In November 2012 current public spending excluding debt interest rose by a lively 7.6% (compared to November 2011). Income tax receipts plunged by 12.3% or by £1.3 billion. For the year to date overall taxes on wealth and income are down by 3.6% on the same period the previous year and current spending continues upwards. Between April and November spending is up by £4.35 billion, whilst total revenue is down by £3.3 billion.
As a result November state borrowing increased by £17.5 billion, a £1.2 billion increase on last year for the same month. It still looks as if high tax rates are helping push revenues down, as output was the same as a year earlier. There is still no evidence of the overall cuts in spending many talk about.