Wednesday, 11 July 2012


UPDATE: After reading this report from 2012 it is interesting in respect that you can see nothing has changed ever since. 

Even after calls in 2012 for his resignation, which David Cameron did not accept, Chancellor George Osborne has not issued one good budget ever since. 

The country gone to ;pieces with his austerity but still will not change his policy. Even the IMF, Germany and France advised him to stop. Now, he and David Cameron dancing about that they achieved a 0,3 per cent improvement in the economy. 

While they are hopping about but ignore Germany three per cent and the USA seven per cent from countries which did not apply austerity. It proves it all while Mr Osborne still carries on with austerity and in spite of it all borrows billions of pounds more. 

Let’s go back to March, 2012 when Chancellor George Osborne announced his budget. A budget which surely had been prepared for weeks and read by quite a number of the top politicians. 

Eventually when it was read out there was quite an uproar in the House of Commons. Amongst the points which were implemented was the so called Granny tax. An addition which pensioners have to pay if they work on after their retiring age plus National Insurance. 

A number of other cuts of previously installed benefits by the Labour Party to help families with children. Additions such as 3p of fuel tax on petrol already sky high and so on.

Since budget was read there were so many u-turns it must be dizzy by now. This does not give a good picture of a financial expert or his colleges who work with him on it. It never happened before that so many points were cancelled after a budget.  In other words Mr Osborne made a mess.

If any ordinary person in a company would produce such an almost useless document he or she would be sacked. But Mr Osborne still carries on as the great Chancellor. Furthermore, the government had a double-dip recession in the first six months in spite the idea of austerity. Anybody with half the knowledge of politics and economics knows a cut-back slows down the economy. The Conservatives inherited not a great economy because of the credit crunch but not as dismal as they make it out. They could have built on it and improved the economy.

Now we come to the Barclays bank scandal where the libor (Interest rates charged on loans from one bank to another) was rigged by top executives.

At the Questioning Time in the House of Commons Mr Osborne tried to shift the blame onto Labour. This immediately backfired because Shadow Chancellor Ed Balls denied any involvement in rigging the Libor.

This statement was furthermore backed by the Bank of England’s deputy governor Paul Tuckers.  He claimed several time that Ed Ball or any of the Gordon Brown’s government were never involved. He emphasized that in 2008 he spoke several times with bank bosses because of the credit crunch.  However, he pointed out that neither the government (Labour) nor the Bank of England ever put pressure on Barclays or any other bank to rig the rates.

Surely Mr Osborne or his adviser should have thought such statement, if not true, has a very short life.  Looking at the almost useless budget and now the embarrassing statement being denied by all parties concerned it makes you wonder if Mr Osborne trying to commit political suicide? In view of this entire incompetent not one word is uttered of resigning or being asked by the Prime Minister to resign.

Mr Tucker stated further he was appalled by the revelations including Barclays fixing the Libor rate. He called it a cesspit and went further that it could be just the tip of the iceberg with corruption rampant across the City.

The Labour Party is now demanding a complete change in the City and Banks. 

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