January 27th, 2014

IFS Demolish Balls Plan

Balls couldn’t resist a love-in with the Institute for Fiscal Studies back when they were criticising the government in 2012, crowing that:
“The IFS is right to cast doubt over the so-called ‘findings’ of the review of the 50p top rate published by the Chancellor. They say that it is uncertain that the cost of cutting the 50p rate is as low as Ministers claim and that it is too early to judge the true effect.”  

Well for some reason he doesn’t seem to want to listen now that they’ve demolished his 50p tax rate plan this afternoon. In a withering assessment, the IFS concludes:

“The best available estimate of what reversing the cut would raise is therefore about £100 million too… at the moment, the best evidence we have still suggests that raising the top rate of tax would raise little revenue and make, at best, a marginal contribution to reducing the budget deficit an incoming government would face after the next election.”

 What was that about always listening to the IFS?


119 Comments

  1. 1
    Ed Balls says:

    I had to take my socks off to work those sums out.

    Is the answer eleventy?

  2. 2
    BBC News Editor says:

    Tell us what to say, Mr. Balls, Sir.

  3. 3
    Ed Balls says:

    Do you know there are …

    over 3.3 million Sky subscriptions

    91,000 55″ LCD Tv’s

    180 million can of special brew

    304,000 iPad’s

    in £100m

  4. 4
    Owen Jones says:

    Yeah but, Edison only invented electricity, radio, etc because of Public Money….

    …oh, wait a minute…

  5. 5
    Ed the Eunuch says:

    50p tax is a predatory tax!

  6. 6
    Anthony Aloysius St John Hancock 23 Railway Cuttings East Cheam says:

    Balls the comedy gift that keeps on givving.

  7. 7
    Nick Clegg says:

    I’m not sure I don’t never not remember never not getting a letter from Annie. Vote Lib Dem.

  8. 8
    Anthony Aloysius St John Hancock 23 Railway Cuttings East Cheam says:

    Qhite Dee is voting Labour.

  9. 9
    IFS says:

    There that’s better …

    Balls the comedy gift that keeps on givving. taking.

  10. 10
    Anthony Aloysius St John Hancock 23 Railway Cuttings East Cheam says:

    Even Shite Dee

  11. 11
    Ed Balls - Shallow Chancer says:

  12. 12
  13. 13
    Nick Clegg says:

    When I first heard allegations about My Right Honourable Friend Mike Hancock MP, I did fuck all because I’m an inept, useless, lying prick who looks after all the perverts in my party. Vote Lib Dem.

  14. 14
    Fred Talbot says:

    I forecast a shit storm.

  15. 15
    Fuck the LibLabCon says:

    “invented electricity”?

  16. 16
    Mark Oaten says:

    Lovely

  17. 17
    EXECRABLE ED BALLS says:

  18. 18
    Ed B says:

    IFS?
    I’m Fookin Stupid

  19. 19
    A Switch says:

    He must have been a very bright spark.

  20. 20
    Polly Toynbee says:

    AWESOME SPEECH! … the next PM if I have my way.

  21. 21
    Gooey Blob says:

    Labour’s poll lead has been slowly but steadily dropping for a while, this is just another ill-considered attempt to keep Ed Miliband’s head above water for a little longer with a temporary blip. Expect this sort of stuff all the way to the election as the Tories slowly catch and overtake Labour.

    If Ed plays this right, many in his party will still believe they’re on the way to victory right up until the first exit polls.

  22. 22
    RED ED - SON OF BROWN says:

    I KEEP MY FRIENDS CLOSE BUT BALLS CLOSER STILL


  23. 23
    White Dee is seeking love says:

    The press have discovered White Dee has a dating profile. It makes for hilarious but also depressing reading. Funniest bits are where she claims to have gone to college and says her occupation is homemaker.

    Fancy a date with this lardarse?

    http://www.pof.com/viewprofile.aspx?profile_id=9365185

  24. 24
    ████ 'changed my tune ' Hoon says:

    Liberal Democrabs. The clue is in the name.

  25. 25
    £40K stolen, with the excuse that I'm a coy homosexulaist says:

    He looks after the perverts. Thieves, they get promotion, don’t they Mr Laws?

  26. 26

    Google are honouring Eugène Viollet-le-Duc today.

    A Gothic Revival architect who believed in creative modification, in other words, restore to a finished state which had never have actually existed.

    John Ruskin called it a destruction because any genuine clues you might have had are lost for ever.

