Osborne Speech Thinking What Danny is Finking
A conference speech is always a team effort, Osborne’s speech had input from Rupert Harrison, Poppy Mitchell-Rose and Ramesh Chhabra. Read it in full here and judge for yourself. The end result was so polished it read like a Times leader. Perhaps with good reason…
A close textual analysis of Osborne’s speech gives Guido the distinct impression that the hand of The Times’ Danny Finkelstein can be detected. A usually reliable source says Fink was unofficially on the team helping finalise the speech back in Osborne’s hotel room. Ironically a couple of years ago it was Fink who spotted that Gordon Brown was recycling lines crafted by Stan Greenberg for American political audiences to Labour conference. Guido is still trying to figure out what the Treasury-backed small business bond plan is all about.
Government should not be involved in picking winners.
Bailing out failed buisness is what caused half this mess.
So what is Gerogie boy doing about the EU contribution getting out of hand? What about lowering the price of coke as a former coke head?
John Redwood produced an article today setting out the true cost of the EU each year. When Clegg and Cameron tell you ther is not the money just remember where savings could be made but they have made a political choice not to do so. With a trade deficit of £42 billion last year EU countries will only be too willing to keep the UK business. Most people think a trade agreement with the EU is in the country’s interest but NOT political and fiscal union by unelected unaccountable idiots ( I agree with Oborne).
Add costs of bureaucracy to business, loss of fishing jobs, loss to farmers, HRA, legal aid, immigration etc and it is clear to see that the public is being sold a pup by Clegg and chums.
UK’s gross contribution
2011-12 £16.1bn
2012-13 £16.4bn
2013-14 £17.6bn
2014-15 £18.6bn
14:00 Ratings agency Standard and Poor’s has just described both the Private Finance Initiative (PFI) and Network Rail as “threats to the Government’s financial stability”.
PFI, which is designed to create “public-private partnerships” by funding public infrastructure projects with private capital, could lead to Government bailouts to protect public services, S&P has said. While Network Rail’s debt of £25 billion currently equals 2 per cent of the country’s entire economic output.
http://www.telegraph.co.uk/news/politics/conservative/8768102/Conservative-Party-Conference-2011-live.html
The PFI has only ever been a very simple accounting scam of “off-balance-sheet financing”, to enable central government to pretend that it borrows and spends less than it really does. This kind of window-dressing was banned in the private sector in 1984 by an accounting standard known as SSAP21 but government accounts, never of the latest pattern, are persistently delinquent in this respect.
Fortunately for the government, neither the media nor their customers understand these things, so they can get away with the most blatant of scams.
Are the government I&E and Balance Sheet audited? Looking at what is happening I will be surprised if auditors will approve government accounts.
Dear Anonymous – where have you been
During the election it was widely discussed that government debt was £800 billion, bailing out the banks was an extra £540 billion, unfunded state and public servant pension liabilities were £1.3 trillion and PFI liabilities were £600 billion. Therefore true public sector net debt was over £3 trillion and not the under £1 trillion Gordon was touting.
Why is it suddenly a surprise to the Telegraph and Standard and Poors that PFI is a “threat to the Government’s financial stability”
The only thing shorter than the memory of lazy hacks and hired analysts is their joint ability for original thought.
Their next scoop will be “We are heading for a debt crisis”
It started long before the last government. If you are going to have proper accounting you should other liabilities like dole for future years as well.
Fiscal, anonymong doesn’t want to know about the dreadful 13 years we endured under Leiber, as like every Lieber troll, he/she has selective anmesia.
Lending money to fuckwits who had no hope of paying it back was what caused 100% of this mess.
According to one of the Minister, debt will not be on the government’s book. Osborne is trying to combine Northern Rock and Enron. This guy is worse than Brown.
This guy is worse than Brown.
We’re doomed.
Osborne is Act of God against UK. UK economy cannot with stand Osborne.
Oh Christ. First an Act of Satan now an Act of God.
Time to empty Tescos of tinned food.
Seek help Anonymous. I really do pity you. To crack up so publically on this blog must be painful for you
Winners will be able to raise the money; losers will come to the government for money. So Osborne is picking losers.
Sounds like it. That’s Labour’s job – leave them to it.
Anonymong, just go back to your Leiber paymasters and tell them that you are making yourself look like a proper ar@ehole. You really are deMeNtEd!
Someone has a crush.
Most farmers have a crush.
Please Guido as an ex-City type you should know this – identical to Sub Prime bonds only they were made-up of mortgages not small company bonds – even Piston got this -Consolidated (packaged) SME bonds NOT Guido Bonds
How refreshing to have a speech where denial, lies and hypocrisy are not in there at all. The complete opposite to labour.
No, you don’t need a doctor – an undertaker, more likely…
Sign your real name Ed Miliband.
Don’t agree about that. George is still waiting for the confidence fairy to arrive and turn austerity into growth.
Greg Barker and his “green” jobs?
More spin and market intervention at taxpayers’ risk and cost than even Gordon could manage. Gideon OsBrown from now on
The Treasury backed business bond plan is all about giving money to inefficient companies to compete against financially sound companies. The inefficient companies with then go bust after eroding the margin of efficient companies with the use of tax payers money
Got it.
Exactly – plan B (for Balls) in action!
I couldn’t quite believe that one.
Who is the Treasury going to get to do the risk assessments?
The recently unemployable from the failed banks?
