Category Archives: Labour Financial Stupidy
2009 has been Gordon Brown’s annus horribilis (yes there is probably a Mandelchump joke in there) the financial saviour of the world could not save his own country, as the financial predictions of Brown and Darling were proved not only wrong, but so wide of the mark as to be laughable.
The scandal of MP’s expenses exploded in to the news courtesy of the Telegraph, and continues to cause massive tidal waves with today’s news that the Met Police have sent 2 further files on MP’s to the Crown Prosecution Service, making a total of 6 MPs and Lords in the frame. The expenses scandal initially reflected badly on the Government and Gorbals Mick the speaker, then backfired on Gordon Brown as he has had to pay back more money he should not have claimed.
The things claimed have verged from the ridiculous to fraud for non-existent mortgages, there will doubtless be some sacrificial lambs next year to satisfy the blood lust of voters rightly incensed over the abuse of taxpayers money by people they trusted.
The rising number of casualties in Afghanistan, the shortage of helicopters, equipment and funding blew up and did Brown, Ainsworth and Labour no favours.
Gordon Brown’s inability to admit there will have to be cuts in spending, the infamous 10% Tory cuts smear when government departments were preparing 20% cuts, 50% income tax and the resumption of class war and politics of envy have all failed to resonate with the public.
Then there was the slow motion car crash of the Labour party conference, the Sun pulling the plug on Labour support and Mandelson redefining the meaning of “Chump”. Read the rest of this entry
The Organisation for Economic Co-operation and Development has warned Chancellor Alistair Darling that he cannot afford pre-election sweeteners as there is no money.
The latest set of figures show October to be the worst month for public finances since records began 35 years ago. The budget deficit for October 2009 was £11 billion and national debt is now 60% of GDP. The deficit for the fiscal year 2009 – 2010 is likely to top £175 billion which blows the Governments financial predictions for the year to shreds, once again.
In the last year Government borrowing has almost doubled, tax receipts are falling and spending on unemployment benefit is rising.
If that is not bad enough the Bank of England reports that for the eighth month in a row, bank lending to business is still contracting. What happened to pumping money into the banks and the banks lending money to spark growth.
The OECD has another grim warning that cutting expenditure and increasing taxes will stifle growth.
With their heads firmly in the sand the Government are continuing to spend money at an ever-increasing rate and nowhere in the Queens Speech was there mention of spending cuts. Apart from a politically motivated law to force any government to cut the debt by 2014, not a word.
Then there are the rumours in Westminster of Labour pursuing a scorched earth policy to make life difficult for any Conservative Government.
Bank of England Governor Mervyn King says the recovery for the UK economy is “Highly Uncertain”
Gordon Brown and Alastair Darling say that the economy will come out of recession at the end of the year, which leaves the question of who to believe? The Man Who Saved The World or Mervyn King who has been consistently correct on the economy.
Giving today’s Inflation report Mr King said “the economy can’t be repaired in a few quarters” and he carried on in somber mood:”bank lending will remain weak over the next three years” and the economic output would take years to return to previous levels.
Output fell by 0.4% between July and September, catching everyone off guard including our two Labour financial geniuses.
The outlook for inflation is unsure with a likely spike to 3% in the first quarter of 2010 as VAT increases to 17.5%.
My King also had a warning about the massive level of Public debt and the urgent need to address it.
Brown and his government’s answer is to continue spending irrespective.
Brown was a dead loss as Chancellor in the pseudo good times of his credit fuelled boom, as managers of a broken economy Darling and Brown are quite simply not fit for purpose
Rumours are growing that Brown may call the GE early, March 25th is the favourite date. A number of reasons are being mooted for this the most likely is that Labour wont have to produce a budget.
Senior Labour Party Officicals have been told not to take holdiays after the end of January, Conservative HQ is also rumoured to be on stand by.
One thing is certain – as Peter Oborne sets out in today’s Mail – Brown is still pursuing a scorched earth policy:
“Gordon Brown now finds himself in a similar position to John Major. He, too, faces election defeat. But there is no sign of the magnanimity and sense of public duty shown by either Jim Callaghan or John Major. Very much the opposite: it now looks very much as if he has launched what some Whitehall officials describe a ‘scorched-earth policy‘.
