Mandy Back to Reassure Gilt Market
At 10.30 this morning we will have the first auction of government debt this year. Gilts are ticking down* a little as the market awaits the outcome of the sale. Mandelson is being wheeled out today to say that – shock, horror – the First Lord backs government policy; emphasising spending reductions, tax increases and reducing the deficit, all to reassure the bond markets.
At the same time Alastair Darling is introducing a Fiscal Responsibility Bill, to be debated today, in the latest effort to reassure investors after Darling in 2008 scrapped rules to contain the deficit, he now repents:
“Whatever the economic circumstances, whatever the government, we need rules and objectives to govern fiscal policy… It is important we have that discipline.”
You can say that again. Spending prolifically in the credit-boom years wasn’t prudent, it was reckless fiscal madness. It was Brown’s delusion. We really need to go further and introduce a balanced budget law, forcing the government to live within its means. Today’s auction of £4 billion of gilts will cover a week of government overspending under the Brown and Balls economic plan. The reality is we need to control spending as soon as possible.
Creating spend / cut dividing lines is crass partisanship, not working in the national interest…
*Guido is short the market.
Dead right Guido
A shame that a proud country is reduced to simply being one up from begging.
£4 billion of gilts, that should cover about 5 days of Brown/Balls over-spending.
coz they is all selfish incompetent cun’ts who are just init for themselves ain’t they?
not like those great blokes at the Banks and the City who put country first and wouldn’t dream of selling their own granny* if they could make a 0.05% profit on her in a few hours and fuck the nation and everyone else if they don’t like it
*granny shorting has been banned in all countries but Dubai sadly, so get your sunscreen grab that elderly mobile profit ‘vehicle’ and fill yer boots!
It is NOT borrowing; we call it increased investment towards our core voters’ welfare payments.
Spending prolifically in the credit-boom years wasn’t prudent, it was reckless fiscal madness. It was Brown’s delusion.
All too true
I well remember Hague, Ian Duncan Smith and Michael Howard saying time after time after time after time how they were going to raise taxes and slash public sector pay and unemployment benefits because they knew the Bankers and city would eventually fuck the entire UK Economy for short term bonuses of Billions on worthless gamblers-anonymous hyper-leveraged bets like credit default swaps and collateralised loan obligations
surely you all remember that?
Yeah, they kept quiet while Gordon actually got on with the fucking wrecking job.
To quote Oliver Letwin, shadow Chancellor in 2003:
‘If the economy is doing so well, why is he borrowing so much?’
The Tories talked about Brown’s borrowing for years. It’s just that the BBC et al didn’t report it.
But hey, when Brown can say “the end to boom and bust” on TV and all you suckers swallowed it whole, dissenting opinions didn’t get much air-time then!
We are still, unfortunately, paying huge sums in EU membership fees. There’s a cut.
Don’t panic the Bank of England will buy them.
That is what makes me panic…
And Pimco announced that it was flogging our gilts.
Well at least RBS and Lloyds will do the decent thing and buy up shedloads.
Time for Gordo the Incompetent Twat to go and for someone, anyone, to do as Lenihan did in Eire. It’s time this country got real and made some lazy blighters find work and get orff benefits.
It’s scandalous that that turd Anjem Choudary gets £25k in benefits from the taxpayers and then slags us orff. Time scum like that and their families were deported to Saudi or Iran and find the nirvana that they nhave been so assiduously searching for. As always in the West rather than the right place the Middle East.
As for the Prince of Bourneville, will the markets take heed, will they fuck, when your bonus is predicated on a successful deal who wants to buy/sell gilts when your bonus gets arse-wiped for 50%.
I was being facetious!
they will until 28/02/10 and then what?
Simples. Have an election and let the Tories take the blame when the whole thing goes tits up.
Monkey chops said:
“Simples”
Please forgive my ignorance but this a word i have seen several times recently, so it can’t just be a typo. From whence, pray, does it emanate and why isn’t ‘simple’ good enough?
Simples.
