News Story of the Day: borrowing in the United Kingdom is growing at a rapid pace as inflation continues to lift debt levels.
Here is what MarketWatch reports:
U.K. government borrowing increased on the year in the three months through June, official figures showed Friday, as quickening inflation pushed up the cost of servicing Britain’s debt.
Payments to the European Union also rose. Ending payments to the EU was a key goal of pro-Brexit campaigners in last year’s referendum on membership.
Public-sector borrowing to cover the shortfall between taxes and spending was GBP22.8 billion ($29.59 billion) in the first three months of the fiscal year, the Office for National Statistics said, compared with GBP21 billion in the same period a year earlier.
The rise in borrowing was driven by 5.6% increase in government spending, which outpaced growth in tax receipts. Britain’s contribution to EU coffers in the three months through June was GBP3.2 billion, almost twice the GBP1.8 billion paid during the same period a year earlier. The increase reflected past economic growth, the ONS said, while a rise in inflation earlier this year pushed up the cost of servicing Britain’s inflation-linked debt. Tax income rose 4.7%.
Chart of the Day: millennials love their restaurants, fast food and eating out. In fact, they’re doing this more than any other generation before them – Generation X, Baby Boomers and Traditionalists. No wonder they’re always broke.
Illustration of the Day: do you know who really wants war in the world today? Russia! They’re itching for a war that NATO is stationed all across the Russian border:
Tweet of the Day: governments hate entrepreneurship. They want you to be a slave to the state and never have any desire but to serve your masters and be dependent on bureaucrats. They even fine child entrepreneurs:
Schools and local councils HATE entrepreneurial spirit and capitalism. They’ll even fine small children to stop it. https://t.co/9bNNBFJ47d
— Dan Jukes (@DanJukes17) 20 July 2017
Quote of the Day: is democracy overrated? Perhaps – maybe that’s why the Founding Fathers wanted a Republic. H.L. Mencken described democracy beautifully:
Democracy is a pathetic belief in the collective wisdom of individual ignorance.
Video of the Day: an insightful look at the gold standard:
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