June 22nd, 2010

Go for Growth George

Government spending is approaching 50% of GDP, taxation is almost 40% of GDP and the consequent budget deficit is unsustainable. The choice is either taxes rise to finance government spending or government spending is reduced to balance the budget in line with tax revenues.

The British economy can not support a level of taxation above 40% of GDP, investment and enterprise would be driven away. To pay down the government’s debts we need a growing economy, creating wealth and tax revenues. We are already over-taxed, the productive sector of the economy is intolerably burdened by taxation to pay for the unproductive. If we want to grow the economy and balance the budget we can’t risk further increasing the overall tax burden.

Increasing VAT will reduce consumption, punish the High Street and burden the poor more than the rich. Before the election the Coalition’s leading political figures were asked time and time again: would they raise VAT? Time and time again they said they had no such plans. Trust in politicians is at a low, if George Osborne raises VAT or widens the scope of the tax he will be doing so without a mandate and it will betray what little trust was placed in his oft repeated claim that he did not plan to raise VAT.

Worst of all, it will take money out of the economy which could undermine the recovery. The City is not asking for tax hikes, the gilt market only wants spending control and the polls say the public favour spending cuts. George, the choice is clear, bring the economy into balance by controlling spending, reducing the tax burden and going for economic growth…


125 Comments

  1. 1
    Sir William Waad says:

    Completely right.

    Our greatest economic problem is the insatiable greed of governments.

    Like

    • 10
      Can't remember my moniker says:

      Distorted greed. They line their pockets with thousands and it costs us millions. I had my car phone stolen 20 years ago. It would have been ten times cheaper for me to have given the thief what he converted the thing into, for his drug habit, that pay for the broken window, replacement phone, not to mention loss of income whilst I was getting it put right.

      Like

      • 88
        FUCK THE BANKERS AND FUCK THEIR PAID STOOGES IN LABOUR AND THE COALITION says:

        politicians have misappropriated public money to prop up a corrupt and inherently unstable financial system

        Like

    • 11
      Calm Down it won't be as bad as you make out says:

      Guido you are wrong on this VAT thing. Also the decision has now been taken hopefully it will be raised by midnight or we will see a spending spree before any pre announced date. Chill out.

      W£here Dave has gone badly wrong is to ring fence the NHS (there is bound to be tremendous waste in there) and foreign aid (India is a nuclear power and has better space technology than the UK)

      Like

      • 14
        Money to burn says:

        On the subject of Foreign aid. If africa has the money to burn on football games, plastic trumpets and show trials of people using the wrong loo, why should it get foreign aid?

        Like

        • 16
          sockpuppet #4 says:

          Africa is not a country.

          Like

          • Africa. What's in a name? says:

            Why do politicians for example Gordon Brown, talk about giving foreign aid to Africa? They hardly ever name a country they just use the broad Africa brush. The Chinese (who we still give foreign aid to) have the right idea, they get to get oil and minerals in return for their foreign aid to the dark continent.

            Like

      • 24
        Gordon Brown stole my pension says:

        Apparently we give aid to China as well. Isn’t that America’s biggest creditor?

        Whenever Dave gets close to making the right decision, he always seems to lose it, right at the last second.

        Like

      • 30
        You cant be fockinserious mate says:

        Too much spending by the last government was the cause, so reduced spending by this government must be the answer. Don’t give this lot the moral support for increasing VAT.

        Think about why they want the increase. To continue spending, oaf

        Like

      • 71
        Mr Ned says:

        Nothing wrong with ringfencing NHS spending, it is how the money is spent that is of main concern. If the coalition can eliminate waste from the NHS Budget, then they would be able to easily afford all the cancer drugs and NICE could go fuck themselves sideways!

        The NHS is the number one area that people in this country want protected. By keeping the spending on the NHS at labour levels, the tories eliminate any powerful attack labour had in that area. By running the NHS better on that same money, then the tories make Labour look bad on the NHS.

        Now let’s see IF they can run the NHS better.

        Like

        • 95
          sockpuppet #4 says:

          NICE would pay for very expensive cancer drugs if they worked half as well as the drug companies say they worked, and 1/100th as well as the ill people they lobby believe them to work.

          Like

        • 99
          Anonymous says:

          But why should the government run the NHS?

          They should govern not manage. They don’t run the armed forces, the Lottery, the coastguard, BOE etc. When governments start taking charge it goes to hell in a handcart.