Why do TV news reporters make needless journeys into snowy places then tell people not to make needles journeys in snowy places?
They’re just doing their bit to counter the inevitable freeze-up resulting from Global Warming.
We have a simple choice in the coming election. We can return a Labour Government that will attempt to rebalance the books via massive tax increases, while maintaining it’s vast client state, or we can bring in a Tory Government that will rebalance the books by cutting waste and overspending. Brown and co are planning to increase taxes by 50 billion a year. This means big hikes in council tax, further rises in NI and income tax, and a 20 percent VAT rate on everything including food.
Tell you something. I would much prefer Mandy and his friend Ken Clarke (they really are friends) running the economy than Osborne or Brown.
Brown is an amateur tamperer.He dabbles here there everywhere and leaves his dirty prints over everything.
This is one of the key signatures of this rabid control freak.
He ought to be put out his misery and I suppose will be soon.
However this ghoul will have to be dragged screaming and shouting from No10, and if he can manage to “soldier on” (apologies to the army) after the election, I think you might begin to see civil disobedience on the streets, so reviled is he.
Iceland gives Gordon Brown the two finger salute.
Gordon thinks that a threat to stop Iceland joining the EUSSR is worrying the Icelandic people, what a moron!
Hey Gordon, how about paying back to all those other countries for the collapse of the two failed Scottish banks, and that Northern bank. It was Gordon’s changing and relaxing of city regulation which allowed trading in debt as if it was proper money – a massive fraud against other countries that got sucked into this American / UK banking scam.
Agreed why should I have to pay for crap Shitland banks, or instituitions run by northern Huhnes.
Iceland is being bailed out by Norway, a bottomless oil and gas well, so McRuin can forget his empty, feeble, limp-wristed threats, he and his bankster friends are the ones to be held to account.
Seems a bit quiet here today. Nobody in the office?
Not quiet at all on the torygraf:
http://www.telegraph.co.uk/earth/agriculture/food/6924216/Britain-must-produce-more-food-government-to-warn.html
Brown said in a statment today that Tractor Production figures MUST improve.
Britain must produce more food, government to warn
“A soaring global population, climate change, diminishing energy sources and depleted fish stocks mean that society can no longer be complacent about its ability to feed itself, the Department for Environment, Food and Rural Affairs (Defra) will say. ”
they forgot the snow…..
Let them eat snow. The yellow stuff is particularly tasty.
Refreshing!
Sounds like a none too subtle attempt by DEFRA to avoid the inevitable budget cuts later in the year. Expect similar pleading from the other non-ringfenced ministries.
I see so the EU set aside payments Gordo’s boys have been paying farmers not to produce anything are complete bollocks then ? Why have DEFRA paid them?
New Labour:
Run out of ideas
Run out of money
and now running out of food.
Fuckwits all.
I anticipate savage inflation in Tractor Production figures. Of course that goes hand-in-glove with increased methane output. However, now we are in a global cooling scenario, Gordon will be able to claim we are leading the way and saving the globe from the next Ice Age. 67 days to save the Universe!
Hmmmmm……. all wrapped up in words about “sustainability”, environmental impact (less use of fertilisers and pesticides) and the need for producing greater yields without increasing vehicle emissions.
Preamble to introducing GM crops anyone ?
So why is it Government policy to build on first rate farm land in the green belt?
The adoption of green belt policies was meant to preserve farm land.
When is the destruction of productive farm land going to stop? It has to stop sometime.
Everybody was/is having a lie in.
and all of this from the vegetarian Minister for Meat, muppets are us is the Liebour default.
Seeing as nobody else has access to a computer this morning, can I ask who resigned yesterday/today? It wasn’t Mandelsohn then, I see. So who is it?
Is this question off the back of the channel 4 news item? No one has the guts to stand up and say enough is enough, I resign, chickens all of them.
Labour are resigned to defeat.
No. I don’t own a TV or watch it. And never pollute my PC with it either. Just musing about all the ‘resignation’ excitement of yesterday. Seems like worlds away, doesn’t it? It was yesterday.
