The embarrassing truth is that, for all his [George Osborne's] talk abouthow you can’t borrow your way out of a debt crisis, he [George Osborne] is now trying to do just that. Before the last election, fearful of Labour attacks, he adopted a deficit reduction plan that was only a slightly modified version of the one proposed by Gordon Brown. He dressed it up in the language of austerity, and still speaks in blood-curdling terms about the urgent need to confront the deficit – while borrowing more than even Labour planned. It has been a political success: just look at those opinion polls. But not, so far, an economic success. The list of undead Brownite policies lingering in the Treasury is long and ignominious. Osborne inherited a 51p tax on the rich, and upped it to 52p (courtesy of National Insurance). Brown planned for UK net debt to rise by 60 per cent, to £1.37 trillion. Osborne, for all his talk, is raising it by 61 per cent to £1.4 trillion. Both men pinned their hopes on the Bank of England printing a colossal amount of money, one of the biggest quantitative easing experiments the world has ever seen. Both have a weakness for tinkering. Both show little interest in supply-side economics, and regard tax cuts not as a stimulatory tool, but as a luxury to be awarded at some point in the future, and only if the country behaves itself. courtesy of Fraser Nelson in the Torygraph What is needed is the government to STOP SPENDING and STOP PRINTING MONEY and STOP LAUNDERING FAKE MONEY THROUGH UK ECONOMY. Osborne and the rest of the Keynesians cry about interest rates. The abnormal low rates are CRIPPLING the UK economy. Good money is being turned to bad money, then there will be nothing left to drive an economy forward. You screwed the savers and pension funds who would normally keep an economy ticking over in a downturn. But your fixation to bailout borrowers with savers cash, now it’s payback from the savers with your ever worsening GDP. Savers are not spending their money on what would help an economy, they are protecting their wealth. Two fingers to George Osborne, David Cameron, Ed Balls, Ed Miliband, Gordon Brown, Alistair Darling, and BoE head Mervyn King. You are nothing more than asset strippers.
SUNDAY, JANUARY 29, 2012
Last week’s shrinking GDP figures were spun by George Osborne as due to the crisis in the €urozone. The decline in GDP could hardly be blamed on the US market which is picking up and growing at a respectable 2.8% last quarter, nor on Asian markets where China grew at an annualised 8.9% and India at 7.8%.
For the state to demand a min of 20% and 50% of peoples own rewards …. and the rest!
By the time a basic rate tax payer gives 23% income tax, 10% NI (a tax all but in name), 20% VAT on almost everything purchased and approx 75% tax on booze, fags and petrol, the real tax rate is around 60%! And if you’re a higher rate tax payer its obviously even more.
A tax burden of this magnitude means that for every pound earned only 40p goes into the productive economy and demonstrates why the economy is struggling to grow.
Black economy leaves £42bn hole in Britain’s tax accounts.
Independent.
Deregulate, liberalise, lower the tax rate and, as elsewhere, the black economy emerges to become legit as the incentive to operate in the shadows diminishes.
A lot of those boys and girls have the brains and ingenuity to make the difference…unlike the uninspired plodders and self.righteous no-hopers in many branches of the public sector.
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