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Gordonomics in action: 32 billion loss in revenues.

A blizzard of bad news was slipped out by the Government last night - as MPs prepare for their 82-day summer holiday.

It included the worst slump in tax revenues since the 1920s.

A report from auditors identified a catastrophic slide in the Government's tax take, amounting to as much as £32billion last year.

That equates to £1,045 for each of Britain's 30million taxpayers - and will fuel fears that massive tax rises are on the way unless public spending is dramatically reined in.

Plugging the gap would mean a 10p rise in income tax.

The National Audit Office, which sounded the alarm about the tax take collapse, also refused to sign off six sets of Whitehall accounts, including those of the Treasury.

They said there were serious concerns over massive levels of fraud and error, overpayments and problems with IT systems.

It emerged that up to one pound in every ten paid out under Gordon Brown's flagship tax credit scheme is the result of fraud or error.

Labour fail to realise that their system is what is at fault. Massive waste, public sector jobs that create no wealth just drain more money from the private sector and huge public sector spending/waste.

Lower taxes, reduce regulation and slash the public sector non jobs; not that Gordon will be able to see that even with his glass eye.

As for the MP's well they don't give a fuck, off on their taxpayer funded jollys for 82 days paid holiday, no doubt with the rentboy called "John Lewis" so he can be put down on expenses as well.

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