Crushed by flying phones, printers,photocopiers, watercoolers and many other pieces of office equipment.
PM using his blinkered followers to cling on. Then they will get Blinky shoehorned in to replace Brown.
Much as I hate Balls, would be useful if he became Labour leader. He would be as hated as much as Brown.
Its just not funny anymore its now very obvious that all Nu Lab is trying to do is stitch up the next gov at our expense, the hardworking over taxed good folk of Britain
Mr G, right on the button on this one, fools are they who turn a blind to the issue of the national debt, each that goes by in not addressing it is a day lost. and yet they still spend….
s’now football
s’now grit
s’now schools
s’now roads working
s’now fun
s’now money
snot fair
Even Bob Pesto
As has been widely pointed out, the price of gilts would be lower still, if many investors did not believe that there’s likely to be a budget-slashing Tory government elected later this year.
Which means that if the popularity of the incumbents were to increase, that could trigger a further fall in sterling and a funding crisis – which would presumably de-rail any gains being made by Labour in the opinion polls.
http://www.bbc.co.uk/blogs/thereporters/robertpeston/2010/01/the_market_test_of_britains_cr.html
it’s a bit late for that wanker to talk about de-stabilising the economy. It was ok when he was doing it.
I think Mandelson’s speech should be a lot shorter.
He should announce, once and for all, that the Government has realised that Ed Balls is a fucking numpty and is being made to stand down forthwith and will henceforth have no influence whatsoever over Government policy.
Then an apology for allowing this numbnut halfwit ever to have come into contact with the levers of power at all.
Naw – keep him,his missus and Harriett Harperson exactly where they are until the election. Brown and his government will crash harder and quicker than going down a snowy icy hill on a greased tea tray and hopefully with the same result.
As for what would happen to the markets and sterling if Labour actually managed to keep in power after the election is something that I’d rather not contemplate for the moment and every sane and fiscally responsible person should hope that they don’t
Well, if he started on apologies for NuLab, I think it could turn into one of the longest speeches ever made!
This government is to fiscal responsibility what Tiger Woods is to marital fidelity
David Gauke MP
I resent that. My colleagues have long based their personal lives on the precepts now adopted by Tiger – just ask Natalie Rowe.
Piss off toothless little troll
Fuck off youself you twatty little streak of piss
“The reality is we need to control spending as soon as possible.”
“We” the UK – certainly, but “we” the Labour voter? Definitely not, and therein lies Broon and Darling’s dilemma: why would anyone relying on the goodwill and vote of the inept and incapable do anything to damage them?
A law should be passed saying that the government must spend less money on everything except war and national security.
But they are spending it on war – a war against the indigenous people of the UK.
I still think the answer is to award Chancellors very large bonuses (£10 million or so) if they handle the Government’s finances well, according to objective criteria assessed by international accounting standards and audited by an independent, non-UK entity.
Would Lord Ashcroft qualify as an independent non-UK entity?
And hang the bastards if they fuck up
…rated by Standard and Pisspoor’s.
Can someone lend me a tenner till I get straight?
The Bill is dangerous crap begging to be repealed and when the Tories do it, cue ‘Look! Irresponsible bastards!’ from the putrescent vestiges of the former Labour Party. Dirty stuff from an infantile bully happiest in nappies and throwing things.
Prodicus. Are they really that fucking stupid??
The Tories keep the bill, act on it by savagely cutting the Labour voting state and, when the reds start wailing like banshees, simply respond that they are complying with Gordon Brown’s two legacies – a bankrupt nation and a bill to put the nation back on it’s financial feet. i.e. BLAME GORDON!!
What the hell is going on, is it Mandelson who is now the de-facto defender of the public purse?, prior to this we have had some feeble mumblings from Darling about need for belt tightening and fiscal responsibility while at the same time Dumbo Brown refuses to acknowledge any need whatsoever to cut borrowing much less debt and just continue with the great delusion that you can run the Country indefinitely by printing reams of ever more worthless guilts which will have to be paid back at ever increasing rates of interest.
