Monday, November 28, 2011

Campbell Draft Evidence to Leveson Inquiry Removed
Pending Legal Advice 

Until seeing this tweet a few minutes ago from the BBC’s political correspondent, Ross Hawkins, Guido had not seen the restriction order.

There are phone and fax numbers plus an email address clearly indicated in the right hand column below. As this goes to pixel there has been no service of the order communicated by those means…

So What Do We Think?

“The Speaker’s coat of arms has been developed by the College of Arms. The design includes: a ladder, representing Mr Speaker’s family’s humble beginnings; four roundels representing Mr Speaker’s interest in tennis and Mr Speaker’s ex officio role as the Chairman of the Boundary Commissions of England, Scotland, Wales and Northern Ireland; scimitars or seaxes as used on the coat of arms of the county of Essex where Mr Speaker went to university. The motto, “all are equal”, is separated by pink triangles representing the Speaker’s championing of LGBT rights, and rainbow colours on the scroll represent the flag of equality.”

Glad they cleared up what the ladder was all about…

We’re All in This Together

GQ Give Guido Oxygen of Publicity

When we were anonymous we were cowards, now we have come out from behind the mask we’re publicity seekers. No pleasing some people. The GQ editors have done their list of influential men again, this year Guido is joined by Neo-Guido at 28, just ahead of Jeremy Hunt and behind Hugh Grant. The list is sponsored by Macallan, don’t suppose…

Grow Faster, Go Further

Growth is anaemic, that much of the Balls critique is true, the cause is not the government’s spending cuts, they are a mere 1% of GDP. Osborne has made mistakes, hiking VAT hit the High Street by taking money out of the real economy whereas QE at the moment only puts money into high finance money markets. Back in June the IMF issued a report recommending

“…tax cuts are faster to implement and more credibly temporary than expenditure shifts and should be targeted to investment, low-income households, or job creation to increase their multipliers… Simultaneous adoption of deeper long-run entitlement reform would be desirable to safeguard fiscal sustainability and market confidence…”

It also pointed out that

“The level of public spending as a percentage of GDP in our forecast has reduced by about half a per cent of GDP as compared to the previous fiscal year. However, it remains very far above the pre-crisis levels of spending and represents a long-term high in spending. It’s important to maintain that perspective”

Plan B, the Balls plan for bankruptcy and bond market collapse, is for higher taxes and more spending, this can be dismissed. Osborne is right when he says the international bond markets would crucify Britain if he switched to Plan B, for as Jeff Randall points out this morning

“At the moment, the Chancellor is pulling off a brilliant confidence trick: persuading the markets that Britain remains a triple-A credit, able to borrow on the same terms as Germany, while managing an economy with an inflation rate 66% higher than the eurozone’s average, and a national debt that is forecast to hit £1.32 trillion in 2015, nearly 40% greater than today.”

Tricky. Gordon Brown inherited an economy in a sweet spot and left an economy drowning in debt, Osborne believes he must bear down on the deficit to keep the confidence of the bond markets. Yet a paper produced by Dr Tim Morgan of bond brokers Tullett Prebon argues that if the government is going to miss its deficit reduction target anyway, what option would placate the bond markets more?

  1. “Britain has missed its deficit target because growth hasn’t happened”
  2. “Britain has missed its deficit target because the government failed to cut spending sufficiently”
  3. “Britain has missed its deficit target because taxes have been cut in pursuit of growth”

We’re currently in the first situation, the second situation is unpalatable to the government, the LibDems don’t have the stomach for a shock doctrine style short term austerity programme. Balls advocates stimulus in the form of higher spending, no one in government is advocating the alternative, which is to stimulate the economy by cutting taxes instead. Of course if we also rolled back government spending there would be more room for tax cuts to boost consumer confidence and the economy, without matching spending cuts the deficit will rise. Osborne is going to miss his deficit target regardless of which option he takes, it wouldn’t scare the bond market so much if cut taxes in pursuit of growth…

Rich & Mark’s Monday Morning


Seen Elsewhere

Hunt Told Off By Former Head | TES
Scrap Tax on Family Flights | ConHome
Has May Declared War on Downing Street? | James Kirkup
The Nasty Left | Dan Hodges
Men Flock to UKIP | Andrew Cadman
London-Britain Divide | Alex Wickham
Pickles Puts Prezza’s Surplus Stationary to Use | Speccie
How Capitalists Can Win the Argument | CapX
Theresa May, or Maybe Not | Spectator Life
YouGov: Working Class Prefers UKIP to Labour | Times
Sainsbury’s Disowns Left-Wing Blogger | Mail


Find out more about PLMR AD-MS


A ‘senior Conservative party official’ passes judgement on Theresa May:

“She is boring. A technocrat. She is Philip Hammond with a fanny. Not interesting, but rendered interesting by circumstance. And that circumstance is that she is a woman. And in an age when the Prime Minister gets it in the neck for refusing to wear a fucking T-shirt that says he is a feminist, that is a rocket boost right underneath you.”



Left on Left says:

The lefties are attacking because the panellist is a millionaire and lives in a London home worth upwards of two million. Someone had best tell them he’s called Ed Miliband.


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