Labour’s ‘Old McDonnell won’t bet the (UK) farm, ei ei oh-yeah’?

[Isitmebut]

The McDonnell campaign manager speeches by Corbyn to the red flag faithful to get elected, versus any detail in the real world, continue to be either diametrically opposite or unclear.

The anti austerity (annual government budget overspend) party now wants to sign up to Osborne’s ‘balanced budgets’ that he admits is to close down that debate.

The grow the UK economy is now tax the economy to growth AS the alternative to austerity, as if no/limited private sector growth the only alternative if NOT reducing spending, is continual tax hikes.

Take burden off Middle to Low earners so does that mean more tax cuts than under the Conservatives, annually funded how and won’t that increase the annual deficit?
www.dailymail.co.uk/news/article-389284/The-80-tax-rises-Labour.html

Tax the rich elites and reverse the Tory tax cuts well Labour only implemented the tax rises in income tax 12 years 11 months into their 13-year administration, in which time the real millionaires tax Capital Gains Tax was lowered to a 10% tapered low for large companies during that administration, and ended at 20%, since doubled by Osborne for the wealthiest.

The Tobin/Robin Hood Tax is a tax on citizens holidays/pensions, and small, medium to large businesses transacting to both conduct and grow their business – the investment banks, high street banks and Post Office will not swallow a transaction tax that facilitates what its customers want to do – but will now only be implemented if the rest of the world brings it in, but they won’t.

The peoples QE different to the current BOE collateralized QE and could spook current UK bond holders/credit ratings agencies, will only now happen if another banking/economic emergency, likely to happen under the Conservatives anyway.

Tax Companies more stop evasion which is already being done, with a world wide agreement pushed by Cameron.

May 2014: “HMRC crackdown yields record £23.9bn in additional tax”
www.bbc.co.uk/news/business-27576626

”The government has raised a record £23.9bn in additional tax for the year to the end of March as a result of a crackdown on tax avoidance.”

Oct 2014; “Noose tightens around global tax evasion as OECD countries sign new agreement”
www.cityam.com/1414597567/noose-tightens-around-global-tax-evasion-oecd-countries-sign-new-agreement

The OECD just took a step closer to fighting tax evasion on a global scale, with 51 territories agreeing to create “information exchanges” that will help track culprits down.

The first signatories to the dull-sounding "multilateral competent authority agreement" – which include the UK and Ireland – will launch their information exchanges by September 2017. Others will follow in 2018.

Dec 2014; ”U.K. Financial Firms Paid the Most Tax Since 2007, Report Says”
www.bloomberg.com/news/articles/2014-12-02/u-k-financial-firms-paid-the-most-tax-since-2007-report-says

”The U.K. financial-services industry contributed 65.6 billion pounds ($103 billion) in taxes in the last fiscal year, the highest since 2007, according to a report.”

The John McDonnell Shadow Chancellor "Straight Talking, Real Politics" title, oh dear.

John McDonnell now blames the Conservatives for unbalancing the UK’s economy, he has a new Labour Party record DENIAL, to add to the annual budget deficit, how Labour left the poor behind, and how the benefit/welfare state increasing massively during the boom times was sustainable through any recession.

McDonnell’s plan is for the size/cost of the State to grow, not the private sector that financially supports it - but that isn’t 1970’s Old Labour, that WAS Labour’s last administration, where as the private sector was fighting against death by a thousand tax rises/red tapes/regulations – and Labour lost 1 million tax paying manufacturing jobs in their first 7-years.
www.independent.co.uk/news/business/news/million-factory-jobs-lost-under-labour-6150418.html

Look at The Changes in UK Employment from 1999; when the growth in UK public sector workers – with hundreds of thousands new tax payer funded quango, non job, managers, assistant employees – grew so much faster than the private sector employment supporting it.

www.dailymail.co.uk/news/article-3236690/Number-employed-state-falls-lowest-level-Second-World-War-pay-rises-fastes-rate-decade.html

I have a similar chart from Bloomberg if the deniers doubt the above source, that also shows that in 2008 as private sector employment and their tax receipts plummeted (as the worst recession for 80-years took hold), Labour went on a tax funded government/public sector hiring spree to MASK our unemployment – that also would have accelerated our annual tax shortfall versus fixed cost expenditure = the honking £153 billion annual budget deficit Labour passed to the coalition.