The voters elected Mandelson who in turn was chosen by the people’s PM, who himself has had to undergo the baptism of fire of an election: thus he can be properly considered to be the true voice of the people.
I read last week that Mandelson is considering coming back into The Commons. That woud mean a seat would have to be available for him and the Labour voters to vote him in as MP. Now, having worked at Hartlepool, I can confirm that the voters there are stupid enough to re-elect him, the most obnoxious and treacherous of NuLab’s ruling clique, as MP. Where else is there?
True.When Mandelson is the most honest and capable member of the government,I think it is reasonable to assume that their time is up.
The conniving bastards are all singing from different hymn sheets. Collapse of McSnot and his gang is imminent as financial market has sussed them out.
Correct RB, the labour machine is about to implode. they are running around like chickens with their heads cut off.
They are all back stabbing eachother, This going to be fun to watch.
It’s a shame they are “running” (sorry ruining) the UK at the same time.
Scary isn’t it??
“We really need to go further and introduce a balanced budget law”, Labour love making laws about everything under the sun, but basics such as the economy are avoided like the plague, the IMF will end up introducing the law for them, just like the last time, but when all the chickens finally come home to roost this Government and its miserable crew will have scarpered.
Labour governments and the IMF go together like cheese and port (or like piss and shit, depending on your preferences)
We’re screwed!
The fact is that Mandelson and Darling are the only sane ones in the Cabinet – which I admit is saying something.
The main priority meanwhile for Brown – is practising his ” Eton jokes” for to-day’s PMQs which Ed and Harriett have been collecting for him to use from Christmas Crackers over the holidays
Why have Ed and Harriett been collecting my colleagues, what were they doing in christmas crackers and how dare Brown practice them when I need them to clear my drive this morning.
No problem. I will get Osborne to give another speech. Not even the Dark Lords powers of persuasion can reassure a market which has been exposed to the full power of Osbornes stupidity!
****************explain*************!
Same troll, different name. Today the lonely basement bishop basher is called Bullingson Davy. Yawn.
Yeah, it’s the Tories that are stupid. Let’s stick our left-wing heads up our assholes, ignore the fact Labour have bankrupted the country, and attack those posh Tories.
You dribbling fuckwit.
OOh. I enjoy being attacked by Tories almost as much as I enjoy being attacked by Labour. I have two words for all you Tories – Natalie Rowe.
Future governments being lectured on fiscal responsibility by the most incompetent government in British history – if only Brown, Darling and co put as much effort into government as they do hypocrisy and irony…
To say that this government is incompetent implies that they have acted in error when I think they know full well what they are doing and it is deliberate.
Carry on spending at their convenience so they hope to win the next election.
britain is spent regardless of who gets in any way
good point Guido. gordon brown spent taxpayers’ money faster than he could monitor the spending of that money. he might as well have burnt it.
oh, and I trust you will allow me to post the following exchange just incase anyone missed my grand farewell a couple of threads back:
Can you believe this? says:
January 6, 2010 at 6:52 am
Insipid posting has become your signature.
a) Vote Independent – The Sausages Party
b) Hung Parliament – Doesn’t read or understand Polling Stats
c) Brown Nose all posters that show faint interest
d) Use multiple personas to confuse
e) Post obnoxious items and claim it wasn’t you
f) Attack anyone who is new, or has a valid POV
g) Unempathetic use of the following words.
Cripple
Spastic
Retard
Crack
Whore
Tart
Bitch
Slag
Bitch
Dancing
Esther
Sausages
Hung
Parliament
Rearrange in any order with joining up words ad nausem. You must be very proud.
Surely you should be working on your fantasy blog?
thick as thieves says:
January 6, 2010 at 10:42 am
dear fan,
thankyou for following my posts so closely and for listing the content of my comments so concisely.
in the future, students of politics will study the pages of this place and discuss if and how this blog influenced the outcome of the 2010 General Election which will be a hung parliament and Esther Rantzen will win Luton South.
but in a way you are right. I have commented here for some time now and have covered most aspects of British politics and policy and the danger of repetition is a dangerous and avoidable one and I have other matters I wish to concentrate on in my life.
and so I depart and wish the reader well. it has been a blast motherfuckers.
goodbye Guido.
best regards,
thick as thieves
Bit early to be pissed?