Just set up a shell company to borrow 100 million quid to buy a business that is already doing okay. This gives the good business owners 100m quid to trickle down through the economy.
Or, cut out the middleman and spend it yourself.
It’s fucking nuts.
The way Brillo made mincemeat of the feeble Justine Greening over ‘credit easing’ leads me to believe that this policy is what is technically described as ‘a load of fucking shite’
If Ned Balls were proposing this we’d be laughing like drains at his abject fuckwittery.
Classic WOFTAM
Yummy – a lorra lorra work for us!
Too much thinking.
You are supposed to just sit and clap when they say they’re going to support small businesses.
Bloomberg says are 164 bonds traded on the LSE retail bond Market. 52 of these are Gilts. 39 bonds are trading below par: 15 are bonds issued by RBS or Lloyds. The £350m Daily Mail 5.75% 2018 bond is trading on a yield of 7.2% might qualify. But the Market clearly doesn’t think so as the yield continues to rise.
We’ll launch a state bank to promote growth through the state issuing more debt in order to reduce the deficit and…hang on, does any of this make sense to you? Louise!!
Fucking hell. It sounds like he’s stealing that imbecile Ned Ball’s thunder.
Is that what he’s proposing? That’s fucking nuts. That’s like something Ned Fucking Balls would propose.
Endogenous growth, endogenous growth (repeat ad nauseam)
I don’t think I really want to keep ‘previously employed as special economics advisor to Gordon F Brown’ on my CV in case somebody realises who I really am…
Ned has no shame. He’s proud of his role in destroying the UK economy.
The only person Osborne’s speech has to satisfy is Herman Van Rompuy.
And it will.
Lot of Trolls here today
Pissed off Pilgrims.
Back to work, boys. The work you were originally employed to do, not Union navel-gazing.
Aye. Their bowels will have been well and truly loosened at the thought of relying on their union to pay them to sabotage the public service from the inside. Instead of the tax-payer paying them.
Us paying those fuckers is de-facto evidence that assisted suicide is already available on the NHS.
Too right Steve. They’re more to be pitied than scolded.
I’m in love with Nick Clegg.
You Huhne!
Who do I agree with now?
Alright Guido (Bare with me please?)
Labour proposed another stimulas or extra spending right?
Coalition just slowing the rise in spending and apparntly getting rid of deficit quicker.
However is not labour plan discredited? Obama (when sworn into office) signed of his stimulas (800 billion $ i think) for shovel ready schemes (that he admitted a year later didnt exsist) that he said would stop US unemployment going over 8%, Yet 2 years later he is again proposing anoher stimulas (jobs bill) to get the USA back to work*.
*Tho senior democrats say they have not got the votes for it, so it probarly wont happen , oh does anyone else agree that Obama has something of the Gordon about him?
Thanks for patence and i hope it makes sense.
“Alright Guido (Bare with me please?)”
I don’t think Gvido is that way inclined…
billy’s so fucking desperate, he’d be happy to take nadine’s sloppy seconds up his shitter
I’m not sure how that works.
I thought the boy did OK…
And for those waiting for a u turn, i say you turn if you want to. I’ll be right behind you.
And today’s safe word is…
I commend this speech to international bankers, corporate fat cats and the EU.
The rest of you can get fucked.
good boy, very good boy
You can’t borrow your way out of a debt crisis but you can loan your way out?
It’s a fucking joke innit. Fuck it. Okay George, I’m going to set up a company and you can lend me 10 million quid to do fuck all except pay the directors and the shareholders (me) 10 million quid in dividends.
It’s Labour economics.
It’s fucking nuts.
Hahahahahahahaha!
This is what the Huntry voted for. (well, almost).
WHERE’S MY FUCKING EU REFERENDUM?
Xenophobic nonsense from the far-right of the party…isn’t it, Nick?
“The Government is the problem , not the solution”
“We do not have a tax problem, we have a spending problem”
Global warming is a ‘man-made disaster’
This Government is a man-made disaster, never mind the climate.
‘Man-made’ in the same sense that any science-fiction is man-made. Essentially it’s a modern version of the Prometheus Myth.
Bastard, at this rate he’s going to undo all the damage the champagne socialist commie fuckers caused to Britain in their deliberate attempt to ruin the country, i am gutted, fucking gutted
“Guido is still trying to figure out what the Treasury-backed small business bond plan is all about.”
See paragraph 3 in this Telegraph article: Bond market for small businesses proposed
“A small firms’ bond market would also produce a new asset class for both retail and institutional investors, he said. Individual firms’ bond issues would probably need to be ‘rolled up’ with other companies of a similar profile so investors’ risk is diversified, Mr Gyimah added.
“Investors could participate in a basket of a certain profile – established businesses in the North of England for example.””
Sounds like a business debt CDO market to me, managed and rated by the Treasury. Depends what they mean by ‘Treasury backed’ – that the Treasury would support and assist the running of it or that the Treasury (ie us) would guarantee it.
Yes, climate change is a man made disaster.
Another politico, talking out of his ass… or was it Danny Finkelstein’s line?
What a very penetrating remark… what’s got into her?
Chuka the dusky fucka?
nah- it will be somebody else now.
Well, Brillo demolished (partially) Justine Greening who cannot be described as ‘daft’. She only had a vague idea about what the Chancellor’s plan was on about. Brillo is yet again providing a public service: showing the politicians have no idea & embarrasing them on telly so they get the bloody finger out and come up with owt sensible.