Labour/Corbyn/McDonnell have proven that their ‘new politics’ won’t JUST be back to the 1970’s high taxation future, but ALSO include the economically incompetent state-bigger-than-private-sector-supporting-it policies, of the 2000s decade.

But Camerons been lying all along about what he can do. There is a HUGE intentions/achievements gap in the Tory up to this point and it doesn't seem to show any sign's of getting better. There are more foodbanks, there is more homelessness. Corybrns no threat, its this governments ineptitude or callous disregard of those things. Food and shelter. It's not to much to ask.
Plus the chancellor-there's no other way to say it- is the most odious man alive. If you see him on TV even before he got his current position he is slimy and odious. It blows me away that people think Cameron is a slick operator- in his eyes you can see his a phoney but worse than that you can see he's worried and terrified because he himself knows he has not got the goods.
George Osbourne said that Britain pays seven percent of the world welfare bill (i mean domestic welfare, not over seas aid) WTF!!!!!
Total wankspasm.
The Tories shout BULLSHIT statistics then run away.
If they are ever cornered by an interviewer they just repeat a bunch of statistics over and over till the interview runs out.
They need a good shake up at the very least.
Cameron was the product of spin and privilege and because those things are not enough he has become stagnant in virility.
And misguided in military matters too.
All the army bigwigs say so.

Sorry Stitches after But Camerons been lying all along about what he can do. There is a HUGE intentions/achievements gap in the Tory up to this point and it doesn't seem to show any sign's of getting better. - I stopped there.

Labour/Corbyn with 'decent' and 'different' socialism had 13-years interrupted years, with a parliamentary majority never below 160 seats, to shape both the economy and society EXACTLY how they wanted and left the poorest they always SAY they represent worse off - as under the society socialism built inequality not only rose, but would have got worse as the economy continued to pan-hole.

And Labour want another crack, this time threatening businesses/investment at the START, so there will be less money to pay the annual bills, never mind Labour's deficit.

I GET IT that you don't want to see the difference someone who had a privileged upbringing sorting out the shit-stack socialism left, including the bill - but nothing old father time is offering is "different" - and Herpes is 'different', it doesn't mean we need (another) dose.

nothing really to do with privileged upbringing. They don't deliver.

StitchesBurstinBath .... the 2010 economy/finances shit stack the Conservative coalition received, was nothing like the economy/finances they passed Labour in 1997.

Can you please tell me WHAT policies/measures that Labour, worried they'd lose votes in 2010, made from the time of the financial crash in late 2007, to May 2010 - in order to "deliver"?

The Tories for 30-years have had to clear up Labour's messes, and you have to do that BEFORE you deliver, and they are delivering, just ask the Eurozone with around half our growth, twice our unemployment levels, which is why our net immigration figure (mainly from the EU) is currently around 330,000 a year - so something here is being delivered right.

“Straight Talking, Real Politics”

Yet another New Old Labour policy u-turn, within weeks of announcing a policy, and easily the most obvious to predict.

McDonnell thought that by just saying they’d agree to a UK budget in surplus - that would have the ability to pay down the UK National Debt rather than perpetually increasing it to god knows where - would at one (policy) lie, nullify the last Labour administrations profligate record and the possibility of yet another ‘tax high, spend badly’ Labour government in 2020.

But a policy prudent Old McDonnell would be attacked by soooo many more influential beasts on the socialist farm for that ONE policy i.e. McClusky and Sturgeon, he’d always have to go back to betting the UK farms future with the same ‘ol ever higher taxes to the masses and investing in a bloated, inefficient, state – whose trade union leaders pay the party bills.

Labour to oppose budget surplus rule after U-turn
www.bbc.co.uk/news/uk-politics-34508959

^Labour has withdrawn its support for plans to force future governments to keep a budget surplus, prompting anger among some of its MPs.
Shadow chancellor John McDonnell told MPs they would oppose the chancellor's plan in Wednesday's vote, despite previously saying they would back it.^

He said it would "underline our position as an anti-austerity party".

Former shadow chancellor Chris Leslie criticised the U-turn and said Labour should set out its own motion.

