One thing I do know for certain is that given Osborne is doing away with the need for people to convert the majority of their pension pots into an annuity providing an annual income for the rest of their lives, every scammer, wide boy, boiler room operative, get rich quick merchant, "financial consultant" at ?200 per hour will be rubbing their hands in glee.
I predict that a few years after this is introduced we will have new financial scandals which will make PPI mis-selling look small feed.
The Budget
-
Arginald Valleywater
- Posts: 4288
- Joined: Fri Jul 14, 2017 2:40 am
Re: Scammer's paradise
Of course those of you in debt could pay some of it off and help the economy instead of living on endless loans and credit cards....first principle of financial prudence is kill your debts.
Re: The Budget
And there's me thinking it was due to that global banking crisis thingy, how mistaken I was!
Just wondering how Gordon Brown caused the USA, Europe and well let's face it most of the industrialised powers to face financial ruin?
Just wondering how Gordon Brown caused the USA, Europe and well let's face it most of the industrialised powers to face financial ruin?
-
David Johnson
- Posts: 7844
- Joined: Fri Jul 14, 2017 2:40 am
Leopardhunter
Here we go again, another person who has swallowed whole the coalition narrative "Labour crashed the economy".
It was a GLOBAL BANKING COLLAPSE that caused the recession. Was Gordon Brown responsible for crashing the economy in the US, the EU etc. etc? I don't think so.
Click on the link below which shows details of UK deficit over the last few decades.
Then click on the graph. What does it tell you?
1. There was a surplus in the first 4 years of the Labour government 1998-2001, something that John Major and Thatcher never achieved.
2. Compare the figures under the Labour government for 2002 to 2007 with those under John Major for 92 to 96. The Labour government was more prudent.
The deficit started soaring in the UK from the start of the recession in 2008 as it did in many many countries due to bank bailouts, corporate collapses etc.
You can accuse Labour of not monitoring the finance sector closely enough. But if you think the Tories which are largely funded by the UK finance sector would have done any better at monitoring that sector you are in cloud cuckoo land.
It was a GLOBAL BANKING COLLAPSE that caused the recession. Was Gordon Brown responsible for crashing the economy in the US, the EU etc. etc? I don't think so.
Click on the link below which shows details of UK deficit over the last few decades.
Then click on the graph. What does it tell you?
1. There was a surplus in the first 4 years of the Labour government 1998-2001, something that John Major and Thatcher never achieved.
2. Compare the figures under the Labour government for 2002 to 2007 with those under John Major for 92 to 96. The Labour government was more prudent.
The deficit started soaring in the UK from the start of the recession in 2008 as it did in many many countries due to bank bailouts, corporate collapses etc.
You can accuse Labour of not monitoring the finance sector closely enough. But if you think the Tories which are largely funded by the UK finance sector would have done any better at monitoring that sector you are in cloud cuckoo land.
Re: Leopardhunter
While in opposition the Tories were complaining there was TOO MUCH regulation.
Re: The Budget
I'm no financial expert but won't all these well off pensioners take their cash and buy properties via buy to let and rent them out driving house prices even further up.
This budget was aimed at the traditional well off grey haired Tory voter as they need to secure their votes and while seemingly dull will cost everyone else dear in the future for short term political gain.
This budget was aimed at the traditional well off grey haired Tory voter as they need to secure their votes and while seemingly dull will cost everyone else dear in the future for short term political gain.
-
David Johnson
- Posts: 7844
- Joined: Fri Jul 14, 2017 2:40 am
Re: Leopardhunter
"I'm glad you acknowledge that by Labour following the tories spending plans from 1998 to 2001 they achieved a surplus. That was precisely BECAUSE they stuck to what the tories would have done."
Thanks for showing this net borrowing graph. It shows how Thatcher's spending was soaring when she resigned in November 1990.
To use Thatcher's own crap analogy between running a government and a corner shop, Labour did far, far better than the John Major government did in terms of reducing borrowing and also running a surplus for 4 consecutive years. John Major didn't manage to run a surplus in a single year.
This proves that the Tories flung money around like confetti under Major.
Of course, your graph only shows half the story. If income exceeds expenditure, happiness! And if you refer back to my graph tracking the national deficit you will see that Labour were far, far more prudent than Major prior to the GLOBAL FINANCIAL COLLAPSE.
"The point is, that at that time the economy was growing very well and there was no need to start racking up debt and blowing it all,"
Well during the time Thatcher and Major were in government they presided over the biggest corporate boom since the Industrial Revolution, namely the silicon revolution which provided a staggering boost to the economy as IT transformed Britain. So obviously Thatcher and Major do not appear to have followed your advice at all, do they? Despite this huge boom Major was running a bigger deficit than Labour prior to the GLOBAL FINANCIAL COLLAPSE.
And as for the Tories brilliant financial management under Osborne? Osborne promised to reduce the deficit to ?60 bn by now. Instead the deficit is ?108bn and he's now planning to cut another ?62bn to meet his original target ? two years later than promised.
And remember that triple A rating with the credit companies that Osborne placed so much reliance on? That's gone west along with Osborne's plans to reduce the deficit.
Back to the drawing board for your arguments, methinks!
Thanks for showing this net borrowing graph. It shows how Thatcher's spending was soaring when she resigned in November 1990.
To use Thatcher's own crap analogy between running a government and a corner shop, Labour did far, far better than the John Major government did in terms of reducing borrowing and also running a surplus for 4 consecutive years. John Major didn't manage to run a surplus in a single year.
This proves that the Tories flung money around like confetti under Major.
Of course, your graph only shows half the story. If income exceeds expenditure, happiness! And if you refer back to my graph tracking the national deficit you will see that Labour were far, far more prudent than Major prior to the GLOBAL FINANCIAL COLLAPSE.
"The point is, that at that time the economy was growing very well and there was no need to start racking up debt and blowing it all,"
Well during the time Thatcher and Major were in government they presided over the biggest corporate boom since the Industrial Revolution, namely the silicon revolution which provided a staggering boost to the economy as IT transformed Britain. So obviously Thatcher and Major do not appear to have followed your advice at all, do they? Despite this huge boom Major was running a bigger deficit than Labour prior to the GLOBAL FINANCIAL COLLAPSE.
And as for the Tories brilliant financial management under Osborne? Osborne promised to reduce the deficit to ?60 bn by now. Instead the deficit is ?108bn and he's now planning to cut another ?62bn to meet his original target ? two years later than promised.
And remember that triple A rating with the credit companies that Osborne placed so much reliance on? That's gone west along with Osborne's plans to reduce the deficit.
Back to the drawing board for your arguments, methinks!