Thursday, June 16, 2011

Balls Calls for VAT Cut to Boost Consumer Spending

Data released today by the Office for National Statistics showed UK retail sales slumped during May. Including fuel, sales volumes fell by 1.4% last month, while excluding automotive fuel volumes decreased by 1.6%. George Osborne believes that lower tax economies are higher growth economies, he told us so many times in opposition. Just because Ed Balls advocates it today doesn’t automatically make it wrong to cut VAT. Balls is calling for a temporary suspension of the VAT hike to boost consumer spending and growth. Why not?

Wednesday, June 15, 2011

UK Quietly Contributes £9 Billion to IMF Euro-Bailouts
Equivalent to Adding 1½p to Basic Rate of Income Tax

Douglas Carswell has spotted a Statutory Instrument slipped in before parliament without prior debate, two pages of legislation which will cost the British taxpayer £9 billion, the equivalent of adding some 1½p to the basic rate of income tax. No debate, no big announcement, just another day of propping up the Eurozone on the backs of UK taxpayers.

The Chancellor was at the Bilderberg conference this weekend, where the global elite discuss important matters without tiresome worries like democracy or transparency, among the attendees were central bankers, financiers and investment bankers – the guilty men of the financial crisis. The Chancellor has clearly fallen in with a bad crowd…

UPDATE: Osborne’s PPS Greg Hands has been rolled out to defend the £9 billion loan. The crucial point he makes is that “Because this is a loan, it has no impact on our borrowing – it is a financial asset that will be repaid.” All being well, however all is not well. Institutions like the ECB itself are in trouble, the US Treasury is on credit watch. We may be approaching the financial equivalent of the rapture, when all the reckoning for decades of loose credit will be made. One only has to look at the price of gold to see that people are losing faith in the paper-money financial system.

Sunday, May 15, 2011

We Rallied Against the Debt

According to the BBC 350 of us turned out to Rally Against the Debt, a petition passed round gathered 400 signatures so the actual number is likely nearer 500. The Fawkes girls were unimpressed with their first political demonstration and even their father’s speech until they saw a chihuahua dog which made their day. It was as promised, pretty civilised and good natured, there were no riots, arrests or any trouble – apart from 3 counter protestors. The after party at the Westminster Arms went on till late…

Saturday, May 14, 2011

Rally Against Debt Today!

The Rally Against Debt will be held at Old Palace Yard in Westminster, central London, at 11 a.m. Today.

Old Palace Yard (pictured above) is in between Westminster Abbey and the Houses of Parliament, a short distance from Victoria train station and walking distance from both Westminster and St James’s Park tube stations.

The Rally will start at 11 a.m. and finish in good time for the FA Cup final, and during that time there will be the opportunity to hear speakers explain why they are rallying against debt, and to see the TPA Debt Clock – a giant digital display counting up the country’s national debt.

If you need a reminder of the reasons behind the rally, why not take a look at our Why Rally Against Debt fact sheet, or check out the official website FAQ. And if you’re on Facebook, why not join the official event page?

Come and enjoy yourselves, while taking the opportunity to make a serious point about the importance of dealing with Britain’s horrific national debt.

Friday, May 13, 2011

Mr Osborne, Tear Down This Debt

Guido has penned  today’s Thunderer column for the Times  behind the paywall. Before people moan, it is for a good cause, tomorrow’s planned Rally Against Debt and for those of you without a log in, he will push the limits of the fair use rules.

…Government borrowing is merely deferred taxation, so this generation is passing on a terrible inheritance of indebtedness that will burden my children, and my children’s children, with higher taxes. The Chancellor will protest that he is cutting the deficit, that he is overspending less, that political reality will not allow him to do more.

This is simply not good enough. Under Mr Osborne’s plans, the Government will still spend more cash every single year. Debt interest payments are set to double and will eventually cost more than the education budget. That is a stupendous waste of money that could be spent educating our children instead of servicing the bloated debts to the bond markets. Cutting the deficit is not enough: cutting the debt is required.

We don’t have big public sector unions organising coaches to London, and no political party is backing us, so we certainly don’t expect the Rally Against the Debt to number in the hundreds of thousands. I am taking my children with me on their very first demo and my first since back in Berlin 1989, to demand on their behalf: “Mr Osborne, tear down this debt.”

