Latest figures show that the tax revenue from January’s “big reckoning” is down.

We are told that data shows that “The recession led to a £7bn fall in the amount of tax paid by individuals and businesses in January.”

Public finances are typically boosted by annual tax receipts in January, but these have fallen as unemployment rises and company profits decline.
It’s true that annual tax receipts in January generally boost the public finances, but the fact that these have fallen is nothing to do with the very recent bad news on the financial front. In actual fact the money received by the taxman in January 2009 is from more than 9 months ago and for the tax year April 2007/8. In actual fact this is before anyone admitted to a recession.

Can you even imagine what they’re going to be like NEXT January?