Monthly Archives: May 2011

  Past governments and the present government speak the language of deregulation, but end up regulating more. Opponents always try to blame deregulators for whatever ills in society regulation was trying to cure. Sensible deregulators no more want fraud, credit bubbles, unsafe factories or bad employers than anyone else. There are  two  main issues. How [...]

  Taxing the rich is always popular with all save the few who realise they are rich. Many socialists who love higher taxes do not seriously believe  they themselves should be paying a lot more. I remember how much they protested when a  past Conservative government (against my advice)gave everyone the opportunity to make a [...]

  Between the peak of the credit boom and the end of the first quarter this year the balance sheet of RBS contracted from £2.2 trillion to £1.4 trillion. In other words, the bank felt the need to cut its assets and liabilities, its financing of the UK and world markets, by a massive £800 [...]

             The government’s whole financial strategy rests on growth. Deficit reduction is planned primarily through a surge in extra tax revenues, which grow as the economy grows. By 2014-15 the government forecasts £172 billion a year more from taxation than in the last Labour year.            This big increase in taxation is needed to [...]

                 A week ago  Monday I was the guest speaker at a Centre for Policy Studies lunch, talking about how to speed growth and create more jobs. Whilst I was there they showed me the work they have just published on returning the state owned bank shares to the public.               They have come up with [...]

                Yesterday the UK was a generous host. We gave the President a great platform, and the pictures he wanted for back home. The President as a good guest gave the UK government the words of friendship they wanted. I have no wish to analyse the speech, as it was one of those occasions [...]

               The April figures for public borrowing were a new high for April. The government borrowed an extra £10 billion. They explained that this was more than April 2010 because in that month the government received the one off £3.5 billion tax on the banks. This has been replaced by a regular tax which [...]

              Today I plan to hear President Obama’s foreign policy speech. He will deliver it in Westminster Hall, a building which has seen more than 900 years of English and British history. The struggle to control the King and impose Parliament’s will was acted out here: it was the scene of the trial of [...]

            The House was denied a vote on the Mark Reckless motion. We got instead a vote on the amendment to dilute it. That amendment carried by 267 votes to 46. Labour abstained, with a few notable individual exceptions to the whipping.