UK CHANCELLOR GEORGE OSBORNE -- UPDATED 23 May, 2014

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. 

REMEMBER BANKERS' SCANDAL - UPDATE 2 March, 2015

UPDATED:  2 March, 2015 -  Now looking back none of the executives were prosecuted on the contrary, Mr Diamond received a very golden handshake of several millions of pounds.  Most probably all the others did too.

The sky high salaries plus millions of pounds of bonuses still goes on.

The Tories are still in this all together.  At the moment, with the General Election only two months away, their promises are raining down like a monsoon. The last lot of promises were never kept and neither will those, in my opinion.

For years these boys did nothing but cleaning up. David Cameron in his last election manifesto promised to stop these sky high and ridiculous bonuses after already received over a million pound salary. However, after the election nothing was ever said and done. Then the public became angry in 2010 and they were promised March 2011 a new law will be issued against such payments. March 2011 came and went and nothing.

In the meantime a group of young people organised themselves and called themselves OCCUPY. To draw attention to themselves they put up tents in front of St Paul’s Cathedral and stayed during a bitter cold winter. David Cameron dried to move them through the power of the Church but the Church refused. In other words they agreed with Occupy.

David Cameron and his friends slowly looked a bit high and try and to save their pride had to do something. Instead of putting a law through to stop these bonuses which were always excused as it takes time to put it through. They put through a court and it went very quickly through for Occupy to vacate the location. Now there you have a contradiction.

The country faced a double-tip recession but the sky high salaries and bonuses were always there and paid. We are not talking about a few thousands but millions.

Last year £70billion were injected into the banks to encourage the economy. It supposed to be there for companies and small businesses to get another loan to encourage their production. First of all the government does not seem to be aware when the economy is down very few businessmen would increase their overdraft or loans. Secondly, it came to light, that the few asking were turned down. May we ask the question what happened to the £70billion given to banks?

In view of all that the Chancellor George Osborne authorised a few weeks ago to inject £140billion into the economy. Soon the News came that a most unprecedented move from the Bank of England Sir Melwyn King gave a very contemning speech about the bankers.

Apart from that there must have been further action in the background because all of a sudden a scandal broke lose about Inter rates fixing. The chief executive of Barclays Bob Diamond was accused and had to resigned plus was another 14 others. Other banks Lloyds, HSBC and RSB were also involved and will under investigation.

The Serious Fraud Squad is now involved and stated that they could face serious criminal charges. Furthermore, the FBI in the USA is also involved and will request the 15 traders to attend their investigation. 

David Cameron commented last week that there will be no investigation as requested by the Labour Party. It seems now that the matter was taken out of his hands by the Serious Fraud Squad. However, will the Justice Department secretary Ken Clarke stand up to them? If ever the saying of David Cameron came true “We are all in this together” it is now. These traders were all close friends to David Cameron and his government and some of them great donors to the Conservative Party.

The Bank of England and its banking system were greatly respected throughout the world and the pride of Britain. Ever since Margaret Thatcher de-regulated it, it went quietly down hill and now hits rock bottom. The only thing which has to be done is to put all and every one of them of these rogue traders into prison and it would clear up the mess. Recuperating as much money as possible what they pocketed. That would give the banks back their respect for the people and the world to belief in it again.

The country relies on banks and City finances and going back to the old system, regulating the banks, will also stabilize the economy.

   

Hopefully, David Cameron and Ken Clarke are not becoming weak kneed again and for once stand up for Britain and its people as they always promising and talking about. This is now a great turning point.