          Like

    • 40
      Jib jab says:

      Not a fan of Krugman, eh? ;)

      Like

    • 59
      TonkaTom says:

      Tax Cloth Caps, Whippets & Brown Ale.

      Like

    • 87
      Up sh1t creek says:

      Harriet Harperson rants about the public sector somehow picking up the slack of the private sector. No, I can’t figure out the maths either…. no private sector = no public sector, there is no way around it.

      The public sector is MASSIVELY overstaffed, stuffed to the gills with non-jobs like diversity police, bin police, equalities, managers. Untold billions can easily be cut.

      Like

    • 89
      Mr Ned says:

      I notice that the BBC and other media have been touring the country scaring the living daylights out of people with blind speculation, just to get their pissed off reaction to a budget that has not even been read out yet.

      Let’s wait and see and then moan like fuck if we don’t like it. But at least we can moan and winge from an informed position.

      As it is it will make no difference anyway.

      raise taxes? cut expenditure? raise VAT here, increase an allowance there? WHO GIVES A FUCK? It will NOT make any difference in the long term.

      The real problem is the MONEY itself. Money is a man-made tool in a man-made system of trade. Mankind can, therefore, create a system that either helps mankind unleash it’s creative potential fully, OR create a system that enslaves people into ever increasing levels of debt.

      Until the Government does something about what MONEY is, how it is created, who creates it, how it gets into circulation, and what it is worth. The current system will continue to fail and cause great hardship to those increasing numbers that it is designed to entrap.

      The system NEEDN’T entrap anybody. The system COULD unleash everybody and create enough, interest free, inflation free wealth for EVERYBODY, but that would NOT be in the banker’s interests would it?

      Like

    • 117
      Anonymous says:

      I’m sorry for there aparent smug finger on the pulse…..

      before we introduce this budget

      1) Let Nail all the coroporate tax dodgers
      2) Lets not allow Pension Funds, and Government Departments to have their /our money played (gambled) on the stock market.
      3) Lets kill the fraudulent PFI deals.
      4) Lets kill the overpriced IT outsourcing…
      5) Let stop giving money to supposed private compaines, NO taxpayers money whilst shareholder are gitting dividens
      6) lets change parliments cash give aways for MP and the Lords.
      7) Let stop bonuses in the Public sector.
      8) lets split the banks, we went told that bank could not play with our money on the stock exchange…..Farking fraud….
      9) Let nail the companies with hefty fines for using bribery in South Africa. Either that or kill OECD as there are politically cherry pciking what to go after.
      10) Chnage the libel laws
      11) Bring back Hong Kong Phoey
      12) Imprement proper whistleblower protections and implement something akin to the False claims act in America http://www.taf.org

      Like

  2. 2

    Cleggy-weggs at the box today, i’m looking forward to that.

    Like

    • 9
      michael says:

      but will Gordon Brown be “let out “to hear him ?, Michael.

      Like

      • 38
        Gordon Brown stole my pension says:

        I imagine by this point in Brown’s psychosis, he’s giving the budget himself, presenting it in the Luitpoldhain in front of tens of thousands of cheering people, all waving banners bearing his image. Presidents from around the globe sit at his feet, listening intently, every TV channel in the world is broadcasting his handsome face and his words of wisdom into every home on Earth.

        He no longer feels the restrictions of the straight jacket, or the pain as the needles enter his arms.

        Like

        • 55
          Absolutely disgusting man says:

          I agree with your analysis

          Like

        • 58
          Gordon ( SoldGoldAtThe ) BottomBrown says:

          You got a webcam installed in my bedroom ??

          Like

          • Dick Tator says:

            Just cos the walls are lined with mattresses doesn’t make it a bedroom. It’s a padded cell, asshole!

            Like

        • 75

          He’s dividing the peas and sweetcorn on his plate into two sides. He has the pepper and salt at the side.
          Mr..Mr..Mr..condiment..the vegetables opposite may want to damage the nascent economic that I have engineered, but I do not. I will not, I..I..I..w..w..will not, allow that to happen..
          I will ensure vinegar remains available at meal times. I will continue to campaign for the introduction of gravy on chicken nugget Tuesdays. Mr..Mr..pepper pot.I will..HEY! BRING THAT BACK. WHERE ARE YOU TAKING MY TRAY!

