October 17th, 2012

IMF Reality V Balls Deficit Denial

The Prime Minister is not going to have a very nice day in the Commons as he faces his first PMQs since siding with Andrew Mitchell over the word of the coppers. One bit of news he will inevitably fall back on is the IMF declaring today that Britain’s structural deficit was £38bn worse than originally thought and running at £73bn or 5.2% in 2007 – a year before that ‘global economic crisis’ Ed Balls hides behind.

Instead of apologising for this economic terrorism that saw the UK the least well prepared country in the G7 to face a crisis and running one of the largest peacetime deficits in the developed world, Balls simply pretends it never happened. Here is what he told Marr in January 2011:

“I don’t think we had a structural deficit at all in that period [before the recession]”

Given the Shadow Chancellor’s fondness for throwing IMF statements around, will he now concede that he was wrong and say sorry?

We can autotune it if it makes it easier…

UPDATE: More ammo for the PM on what should be a tricky day – Employment has reached a record high at almost 30m, with unemployment down by 50,000 in the last quarter from 8.1% to 7.9%. Youth unemployment has also dropped below one million for the first time in a year.


  1. 1
    Andrew Mitchell says:

    Poland v England tonight, live from Olympic Stadium, Warsaw.

    It will be very interesting to see which set of supporters travel back to England the happiest.


    • 2

      Ed Balls – the working mans’ Aus.chwitz.


      • 6
        Red Ed Miliband (Class Warrior and Multimillionaire) says:

        All of your wages belong to me.


        • 13
          Ro Manns says:

          The wages of gin is breath.


          • Jon Benjamin, English Patriot says:

            Fucking gay cowards. Go Israel!


          • Roundell says:

            Amazing – you cut some peoples benefits and unemployment goes down and employment goes up


          • Sir James Savile, servant of the British Establishment says:

            Fuck me, those employment figures are as trustworthy as a nonce working for the BBC entertaining cub scouts.


          • Jimmy Savile says:

            Someone mention cub scouts?
            I’ll have two.


          • A. Foreskinner says:

            Fuck me, you increase some people’s state benefits – QE money printing, bailouts, immunity from prosecution, etc., – and cocaine consumption, systematic financial fraud and money laundering goes through the fucking roof.


          • Blinky will never realise he is the problem not the solution

            He and the shadow cabinet have Gordon Brown’s titanic powers of denial and it does not matter how much reality is shoved in front of them, they believe they are right any will use any foul or fair means to get to power.

            Privileged, public school, Oxford PPE, posh boy Blinky spent 13 years wormtongue-ing Gordon’s ear while singularly failing to deliver even one of Labour’s five core values of social justice, strong community and strong values, reward for hard work, decency and rights matched by responsibilities.

            When are the grass roots going to wake up and get rid of this treacherous prick


      • 58
        genghiz the kahn says:

        These are the two men who couldn’t work out why Starbucks expanded in the UK, whilst paying so little Corporation Tax on their profits for 10 years before the Coaltion was formed.

        Further proof that Brown and Balls couldn’t run a piss up in a state run brewery.


    • 5
      PC Gatekeeper says:

      Taking a leaf out of Brown’s book, the Poles failed to close the roof while the sun was shining


  2. 3
    More rampant dishonesty says:

    No, the IMF does not declare anything.

    This is “Treasury” analysis of IMF figures, so using the same assumptions that thought we’d have grown by 5.9% by now instead of the 0.9% we’ve actually grown since Osborne to the tiller.

    Shite reporting from a dishonest hack.


    • 10
      More Rampant Buggery says:

      Shoeshine shill boy, Gayboy Fawkes, tries desperately with his ‘never had it so good’, 30m employed, US Bureau of Labor Statistics type chutzpah Bullshit.


      • 29

        I hear the sound
        Of winging trots
        Far away, far away
        And if they call for them to lie
        Then they must , no matter how dumb they sound.¸¸.•*¨*•♫♪¸¸.•*¨*•♫


    • 24
      Anonymous says:

      You are really Gordon and I claim my £5.


    • 33
      Anonymous says:

      Go and get a reality check, Britain was fucked as soon as the Brown one started spending on the credit card to buy votes.


  3. 4
    Kebab Time says:

    Would it be fair to say that Ed Balls is totally discredited when it comes to economics?


