Double Dip Anyone?

Following the longest recession in history Britain posted its first-ever budget deficit for the month of January.  Usually January is a bumper month for tax receipts.  Unfunded government over-spending was £4.3 billion, when consensus economists were forecasting a £2.6 billion surplus, according to the median of 16 forecasts in a Bloomberg News survey.

Don’t rule out a double-dip recession.  With neither the Conservatives or Labour offering policies to kick-start consumer spending and GDP growth, we could be in a lot of trouble…

No Danny, No.

Guido is enjoying the to-ing and fro-ing* between Fraser Nelson and the Fink.  Today something Fink said stood out as uncharacteristically crass:

If the Tories were now to cut taxes immediately upon on entering office, what would happen? It would, erm, destabilise the economy, wouldn’t it.

No, Danny it would not.

Imagine, and this will take some imagination, Nick Clegg in No. 10 and Vince Cable in No. 11 the day after the election. They implement their manifesto pledge to raise the tax threshold to £10,000 reducing the Treasury’s take by circa £100 £20 billion.  It would cost about one-tenth as much as quantitative easing and be a far greater stimulus.  That would be £100 £20 billion injected into the real economy rather than foreign bond investor’s portfolios, benefiting the lowest paid the most.  That would inject a colossal boost into the economy,  increasing demand on the high street, to manufacturing and to every consumer facing business.  The effect on GDP and overall growth would be tremendous, not destabilising

Danny might retort with tales of bond yields rising as a result, but bond traders understand that a growing economy supports their coupon payments, whereas a flat or contracting economy is a greater sovereign credit risk. A growing economy can afford to finance a budget deficit if necessary. An over-taxed, low to no growth economy can’t. High taxes, and Britain is a high tax economy after 13 years of Gordon, destabilise the foundations of a strong economy, driving enterprise into the ground or overseas.  Guido remembers when this was ideologically core to Conservative thinking, it was when they won elections…

*If you haven’t been following the debate it starts with Fraser’s lecture to the CPS which Fink responded to.  Fraser came back with this and Fink answered here. Then Fraser gave his response.  This piece refers to Fink’s latest response.

Maguire Sinks to New Low

All of Guido’s favourite Labour spinners seem to be on exceptional form this morning, Kevin Maguire is up to his usual tricks. On the back of David Wright’s “scum-sucking pigs attack” on the Conservatives, it look likes our Kev has received his orders. This morning’s Mirror reports an extraordinary change of tune from Labour who are now in full furious and deluded spin mode:

Was the hacking of Telford MP David Wright’s Twitter site linked to the theft of his laptop – containing his passwords – from the Commons? It struck me as odd when a poke at the Cons popped up, supposedly Tweeted by him. Scepticism is my middle name but, on this one, I’d believe the Telford lad over his Right-wing accusers. Wright’s no wet lettuce but he’s a straight and thoughtful politician, particularly for a Government whip.

You’re not fooling anyone Kev, Wright sent the message from his mobile phone…

Bad Al Campbell Lying Again

Alastair Campbell on BBC R4’s Loose Ends, on Saturday claimed that he had never briefed journalists with negative stories about ministers. Whereas Gordon used aides (Balls and McBride) to harm the reputations of other ministers:

“Gordon did have people around him who were briefing against colleagues all the time. I just didn’t. Politics is a team game.”

So who said Gordon was “psychologically flawed”?

Will any Lobby hacks actually call him on this? Didn’t he just recently openly slag off former Labour Minister Clare Short at the Chilcott Inquiry, live on TV?  C’mon Rawnsley, Rentoul, Sir Michael White, tell us: is Alastair telling the truth?

Top O’ the Morning Dave

The Corrigan Brothers had an international hit with There’s no one as Irish as Barack O’Bama, they reckon that swung the election for him. The good news for Dave is that they are swinging behind him as the Irish hope for Prime Minister:

According to Debrett’s Peerage, Dave is William IV’s great, great, great, great, great grandson through Elizabeth FitzClarence, the King’s illegitimate daughter, one of at least ten children he had out of wedlock with Dorothy Jordan, an Irish actress from County Waterford, and his long-term mistress, who is in fact Mr Dave’s great, great, great, great, great grandmonther.  So, as the lyrics say, “inside Dave, there’s an Irish heart beatin’ “…

Via : Paddy Anglican

From the Green Bench to the Bench Press

A little birdy just told Guido the unlikely tale that his old sparring partner Tom Watson is opening a gym in his constituency tonight. Hopefully witnesses (or even avid blog reader Tom himself) will be able to provide another Kodak moment.

It is not clear at this point whether Watson will be taking up membership…

Hatty Sells Out for Hubby

Yesterday during a car crash performance on Sky, and despite being presented with figures to the contrary, Harman swore blind that her equality agenda was working. Funny then that she has been so willing to sell out her entire raison d’être in order to see her trade union big cheese husband Jack Dromey replace Sion Simon. Dromey is down to the last four for the seat, despite much speculation that one of Harriet’s sacred All Women Shortlists would be employed. Crucially Harman missed the Labour National Executive meeting that determined a AWS wasn’t to be used, despite the fact that she insisted she wants forty percent more women in Parliament and other Labour seats that have recently become vacant have all female lists imposed on them. A convenient diary clash.

Scum-gate

From the Frequently Asked Questions section of Twitter’s very own help website:

Can I edit a tweet once I post it?
Nope. Once it’s out there, you can’t edit it. You can delete an update by clicking the trash icon on the right end of the update, but you can’t make changes.

This puts Labour whip David Wright’s claim that his tweet about the Conservatives being “scum sucking pigs” was “tinkered with” beyond any doubt.  If he had just admitted that it was too far and said sorry last night this whole thing would have been over within minutes, but, as ever, it is the lying that will nail him. CCHQ are pushing this one aggressively and Pickles has just written to Wright accusing him of breaking the Ministerial Code.

A Minister of the Crown could well be set to be Twitter’s first major political scalp.

3.5% Inflation Shatters Deflation Illusion

So have you stocked up on beans or gold yet?  Have you taken Guido’s advice?

The Governor of the Bank of England now has to write an open letter to the Chancellor. This is Mervyn King’s sixth such letter […]

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Co-op Capitalism

Some years back Guido had lunch with Alex Hilton of Recess Monkey (R.I.P.) fame. Paying for lunch Guido brandished a card issued by the Co-operative bank. The monkey spluttered in indignation “what are you doing banking with the co-op?” as […]

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Guy News : Death Tax, Pancakes and Tears

Who are the biggest tossers in Parliament? And a musical Campbell treat…

If you subscribed (for free) to the Guidogram, you would have seen this last week when it was released…

Subscribe to the Guidogram[…]

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Jonah Curses Morgan’s Viewing Figures

There was a lot of hysterics concerning Gordon’s appearance on Piers Morgan’s Life Stories last night with talk about it having “cut through” beyond politics.  Evidence based blogging tells the real story. The  Prime Mentalist was the least popular guest, […]

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