          Like

  3. 3
    English John says:

    A VAT rise will be moaned about fro a month at the most, then everyone will be used to it. France has 19.6 VAT and it’s on childrens clothes and food.

    Like

    • 7
      JAY says:

      I couldn’t have put this better myself. What Osborne is expected to announce today, will undoubtedly choke off the recovery, as Labour repeatedly warned before the election.

      This coalition government must prepare to be very unpopular after today.

      Like

      • 13
        Mr Plum says:

        Wake up there has been no recovery only more debt to plaster over the cracks in order to save labour from complete annihilation at the election.

        Like

        • 32
          pp says:

          Quite.

          The ‘recovery’ consists of borrowing on another new credit card to make the payments on the first, and buy some more designer shoes.

          Like

        • 102
          Mr Ned says:

          Have people already forgotten about the 200BILLION in QE (money wholly invented out of thin air) to create this illusion of recent economic growth.

          Why the Government cannot use the same principle on behalf of us tax-payers to create 150 Billion out of thin air to pay off the deficit, I do not know.

          Like

          • The Hobbs End Martian says:

            The deficit is actually £890 Billion, with unfunded pension liabilities we’re staring down the barrel of £3 Trillion.

            Whatever the Dog and Pony show is today I suggest canned food and ammo.

            Like

      • 65
        Rip Van Winkle says:

        There is no recovery – just Government spending.

        Ever thought why interest rates are now 0.5% and they were 15% back in the early ’90’s (and don’t spout the tories eat babies, FFS!)? Because this is a much, much different downturn. It’s a depression.

        It’s caused by too much debt in the system. Until such time as that debt is either written off (another banking disaster) or repaid over the next 2 decades or hyper inflation is forced into the system to wipe out the debt (oh, and savers), the only ‘motor’ in the economy is Government borrow and spend. And that’s now hit the wall – Liebour spent the lot.

        There is NO alternative to a second recession. Those that have made the wrong decisions MUST be made to pay for their folly. Or we all go down with the ship.

        Like

      • 104
        Up sh1t creek says:

        The UK recovery is fake. For the past two quarters of GDP figures, the ONS for the first time have included “government spending” as growth, printing money is not growth. They also moved around a lot of the statistics between quarters to make the figures look better, and hey presto, the UK is out of recession.

        It is deliberate fraud by the ONS to make Labour look good in the run up to the general election. How could they have a recession going into a general election!?!

        How the Q4 2009 GDP figures were fiddled… higher gov. spending, lower company / consumer spending.

        Like

    • 36
      worafokinonsense says:

      So just keep that chin up when they end up taxing you 90p in the pound. Very British and all that.

      Better still stop and think about what they are spending your money on

      Like

  4. 4
    sockpuppet #4 says:

    Ooh look. Green Tax.

    Like

  5. 5
    Maximus says:

    I have a further helpful idea; I think it’s time has come.

    The interest this year on the government debt is around £40bn. If this is paid to the banksters, it cannot be used productively. I propose that to cover this payment, and pari passu for the future, raise the same amount by taxation of the banksters. Besides being economically helpful, it should shut up the fsckwits on the opposition benches and the equally moronic BBC.

    Like

    • 76
      Mr Ned says:

      Introduce a 100% interest tax you mean? So whatever the tax-payer gives the banks in interest payment has to go back to the government? Interesting idea.

      Like

  6. 6
    Praguetory says:

    Is an increase of VAT to 20% such a big deal? Looks like a quick and simple way of raising revenue – and the Tories did stand on a platform of closing the deficit by increasing taxes.

    Like

    • 39
      bank robber and forger, no spending worries. says:

      Yup, and a really quick way for me to sort out my financial worries is to pop out ad rob a bank.

      Fuck sight easier than cutting my spending

      Like

  7. 8

    I wanted to go for growth. Growth of the national debt and the growth of mickey mouse jobs in the public sector.

    Like

  8. 12
    Tapestry says:

    Britain must join the Euro. Government spending should be 100% of the economy. Private wealth made illegal. No need for any prisons. Just make the whole country into a jail. People should be made to watch endless repeats of Britain’s world cup performance, with breaks consisting entirely of George Osborne Budget Speeches announcing new and higher taxes.

    Like

    • 48
      Engineer says:

      Why stop at government spending only 100% of the economy? Why not make it 105%, thus ensuring guarateed year-on-year economic growth of 5%? If the peasants whinge about it, they can always be flogged harder until their morale improves.