But Gordon Brown’s most palpable act of political selfishness concerns his economic policy. Next year the national deficit is set to rise towards £200billion, a figure without precedent in our history… Read the rest of this entry
US Treasury Secretary Timothy Geithner has said he “is not prepared to support” Gordon Brown’s call for a tax on bank transactions, one the major losers had this idea of yet more taxation come to fruition would have been pension funds. As if Brown has not already done enough damage to pension funds in Britain.
But Mr Geithner’s rejection of the proposal will deal a fatal blow to the Government’s ambitions.
In an exclusive interview, he told Jeff Randall Mr Brown’s plan is “not something that we’re prepared to support”.
He said: “I think we all share a basic interest in trying to make sure we build a system where taxpayers aren’t exposed in the future and where the financiers are bearing the consequences of their mistakes – that they are responsible for the risks they take.
Despite the constant Labour propaganda about Brown saving the world and more recently the USA, Brown is increasingly out of step who those “he saved” because Brown’s answer to everything is Tax, Tax and more Tax, yet in both the USA and Germany who have come out of recession their government packages for growth are built on tax cuts not increasing taxation
By Tory Aardvark
Is there such as thing as a good day for the Prime Mentalist anymore? If indeed such a thing still exists then Thursday 29th October 2009 certainly is not a good day.
Firstly the news from the USA that their economy is out of recession and like Germany, Obama’s fiscal stimulus package includes Tax Cuts not endless tax rises disguised as Green measures or blatant politics of envy like the 50% tax rate.
The man who ended “Boom and Bust” and derided Shadow Chancellor George Osborne got it spectacularly wrong. This country was indeed uniquely placed, uniquely placed to be totally screwed for a least a generation by the biggest financial incompetent since Gerald Ratner.
Sadly every Conservative blogger who said Brown’s fiscal policies were insane has been proved totally correct, the country is going to suffer for a generation because of a wannabe second rate mental midget.
The news today that Nadine Dorries will receive damages from Damain McBride reflects badly on Brown, and the news that there are two other suits outstanding. The one against 10 Downing Street could turn out to be the most damaging because Gus O’Donnell the head of the civil service was McBride’s employer and the emails were sent from McBride’s desk, from a government computer during working hours.
Meanwhile Brown has donned his cloaking device and is nowhere to be seen.
By Tory Aardvark
On top of the massive £86,000 debt per household that Labour have run up with their spending of £6017 per second; they are wasting the equivalent of £3640 per annum on Quangos.
Labour has said it will cut the costs of the Quangos and their powers, which has so far turned out to be yet more lies. According to the Taxpayers Alliance in excess of £90 billion was spent on Quangos in the year 2007-08 an increase of £13 billion on the previous year.
Government at Westminster funded 960 bodies costing £82 billion; with so many Quangos how many are doing the same job twice.
£90 billion of money we dont have being wasted on nonjobbers, how much more are Brown and Co wasting this year?
*** Updated 15:40 ***
It’s actually far worse than my original post suggested
By Tory Aardvark
More delusional ramblings from the Bunker.
In this podcast Dear Leader promises to lead us out of recession by the end of the year.
What happend to the Green Shoots of Recovery?
The predicted growth in the second quarter of 2009?
My pledge to you is to make reform of the financial sector a reality and to see Britain’s economy return to growth by the turn of the year.
The podcast has attracted a total of 142 plays in 24 hours, so it looks like only the Downing Street insiders were forced to listen.
By Tory Aardvark
Two years and four months ago the cursed one eyed son of the Manse was a crowned Leader of the Labour Party and unfortunately for this country became Prime Minister.
Listen to the words he comes out in the video and then compare what he says with what he has done.
The economy ruined, reckless spending to try and stop the economic slide caused by his incompetence, selling the Armed Forces short, Lies and Smears against anyone who dare speak out against the Party and Dear Leader. The creation of the Labour Political Elite who are above the Law; the laws in some instances they have created.
From the whitewash to save the Attorney General to the latest cover up to protect the Redditch Saddleback, Brown his Labour Party and his Government are comparable only to one other country. Zimbabwe.