Who does Gideon Osborne think he is kidding?

First topic message reminder :

This Tory-dominated government claims there is no alternative to austerity. Below, nine leading economists, including a Nobel Prizewinner and one of the Chancellor's own advisers, say that's wrong - and offer a different path:-

Cut VAT back to 17.5%
Christopher Pissarides
Agree financial transaction tax
Jeffrey Sachs
Reduce NI contributions
David Blanchflower
Print money for the public
Sushil Wadhwani
Start a national investment bank
Robert Skidelsky
Lift the cap on immigration
Jonathan Portes
Lend directly to small businesses
George Magnus
Launch a green new deal
Ann Pettifor
Set up a recovery fund
Christopher Allsopp

For the details of each of those suggestions, click on the links on this page:-
http://www.newstatesman.com/economy/2011/10/alternative-coalition

"National Insurance may be combined with Income Tax."
http://www.msn.com/en-gb/money/personalfinance/is-this-the-end-of-national-insurance/ar-AAdiTi7

Simplifying tax rules? That would be a novelty, but at least it might stop those snivelling pensioners from claiming ENTITLEMENT just because they paid National Insurance contributions all their miserable working lives!

Typical underhand Tory idea. Presumably once there is no separate National Insurance contribution, it will be impossible for people to claim that they have "paid in" for sickness or unemployment benefit. That fits in nicely with Cameron's suggestion that workers could be forced to pay into savings accounts to cover periods of sickness and unemployment:-

http://www.theguardian.com/politics/2015/jul/13/david-cameron-open-to-workers-saving-up-fund-own-sick-pay

Then next they could be required to do the same to cover their medical treatment, and it will be bye bye NHS.

This from a man who inherited £4 million at birth....  


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The stench of corruption is never far away from any of these Tory maggots.....  


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Evidently, no-one cares - you hear so little protest while this gang of thieves steals our national resources

This has regularly been my point about Labour in opposition : they seem unable or unwilling to highlight the real tales of cruelty, deceit and corruption which could make the public sit up and take notice...

I recently read a summary of the exploits of classical warriors like Alexander the Great, King Darius and Xerxes. Their common activity was to invade a peaceful community, sell its people into slavery and plunder their property then leave after exacting tribute.

Some habits don't change even after three thousand years.

Labour in opposition : they seem unable or unwilling to highlight the real tales of cruelty, deceit and corruption which could make the public sit up and take notice...

Possibly part of the reason why many are backing Jeremy Corbyn for leader - a principled politician who is not afraid to say what he means - might make a nice change

5 things you should know about George Osborne’s “Charter” and why Labour will be voting against it

1. It commits every government to running a budget surplus in normal times from 2019 onwards. However since 2010, Osborne has missed his own deficit targets and changing the law won't help him to do any better.

2. Effectively it is a big political stunt from Osborne so that he has an excuse to keep making ideologically-driven cuts.

3. But it's a dangerous stunt because if the Charter is followed to the letter it binds the hands of future governments, making it illegal to borrow money for investment in infrastructure or housing even at times when investment would lead to faster economic growth.

4. In fact, the best way to reduce the deficit now is to invest to grow our economy. It’s for this reason that most economists disagreed with Osborne's cuts

5. It could also force a government to keep making cuts, irrespective of the impact they have on public services and working families.

It is crucial that we reduce the deficit, and Labour takes this mission seriously, but it must never be on the backs of the most vulnerable, or at the cost of the key public services we all rely on.

Source:-
Labour Party, One Brewer's Green, London SW1H 0RH.

Gideon is already engaged to issue his Autumn Statement on November 25th. but he will use all the intervening time to dig elephant traps for a Labour opposition to fall into.

No serious economist supports Osborne’s fiscal charter

From an article by Helen Goodman MP:-

I have been worried about the impact of Osborne’s fiscal charter since it was floated, which is why as a member of the Treasury Select Committee I asked questions of the economists who came to give evidence last July. We found no one, not even the Governor of the Bank of England, who would endorse Osborne’s latest proposal. This was not just criticism from left wing economists. The Thatcherite professor who now runs the Institute for Economic Affairs, described it as a “very, very, very bad choice”. It is because no serious economist supports it that I believe this is a political gimmick by Osborne. He wants to pose as fiscally austere irrespective of the consequences for growth and jobs.

A permanent government surplus would take money out of the economy, raising indebtedness in the household and business sector. Personal indebtedness is already running at 145% of disposable household income, a total of £1.7 trillion and there is a clear case for pulling this back. The economists also said it was too clunky to enable the government to stabilise the economy when need be. In other words, this is a proposal to return to pre-Keynesian economics.