    Reminds me of the New Labour Years of Terror and the France of M Gayet-Hollande.

  27. 27
    Looking at my calendar says:

    Will it be on the turd of Feb?

  28. 28
    Twatterbatter says:

    Ed Balls is a fiscal twat

    He really has no clue, none, absolutely fuck all sense

    I can only assume that he has other agendas than running the country in a responsible manner

  29. 29
    Ma­qbo­ul says:

    Balls is a buffoon and would rather listen to economic advice from the Grillo sisters than the IFS.

  30. 30
    Fish says:

    I find it astonishing, when asking Balls about benefits savings, Marr, yesterday did not ask him about the State Pension. Before Xmas, Foghorn Reeves confirmed that Labour WOULD INCLUDE the state pension in the benefits cap.

    Presumably this means that those with an occupational pension would have the State Pension means tested and potentially not receive one, even though they’d worked all of their lives and paid for it.

    Perhaps Balls agreed with the BBC that they would not ask him any embarrassing questions about this.

    Perhaps Balls is going to use the Pension Cap to balance the books and make sure that White Dee continues to get her Bennies.

    Life is going to get very tough under Balls for any pensioners who have had the misfortune to save and buy their houses.

    Perhaps Balls and Miliband will use this cap and the mansion tax to force old people to relinquish their homes

  31. 31
    Fish says:

    When I first heard allegations about My Right Honourable Friend Mike Hancock MP, I did fuck all because I’m an inept, useless, lying prick who looks after all the perverts in my party. Vote Lib Dem….

    or because…….

  32. 32
    Outgrowing Toenails says:

    You are a boring cock, aren’t you?

  33. 33
    How to lose 3 years! says:

    In the ‘Details’ section, she is 42 years old.
    In the @about me’ she is 39 years old.

  34. 34
    Piers is a Moron says:

    How long before Piers is convicted over phone hacking? Hurry up and nab the arsehole, there’s popcorn that needs eating.

  35. 35
    john in cheshire says:

    Ed Balls is a deficit; why hasn’t he been reduced?

  36. 36
    Battertwatter says:

    momma dee: genuine woman seeks genuine man

    About Occasional smoker with A Few Extra Pounds

    hmmmm………extra pounds?

  37. 37
    Stepson of Brown says:

    Good politics. Terrible economics. It’s Gordon Brown all over again and it’ll end in tears if Labour play with tax rates for policy.

  38. 38
    Tom Watson says:

    I’ve never heard of Dan Evans.

  39. 39
    The Third Way doesn't work either says:

    Balls is looking strangely detached…

  40. 40
    Benny Fitz-Clements says:

    “Lord Rennard is more than welcome to come down and have a cup of tea…..”

  41. 41
    White Dee is seeking love says:

    I assume that was meant in reply to my post? :-D

  42. 42
    Incapable Vince, deputy Chief Cockroach says:

    I’ve never heard of Lard Everard.

  43. 43
    CON GAIN says:

    Hilarious, this policy is unravelling within days. Balls is an electoral liability.

  44. 44
    Danny Blanchflower says:

    He is the greatest thing since sliced papadums.

  45. 45
    Speak for yourself says:

  46. 46
    Owen's mum says:

    The mayor of Sochi, host of the Winter Olympics, has said there are no gay people in the city. ” OK, you can go then love”

  47. 47
    White Dee is seeking love says:

    That’s a total lie.

    She’s got at least a few hundred pounds a week in benefits.

  48. 48
    Dweeb says:

    Politics is no longer about doing what is best, most sensible or most effective. It is now purely a cynical, calculated exercise in grubbing up votes.

    Which means in effect that most policies are determined by the occupants of James Turner Street.

  49. 49
    Phwoar! says:

    Phwoar!

  50. 50
    Chuka ( you can call me Harrison ) Urmunneyaround says:

    He’s detached from reality.

  51. 51
    Bill Quango MP says:

    Vodafone, rightly critiscised for their tax avoidance, did establish the mobile phone network in the UK.

    Every tower and transmitter and all the mapping that had to be done by driving vans and checking obstructions and working out signals and strengths and a complete topographical map for the entire UK.

    Its considered one of the 5 greatest engineering projects ever completed in the UK. On a par with the underground or the Victorian sewer system.

    Those evil money grabbing phone shysters.!

