The first month of a Labour government saw borrowing rise on the same month the last year, and come in higher than experts were predicting. The cause was higher spending, as revenues were strong. A substantial part was higher benefit bills agreed by the outgoing government as well as by the new one, but some was first increased spending by the new Ministers. There will be a lot of extra spending to come as they make inflation busting pay offers above the old plans, as they expand the green subsidies, as they allow in more migrants on low or no incomes , make more state investments in nationalisation and as they expand the public sector without productivity plans.
The figures were flattered by the drop in inflation which cut the so called debt interest figure as it includes the non cash payment of indexation increases in Index linked UK state debt. The Bank of England also celebrated the arrival of a Labour government by sending them a lower monthly bill for their losses. Lets hope they make a habit of that. This disguised a bit the spending problem Labour is creating for itself.
The UK cannot afford the £20-30 bn of lost public sector productivity since 2019. The past government was slow to tackle it though it wanted to. The  new one seems to have given up. The UK cannot afford the high Bank of England losses, but neither the last nor the present one seem prepared to tell the Bank to adopt ECB or US policy towards their bond portfolio which would cut the losses substantially or entirely.
If the government is serious about wanting economic growth it has to wean itself off ever higher public sector spending and losses by state owned organisations. It needs productivity enhancing pay deals on the railways and in the NHS. It needs a more moderate and mainstream approach to Bank of England bond adventures. It needs to reappraise its aims with green activities, as it is trying to do too much and will end up losing large sums of taxpayers money in a muddle over going for hydrogen, hydro, nuclear, carbon capture, battery, wind and solar all at the same time. These policies can be in ways which impede successful adoption by the public so incurring large taxpayer losses. They have not thought through how they replace fuel duty if they succeed in banning new petrol and diesel cars or how they replace the high taxes on home produced oil and gas as they shut it down.
August 25, 2024
Though in life I avoid spending what I do not have, I am untutored in the nuances of government spending beyond its expectations in terms of taxation. Looking at your detail on the subject, how long before this Starmer circus arrives cap in hand at the doors of the IMF.
August 25, 2024
good question, can I add .. and what measures would the IMF likely impose?
August 25, 2024
@Dixie
The IMF would impose exactly what Labour are doing now – cutting pubic spending and planning tax rises, as Rachel Reeves has confirmed. Her announcements have pleased the markets with the FTSE100 hitting new highs and with sterling very strong vs the $
Reply The pound is up against the dollar because the dollar is generally weak with markets expecting US interest rate cuts. FTSE 100 is an index of global stocks reflecting recovery of world shares after recent flash crash on ill judged recession fears.
August 25, 2024
It appears TwoTier Keir Stasi will give a misinformation speech on Tuesday. Can he be arrested by the Ministry of Truth?
Undoubtedly everything Tories fault, leaving the EU, mass immigration etc etc. Time to oust Labour.
August 25, 2024
They’re not cutting public spending.
August 25, 2024
They need to cut public spending by 20% across all government departments
August 25, 2024
SG
Rumour has it that Labour is intent on increasing taxes, but where are the reductions in the public sector spending. From where I sit the wage bill has increased by billions and productivity in the public sector has reached an all time low. So SG where is your yellow brick road.
August 25, 2024
Higher taxes. Reduced spending or more public sector productivity is against the global law.
August 25, 2024
Seems quite likely – I remember Denis Healy with his moronic 98% top income tax rates (including his 15% investment income surcharge going off to the IMF. A man unable to understand human nature or the Laffer Curve.
JR says âIf the government is serious about wanting economic growth it has to wean itself off ever higher public sector spending and losses by state owned organisationsâ. It is not just spending it is spending on things that usually do nothing positive and often do much net harm though this was true of the last 14 years of the Tories. Every single Labour policy (other than relaxing planning) is anti-growth. Especially more employment laws, net zero, their energy policy, the war on landlords, car drivers, workers, Non Doms, private schools, the working classâŠ
Despite this Dennis 98% Healeyâs gross economic incompetence as Chancellor, the dope Michael White said âDenis Healey was one of the best prime ministers Britain never hadâ in the Guardian. As I recall all PMs in my lifetime, with the partial exception of Thatcher, have been appalling as have nearly all Chancellors. From Wilson onwards though Wilson did keep us out of Vietnam.
August 25, 2024
Sir Keir Starmer is set to warn that “things will get worse” in the UK before they get better.