See you tomorrow, 11.00 a.m., Westminster.

Thursday, May 12, 2011

Gordon Goes To Vegas
Plus: The Mad v RAD

Without a hint of irony Gordon is speaking today in Las Vagas to a convention of hedge fund investors. The Salt Conference is one of the largest gatherings in the world of investors, speculators and wealth creators. No doubt he will regale them with tales of how he saved the world from their evil destruction, lecture them about how they are all to blame for the financial crisis, and were it not for him, it would have been armageddon. Or will he just take the nice fat appearance fee, drone on about his book, and run the profit through his limited company to avoid paying the chokingly high income taxes his government forced on the country.

Meanwhile the people of Kirkcaldy still go unrepresented in Parliament. What good is Gordon doing for them in Vegas?  Guido pities anyone in the casinos, it’s going to be big wins for the house tonight with Jonah in town. 

However, there is something you can do to show Gordon, Labour and the rest of the deficit denying, head-in-the-sand, carry on spending brigade that enough is enough. That is to give the Rally Against the Debt an hour of your time on Saturday morning  in Westminster. Guido will be taking to the soapbox and wants to see as many co-conspirators there as possible…

Friday, April 15, 2011

The Tax Code Truth

Wednesday, April 6, 2011

A Question of Morality

Worse Off Wednesday

Today the 40% tax rate kicks in at £35,000 above the personal allowance. The tweaking, down from around £37,000, is expected to raise just £500 million this year. Given we are spending £120m every day on our debt interests, it’s not worth the pain. The £500m could have been found through other savings rather than whacking wallets.

The top-rate of tax hits 52p with Labour’s rise in National Insurance also kicking in today. “An exploded tax-bombshell designed to go off under the future economic recovery” as Osborne put it in 2008. But he’s hardly done much to ease the pain, there’s not even a little retail therapy due to his choking rise in VAT. This is not a growth strategy.

UPDATE: It was pointed out to Guido that the gift of £600m that Cameron pledged to Pakistan yesterday is more than the tax take from this squeeze on middle-earners. But it’s ok he’s sure they are very grateful.

Monday, April 4, 2011

Miliband’s Money Manoeuvre

Regular readers will remember that Guido and Andrew Pierce have not always seen eye to eye, but credit where credit is due. Pierce’s column today will make for uncomfortable reading for both of the Miliband brothers as he exposes David’s perfectly legal, but thumb-nosing and hypocritical, tax arrangements:

“Quietly, he has set up a company called ‘The Office of David Miliband Limited’, which will be a tax-efficient vehicle for his non-parliamentary earnings. This means that all payments the former Foreign Secretary receives from commercial speaking engagements and other lucrative private work will be paid into the firm. It will be subject to corporation tax of 20 per cent”

It makes complete sense as who would go out of their way to maximize their tax payments, but given that David was in the cabinet that introduced the aspiration-killing 50p tax rate it is rather telling that he doesn’t want to pay it himself. Will the militant-wing of HMRC, UKUncut, be occupying David’s Primrose Hill mansion in protest? They can also complain about the death tax on the property that the family conveniently got round while they are at it.

UPDATE: Strike the niceties, Guido is reminded that the Carina Trimingham/Huhne story that Pierce included in his column appeared here first. The Guinness story was Paul Waugh’s last week too. The invoice is in the post.


Seen Elsewhere

#TM4PM: It’s On | Speccie
Path to Defeat More Obvious for Both Labour and Tories | Rafael Behr
It’s Boris v May | Sun
Farage is Outflanking the Tories | Guardian
Boris is Right About Grammar Schools | Conservative Women
‘Obsolete’ Cable | Speccie
Why are Tories so Upbeat? | Alex Wickham
Clear Public Interest in Newmark Sting | Mirror
Boris Invites Farage to Join Tories | Guardian
RAF Too Run Down to Fight Islamic State | Con Coughlin
Osborne’s Personal Cuts Regime | Quentin Letts


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David Cameron on political promiscuity…

“On May 7 you could go to bed with Nigel Farage and wake up with Ed Miliband. Not one bit of that works for me.”



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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