Posts tagged ‘George Osborne’

June 6, 2011

European Union’s own public expenditure goes up by a staggering 5% in 2012 whilst it orders member states to put theirs in reverse

[Tammy Jones, UK Financial News Contributor]

In a gesture, breathtaking by its sheer slime-oozing texture, MailOnline reports that UK Tax Minister, George Osborne, joined the ranks of the EU slithering elite which are bringing the economy of Britain to a shuddering halt, by pronouncing that the government’s austerity measures imposed by the IMF and the EU in return for the country’s bailout loans are: ‘essential’ for Britain’s recovery.

The Tax Minister’s pronouncement spawns from the emptiness of the IMF and EU’s failure to produce any model for austerity measures (which essentially entail a dramatic cessation in public spending) ever bringing back any country in Europe from ruin to prosperity, coupled with the PIGS countries clear inability to not only sustain any kind of prolonged public expenditure cuts, but now clearly to pay back their bailouts.

And in a dramatic failure to lead from the front on public expenditure cuts, whilst the EU Commissioners are so busy championing ‘austerity measures’ to member states, they are in shopping mode with member states’ taxpayer’s contributions as the EU’s own public spending/ administration costs are set to go up by 5% in 2012.

As such, the clear-cut strategy for the EU Commissioners seems to be:-

a) transfer public spending from member states to the EU (which has never been audited)
b) EU Commissioners will then control and eventually dominate all member states
c) member states, via economic and political union, become ‘prefectures’/ ‘regions’ of the European Union.

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April 15, 2011

The ‘Clunking Fist’ bids for the IMF top job – not likely says British Chancellor

[Anne Smith, UK Politics Contributor]

MailOnline: It is a well-known secret that the ‘Clunking Fist’, also known as ex-Prime Minister of England, Gordon Brown, is pushing hard for the top job at the IMF.

A tad bored with getting internet access to all kids in Africa (for no salary), he is reported to be drooling at the chops for a crack at the £270,000 per year (thank you very much) IMF post. Following moments, which could only be described by the sane as ones of pure lunacy, this week at a conference of chief policymakers at Bretton Woods in New Hampshire, the birthplace of the IMF, Mr Brown had come up as best choice for the post after his intense levering to get it.

In recent times in the USA, Mr. Brown, the man who oversaw the collapse of the largest bank in the world – the RBS and the reduction of the British economy  to a poor neighbour of what it used to be,  has been putting himself about to be a top international statesman in media circles.

However, Mr. Brown is likely to be disappointed with the result of his bid for the post as the UK government and its Chancellor are saying that they will veto any moves to get him into the job, because he is simply not up to it. Furthermore, they are saying that with his track record of spectacular failure as an economist, it would be an insult to the British people for him to be in charge of anything to do with money, or any kind of economy for that matter.

Analysts are saying that with this kind of negative heat from the British government, Mr. Brown’s bid is sure to fail and are suggesting that he might consider going the way of Lord Mandelson – join the EU as a commissioner and take things from there to stage his comeback to front-line British, or world politics.
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March 24, 2011

UK Chancellor opens up Britain for business with bold budget

MailOnline: Britain’s Chancellor, George Osborne, is claiming that he is the ‘man with the plan’ to get Britain’s troubled business industry back on track. In the budget, reckoned to be one of the boldest in Britain’s recent ‘cash-strapped’ financial crisis, his ‘stimulus’ plan includes:-

  • personal tax allowances rise by £630 to £8,105 in April 2012;
  • fuel duty cut by 1p from 6pm tonight
  • interest-free loans to be made available for first-time buyers
  • company tax to be reduced by 2% from April and 1% in each of the following three years until it is at 23%;
  • possible merger of income tax and National Insurance contributions;
  • a promise to keep inflation at between 4% and 5% this year.

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It is estimated that more than 20% of UK taxpayers will see their income tax bills go down by £320 per annum.

In the meantime, a group of women demonstrated outside Downing Street before the budget announcement protesting that it was a ‘banker’s’ budget and would negatively affect lives of women. They are saying that the budget was bad for women as it included the closure of women’s refuges, cutting child benefits, putting back maternity rights and also major public sector job losses.

Demo: Protesters chain themselves together outside the security gates of Downing Street in London in a bid to stop Chancellor George Osborne leaving to go to the House of Commons to present his annual Budget
[Finance and Economy Contributor]
March 6, 2011

UK declares war

Yes, its official!  According to BBC News, the UK has declared war on the ‘enemies of enterprise’. With the country‘s coffers at an all-time record low and a deficit bursting outwards at the seams, David Cameron, Britain’s PM, at his political party’s spring conference, said that he has declared ‘war on the enemies of enterprise’ and was on the side of the ‘go-getters’ in Britain as the country’s only hope for growth was to back its entrepreneurs.  Accordingly, he has vowed that the country’s March 23rd Budget would be his government’s most aggressive yet.  His Chancellor, George Osborne, has already said that the forthcoming Budget would be ‘unashamedly pro-growth’, so an eager British business community waits with bated breath.

Mr. Cameron has promised: .. a fundamental rebalancing of our economy … with less debt, more saving; less borrowing, more investment; less dependence on financial services and more new industries, exports and trade’. But, it would seem that the contradictions in that statement give little comfort to the British business community that Mr. Cameron really knows what he is talking about and also that he has not included the British government itself in his list of ‘enemies of enterprise’.

I guess for someone who has never run a business in his life, Mr. Cameron may not be the best qualified to have a credible plan for business growth and in that sense, may be forgiven for his outburst.  He might be interested to learn that in the USA, the US government’s encouragement for the re-starting of lending and investment programs from banks and financial services companies to stimulate and enable business recovery has worked a treat to make the USA today the greatest emerging market in the world. So why is Mr. Cameron saying that for similar results to be obtained in Britain, his government will do the opposite?

However, the good news is that Mr. Cameron’s government seems keen to create enabling structures for the country’s business folk as according to him, the government intends to take on: ‘ ..the bureaucrats in government departments who concoct those ridiculous rules and regulations that make life impossible for small firms…”The town hall officials who take forever to make those planning decisions that can be make or break for a business – and the investment and jobs that go with it …”The public sector procurement managers who think that the answer to everything is a big contract with a big business and who shut out millions of Britain’s small and medium sized companies from a massive potential market.”

The Labour Party is dismissing Mr. Cameron’s promises as yet more air from a Prime Minister not famous for making any of his pledges come true. They are saying that Mr. Cameron lacks an effective plan for growth and seems more interested in spin, rather than substance.

[Finance and Economics Contributor]