      Like

      • 82
        Tapestry says:

        Holidays could be permitted once a year when 24 hour TV will be filled with endless repeats of the Eurovision Song Contest, with live floggings as breaks where once there were commercials. A mad Italian should be hired as the country’s news reader telling people in broken English that Britain ees ighly compeeeetitive, the EU is the country’s saviour, and the war between France and Germany is only a friendly.

        Like

  9. 15
    Anonymous says:

    Remember who’s fault it is for why we are in this mess in the first place. No doubt they will be all over the media feigning faux outrage.

    Like

  10. 17
    Genghiz the Kahn says:

    Am looking forward to the former great helmsman, Gordon Brown touring the nation’s tv and radio stations, defending his record of sluggish growth, rising fiscal deficits, increasing national debt, increasing inflation and a widening trade deficit.

    On the other hand, I guess that he will be retreating into his padded cell, trying to get his team of finger puppets to speak for Gordon, whilst he goes off to open another Sure Start Centre in the People’s Republic of Cowdenbeath.

    Like

  11. 18
    VAT rise, so what? says:

    I am on a very low income and this VAT rise does not bother me in the slightest. It is a discretionary tax and is zero or low rated on life’s essentials. Also the threshold for income tax is rising so I expect to be a net winner in all this. The only thing that worries me is the CGT rise should I decide to sell the investments that provide my modest income, I hope Mr Osborne will re-introduce taper relief to avoid this and encourage long term savers.

    Like

    • 77
      Quantrill says:

      I don’t think you know what a low income is. Capital Gains Tax FFS ?? Modest investment income???? Try living on Incapacity benefit. Sure VAT is a tax of choice, pay the tax or starve and freeze.

      What the government should be doing is means testing ALL benefits. Tell me why someone earning £300 per hour for a modicum of quango work should also be receiving a winter fuel allowance??

      Like

      • 94
        VAT rise, so what? says:

        VAT is zero rated on food so it is not a matter of paying the tax or starve.
        VAT is at the reduced rate on fuel so yet again it is not a matter of pay the tax or freeze, I burn wood anyway and that can be found free of charge.

        And what is wrong with living off investment income more commonly known as a pension? Millions do just that.

        Like

        • 103
          Quantrill says:

          So we’ve all go to go back to stealing wood?

          Like

        • 114
          Quantrill says:

          You have just recommended increasing VAT, presumably this will include fuel as it is not exempt. Also, note that food is currently Zero rated, not exempt, and is being considered for 5% VAT.

          As far as I am aware, pensions funds are not subject to CGT? Or do you mean capital investments, ie buy to rent out at extortionate prices?

          Like

  12. 19
    Gordon Brown says:

    I don’t know what you’re all talking about. I ended Boom and Bust, and I left the country with a strong and vibrant economy.

    Like

    • 57
      michael says:

      yes we know all that ,but are you coming to the h.o.c. today to give us all the benefit of your thirteen years of prudent government .
      you say you “LEFT THE COUNTRY” … IT LOOKS LIKE YOU LEFT THE PLANET !,MICHAEL

      Like

  13. 20
    Albie Here says:

    It costs a lot in war tax,you never hear what the politician’s indulgence in going to war costs in money and earning lives lost on both sides,we can save money by pulling the troops out now,may sound awful but do a Dunkirk we are supposed to be resupplying our troops with new kit,lets supply them with new kit in this country leave the old kit in Stan and just get our troops out NOW,if the politician’s want to go to war then let them go themselves.

    And that includes the heir to Bliar warmonger Cameron,he had his chance but cast iron as usual got in his way.

    Like

  14. 21
    Centre Parting says:

    Doesn’t the EU take a cut of VAT receipts?

    Gideon not that stupid – is he?

    Like

    • 33
      Concerned says:

      If this is the case negotiate with the EU to stop this madness. If negotiations fail then just stop paying the fuckers. What could they do?

      Like

      • 80
        Dick Tator says:

        With the army away in ‘Stan, the EU can pretty much do whatever they want. Ya think a few coppers with submachine guns are going to stop them?

        Besides, the army are not even allowed to have guns while in the UK. May cause another Dunblane, innit?

        Assholes.