    • 7
      Anonymous says:

      says the kebab expert.


    • 23
      I hate Parliament so much it hurts says:

      With debt increasing £6bn under Labour over 13 years, and up another £6bn under the Coalition in 5 years, with Dave scratching his fat head and muttering “I think the situation might be a tad more serious than I originally thought,” it’s safe to say the whole of Parliament is discredited when it comes to economics.


    • 69
      ToonBert... says:

      Was he ever credible?


  4. 8
    Deport all muzbots says:

    If you ever get depressed, just pause to remember: Abu Hamza is sitting in a tiny cell in an American Supermax prison without his hooks and no one to wipe his arse for him. Aaah, sweet justice.


  5. 9
    gordon brown says:

    i am thirsty for my fizzy orange


  6. 11
    Religion: The Original Sin says:

    England U21s suffer Serbian race hate.
    I blame Slobodan Milošević ; add it to the charge sheet


  7. 12
    UKIP.i.am.awake says:

    The only things Millionaireband will be discussing at PMQs will be Mitchell and the BBC but it is right that Cameron has shown some bottle and not made Mitchell resign. That would have been an even bigger own goal and would show him as a weak pussy-cat able to be pushed around by anyone with a grudge against the current government (and it is long list). If Mitchell should resign it should be over his aid record not his ‘police record’.


    • 51
      Mornington Crescent says:

      Cam should tell the little Militwit: the Unions may choose the members of the Shadow Cabinet but they ain’t going to choose the members of my Government.


  8. 15
    Sir Crispin Slapentickell says:

    Ed Balls has one of the worst records in office. He is a laughing stock, that’s what I say.


  9. 17
    ed martin says:

    if the MFI(sic) is right then were we over-consuming by c15% even before the crash

    even if one were merely to adjust by the MFI’s estimate then standard rate tax on earnings (inc. tax + (2xNICs) +council tax) of c40% would have had to rise to c47% in order to cover the error

    ‘you lucky people’ as Tommy Trinder – a real comedian -would have put it


    ‘its all Balls’ as the shadow chancellor ?comedian? has tried to put it


  10. 19

    OTBSTOS (On topic but slightly to one side)

    Today RBS announces its exit of the APS (Asset Protection Scheme.)

    We the public have helped to save the skins of RBS shareholders and bondholders and have received a paltry 5bn over five years for having insured £282bn at a time when no business on earth would have considered doing so for the same money and the same unclarified risk.

    That is the Balls up you inevitably get when you let any government run a business. It is my opinion that we have undercharged the bank by some £45bn at a minimum and possibly much more than that.

    It seems that the more zeros they put at the end the less the public, and the shadow chancellor, understand.

    Yet another reason for stringing the bastards up.


  11. 20
    Tony Blair says:

    Look, I know people think that if I was still PM I’d have thrown Gary McKinnon to the lions, but what is important is that education education education. And I know that people base that belief on the fact that I did everything the Americans wanted, whether it was Clinton or Bush in office. But what is important is that this is not a time for soundbites, we can leave those at home. If I was still PM, it is true that I would have had Gary extradited years ago and would have done anything else the US demanded, but what is important is, is what is important is.


    • 35
      Backwoodsman says:

      Sounding a bit like kinnochio there, boyo.


    • 42
      Batty Hatty says:


      I think you’re great Tony! But I’ll also clap Miliband and think he’s great when he says the opposite. I’m one wily political bitch.


    • 76
      Broadsword calling Danny Boy says:

      Do you still feel the hand of history on your shoulder Tone? Or are you just worried about the arrest warrant from the War Crimes Tribunal?


  12. 30
    Religion: The Original Sin says:

    There are some nice hoardings / posters, building up for the next election.
    ( If CCHQ are awake)


  13. 31
    Deficit Denying Dave - The Big State socialist in Number 10 says:

    My government borrowed 11.162 BN in August. That’s 4,167.41 per second, 179.27 per head of the population.

    Unfortunately I’m too much of a wussy to sort it out.

    Sorry if the maths is wrong plebs, George did it.



    • 48
      I hate Parliament so much it hurts says:

      “My government borrowed 11.162 BN in August”

      Well, that’s this year’s foreign aid payments sorted.


