IMF chief Christine Lagarde – currently due to stand trial over a €400 million fraud case – has been spinning overtime that Brexit will damage the UK. This is merely a geo-political courtesy return favour to Osborne who campaigned hard for her to get the IMF chief’s job.
In reality the IMF figures predict that UK growth will outpace both Germany and France as well as the Eurozone as a whole. Even the short-term initial Brexit effects are marginal, and the Bank of England will stand ready to flood liquidity into the markets in the event of Brexit, which will have a soporific effect on markets. No credible economic forecaster expects any long term negative effect on growth…
The Treasury say:
“The dividend income relates to shares in Osborne and Little Group Limited, a UK resident manufacturing company of wallpapers and fabrics that was founded by his father. The dividends are derived from shares that the Chancellor of the Exchequer owns directly, and also as life tenant* of a family trust, based and resident in the UK which holds, as its sole asset, shares in that company. The Chancellor of the Exchequer paid income tax on these dividends.”
Osborne and Little has been hit by its own offshore row. The PM, Chancellor and Shadow Chancellor have all released summaries of their tax returns – the Leader of the Opposition still can’t find his…
*A life interest trust is a trust established to provide the beneficiary with (who is known as the ‘life tenant’) the right to receive the income (after expenses) from the trust. This right is usually given for their lifetime. On their death the trust fund passes to the other named beneficiaries, known as the ‘residuary beneficiaries’. Basically it protects the family capital and ensures it passes to children rather than, for example, ex-wives…
Petronella Wyatt on the quarter-Hungarian George Osborne…
“His complexion is eastern, with the fish-belly pallor of Vlad the Impaler. His eyes have a Mongolian slant and his voice the twang of a gipsy’s zither. He is quick-tempered and, unlike most privately educated Englishmen, enjoys the company of women. His wife, Frances, who is a popular novelist with hair like a winter sunset, leads an independent life and her husband is often left at home, cooking a passable sort of lasagne.”
Yet more evidence of decline – the Chancellor’s personal ratings plunge with Ipsos Mori, the Budget gets its worst rating since 2010. He’s now less popular than he was after the Omnishambles Budget. The Osborne effect is so toxic that Corbyn’s satisfaction score even overtakes Cameron’s…
The Chancellor comes out of hiding:
“Of course, Mr Speaker, there is always robust discussion between the treasury and the spending department when money needs to be saved. The decisions we make to keep our economy secure are always been difficult and when we don’t get them right I’ve always been prepared to listen and learn.”
Osborne’s worst poll ratings since the Omnishambles Budget of 2012 from YouGov in today’s Times. Even Tory voters say he’s not up to the job of PM…