A really big weakness in Osborne’s proposal is that he is saying there should be a permanent budget surplus, not just for current spending but for capital. Just as families have a mortgage to pay for their home, so it makes sense to borrow for the infrastructure – like broadband, transport, scientific facilities for universities – which will increase our economic productivity and growth.

https://labourlist.org/2015/10/no-serious-economist-supports-osbornes-fiscal-charter-opposing-it-doesnt-make-us-deficit-deniers/

The UNCLAIMED benefit billions:

http://www.msn.com/en-gb/money/personalfinance/why-are-%c2%a31323-billion-benefits-unclaimed-every-year/ar-AAfF3So?li=AA54rU

Osborne can find £4.4bn without cutting tax credits, says thinktank

It seems that there is a way out of the mess he's created although it remains to be seen whether he is capable of listening to words to that aren't his own.

The report sets out alternative ways to raise the necessary £4.4bn:

Increasing the personal allowance in line with inflation, rather than accelerating it towards £12,500, raising £4.9bn by 2020.
Increasing the basic rate of income tax limit to rise in line with inflation, rather than accelerating it so the higher rate threshold reaches £50,000, saving £1.3bn by 2020.
Reversing the increase in the inheritance tax threshold and cuts to corporation tax saving £3.4bn by 2020.
Scaling back the over-indexation above earnings of the state pension from the last parliament by limiting pension rises in this parliament, saving about £6bn.
Returning spending on tax reliefs to 2010 levels by 2020 – and thereby reducing the UK’s current £100bn spend on about 1,000 different reliefs, which would save about £10bn.

http://www.theguardian.com/politics/2015/nov/05/george-osborne-can-find-44bn-without-cutting-tax-credits-says-thinktank

Personally, I think he will ignore all of the above as he views the tax credits issue as his own personal crusade and also as a lynchpin of his march to No.10

I think the problem is he is economically illiterate - but very skilled in politics

Osborne smarting from his Tax Credits defeat and the need to find £4.4 bn to plug gap

1 Len Blavatnik £13.17 billion
2 Sri and Gopi Hinduja £13 billion
3 Galen and George Weston and family £11 billion
4 Alisher Usmanov £9.8 billion
5 David and Simon Reuben £9.7 billion
6 Ernesto and Kirsty Bertarelli £9.45 billion
7 Lakshmi Mittal and family £9.2 billion
8 Kirsten and Jorn Rausing £8.7 billion
9 The Duke of Westminster £8.56 billion
10 Roman Abramovich £7.29 billion
11 John Fredriksen and family £7.24 billion
12 Charlene de Carvalho-Heineken and Michel de Carvalho £7.145 billion
13 Sir David and Sir Frederick Barclay £6.5 billion
14 Hans Rausing and family £6.4 billion
15 Mohamed Bin Issa Al Jaber and family £5.935 billion
16 Carrie and Francois Perrodo and family £5.8 billion
17 Nathan Kirsh £5.06 billion
18 Earl Cadogan and family £4.8 billion
19 Nicky Oppenheimer and family £4.55 billion
20 Sir Richard Branson and family £4.1 billion
21 Bruno Schroder and family £3.76 billion
22 Mike Ashley £3.5 billion, Sir James Dyson and family £3.5 billion, Sir Philip and Lady Green £3.5 billion
23 ...
24 ...
25 Sir Henry Keswick and family £3.275 billion

.....and that's just the top 25. The wealthiest 1,000 individuals and families now have a combined fortune of £547.126 billion, up from £249.615 billion in 2005, despite the world economy being gripped by a punishing recession over much of the last decade.

-  and I've little doubt that many people employed by companies these people own, or have a vested interest in, will be on low wages and be dependent on tax credits.


Go on Gideon....I'm sure they wouldn't mind doing their bit, and it wouldn't hurt them too much. After all......we're all in it together!

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Ivan

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Apologies Ivan......I realised the post was more apt on this thread. Please remove it from the other.

....between them they've doubled their stash since 2005 whilst millions of others have had wage cuts in real terms - through wage freezes/cuts after the recession. It would only seem reasonable, and sensible, to expect the mega rich who have thrived, despite the recession, to alleviate the burden on the poorest / the working poor by contributing a little more into the coffers. Look at this £4.4billion George wishes to raise via tax credit cuts that will hurt those already hurting - would £4.4billion really hurt these vulgarly wealthy people bearing in mind they have £547.126 billion between them (and that's just the top 1000).

Tax credits are in effect going to act as a pay cut to millions of working people.

Priorities. principles, sense, logic, balance, fair play, and justice are, as usual, totally skewed in the UK.

