UK Quietly Contributes £9 Billion to IMF Euro-Bailouts
Equivalent to Adding 1½p to Basic Rate of Income Tax

Douglas Carswell has spotted a Statutory Instrument slipped in before parliament without prior debate, two pages of legislation which will cost the British taxpayer £9 billion, the equivalent of adding some 1½p to the basic rate of income tax. No debate, no big announcement, just another day of propping up the Eurozone on the backs of UK taxpayers.

The Chancellor was at the Bilderberg conference this weekend, where the global elite discuss important matters without tiresome worries like democracy or transparency, among the attendees were central bankers, financiers and investment bankers – the guilty men of the financial crisis. The Chancellor has clearly fallen in with a bad crowd…

UPDATE: Osborne’s PPS Greg Hands has been rolled out to defend the £9 billion loan. The crucial point he makes is that “Because this is a loan, it has no impact on our borrowing – it is a financial asset that will be repaid.” All being well, however all is not well. Institutions like the ECB itself are in trouble, the US Treasury is on credit watch. We may be approaching the financial equivalent of the rapture, when all the reckoning for decades of loose credit will be made. One only has to look at the price of gold to see that people are losing faith in the paper-money financial system.



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Quote of the Day

Janan Ganesh on Labour’s soft left

“Ms Cooper does not believe the previous Labour government was wrong to run a fiscal deficit after 15 years of economic growth. Both she and Mr Burnham think families should be entitled to tax credits for a third child. These views are not mad. They are just a bit too leftwing for Britain. For any serious party, that amounts to the same thing. The soft left is more electable than the hard left but then Mars is more habitable than Neptune: neither planet will host human life anytime soon.”

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