  52. 52
    Genghiz the kahn says:

    But at the moment, the best evidence we have still suggests that raising the top rate of tax would raise little revenue and make, at best, a marginal contribution to reducing the budget deficit an incoming government would face after the next election.

    http://www.ifs.org.uk/publications/7066

    Balls og.

  53. 53
    Sir William Wayde says:

    Nobody has lost an election by underestimating the intelligence of the British people.

    Balls is wrong about most things, but he isn’t stupid. He’s trying to find an issue on which he can fight Osborne. It doesn’t have to make any sense as long as it appeals to the online bingo crowd.

  54. 54
    Simon in a taxi says:

    Bite your pillow- or else !

  55. 55
    Gooey Blob says:

    Alongside Gordon Brown he didn’t exactly run the country’s finances in a responsible manner last time, did he? This proposed tax hike is another triumph of hard left dogma over pragmatism. It’s likely to do more harm than good.

  56. 56
    Mavis Scoggins 25 Railway Cuttings East Cheam says:

    Aloysius, the comedy gift that keeps on misspelling.

  57. 57
    Squeaker of the chair says:

    The only time he listens is when he farts.

  58. 58
    Bill Quango MP says:

    To compete with C4’s “The Tomorrow People” BBC have announced their own program to star Ed Balls and Ed Miliband, called “The Yesterday men.”

  59. 59
    Blue Peter Goldfish says:

    Is Lord Leveson and those two love birds still available?.

  60. 60
    William Roache says:

    “Balls must have made a complete balls-up of his previous life”

  61. 61
    The Liebour Party says:

    ‘ as we bring down the deficit’ Eh ?

  62. 62
    Dave Lee Groomer says:

    They must do a lot of PE lessons in preparation for the Olympics:

    http://www.telegraph.co.uk/news/politics/10027315/Ukip-candidate-PE-prevents-people-becoming-gay.html

  63. 63
    Sir William Wayde says:

    Victor Hugo has so much to answer for. The French Gothic Revival AND Les Miz!

  64. 64
    Bennies Street says:

    Too farkin’ right, my little farkey friend.
    We is ones wots doing to make this nation great.
    We is the deservin’, farkin’, poor innit?

  65. 65
    Blue Peter Goldfish says:

    To the Olympic Village?.

  66. 66
    Mad, Bad & Dangerous Gordon McRuin ( Member in absentia ) says:

    A political pygmy, no less.

  67. 67
    Watneys Red from the bottom of the Barrel says:

    Steph’s dad. Used to like him before I knew he produced that.

  68. 68
    Labour says:

    If you’re old enough to wipe your botty you’re old enough to vote.

    We will be round to check you’ve wiped it properly.

  69. 69
    Blue Peter Goldfish says:

    Is he living in parallel universe?.

  70. 70
    Not Cal Lightman says:

    “discussing” rather than explaining. His own language is hesitant about this. Sounds like he’s been wheeled out to trot the party line. Poor sod.

  71. 71

    Ed Balls. England’s answer to Patron-Minette.

  72. 72
    Casual Observer 6 says:

    Is that the son of Jack, part time rac!st and war criminal who was responsible for extraordinary rendition ‘back in the day’, and who was busted for drug dealing ?

    What an utter c’unt.

  73. 73
    A Fraudulent Franking Machine says:

    Vote are in the post guys.

  74. 74
    FFS says:

    Why are they criticised for tax avoidance?

    They don’t make the tax laws. If there are loopholes it is their accountants job to find them, to minimise the tax exposure. Imagine if shareholders found out that Vadafone was paying 80% tax voluntarily just to keep the politicians happy and for good PR – do you think they would be happy?

    It is the job of HMRC and the government to close loopholes.

    It is typical of government to blame everybody but themselves for their own cock-ups and half-baked tax schemes, and then the suck up MSM let them get away with it.

  75. 75
    Labour's sums don't add up says:

    So Labour think this will cut the deficit but the scrupulously reputable Insitute for Fiscal Studies say it won’t raise enough revenue to help.

    I know who I believe.

    The deficit will go UP under Labour.

  76. 76
    No sympathy says:

    He’s a prize nob. If he doesn’t want to be in Parliament he can always be replaced by someone who can represent the public properly.

  77. 77
    FFS says:

    They all ended up in Brighton where they claimed asylum.

    They call them the Black Sea Bum-Bandits of Brighton. (But not very often because it’s a bit tricky).

  78. 78
    Blue Peter Goldfish says:

    Labour will get rid of the debt (their debt) by 2020, all that remains is to work out precisely which month and day of that year this miracle will occur, I shall consult the intestines of a goat.

