reductions in the deficit (Growth, Tax rises, Expenditure curtailment) will first impact on the inherited pre-recession deficit.
    (2) The magnitude and length of the fiscal squeeze is much greater. The extreme hardship is the result of Government policy not market failure.



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