Nigel Griffiths jumped up after the vote on a point of order to the Speaker; “Is it in order for MPs to pile into chamber…” he began before being drowned out with laughter from all sides.
Yes, a Labour MP thought it might be out of order for MPs to do their job. Desperate.
Total Debt planned 2008/09 – 2013/14 (PBR):
(For full methodology, see Sources & Methodology)
*They are trying to find reliable data for the cost of WWII at the moment.
Norman Tebbit? Norman Lamont? Nope, this is current.
The exact quote is
“Even if unemployment reaches 3 million, that still leaves 90% in secure jobs. Most people will suffer not at all in this recession: on the contrary they will do well…”
Hyperbole? The government bond markets will enslave the citizens and subjects who pay the taxes that service their demands as surely as feudal barons demanded their lands were ploughed for their table by serfs. It is stunning that Brown’s policies have cost HM Treasury, in real terms, more than it took to defeat the Luftwaffe and the Wehrmacht. The debt obligations of the state will be £2 trillion within a few years, Gordon ignores the unfunded pensions of his bloated public sector bureaucracy and admits to “only” £1 trillion. The long term consequences of a debt burden as great as this are that Britain will have a permanently low growth economy. If, as is most likely, predominantly foreign investors hold government bonds, higher taxes will reduce the available capital which can be put to productive use in the domestic economy because the interest paid is exported. That is if they are not too worried about Britain going bust to invest at all. The chart above (click to enlarge) shows the cost of insuring in the credit default swap market against the U.K. government going bust is nearly triple the German rate. British Gilts are becoming the junk bonds of the G7.
Do people want to live in a country designed by Gordon Brown, as cheered on this morning by Polly Toynbee, Will Hutton and Roy Hattersley? Is there a prospect on the horizon of a radical government which can arrest the inevitable decline? Is there a Thatcher-like political leader who can turn around the super-taxer-tanker of state? Guido suspects a lot of internationally mobile people will be weighing up the prospects and possibly heading for the exits soon.
UPDATE : From The Times this morning; “In recent years, thousands of educated Australians have come to the UK. Immigration has been the start of a career, not a gap year, it adds. So there should be some alarm at the fact that they are heading back home in ever larger numbers: 2,700 a month compared to 1,750 a month in 2005. This is largely a vote of no confidence in the old country.”
Australia runs a budget surplus, has paid down the national debt in the good years and welcomes skilled migrants. Form an orderly queue.
Well the Germans must have like it more because the Dax was up 10.34% and the French Cac 40 was up 10.09%. In fact around the world stock markets were up. Gordon is the Global Saviour!
Nothing to do with the bail-out of the world’s biggest bank Citigroup by the yanks? BBC business reporting* is below second-rate, if it was your only news source you would be worse than uninformed: you would be misinformed.
*To be fair, Guido has knocked Newsnight’s reporting in the past but it was pretty thorough last night, covering the issues realistically.
Guido’s co-conspirators were impressed in our live poll during the exchange – and they have been pretty disparaging of Osborne over the last few months.
Some of the co-conspirators comments give a flavour:
- “Osborne was brilliant. Wiped the f*****g floor with that lying twat Darling. Brown kept smirking but looked very uncomfortable. The chickens are coming home to roost.”
- “thought Osborne did very well, thought he was going to mess it up. Labour front bench look flustered..”