  79. 79
    Straight talk on the Street says:

    Nah, you is the underservin poor.

    Ya see, the deservin poor is yer disabled, yer sick, yer fruitcakes and yer hard workin folks what don’t get paid much.

    You, howeva, are none of vese fings. So you is “underservin”. Many on ve left claim you is deservin simply because you is poor, so you must be deservin init? But you aint. You is scum and everybody else hates ya. Vey don’t want a give ya money cos you don’t deserve it, see? Simple.

  80. 80
    Sir William Wayde says:

    The IFS may be scrupulous but its predictions are no more accurate those of the other horoscopists and scryers who gull the public with their forecasts. For instance, the IFS consistently forecast that unemployment would rise, right up to the time when it began to fall.

  81. 81
    Niles Cooke says:

    No, Twelvety. Now go back to your pond in Royston Vasey you jumped-up toad.

  82. 82
    Ed 'Bingo' Balls says:

    Two fat ladies… Twelvety!

  83. 83
    Niles Cooke says:

    Oooh, that joke was shocking … Oh wait a minute …

  84. 84
    FFS says:

    Yessssssssssss, but it looks like it might not even make sense to the bingo crowd.

    You see, the bingo crowd don’t like rich people not paying tax, but 50% of declared income of £0 is still £0, so no better than before. The boss of BHS will still not be paying any tax.

    That’s really the way to take this policy apart, because the reality is that when Labour get in multi-billionaire Philip Green STILL won’t be paying any tax at all.

    The good folk already paying 45% aren’t really the problem, are they? Screwing them for an extra 5% is clearly very much going after the wrong people.

    You see, that’s where Labour are going wrong. They aren’t thinking “How are the other side going to try and take this apart?”, because if they did they wouldn’t try it on. I’m guessing Labour will see their fortunes improve for 1 week, then slip back worse than before as the bingo crowd realise that they are still twats.

  85. 85
    Billionaire Philip Green says:

    I don’t care. I still won’t be paying any tax.

  86. 86
    Bill Quango MP says:

    I only meant that they are using every possible trick to pay barely a bean’s worth of tax. pretending that phone calls in the Uk are all made via ireland, etc.
    Of course its up to HMG to close the loopholes, but these corporations try and avoid paying any tax at all.
    That gives them a massive advantage over all the smaller companies who cannot pretend that the sweets they sell over the counter of their newsagents are actually just in transit from Azerbaijan on the way to Licenstein and so attract only 2% VAT reclaimable in 30 days.

    it IS a scam.
    the fact its legal, is mostly the fault of the monocular one who inhabited the Treasury for a decade without even bothering to close the Channel islands VAT loophole.

  87. 87
    Bennies Street says:

    Bollox! me is well deservin’. I like got no ejukation nor no like legal words nor nuffin’ and so i never been had no chance in life, innit?
    So I is DEE-SERVIN’!

    Its in the FARKIN’ NAME, innit.

  88. 88
    Why did they bother? says:

    Is this the result of Mr Jack Straw and his woman’s fucking? Jeez, he is the s p e r m that won?

  89. 89
    Genghiz the kahn says:

    All economic forecasts about tax revenues are wrong, but some are more wrong than others. In fact I’d say that most economic forecasts are Balls.

    Though I wonder what sort of briefing note has been prepared by Pimco’s for the new UK head honco, Ed’s smarter brother Andrew Balls.

  90. 90
    Genghiz the kahn says:

    Perhaps lower tax rates might generate faster rates of growth, to lift more out of poverty.

    Is there anything right and fair in supporting those who can work, but won’t.

  91. 91
    John Bellingham says:

    The BBC is not the only Labour Lickspittle broadcaster.
    Sky TV this very hour, reporting on the IFS commentary of Balls’ speech brought in Will Straw from the “Institute for Public Policy Research”. Mr Straw gave a glowing commentary, describing how “Labour are quite right”, and how the IFS figures “cannot be taken at face value”. He certainly made a jolly good case for Ed Balls and as “an associate director of the IPPR”, should surely be taken seriously.
    Imagine my surprise when I discovered that Mr Will Straw is actually prospective Labour Party candidate for Rossendale in Lancashire and is a well-known Left-wing Labour Party activist.
    Imagine my further surprise when an internet search discovered that he is the IPPR’s Associate Director for Climate Change, Energy & Transport–not Monetary and fiscal policy or economic matters–a job held by a Mr Dolphin.
    None of this was mentioned by the Sky TV interviewer, so it was bit like getting Heinrich Himmler to comment on Ju-wish welfare in 1943.
    Are there any Ofcom rules about this?
    Possibly the IPPR is an independent organisation, although reading their website it appears to be an undisguised Labour Party front, so it is surprising that it is heavily funded by the taxpayer through local government councils, the Foreign office and the EU.