    • 59

      Try and understand how money works, rather than blather on and make yourself look idiotic.

      Pretend it’s your household.

      Your ex- girlfriend has fucked off, but before she left she went on a spending spree and maxxed out every credit card you owned, but because she was a named user, YOU have to pay it off – but you don’t earn enough to pay it all off NOW!

      Each month that passes, the interest builds, and you don’t earn enough to pay your mortgage, eat, pay your day to day bills, pay the council tax AND pay the minimum on ALL of the credit cards.

      You can:

      1) Stop eating (otherwise known as short term-ism)
      2) Stop paying the council tax. (You cannot escape your debts, even in jail)
      3) Get a better paid job. (Raise taxes on everyone)
      4) Start paying off one card at a time.

      #4 is the route this government has chosen – but the “debt” on the other cards continues to rise, even though you are reducing the debt on the one you are paying. Pay that one off, move on to the next.

      Your solution is what? Pretend that LieBore’s solution of BOWING EVEN MORE TO “BUY” PROSPERITY has any merit beyond fiction is laughable. If it was easy, they’d be ringing you for your economic advice……….. see, nothing.


      • 70
        Ring Ring Ring says:

        Please don’t try and advise labour stooges.
        They aren’t very evolved and are more likely to eat their monitor than read your explanation


      • 85
        Boldfield says:

        The answer is to steal or print some money.


      • 86
        Ex-Tory says:

        You missed an important point in your analogy. the Coalition choose to apply for a new credit card, so they could spend more on Aid, the EU, pointless wars and the HS2 white elephant.


        • 89

          ET (‘phone home?) – Ahh.. you are one of those “Shut all the doors and nail them shut, Mildred. We’ll pretend the world doesn’t exist!”

          Now I understand where you’re coming from.


  14. 32
    Sky vs BBC says:

    Now then, now then. This is rather unexpected:

    The BBC have revealed former head of Sky News Nick Pollard will head a review into Newsnight and its decision to axe an investigative report about Jimmy Savile.


  15. 34
    Andrew Mitchell says:

    Sorry! My server has encountered an error.

    I am experiencing high levels of traffic at the moment, please try again soon.


  16. 37
    Steve Miliband says:

    gut feeling that Ed is in for a pasting today


  17. 40
    Religion: The Original Sin says:

    BBC’s Uncle Dick used to take little boys into the toilet and fiddle with them. Mail


  18. 46
    gramma says:

    Dave under pressure against Labour’s star striker?
    Against Sniffer Miliband – Never known to convert given an open goal?
    Am expecting the same result from Ed as per yesterday’s footie- [B]Rain stopped play


  19. 52
    albacore says:

    Whether it’s Dave or Ed that makes the calls
    You can bet your life it’s a load of balls
    If you’re suckered by owt at all either brays
    You must be pissed or in some chemical haze


  20. 54
    Loungelizard says:

    I’d just like to say well done Theresa May you’ve made some good calls recently and done something to restore the damage done to the Home Office by a succession of Labour knaves and halfwits.


  21. 60
    Aidan Burley says:

    ” So how do you feel about the
    England v Poland game being called
    off ? ” ” It`s an absolute disgrace!
    I`ve paid out for flights and hotel
    and it`s been a waste of time and
    now i have to go back home to
    England, I’m disgusted ” said a
    polish fan


  22. 62
    Julian the Wonderhorse says:

    Nothing from the Bolshevik Broadcasting Corporation on this


    • 77

      Radio 5 have a session on it right now. Obviously it was set up before the record employment figures came out, so they are having a bit of difficulty moving from their ‘its the end of civilisation’ railroad lines.


  23. 71
    nellnewman says:

    Most of us came to understand before 2010 that labour and reality did not mix and that their grasp of economic literacy was non existent.


  24. 72
    Iolo Morganwg says:

    Prince Charles’ lobbying on behalf of his pet interests is one thing. But thanks to Blair’s devolution arrangements, Charles can block any law that has been agreed by the Welsh Assembly. No publicity, but just banned! What sort of constitution is that?


Tip off Guido
Web Guido's Archives

Subscribe me to:


AddThis Feed Button

Guido Reads

Get every new post delivered to your Inbox.

Join 1,647 other followers