Oh crumbs he’s going to keep making comebacks, like an elderly rock star.
Ol’ blue eyes is crap.
A comeback with a blog link would be good. I feel like I have to mind my language on here.
Plus I don’t want to miss Esther’s g-spot (that’s ‘guest’ btw).
tat, from the timing of your departure I assume you’re a member of Gordon’s Cabinet.
I certainly did miss your grand farewell and
I’m very sorry to see you go. Good luck.
He’s going now to avoid the fucking good kicking he will get when Dave becomes PM. Little shit.
Does anyone remember Brown’s Golden rule?
Why then do we need a fiscal responsibility bill?
To make up for the shattered to smithereens Golden Rule no doubt.
The basis tenet of the Golden Rule was not to borrow any money wastefully, i.e. that would not go back into the Public coffers by the end of the economic cycle. Money borrowed to keep the banks afloat will, eventually (many years on) trickle back into the Treasury at a loss, but money borrowed to maintain Labour’s popularity is obviously a gross infraction of any vestige of common sense, which is presumbly why Darling feels the need to define a pointless new Act, which the money markets will see through better than an improved airport scanner.
It went the same way as the moral compass, Gordons back to school geometry and boy scout kit was smashed to smithereens in a fit of pique.
O/T
Some fucking hippies nearly drowned after their stupid boat got rammed by a whaler.
Up the Japs.
Must be the geenpricks, fucking idiots.
Why is there an ‘emergency’ BBC broadcast on BBC1 just because its fucking snowing in the South of England, been like this up North for weeks.
Because in the south everyone has to go out to work to pay taxes to fund the lazy and feckless living up north on social security (typially Labours core vote).
If it snows all day up north you can just lie in bed watching Sky and wait for the next giro to arrive.
Eveybody works? hahahahaha, have you ever been to Luton, Plymouth, Portsmouth, Gillingnam, Slough, Southend? Have you ever been to fucking London, lol.
London – You will never find a wretched hive of scum and villainy. I live in the North. Most of it is filled with hard working people. Dispersed between these hard working areas are estates full of dole scrounging scum. It’s the same down South. The difference is that the dole scrounging scum are hidden away in London and the like. There are fewer council estates in the smaller towns.
On BBC Breakfast a big noise from the Met office who informed us that their models are not accurate enough to predict weather patterns on a seasonal basis, but then went on to say (when asked by presenter about GW) the current freezing temperatures across Europe do not negate the Global warming effect, cos its only Europe and the World is more than Europe, FFS. Don’t let fact get in the way of ideology.
It’s also very cold in North America and northern China, indeed in most of the Northern Hemisphere, as the Met office person well knew.
Chilly in Dallas, Texas at the moment according to my business partners over there.
I think I’ve heard that one before and I think we’ll be hearing it after the election too
The credit ratings hawks want to hear Ireland slash and burn talk in the election and see them in the manifestos but Dave and Brown aren’t going to play ball
Vote Labour/Conservative for a decade of austerity!
Nope, not going to happen
People will say that you cannot run an economy in the same way as a household. This is untrue. First, the Chancellor is not running an economy, but is running the national finances, which influence the economy. Second, Chancellors can and do run their finances in the same way as a household, one that maxes out every available credit card, borrows money it can’t repay and blows much of the cash on buying popularity from people it knows; then expects somebody else to pick of the bill.
The gilt market needs an awful lot of reassurance at the moment.
With the government saying nothing about how they will cut the deficit and the opposition politically worried about being too honest, in the face of so many Brownies – how close are we to losing the AAA and having the IMF knocking on the door??
I suspect to all intents and purposes the AAA rating has already been lost. Who seriously believes that UK Gilts are as secure as German Gilts? We dont need a weatherman to tell us its snowing outside.