The BBC's Eleanor Garnier said some at the meeting of the Parliamentary Labour Party reacted in fury at the decision.

Some at Monday night's meeting also called the situation a "shambles", our correspondent added.

Clearly McDonnell sees a short term opportunity here to oppose the Conservative plans, gambling that opposing Tax Credit cuts will make some people worse off by the next General Election and thus relying on the 2010 to 2015 daily mantra (based on real earnings that fell from 2008), 'were you better off in 2010 or 2015' - but how DID that work out for Labour?

There will be a major difference with the next Labour manifesto, it will be the first one published in pencil and come with an eraser so the voters can keep up with the changes.

Lol ... I guess illustrations are TOTALLY out of the question.

A Labour leader with real 'lead in their pencil', would we have to go back to the 1970's for that - as even 3 term Blair had an 'eraser', his 'NO Man' Gordon Brown - and (credit where due) thank god re the Euro.

On the Tory scum's 'Fiscal Charter', proposing to make it a legal requirement to run a surplus:

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What is the Charter?

George Osborne’s fiscal Charter means that when growth is low, as is the case right now, it will be illegal for the government to borrow money to invest in infrastructure or growth, even if this would lead to faster growth and reducing the deficit faster.

What is George Osborne’s record on the deficit and debt?

Since 2010, he has kept missing his own deficit targets. There’s no reason that changing the law would help him to do any better. Instead, the deficit would be lower now if he had used a different economic strategy and invested in our economy to further promote growth.

So why has George Osborne introduced the Charter?

As the Charter gives George Osborne no new powers to tackle the deficit, we have to conclude that it is a political stunt, and he will use the Charter as an excuse to justify ideologically-driven cuts to public services, even when the best way to reduce the deficit would be through investing to promote growth.

Why are John McDonnell and Jeremy Corbyn voting against it?

John McDonnell and Jeremy Corbyn know that we should be strategically investing in key industries, infrastructure and affordable housing. Working in partnership with businesses, entrepreneurs and workers to grow our economy which will be the fastest way to reduce the deficit, and secures the funding our public services need.

Since 2010, he has kept missing his own deficit targets.

"Kept"? Osborne had said in 2010 that he had aimed to eliminate Labour's £153 bil annual deficit/overspend in one parliament, but only halved it, as giving help to pensioners (screwed under Labour), tax cuts and other help to the poor (who saw jobs crash and real earning fall from 2008), tax help to companies reeling from the worst recession in 80-years (as Labour was putting it up e.g. N.I.) - ALL MEANS that the budget deficit does not reduce as fast, duffus.

Darling in 2010, without any plans in place, said that he would half the budget deficit in TWO parliaments, *clearly Osborne should have listen to Darling, Labour had been cooking the books for 13-years and knew what state the State was in.

As the Charter gives George Osborne no new powers to tackle the deficit, we have to conclude that it is a political stunt,

A 'political stunt' is a Labour government offer the rich a tapered low 10% Capital Gains Tax and waiting until the last month of a 13-year administration to raise the 40% rate, knowing that the Conservatives (and common sense as raised diddly squat) would lower it - and they could pathetically then say for 6-years, 'the Tories give tax cuts to the rich.

Balancing the UK books/going into an annual surplus is NO POLITICAL STUNT, as a government cannot start paying down the National Debt (see below) until they do - and those who would want to perpetually increase our National Debt should need to explain to parliament why they don't want to, and DETAIL where the money is going.

www.nationaldebtclock.co.uk/

John McDonnell and Jeremy Corbyn know that we should be strategically investing in key industries, infrastructure and affordable housing. Working in partnership with businesses, entrepreneurs and workers to grow our economy

Hahahahahahah .... and the abysmal record of the last administration (of which those Bert and Ernie muppets above were MPs within) on business and housing spikes that excuse for spending money they KNOW will just go on re-bloating the State.

A perfect example was in 2004 in Labour's 'pushing for nuclear' power stations, already late as we would have capacity problems by 2014, so what did they do, they SOLD our only nuclear expertise to Toshiba in Japan.
www.theguardian.com/business/2006/jan/24/nuclearindustry.environment

Labour has no business clue; they don't know the difference between their public sector arse, and the private sector elbow.