The Economic Incompetence of George Osborne

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The articles below show how hopeless the tories are with the economy (oh, by the way, the picture above was when he seemed to be a little erm..’unwell’ in Nov 2014 at a PMQ’s)……..

DITCHES HIS PLAN TO RUN A SURPLUS BY 2020

http://www.independent.co.uk/news/business/news/george-osborne-ditches-2020-budget-surplus-target-a7113326.html

GOVERNMENT BORROWING UP – April 2016

The government borrowed £74bn in the year to March, £1.8bn more than George Osborne’s borrowing target. Click Here

MP’s EXEMPT FROM MONEY LAUNDERING CHECKS – April 2016

George Osborne has agreed to make MPs exempt from anti-money laundering checks under pressure from moaning Tory backbenchers. Tory MP Charles Walker claimed MPs and their families were being treated like “African despots”……Click Here

CURRENT ACCOUNT DEFICIT WIDEST SINCE COMPARABLE RECORDS BEGAN

The Times 11th April 2016

The nation’s current-account deficit–a measure of the shortfall between Britain’s earnings from overseas and its payments to foreigners–widened to 32.7 billion pounds ($47.06 billion) in the fourth quarter, from GBP20.1 billion in the third. That took the deficit as a share of national income to 7%–the highest deficit recorded since 1955, the ONS said.

Officials at the Bank of England have described the U.K.’s current account deficit as one of several risks to the stability of the financial system, as well as the broader economy.

A large deficit means the country must borrow from abroad or attract foreign investment to cover its payments shortfall, and economists say that uncertainty over the outcome of the U.K.’s looming referendum could unsettle overseas investors, making it harder to finance the deficit. 1st April 2016

FLOG IT CHEAP

RBS: George Osborne has tried to justify a £1bn loss on the first sale of shares in Royal Bank of Scotland in the face of criticism from politicians and City analysts by saying it was the right thing to do for the British taxpayer. http://www.theguardian.com/business/2015/aug/04/rbs-sell-off-george-osborne-defends-1bn-loss 4th Aug 2015

ROYAL MAIL 2015: Shares sold to city investors not ordinary public  http://www.mirror.co.uk/news/business/fury-royal-mail-sell-off-public-5867896 11th June 2015

ROYAL MAIL 2013: Ministerial fear of failure, poor financial advice but above all gross government naivety ensured the taxpayer lost billionshttp://www.theguardian.com/business/nils-pratley-on-finance/2014/jul/11/why-royal-mail-sell-off-proved-rip-off

EAST COAST MAIN LINE: Research carried out by Survation on behalf of We Own It, has found very little in the way of public support for the Government’s preferred policy of turning operation of the East Coast rail franchise back to the private sector as soon as possible. http://survation.com/east-coast-rail-re-privatisation-universally-unpopular/

GREEN ENERGY

Earth_Eastern_Hemisphere

The Treasury’s sudden withdrawal of subsidies for green energy projects has angered business leaders. http://www.mirror.co.uk/news/uk-news/george-osbornes-u-turn-green-6172903 31st July 2015

UNFUNDED PLANS

 Empty Promises

Asked 18 TIMES! where the £8bn a yr NHS funding would be found, he kept saying “from a balanced plan”! – https://www.youtube.com/watch?v=94hdq5iX9m8 12th April 2015

and…….

a series of ministers can’t explain Unfunded spending plans for volunteer leave in the public sector and a rail fares cap – https://www.youtube.com/watch?v=-y7l2dvb28U 11th April 2015

BORROWING

 More debt in 5 years than in Labour’s 13

debt

 In 2010 they promise to clear the deficit by 2015 – they haven’t

deficit

 Trade deficit widens to £35bn, much worse than forecast – Feb 2015 http://www.theguardian.com/business/2015/feb/06/uk-trade-deficit-widens-four-year-high

 Deficit reduction officially classed as down by a third (in cash terms) the day before the autumn statement (Dec 2nd 2014), but the following day, Osborne changes it to a % of GDP, making it seem halved!

http://blogs.spectator.co.uk/coffeehouse/2015/01/how-osbornes-claim-of-having-halved-the-deficit-backfired/

TAX SUMMARIES

tax statement

Osborne sends out misleading Tax Summaries, which apart from being pretty pointless, and more use to the Conservative Party as election propaganda, are factually incorrect.

http://www.bbc.co.uk/news/business-29871522

http://www.mirror.co.uk/news/ampp3d/whats-governments-misleading-tax-summaries-4573488

AAA RATING

Credit-Rating-AAA_iStock_000019026241Small

 Osborne loses our AAA credit rating

DOING BUSINESS INDEX

http://www.theguardian.com/business/2013/feb/23/george-osborne-britain-aaa

Doing_Business_2015_Ireland_Singapore_Oct292014

 Drops on World Bank’s Ease of Doing Business Index

2011 – 4th

2013 – 7th

2014 – 8th

We are also ranked 45th at starting a business, with New Zealand 1st.

Protecting minor investors is the only category where we are in the top 10.

http://www.doingbusiness.org/rankings

TAX CUTS

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 A dozen Tory donors are up to £15 million better off thanks to George Osborne’s tax cuts for the wealthy.

Andrew Law, 48, the chairman and chief executive of Caxton Associates, Law is thought to be the individual who scooped £97,166,245 in profits from subsidiary Caxton Europe LLP last year.

It means he could have saved up to £4,858,312 on his income tax thanks to the 5% cut, depending on when he was paid the sum. That is more than 10 times the £464,000 he has donated to the Tories since April.

http://www.mirror.co.uk/news/uk-news/george-osbornes-15million-tax-cut-5129226

HSBC

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 HSBC fiasco 9th Feb 2015 –

Ed Balls MP, then Labour’s Shadow Chancellor, commenting on the revelations about HSBC, said:

“There are very serious questions for George Osborne and David Cameron to answer.

“Why, in the five years since this government was first given information about how HSBC helped people evade tax, has there only been one prosecution out of 1100 individuals identified?

“And why did they appoint the Chairman of HSBC as a Tory Minister eight months after the government was told about the bank’s activities?

http://press.labour.org.uk/post/110533471244/there-are-very-serious-questions-for-george

EU BUDGET SURCHARGE

 Chancellor George Osborne’s claim last year to have halved the UK’s £1.7bn EU budget surcharge is “not supported by the facts”, according to MPs. http://www.bbc.co.uk/news/uk-politics-31653508

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Channel 4 Factcheck – Where has it gone wrong for George Osborne – http://blogs.channel4.com/factcheck/factcheck-wrong-george-osborne/20587

SUMZ AND FINGS…..

 Five facts on why Tories can’t add up – http://www.independent.co.uk/news/uk/politics/generalelection/david-camerons-numbers-problem-from-nhs-spending-to-immigration-caps–how-the-tories-cant-get-their-figures-straight-10147119.html?origin=internalSearch

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 A host of eminent economists have given a thumbs-down to the Coalition’s controversial austerity policies in a major new poll. http://www.independent.co.uk/news/business/news/two-thirds-of-economists-say-coalition-austerity-harmed-the-economy-10149410.html

Further Reading

My post – ‘Labour & The Economy – http://wp.me/p2P3VT-Og

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