UK’s finance chief accuses previous gov’t of multibillion-pound ‘cover up’
UK’s finance chief accuses previous gov’t of multibillion-pound ‘cover up’
Chancellor of the Exchequer Rachel Reeves to deliver speech expected to lay the groundwork for tax rises.
She also plans to stop non-essential spending on consultants and sell off surplus property.
She means privatisation.
Those findings led the government to accuse the Conservatives of making significant funding commitments for this financial year “without knowing where the money would come from”.
You ask the Central Bank to type in some numbers that's how. You can at the same time increase taxes on the rich so they can't buy shit or hoard their wealth.
And despite billions spent to house migrants and combat the criminal gangs ferrying migrants across the English Channel on dangerous inflatable boats, the number of people making the crossing is still rising, Starmer’s office said.
“The assessment will show that the UK is broke and broken — revealing the mess that populist politics has made of the economy and public services,” Downing Street said in a statement.
UK households and state assets are broken and broke because of austerity, not because the Government was spending too much or taxing (the poor) too little.
“The assessment will show that the UK is broke and broken — revealing the mess that populist politics has made of the economy and public services,” Downing Street said in a statement.
"Populist politics" they're referring to not increasing taxes on the poor.
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They refuse to increase spending by creating new money because it'll hit their City of London imposed rules.
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They refuse to raise taxes on the rich because they work for them.
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Because they can't increase spending without pushing the deficit beyond their self imposed limits or raise taxes on the rich to give them more room within their limits, the only "solution" is to tax the poor.
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Taxing the poor is ridiculous not just because they don't make much money but also due to reduction in total demand. With people having less money, stuff won't sell and capitalists will start firing workers etc....
They have utter contempt for the electorate.
It’s impossible not to see where surplus is accumulating.
I too have utter contempt for the British electorate.
all the evidence suggests that the UK population is way, way to the left of its ruling class on most issues, including wanting large sectors of the economy nationalised. the media class does a great job of giving the opposite impression by pretending like the poorest 40% of this country doesn't exist (so they always focus on the White Working Class which actually is mostly middle aged labour aristokkkrats with colloquial accents)
continental Europe doesn't have this as much because neoliberalism came later to them and so they haven't reproletarianised their working classes to the same extent as the UK
fax
Well I take your point, but a great deal of effort is put into making sure they remain uninformed.
If they call tory shit "populist" especially economics, what austerity they plan now?
i'm sure their proposals are very modest
Moderate austerity. In which the Labour government will enact normal Tory austerity, however next Tory government will say Labour overspent because they're socialists or whatever, and then the cycle repeats.
Ah so just normal blairist spiral to ideal neoliberalism
And despite billions spent to house migrants and combat the criminal gangs ferrying migrants across the English Channel
I always find this funny. Like is France not sending their best? Or maybe Germany? The UK government desperately wants to be a Mediterranean state.
No, it's refugees and migrants from all over the world but mainly West Asia and North/East Africa, for whom the easiest way to reach the UK is to attempt a dangerous crossing of the world's busiest shipping lane in small boats because the UK provides no other means for refugees and migrants from the countries we've destroyed and looted to flee and come here.
If the government just provided a proper means for refugees and migrants to come here rather than pretending like we don't have to do our part to take care of these people because there are other European states between us and their home countries, then there wouldn't be children drowning in the Channel every so often.
Sorry, I was being too sarcastic. I was implying the UK was like in US where they treat immigrants like a boogeyman, gets conservative governments talking about borders and walls, and the "waves of migrants on our borders" imagery serves that end. I've commented before on how, in the US, some conservative governments try and ban immigrants and face backlash from the employer class. I don't want to downplay the actual horror of migrants crossing physical borders and the unhumanity they face.
Everything in the original post here is correct, but even by their own logic it's more lies and bullshit from a Labour party that can rely on nothing else...
The thing that's particularly absurd about this is that incoming governments, and indeed just the opposition, have access to the vast majority of economic data regardless of who is in power. So they already knew this was true.
In fact, they began signalling these weeks before the date of the election, not going as far as saying a 'cover up' and using 'emergency' rhetoric, but suggesting that the Tories were trying to 'gloss over' or 'hide from' the enormous 'hole' in the budget and public finances. Of course they refused to ever get specific about what they were actually going to do to plug the £20bn deficit. But it was clear that they were signalling that some more austerity was going to be neccessary.
While the more cynical of us who have paid attention to their donors and read policy white papers knew that they were only priming the public for the idea, before claiming actually that it was far more dire and they'd be 'forced' to take extreme action. And here we are.
Mark my words, this Labour government will oversee a once in a generation transfer of wealth and assets to capital, coupled with absolutely crushing austerity.
Of course they refused to ever get specific about what they were actually going to do to plug the £20bn deficit.
They did provide specifics though. Chief amongst them was bringing the rate of capital gains tax to parity with income tax, which is a direct tax on the wealthy.
That definitely is a good thing. However, the fact that they’re coming at it from the balanced “government as household” budget argument means the well is fundamentally poisoned. As long as they’re working from this idea that deficit spending means the country goes broke, there will always be a choke on social spending, let alone something more radical like nationalization, because the sky will fall if they don’t “find a way to pay for it.”
This isn’t left or center left economics, this is what conservative economics used to be.
give it a week or two for them to roll this back after some investment bankers make some phone calls
everyone knew, just didn't say anything
