"If ye love wealth better than liberty, the tranquility of servitude better than the animating contest of freedom, go home from us in peace. We ask not your counsels or your arms. Crouch down and lick the hands which feed you. May your chains set lightly upon you, and may posterity forget that you were our countrymen."

Thursday, 25 March 2010

£3.1 Trillion Debt

In his response to yesterday's Budget George Osborne opened this afternoon's debate in good form.  You may not like him, many don't, but I can't see why not - he's got a good brain in his head and I actually prefer him to Cameron.

Anyway, he was good, not as good as some responses (last year's PBR response for example) but he made all the necessary points and was sure of his facts.  Yvette was ... guess what?  Yes, she was pathetic.  Me?  Partisan?

Only three Labour b/benchers were interested enough to turn up with five of the front bench Treasury team.  Cooper despises Osborne - it's written all over her perky pixie face.

First some points from Osborne:

One in five young people can't find work
Recovery is one of the weakest in the G20
Banking system can't finance a recovery
Family incomes are being squeezed
Largest budget deficit of any country in the developed world
Our credit rating is under threat
Confidence is lacking
Manufacturing is shrinking
Exports are falling
Business investment has collapsed
Lifting first-time buyers out of stamp duty is only a two-year measure and costed at £230m by the Treasury while increase at the top rate is a permanent increase.
True unemployment figure closer to 4.2million.
1million jobs created in the public sector in the last ten years.
Of the £270m fund to create 20,000 new university places only 10,000 will be full-time places and only the first year will be funded by govt, the remaining years' funding will have to be met by universities.
Freezing personal tax allowances of 30m people is effectively a tax rise.

Standard Chartered: A do nothing budget that had shades of Nero about it.
Citibank:  There are no proper medium term public spending plans and no credible plan to return to fiscal sustainability.

Osborne will ask the Permanent Secretary to publish details of leaked Treasury tables showing 9% cuts in govt departments, cost of welfare bills and debt interest.

There was a nice exchange between Cooper/Osborne - the look on little Yvette's face was priceless when Osborne corrected her at one point.  She hates him.  He smiled all the way through his reply as if pitying her poor intellect.  She didn't want to let it lie.

Osborne was more courteous to Harry Cohen's intervention on stamp duty than he needed to be in my book.  Cohen, a man who pronounces 'hyperbole', hyperbowl, who compares himself to Churchill and defrauds the taxpayer.  Glad to see his file has been sent to the CPS and I hope he's prosecuted.

Now, the real shocker: Bill Cash made an intervention about the true state of the national debt including PFI, loans to banks, public sector pensions etc.  Said he had received information from the Office of National statistics.  He quoted a figure of £3.1trillion debt. The letter will be placed in the House Library for viewing.

Cash is very good; in his speech proper he expanded on the ONS figures and also touched on the EU (7m illegals in Europe) and over-regulation.  He called for government based on truth, an association of nation states rather than political union.  I hope he's returned at the GE.

This definitely needs a video for anyone who missed it.  Well, for any anoraks who missed it that is.    I wonder how much coverage £3.1trillion debt will get in the msm tonight and tomorrow?  Here's the link to Live Parliament - the video should be in the archives tomorrow and it will also be in Hansard.

Ah, well, that's enough for today - I'm going back to my Vick's and cough lozenges.


  1. GV, great stuff and isn't it a shame how it gets buried by Labour and the MSM. Seeing that ghastly woman, Balls, bested is something to relish indeed. can't wait. get well soon, you are needed!

  2. Excellent. Have bookmarked you. Will come back. Love to see Mrs Balls shut up.

  3. Thanks you OR - I'm feeling much better this morning - my own fault for letting it drag on without going to the chemist.

    Welcome Perdix - I loved it and Osborne was quite amused by her display too. It's a pity there isn't a short video clip on YouTube but if you can find it in the archives of live parl. it will be worthwhile :-)


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