        Like

        • 125
          Number 10's cat says:

          Trident can reach Brussels and Strasbourg from Faslane.
          Or better yet borrow a trillion or two and threaten to default on the lot if they don’t behave themselves

          Like

  15. 22

    Let the lad get on with it! He’s got 4 excellent previous chancellors to advise him. Whatever he does will be the right thing, tax, tax, tax, slash, slash, slash and let’s have the problem solved in a couple of years instead of dragging it out over 2 parliaments.

    Like

    • 53
      Gordon Brown stole my pension says:

      “He’s got 4 excellent previous chancellors to advise him.”

      The trouble is, I don’t think Dave and his chums pay any attention to their predecessors. Very much “heir to Blair” on that score.

      The underlying problem is not being tackled, namely the urgent re-education of Labour supporters. And by re-education I mean, of course, execution.

      Like

  16. 23
    Cassandra King says:

    Excuse me if I interject a little unwelcome reality into the debate BUT the whole f*cking intention is to destroy the UK as a viable sovereign entity able to make its way independently in the world.
    The very last thing these common purpose quislings want is a recovery, they are steering a course for the HMS ukaay to hit the rocks pure and simple and straightforward. Once the wrecking of the UK has been achieved that wreckage can be handed over to the EUSSR, the political classes are using the doctrine of the ‘beneficial crises’ where engineered disasters allow the federal monster to grab ever more power to its ugly breast and this financial crisis is no different.
    Watch and learn as you see the coalition create the exact environment for the new federal state to be born among the detritus of the old sovereign states, these quislings will then hail the new consensus among the very same political classes that only a united post democratic EUSSR can lead us to the promised land of milk’N’honey.

    Like

    • 43
      Albie Here says:

      The UK was destroyed the moment the sailor/pianist took UK into the Common Market,Lizzy has sat back and said nothing and has said less even when her last two so called Prime Ministers Bliar and Brown pissed our money up against the wall and banrupted us and sold what was left to the EUSSR.
      Seeing Cameron a relative I wonder how much she will say when he and his mates finish this country off as a going concern.

      Like

    • 45
      Charlies aunt says:

      I think you credit these tossers with the power of reasoned thought, which is unlikely.

      The end result may well be as you predict but the means of getting there will be far less considered

      Like

    • 93
      The truth behind Dr Kelly's murder says:

      Bin Laden was captured back in 2002 and has been kept in Guantanamo Bay since. All the fake videos and recordings are to perpetuate Americas oil wars. They need to make the people fear something so they won’t revolt. Britain poodled along because the US arranged it for Bliar to get the millions he’s now worth as long as he went in with us. The US needed him so they wouldn’t be accused of going it alone, even though it was against UN resolutions. And of course the US arranged 9/11 – that was needed for Bush to kick off his revenge for what Iraq did to his daddy when he lost the first oil war.

      Like

  17. 25
    Trinny says:

    30% VAT on online advertising

    Like

    • 28
      sockpuppet #4 says:

      Make that 110% for ads with videos.

      Like

      • 44
        Anonymous says:

        200% for any pop-ups or roll-overs

        Like

        • 61
          Gordon Brown stole my pension says:

          Get Firefox and install the flashblock plug-in and your troubles are over.

          How about a 100% retrospective income and CGT tax on individuals and companies that have developed flash adverts in the past? Followed by something reasonable like 30 years’ hard labour?

          Like

  18. 27
    Lefty bleeding heart libby says:

    Jon Venables should not be put on trial. He’s the victim here. A victim of an unjust right wing criminal justice system. Like Myra Hindley before him, Jon is a political prisoner and should be released immediately.

    Like

  19. 29
    Seth the pig farmer says:

    For me, the issue is not how much and where cuts are made, or where taxes are raised, it is the rebalancing the economy away from state spending.

    Simply cutting and taxing to balance the books but leave the overall economic structure largely unchanged will not do.

    I believe that we need additional changes to fund significant reductions in NI and corporation tax for SME’s.

    Like

    • 42

      If we do get the deficit down it won’t make a jot of difference to the 40+ billion we are spending on debt interest.

      We have to reduce the debt as well.

      Stop family allowance, winter fuel payments and reduce the NHS by 50% – easily done by refusing cosmetic surgery, make people pay to have babies (it’s not a feckin illness it’s a personal choice) and don’t treat drunks on a Friday and Saturday nights.

      Like

      • 91
        Dick Tator says:

        I’m with you on all of that, Sir Trev. Why, or how, did this idea of increased taxes being given back to ‘the needy’, which seems to be almost everybody, (but only after 50% is deducted by the government for administrative charges) ever get started?

