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?

    Like

    • 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

      Like

      • 44
        Danny Blanchflower says:

        He is the greatest thing since sliced papadums.

        Like

      • 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.

        Like

      • 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.

        Like

    • 36
      Battertwatter says:

      momma dee: genuine woman seeks genuine man

      About Occasional smoker with A Few Extra Pounds

      hmmmm………extra pounds?

      Like

      • 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.

        Like

    • 81
      Niles Cooke says:

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

      Like

  2. 2
    BBC News Editor says:

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

    Like

    • 18
      Ed B says:

      IFS?
      I’m Fookin Stupid

      Like

    • 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

      Like

      • 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.

        Like

        • 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?

          Like

        • 117
          Wait - what! says:

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

          Like

  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

    Like

  4. 4
    Owen Jones says:

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

    …oh, wait a minute…

    Like

    • 15
      Fuck the LibLabCon says:

      “invented electricity”?

      Like

    • 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.!

      Like

      • 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.

        Like

        • 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.

          Like

  5. 5
    Ed the Eunuch says:

    50p tax is a predatory tax!

    Like

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

    Balls the comedy gift that keeps on givving.

    Like

  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.

    Like

  8. 11
    Ed Balls - Shallow Chancer says:

    Like

  9. 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.

    Like

  10. 14
    Fred Talbot says:

    I forecast a shit storm.

    Like

  11. 17
    EXECRABLE ED BALLS says:

    Like

  12. 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.

    Like

  13. 22
    RED ED - SON OF BROWN says:

    I KEEP MY FRIENDS CLOSE BUT BALLS CLOSER STILL

    Like

  14. 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

    Like

  15. 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.

    Like

  16. 29
    Ma­qbo­ul says:

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

    Like

  17. 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.

    Like

  18. 35
    john in cheshire says:

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

    Like

  19. 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.

    Like

  20. 38
    Tom Watson says:

    I’ve never heard of Dan Evans.

    Like

  21. 43
    CON GAIN says:

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

    Like

  22. 45
    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”

    Like

  23. 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.

    Like

    • 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?

      Like

      • 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.

        Like

        • 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.

          Like

  24. 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.

    Like

  25. 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.

    Like

    • 82
      Ed 'Bingo' Balls says:

      Two fat ladies… Twelvety!

      Like

    • 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.

      Like

  26. 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.”

    Like

  27. 60
    William Roache says:

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

    Like

  28. 61
    The Liebour Party says:

    ‘ as we bring down the deficit’ Eh ?

    Like

    • 69
      Blue Peter Goldfish says:

      Is he living in parallel universe?.

      Like

      • 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.

        Like

    • 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.

      Like

      • 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.

        Like

    • 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.

      Like

    • 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?

      Like

    • 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.

      Like

    • 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?

      Like

    • 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

      Like

    • 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”?

      Like

  29. 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.

    Like

  30. 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.

    Like

    • 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.

      Like

    • 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.

      Like

      • 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.

        Like

      • 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.

        Like

  31. 94
    Blind Pew says:

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

    Like

  32. 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

    Like

  33. 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…

    Like

  34. 104
    Anonymous says:

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

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

    Like

  35. 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)

    Like


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cynic says:

Can anyone help me? I went on holiday a week ago and returned to find someone has pulled out the stake and Gordon Brown is back and acting as Prime Minister. What did I miss? Has there been a snap election?


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