| Newsnight. 22:57 - Mar 6 with 1371 views | BanksterDebtSlave |
Labour back the entire budget. Pat McFadden
Happy days!
T.I.N.A has won. |  |
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| Newsnight. on 23:11 - Mar 6 with 1318 views | Aviator |
Tories are playing the long game. I wouldn’t be surprised if they string out the election to 2025.
By then, Inflation will be at 2%, interest rates down, I expect further NI cuts as headroom increases. People will feel genuinely better off. Never write off the Tories. |  | | |
| Newsnight. on 09:30 - Mar 7 with 1035 views | DJR |
This from Torsten Bell emphasises the point you make, but I do feel Labour have boxed themselves in to a straightjacket.
"The £19 billion of cuts to unprotected public services after the next election are three-quarters the size of those delivered in the early 2010s. The idea that such cuts can be delivered in the face of already faltering public services is a fiscal fiction.
“Budgets are always a big day for Westminster, but the big picture for Britain has not changed at all. This remains a country where taxes are heading up not down, and one where incomes are stagnating.
“Big tax cuts may or may not affect the outcome of that election, but the task for whoever wins is huge. They will need to both wrestle with implausible spending cuts, and also restart sustained economic growth – the only route to end Britain’s stagnation. |  | | |
| Newsnight. on 09:40 - Mar 7 with 999 views | Lord_Lucan |
re; "There's no money left".
I felt sorry for Liam Byrne, it is a long standing tradition for a member of the departing treasury to leave such a note, yet he was lambasted by people who simply didn't know this.
Cameron didn't help by waving the letter about.
Poor show. |  |
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| Newsnight. on 09:58 - Mar 7 with 929 views | Freddies_Ears |
Increase in child benefit, reduction in taxes for workers, increase in taxes for wealthy pensioners, non-dom status to be axed - it was a Labour budget... | | | |
| Newsnight. on 09:58 - Mar 7 with 931 views | DarkBrandon |
| Newsnight. on 09:40 - Mar 7 by Lord_Lucan |
re; "There's no money left".
I felt sorry for Liam Byrne, it is a long standing tradition for a member of the departing treasury to leave such a note, yet he was lambasted by people who simply didn't know this.
Cameron didn't help by waving the letter about.
Poor show. |
I listened to an interview with him a while back.
It is a fascinating story.
He left a note saying “I’m sorry, there’s no money”.
Which is a running joke in the treasury that that is what the chancellor says to every minister/mp who wants more money for a pet project of theirs. And have done for decades.
David Laws mentioned the note in a press briefing shortly after he started (he only lasted a couple of weeks iirc) and misremembered the text as being “there’s no money LEFT” (my capitals)
I think the press leapt on it, to the surprise of Laws - but not Osborne who was smart enough to realise how in the absence of context and being misquoted it would be understood |  | | |
| Newsnight. on 10:05 - Mar 7 with 902 views | DJR |
Whilst the Government is blaming Covid and its measures to ease the cost of living for the current situation when it comes to increasing government debt, it is interesting to note that its austerity measures, as well as devastating public services, didn't even work in their own terms to bring down net debt before 2020. In other words, austerity didn't fix the roof.
https://en.wikipedia.org/wiki/United_Kingdom_national_debt#/media/File:UK_Debt_a [Post edited 7 Mar 10:05]
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| Newsnight. on 10:11 - Mar 7 with 872 views | DJR |
| Newsnight. on 09:58 - Mar 7 by DarkBrandon |
I listened to an interview with him a while back.
It is a fascinating story.
He left a note saying “I’m sorry, there’s no money”.
Which is a running joke in the treasury that that is what the chancellor says to every minister/mp who wants more money for a pet project of theirs. And have done for decades.
David Laws mentioned the note in a press briefing shortly after he started (he only lasted a couple of weeks iirc) and misremembered the text as being “there’s no money LEFT” (my capitals)
I think the press leapt on it, to the surprise of Laws - but not Osborne who was smart enough to realise how in the absence of context and being misquoted it would be understood |
Laws, though, as an Orange Book liberal was in my view just as, if even not more, evangelical about austerity than Osborne and Cameron.
But you are right that he didn't last long. [Post edited 7 Mar 10:15]
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| Newsnight. on 10:48 - Mar 7 with 807 views | DJR |
| Newsnight. on 09:30 - Mar 7 by DJR |
This from Torsten Bell emphasises the point you make, but I do feel Labour have boxed themselves in to a straightjacket.
"The £19 billion of cuts to unprotected public services after the next election are three-quarters the size of those delivered in the early 2010s. The idea that such cuts can be delivered in the face of already faltering public services is a fiscal fiction.
“Budgets are always a big day for Westminster, but the big picture for Britain has not changed at all. This remains a country where taxes are heading up not down, and one where incomes are stagnating.
“Big tax cuts may or may not affect the outcome of that election, but the task for whoever wins is huge. They will need to both wrestle with implausible spending cuts, and also restart sustained economic growth – the only route to end Britain’s stagnation. |
Some strong criticism of both the Tories and Labour from the IFS.
"Jeremy Hunt and Rachel Reeves are joined in a “conspiracy of silence” over tens of billions of pounds in tough tax and spending choices, with the next government likely to inherit the toughest outlook for the public finances in 80 years, Britain’s leading economics thinktank has warned.
The Institute for Fiscal Studies said the chancellor’s budget on Wednesday had laid the ground for “staggeringly hard choices” due after the general election for whichever party forms the next government.
The experts on the UK’s public finances said Hunt had earmarked cuts to spending on public services outside health, defence and education worth £20bn, while driving up national debt levels within the narrowest of margins to meet his self-imposed fiscal rule.
In stinging remarks about the government, Paul Johnson, the director of the IFS, said Hunt had laid the ground so that the next parliament “could well prove to be the most difficult of any in 80 years” for a chancellor wanting to bring down debt.
However, he also issued sharp criticism of the shadow chancellor, suggesting that neither party had been upfront with the public over difficult decisions for tax and spending.
Johnson said that Labour had been “just as shy” as the Conservatives about spelling out its plans for taxes and spending after the election.
“If I am sceptical about Mr Hunt’s ability to stick to his current spending plans, I am at least that sceptical that Rachel Reeves will preside over deep cuts in public service spending,” he said.
“The government and opposition are joining in a conspiracy of silence in not acknowledging the scale of the choices and trade-offs that will face us after the election.
“They, and we, could be in for a rude awakening when those choices become unavoidable,” he said. | | | |
| Newsnight. on 11:03 - Mar 7 with 766 views | BlueBadger |
| Newsnight. on 10:05 - Mar 7 by DJR |
Whilst the Government is blaming Covid and its measures to ease the cost of living for the current situation when it comes to increasing government debt, it is interesting to note that its austerity measures, as well as devastating public services, didn't even work in their own terms to bring down net debt before 2020. In other words, austerity didn't fix the roof.
https://en.wikipedia.org/wiki/United_Kingdom_national_debt#/media/File:UK_Debt_a [Post edited 7 Mar 10:05]
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It's because austerity is quite literally, a false economy innit.
In an integrated society, cutting one tier of support services tends to push the burden onto another one.
Which is usually more expensive. [Post edited 7 Mar 11:31]
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| Newsnight. on 12:20 - Mar 7 with 621 views | Pinewoodblue |
| Newsnight. on 09:58 - Mar 7 by Freddies_Ears |
Increase in child benefit, reduction in taxes for workers, increase in taxes for wealthy pensioners, non-dom status to be axed - it was a Labour budget... |
Not sure how you define a wealthy pensioner but you would only need other income of around £3,000p.a before you pay more tax. |  |
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