        Stop all these stupid tax credits, reduce taxes, and let us keep more of what we earn.

        Like

  20. 31
    Indiana Sarah and the Temple of Poon says:

    I do love my special friend’s rug.

    Like

  21. 34
    Anonymous says:

    and where is this pressure from the “markets”? the government can borrow at record low rates

    Like

  22. 35
    Harriet Dromey says:

    Ayesha’s written me some cracking jokes for my Budget Response. Did you enjoy the Magic Roundabout joke at last week’s PMQs? It took her all night to come up with that cracker. She’s a top flight comic and worth every penny.

    Like

  23. 37
    pmt008 says:

    The problem with saying this, Guido, is that if he hasn’t done it already then it’s too late to change it now without looking incompetent and if he has done it that way then this is begging him to do something he’s already done.

    That said I do agree with your assessment of how they should go. Whether they do is down to Osborne & Co

    Like

  24. 41
    My penny worth says:

    My suggestions

    End free entrance to museums.
    End Child benefit, it only encourages chavs to breed.
    End all this expensive motorway gantry stuff.
    Pull out of Afghanistan.
    Merge the 3 services into 1.
    Scrap all state IT schemes.
    Get Tesco to run the NHS.
    Nuke Dewsbury.
    Scrap trident and land base the nuclear deterrent
    Build clean coal power stations
    As wind turbine gear boxes fail decommision the turbine
    Build the Severn Barrage.
    Do dot bid for the 2018 world cup.
    Put Gordon in charge of bp

    Like

    • 50
      Stan Butler says:

      You would have to scrap Trident after nuking Dewsbury, wouldn’t you? Would it be cheaper to use the missiles rather than just scrap them. I can think of several more towns that the delivery of a megaton or so on them would be of benefit to the English taxpayer.

      Like

    • 119
      Lud says:

      We all had jobs before technology so smash all machines. Everyone works and gets healthy.

      Like

    • 123
      gildedtumbril says:

      Why not close all the museums? That would save staff wages. Many, if not most museums have been ‘dumbed down’ or ‘blacked up’ anyway, it would be no loss.
      Education these days is minimal at most and propaganda at best. What the wee lassie in ‘V for Vendetta’ calls ‘ballocks ‘ and she is so right.

      Like

  25. 46
    Selohesra says:

    Cut spending:
    1) Suspend all further payments to EU until they demonstrate with audited accounts that they have properly used the Billions we have sent over the last 30 odd years
    2) Revisit the Barnet formula and stop subsidising Scotland
    3) Halve the number of MPs – with those with the lowest attentence record being the first to go – bye bye Brown & Sin Fein
    4) Bill US for the damage to UK pensions caused by reckless and ill informed public astatements by Obama & his seld obsessed cronies
    5) Bring our troops back home 7 stop using them to try and buy favour with US

    I cant do the maths but I bet that would clear a lot of the deficit and allow HRT to return to 40%

    6) Stop paying idiot Capello a fortune to mismanage football team – FA could find better use for money supporting youth teams etc. Do we need manager – there are enough pundits on TV and papers – let then vote on it by committee – cant do any worse than current system

    Like

  26. 49
    The Court of Public Opinion says:

    Yap yap yap we won’t raise VAT. Well suckers, that was then – this is now.

    Like

  27. 51
    True Tory says:

    Channel 4 last night had a live audience vote show on how to save £100 billion.

    The greatest tragedy was that those in public sector were unable to see that althought their jobs were sometimes essential, often useful, perhaps nice to have rather than need to have – they all worked in non income producing activities for GB PLC.

    Sure we need the MOD and Police Force etc etc. But outreach workers, co ordinators etc etc are not by and large needed especially when the Nation is broke.

    Sadly the only way out of this mess is to balance the books. Kill the income producing sector and many like me will just leave. Easier said than done of course but far from impossible.

    Just what is the point of staying if there is nothing left in my kitty to raise my family if all my honest, hard earned income is taken to fund a bunch of parasites?

    And for those who are lucky enough to have capital, why keep it here if it taxed to extinction. With RPI at over 5% and “safe” storage paying around 1%, inflation is stealing their wealth anyway.

    Education in this country ought to include mandatory elementary accountancy titled “you cannot have what you cannot afford, just because you might want it”.