What all these absurd politicians need is to be
slapped or punched in public as Bernard Levin was
many years ago. It immediately punctures ego’s and
vanity. The carefully shaved and manicured Mandelson would be
a terrific start. Even better,as a BBC favourite, the dastardly
deed taking place on lunchtime news.
If the ridiculous Choudary was belted with a big fish
by a plain speaking housewife, immediate sanity.
Let’s make an immediate start with Ed Balls and a baseball bat.
SEND A MESSAGE TO GORDON HERE
Type in your advice in the ‘text’ box
That is hilarious. I typed in ‘bollocks’ (as you do) and the American character actually say, ‘bollocks’, but the British characters say, ‘bowllocks’. Made me laugh anyway.
She’s asked Gordon to ‘Fuck Off’ but I see, as ever, he’s ignored a polite request and is now lying to us from the Dispatch Box.
Just tried, ‘Fuck off Brown you сunt’ using Fiona (Scottish).
Childish I know but really funny.
Sangeeta (Indian) is even funnier, IMHO
Fucking funny.
Yo, the fiscal responsibility act will require the government to half the deficit. That means a cut to 100 billion pounds a year, which is the size of the UK’s structural deficit.
Hence the fiscal responsibility does not require the government to reduce the deficit 1any further than the deficit the UK is bound to post after recovery and growth is in line with capacity.
Gilts investors will not really be reassured. This act is a con.
Brillo just gave the Met Office wanker a right kicking on Daily Politics about climate change
So who is going to enforce the Fiscal Responsibility Act and what will be the punishment for breaking it?
Can citizens report the Government to the police if it breaks the law?
What happened when citizens reported MPs to the Police over expenses fraud?
Parliament is descending into farce.
It sounds as though my community education classes are going to be cut. I know they are low priority but they are important to the ladies I teach. I have students who have gone through chemo therapy, the death of a spouse and all sorts of dreadful events and these Patchwork/Quilting classes are what keeps them going. I also have young mothers who come for a couple of hours one afternoon and get a break from looking after children and learn something new.
You can’t put a price on classes like these and the good they do for the community but our short sighted government plans on closing them. My classes are usually over subscribed and pay for themselves but still they plan on cutting them! If one MP claimed for a smaller plasma TV that would pay for one term of my 10 week, 2 hour a week, class where 15 ladies would benefit.
I do get paid but the cost to me to running the class is 3 times what I get paid. For me it’s a hobby since I retired as an IT Manager a few years ago but for those who attend it’s important and therapeutic .
If Labour got rid of half a million 5 a day co-ordinators, Diversity Managers and smoking cessation officers you could fund thousands of classes like yours.
There’s a lot more than half a million of the inproductive jobsworth fuckers. Get rid of the lot, along with a 5% pay cut for anyone on more than £50k, 10% pay cut for anyone on more than £100k, 20% cut over £150k – and anyone earning more than the PM to have his pay reduced to thiat level
Would save £100bn overnight, if anyone has the guts to do it
“”We really need to go further and introduce a balanced budget law, forcing the government to live within its means”".
And not one of the main three partys will ever do this.
The only reassurance Princess Mandolina can give the country and the markets is a frank and full confession that ZaNuLieBor have completely fucked the country’s finances and that an election is to be called immediately.
I do hope that Cameron orders an immediate audit of PFI commitments as soon as he takes office before he announces where he thinks cuts might fall. When the truth is known it might persuade Cloggy not to side with ZaNuLieBor in a hung Parliament!
I think that with a “friend” like Mandelson, Borwn needs no enemies! The wole ragbag lot of them are so desperate to cling on to the vestiges of power that they will say anything and do anything in order to keep their “expenses” flowing for a litle bit longer. Mandelson is scum – we all know that! Brown is both evil and incompetent – we know that too. That they and all their ridiculous mob of pathetic acolytes are overt liars is well understood by all, so why should these people be allowed to continue as politicians – It is beyond me – and I’m all knowing!!!