  92. 92
    Jack Ketch says:

    Imported Belgian crabs?

  93. 93
    John Bellingham says:

    As posted in #88 above. Why was this person not identified as a Labour Party spokesman, rather than someone from an “institute”?
    I wasn’t aware that he is also a former drug dealer–is it on his CV?

  94. 94
    Blind Pew says:

    Change your Laffer curve on a lee shore and you’ll lose the ship.

  95. 95
    Anonymous says:

    Should be identified as jack straws son

  96. 96
    kbb says:

    Will Straw is another twat

    “we bring down the defect” total horse shit

    more like “we socially engineer the working class”

    his old man is a twat and so is he

    Jack Straw was the gormless twat accidentally started a war

  97. 97
    Pick litter for bennies says:

    This tax hike has Red Len McCluskey written all over it. Balls and Miliband are just the delivery boys.

  98. 98
    Pick litter for bennies says:

    One leftie discussing a leftie policy.Just a wild guess but could the outcome be “it,s fair and just”?

  99. 99
    David Cameron says:

    I agree with Nick

  100. 100
    south African living in the UK on an indefinite leave to remain via says:

    Dumb people are the same all over the world….ed balls at least got the concept of the bell curve right….in fact, that’s all he needs apart from some hollow posturing

  101. 101
    Anonymous says:

    He’s not interested in whether this is right or not, this is pure electioneering. Tax the rich will solve the crisis poor people, vote for us.

    We will then reap the reward of any recovery after 2015 and yes will take a couple of parliaments to screw it all up again, but by then it won’t be my problem…

  102. 102
    M says:

    He’s not stupid , his NVQ in home economics has taken further than most

  103. 103
    The Right Honourable Handsomecock says:

    As me old gran used to say: “You look after the Bennies, the perverts will look after themselves”

  104. 104
    Anonymous says:

    The tax system explained (unfortunately Balls has yet to understand this)

    http://www.snopes.com/business/taxes/howtaxes.asp

  105. 105
    anonymouse says:

    He still thinks he did!!!

  106. 106
    Colin Shepherd says:

    Please O please could we have some politicians who’ve done a proper job (as working for the EU I don’t include in this list)

  107. 107
    Fly on the wall says:

    Nothing surprising here. Sky moves leftwards by the day and it is now very poorly disguised. Does Rupee or one of his sprogs no longer have a say in its output?

  108. 108
    Fly on the wall says:

    A veritable bolt out of the blue!

  109. 109
    Fly on the wall says:

    You want ‘your way’ with him? Are you completely mad?

  110. 110
    Fly on the wall says:

    The French answer to Ed Balls is Mme Guillotine!

  111. 111
    Fly on the wall says:

    You will save an absolute fortune in legal fees if you just get a copy of the Leveson transcript and change every “News of the Word” to “The Daily/Sunday Mirror”.

  112. 112
    Fly on the wall says:

    * sorry – “World”

  113. 113
    Fly on the wall says:

    Do you mean ‘liarbility’?

  114. 114
    Fly on the wall says:

    ‘No gay people’? Are they all miserable then?

  115. 115
    Fly on the wall says:

    It is only the usual expected dr*vel from a prospective Liebore party candidate. All it is really is SKY morons doing the BBC’s work for it. If it wasn’t for their sports coverage I would cancel my subs.

  116. 116
    Fly on the wall says:

    The outcome of any ‘research’ by any think tank will always reflect the political views of its employees.

    That, people, is not rocket science – so WTF do the MSM continue to take any notice of any of their findings? I have still never met one person who admits to being asked for an opinion on anything by any of these myriad pollsters. I think they just reprogramme their office Daleks and see what comes out.

  117. 117
    Wait - what! says:

    Yup, Sky are definitely veering leftwards.
    Fortunately, it’s free so unlike the BBC, I don’t care much.

  118. 118
    Wait - what! says:

    Strangely enough, it was.

  119. 119
    Rightwinggit says:

    Puuuuuuuuuuuuuuke!


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