    Like

    • 74
      Errors and corrections says:

      last line should read

      ‘you cannot have what you cannot afford, just because you think you deserve it’

      Harry Harperson this morning ‘Unemployment is not fair’ fucking woman

      Like

  28. 52
    Labour's Women MPs says:

    We’ll be shrieking throughout the Budget speech. That’s our favoured way of objecting.

    Like

  29. 54
    Gordon Brown says:

    I just did a big ploppy. It was the right thing to do. I look forward to making my speech at the G20 with all my fellow prime ministers and leaders.

    Like

  30. 56
    Taxfodder says:

    They (Coalition) say they have a mandate, I don’t know who from, certainly not the UK voter.

    I always look at those who first suggest, “belt tightening” normally it is “they” who would benefit most!

    Belt tightening always applies to “you” and never to “them”

    Love it!

    Like

  31. 60
    Spank Sinatra says:

    I don’t believe there is any virtue trying to second guess the outcome of the budget since it will be the comprehensive spending review which will actually shape the country for years to come. Few homeowners with mortgages have taken the opportunity to reduce their outstanding loans despite record low interest levels although I would accept that they have taken measures to reduce their level of credit card debt.

    Instead they have opted to continue spending on the high street, enjoying long haul holidays, etc etc…….

    Unless and until they wake up and realise that the days of reckless spending (on a personal as well as national level) are now well and truly over, there will be no change.

    Raising VAT may well reduce growth – nobody knows. Cutting it to 15% at a cost of 12 billion quid didn’t seems to make an enormous difference any more than pumping 200 billion into the economy via QE.

    Better to cut hard and cut once rather than go back for more in 18 months time.

    Like

    • 70
      Hugh Janus says:

      “I don’t believe there is any virtue trying to second guess the outcome of the budget…”

      Kindly inform Toady would you? This morning it was nothing but speculation, speculation, speculation.

      Like

      • 92
        Spank Sinatra says:

        Whilst I have been a Toady listener for more than 30 years, I long gave up on expecting objectivity. It used to have bite – now it’s more often than not like being nibbled to death by a duck.

        Like

  32. 63
    George Osborne says:

    Private school kept me out of a gang. Sort of.

    Like

  33. 66
    Hugh Janus says:

    “The British economy cannot support a level of taxation above 40% of GDP.”

    Even this is too high. Be bold Mr O, there’s no second bite at the cherry if you get this wrong.

    Like

  34. 68
    How to solve the national debt says:

    Tax internet porn

    Like

    • 81
      Anonymous says:

      If one is dense enough to pay for it in the first place you deserve everything you get mate!

      Like

    • 109
      Thick as Thieves says:

      NOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOO!!!!!!!!!!!!!

      gettin my fappin in early!!!!

      Like

  35. 69
    Bit of realism required says:

    An easy way to save a ton of money would be to withdraw from Kraplakistan and I-rack and leave the muzees to blow themselves up, which they seem to have a whale of a time doing every day.

    Like

  36. 73
    Sarah says:

    Will Gordon be going to work today?

    Like

  37. 79
    He's Spartacus says:

    Listen dummy!

    VAT is the ONLY moral tax we have!

    A tax on consumption rather than production that has essentials (food, clothing) ring-fenced.

    Stop peddling this crap.

    Take VAT to 50% as long as you stop taxing production!

    Income tax was approved for the Napoleonic War Chest. It’s high time it was scrapped.

    Regards,

    Tom

    Like

  38. 83
    Anonymous says:

    In defense of the “real” public sector workers.

    I made a passing comment to someone about leaving the country, for good, if my partners public sector pension is stolen. No house, and my private pension has gone already. Badly managed company fund.

    His comment was that they should lose them.

    So we investigated it. He is the same age. He does the same job, but in the private sector. His salary and pension have been trashed. He is now on only 60k. His view was that the public workers should suffer the same. He no more creates wealth than my partner as they are just two sides of a policing system.

    However he changed his tune when he found out that my partner does the same job and is paid just over half his reduced salary! His pension even if, at the equivalent of a manager of a department, would never reach the levels of his “decimated” pension.

    The problem was that he had read all the accounts of council heads being paid 250k and assumed a linear salary range down to his level. The actual truth is the leader might get those figures but a department head is only on 45k.

    Just because the public agree does not mean it is right. The public have been misinformed of the real division of handouts in the public sector.

