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Barry's Blog

Egg all over his face....

...Milliminor's that is.

The Labour Leader is running on an empty tank.  No ammo left in his locker.....   There are many old sayings that can be associated with the Leader of the Labour Party and he has only himself, his Shadow Chancellor and the Labour Party record in office to blame....

Let me see.....
..attacks on 'austerity'
..lauding and praising the election of Hollande in France with his high taxing, high spending polcies.
..warnings of 5 million unemployed
We could all go on....

What have we now...
..The UK is the fastest growing economy in Europe, beating the EU powerhouse Germany.
..The biggest fall in quarterly unemployment since 1997.  The biggest increase in employment since records began.
..And, as for Hollande and France - sinking and struggling under the burdens placed on it by the foolish socialists.

Now at last we see incomes rising too.....  always a lagging indicator.

Milliminor simply has no credibility at all.  Not on the economy, in fact not on anything.  Let us all remember what Labour are guilty of, as ar as the economy is concerned and what they are not guilty of, (we have to be fair...).
...Not guilty of causing the economic slowdown that started in 2007 - these are cyclical and will always happen
...Guilty of running the economy as if the good times would roll on forever, as if Brown actuallly believed his conceit that he had 'banned boom and bust'.
...Guilty of bodged banking regulatory reforms that left our banks to behave like 'ordinary businesses' which they are patently not and in so doing become vulnerable to the downturn requiring a massive bail-out.
...Guilty of a bodged inflation brief to the Bank of England that ignored level of private debt in setting interest rates which encouraged more use of credit cards and fuelled a housing bubble.
...Guilty of discouraging savings with bodged pension reforms (stakeholder) and reducing non-pension tax-free saving levels while combined with interest rates being too low too long decimated the savings ratio leaving people more dependent on borrowing and creating more economic vulnerability.
...Innocent, by ommission, Brown at least did not take us into the Euro which would have made the UK financial crisis even worse.
...Guilty of a public sector spending spree, increasing deficit spending while the economy was growing leaving the economy in an appalling situation when the downturn started.
...Failing to act quickly enough to address the slowdown by not cutting back public spending in 2007.

Oh, don't get me wrong.  Even though the economy is now getting a lot better, this should have happened sooner.  Osborne too is guilty of not cuttting spending fast or deeply enough, of not instigating tax simplification, of not implementing enough supply side reforms.  True the LibDems did have an evil influence over his oh-so-timid policy but he should have stood up to them more.  At least he did see the right direction to take the economy and he did move in the right direction, now we really are seeing the benefits - to late but better late than taking us, as Milliminor would have, in the Hollande direction....

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  • howard mcsweeney1

    will be interesting to see how the electorate react to the shadow chancellor promising to raise the top tax if the reds form the next government.27 January 2014   08:01