Modern USA is divided between The Rich, and The Rest and we seem to eventually mirror much of whatever happens there. Certainly the current Tory Party is content to lift most of its ideas from Republican policies.

When will this incompetent fool (who failed A Level Maths) be drummed out of office? Being a Bullingdon Club chum of Cameron's doesn't exactly make him a suitable candidate for running the nation's finances. He told us he wanted to be judged on whether he kept the UK's AAA credit rating, but he lost that in February 2013.

Shock UK deficit figures dent George Osborne's economic plan

Official figures showed the worst October for the public finances in six years. The deficit, or the gap between what the government spends and takes in, swelled by 16% from a year earlier to £8.2bn in October, according to the Office for National Statistics.

http://www.theguardian.com/business/2015/nov/20/worst-uk-deficit-figures-six-years-george-osborne

The Daily Mail will doubtless be calling for his head any day now...

Gideon gets to strut the Westminster stage on Wednesday, with his Autumn budget.

Will he have the nerve to increase Fuel Tax now that motorists have begun to smile again?

In the prevailing circumstances this is a potentially tricky moment for the ambitious and heartless Chancellor.

He will paint his offering as a skilfully-constructed solution to save the nation from all the havoc allegedly wrought by Labour up to 2010.

But even Gruesome Gideon's silver tongue may be hard put to persuade many that his raft of proposals are either fair, or believable.

I sense big trouble ahead for this posh boy as the nation - or at least large parts of it - begins to see through his smoke and mirrors propaganda. But will Labour have the ability to take advantage of his discomfiture as the full horrible truth gradually emerges from the pretence of his Autumn Statement...?

"But will Labour have the ability to take advantage of his discomfiture.... "

No!

....his raft of proposals are either fair, or believable......


Pardon me for being Zoilean but raft, singular, requires a singular verb. You DID promise to check your grammar.

Jespersen doesn't seem to mention whether a metaphor follows the rule of agreement, but nowadays most people are content with something that just sounds alright.

"Miss! Miss! This silly man wants to celebrate reaching Level 2 in Maths by smoking this plant on our desk."


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Osborne does what he does because that is how he was taught. Most people may be content to do something that sounds right but they are often wrong. Raft, meaning a large number, behaves better than Osborne, and no matter how many people want to make it a plural word, it isn't. Were Osborne a grammarian he would know that people are often seduced into error by mistaking a genitive for a subject - as here. And they are often wrong. That it was originally used metaphorically is, like Osborne for many, an irrelevance.

"  You DID promise to check your grammar..."

Guilty as charged. 

I must do better with those pluperfect subjunctives, too... 

The other current giddy idea is to make Nurses pay for their training.

But the NHS is safe in the hands of the Tories, so why worry about the detail?

Phil Hornby wrote:I must do better with those pluperfect subjunctives, too...

That's the spirit! I shall let you know when you use one. I bet Osborne rarely indulges in the pluperfect subjunctive.

Nice to see that someone cares about the poor man who has to deal with the mess they inherited from the Coalition.

" I shall let you know when you use one"

It went without saying, of course.

Nevertheless, don't feel obliged on my account... 

Phil, I fear I have drawn you away from eating the carcase of Osborne. Enjoy.

If you have ever wondered whether the Chancellor just makes it up as he goes along, today's miracle of the unexpected billions from forecast tax receipts should remove all doubt.

Shock! Horror!

Five major investment banks pay no UK tax

http://www.msn.com/en-gb/money/taxes/five-of-worlds-biggest-investment-banks-pay-no-uk-corporation-tax/ar-BBnPGQL?li=AA54rU&ocid=mailsignoutmd

Bloody con artist Tories won by default, thanks to NO hoper UKIP voters and those SNP fools. Cameron was so surprised he looked dazed. Now with all these austerity measures we have no growth and more borrowing. Tories have achieved their aim-- the transfer of wealth from bottom/middle to the few at the top. Typical Tory ideology. The blame for us having these tyrants in office must lay with the Tory loving/owned press/media with their drip drip Tory propaganga which the many thick fools fell for hook-line-and-sinker. Now as a result of their actions, the poor, the sick and the majority suffer as a concequence.

MERRY XMAS TO ALL.

Have a great Christmas, Mel...

Thanks Phil. Good health and wishes my friend.

Britain will probably never see a Chancellor who simplifies the tax system. The Tolley's Yellow Tax Handbook now stands at 10,134 pages over four volumes, up from 4,998 pages in two volumes in 1997.

http://www.msn.com/en-gb/money/news/george-osborne%e2%80%99s-labour-market-policies-%e2%80%98will-backfire-and-hit-pay-growth%e2%80%99/ar-BBo2iWo?li=AA54rU