    As for the use of the pension pots to pay off the incompetent (early retirement)and substitute for sick pay of those under pseudo stress, that is the real cause of the drain on resources. If all public sector pensions were fixed for age 65 that would make the savings required.

    Like

    • 96
      Anonymous says:

      Sorry try:

      My partners pension even if, at the equivalent of a manager of a department, would never reach the levels of his “decimated” pension.

      How can someone who works in the same profession not know the disparity of working in the “real” public sector. We are not talking BBC salaries.

      Like

      • 112
        Mr Ned says:

        As someone who works in the Private sector, for a small business, in a “professional” capacity, who earns less than 25K has almost no pension provision and has seen my income reduced every year for the last two years, I have NO sympathy for people in the public sector who plead poverty on 45K!!!!

        Private sector incomes have collapsed in many areas and yet we are being expected to subsidise an increasing number of bureaucratic busybodies.

        Protect police salaries by all means, but scrap a million jobs involved in snooping for councils, like bin snoopers, fridge inspectors, etc…

        Then freeze all public sector pay for 2 years.

        Like

    • 98
      He's Spartacus says:

      Well, Policing is one of the three pillars of a legitimate tax-funded state mechanism. The other two being judiciary and army. Everything else should be privatised.

      Those three could be funded by 50% VAT – no CGT, no CTT, no Income Tax, NI etc.

      Regards,

      Tom

      Like

  39. 97
    Spank Sinatra says:

    09.57 Sally Bercow, the Labour activist and wife of the (Tory) Commons Speaker, seems firmly in the camp criticised by Lawson below. She tweets that she “hopes the *entire* Emergency Budget might be ruled out of order. Coz it’s not an ‘emergency’ at all.”

    http://www.telegraph.co.uk/finance/financetopics/budget/7505366/Budget-2010-live.html

    What planet is she on? As they say, ‘the wheel is turning but the hamster’s dead’.

    Like

  40. 101
    get used to it says:

    the abilty to breakdown the tax/cuts into a neat 80/20 or 60/40 is a delusion

    those will be targets and and events and the growth rate will dictate the cuts/tax rises ratio far more than the politicians who think they will have the ability to control everything

    the cuts will not even start for months so whatever is said about them today will soon be forgotten until the time they actually take effect

    today is about the more immediate and that will be primarily the tax rises

    there’s going to be several budgets like this as you simply cannot implement all the measures in a single year

    Like

  41. 105

    Strange a ‘CATCHALL TAX’ such as a National Emergency Tax (NET) of 2.5% on all incomes, including benefits AND on all retail sales targeting all retail outlets, will secure £3bn to £4bn pa, very fair BUT not a hope as the monopoly profiteering of leading supermarkets and other phenomenal profit makers party donations block the very idea of a catchall tax.

    Like

  42. 107
    When is a second home not a second home? says:

    Is Gordon fiddling his expenses? He designated his house in Scotland as his second home and claims all the upkeep expenses for it. Now he is living there full time while Sarah lives in London and occasionally takes the boys up to visit him.

    Like

    • 113
      Harry the Camel says:

      McRuin has been let out, but only meet ‘young people’. Bless.

      Torygraph:

      ”Mr Brown has said that he intends to spend time over the next few months getting around his constituency, meeting with many of the different schools and organisations that have been asking him to visit them.

      ”He’s taking time to spend that time in his constituency, he’s meeting with young people. He’s basically focusing on his constituency over the next few months.”

      Like

  43. 108
    Mr Ned says:

    Is that supposed to be a Geordie accent?

    Like

    • 124
      gildedtumbril says:

      Careful what you say aboot Geordies hinny or you might find yasel kewin at a tagareen shop to buy a ganzee and a donkies breakfast, though but.

      Like

  44. 110
    tat's sacked says:

    nice irish accent

    Like

  45. 116
    Don't buy Roundup says:

    Monsanto have won their US case to grow GM alfalfa that is resistant to their herbicide Roundup. The next plan will be the destruction of seeds until they own all food.

    http://www.nytimes.com/2010/06/22/business/22bizcourt.html?ref=global

    Like

  46. 122
    OWE US MORE says:

    Look back in time to all our manifestos,both labour and conservative.We have always said one thing and done another, Thats lying to you and me. Every single time we have increased tax and the cost of living. You sweat the same amount for the same wage that is worth less every year.Owe us more.OWE US MORE

    Like


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“Digger” Murdoch says:

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