In a speech on Tuesday, the prime minister is likely to say there are no quick fixes to remedy what he will call the “rubble and ruin” left by the Conservatives.
Well nothing in Labourâs agenda (save relaxing planning) will make things any better. His every other policy is totally bonkers and so with Labour things will obviously get worse and worse and worse. Open door to low skilled immigration, two tier justice, no deterrents to crime, net zero rip off energy, every higher taxes, ever more waste, ever more red tap and ever more government, road blocking, more employment laws, wars on landlords, private schools, car usersâŠ
August 25, 2024
Irregular shoppers not jailed, irregular guests to your home without invitation not jailed, iregular sexual conduct with children not jailed, irregular mass immigrants from safe France Not jailed but given right to stay and social housing priority. Recent irregular protesters jailed. Why? Two Tier Keir Stasi.
August 25, 2024
Two tier Kier, Stasi Stamer freeze you granny and he is hugely anti-free speech too.
August 25, 2024
+1
August 25, 2024
If you had 6 million houses built and on the market, without buyers you would be bankrupt. Do you want all the extra building land so that it can sit idle like the millions of sites with pp are doing? How does that help?
August 26, 2024
Councils are already required by planning legislation to have 5 years supply of land to build on. At what point does anyone say no more building we need it for food or water reservoirs? If Labour continue importing 1.2 million people a year- then increase the number by 4 to allow them to bring their families here- house building will never keep pace, nor any infrastructure. On this projected route it is inevitable civil unrest will result.
If public sector given 15-22% pay rises it will attract more into public sector than private sector which produces the taxes to pay for the former! What could go wrong.
Foreign aid wasted on China opera, Malaysia waste, Africa ÂŁ3.4 billion wasted. China breaks Hong Kong treaty, threatens indo pacific region, gives the world covid- death and economic ruin- send manufacturing and jobs to coal fired powered China, vast human rights abuses, sends spies here and the UK govt. does impose sanctions but gives China Aid! Absolute utter madness.
What is the maximum population number for our country without any national security policies for energy, food, water, waste, steel, glass etc.
August 25, 2024
Iâm under the impression that there is a consensus that he didnât need to go to the IMF. The OBR of the day got their numbers wrong. Denis Healey certainly had exceptionally hirsute eyebrows.
Why do so many old blokes allow their eyebrows to grow and look revolting?
August 27, 2024
This one doesn’t.
August 25, 2024
Dennis Healey got mugged by reality and had to tell the unions that “we can’t spend our way to prosperity”.
So it depends which Healey White meant..pre or post mugging. In any event I doubt even the post mugging Healey had the fortitude to actually continue on that path…talking is one thing, doing another…
August 25, 2024
All the things you say needs doing needed doi g years ago bit like Cameron he thought legalising gay marriage was most important
May thought keeping us tied to the EU against our wished was most important
Boris and Fishy thought more immigration was the answer. Only Truss had any idea what was really needed but the blob saw her off
I see we gave another peaceful sect stabbing in Germany plus the arson in Yorkshire
When are the authorities in Europe going to start joining the dots.
August 25, 2024
Truss thought public spending should not be curtailed. How can you defend that?
She also thought we should fight both Russia and China.
Zelensky threw the (US) mercenaries and all he has left including the Challengers into Kursk to take and hold the Kursk Nuclear Power Station âhostageâ to negotiate their way out of the grave. They failed.
No matter what the uninformed like Hannan say today, it will not change the reality of tomorrow. There is fact, reality and nothing, no self-delusion can change one word of it once the âmoving finger writesâ.
Our military have proven to be of the same quality as the BOE board.
August 26, 2024
Lynne,
It is difficult to know how the UK has or intends to replace its armaments it has given away to corrupt Ukraine- which is of no strategic value to the UK? Two Tier Keir has not committed to increase defence spending so how do the military afford the war in Ukraine without depleting our stores of weapons?
Labour currently on the trajectory of making UK an economic basket case through net stupid, big taxes, vast public spending, no growth other than mass welfare claimants from France and around the world to rid us of our nation state, culture and way of life. It also wants to act in lock step to the EU to ensure the UK is no more competitive, high regulation, authoritarian and is prepared to give our resources to EU ie fishing. At this rate we will all die leaving Labour an IOU because we could not pay enough taxes when alive!
August 25, 2024
Labour are as entangled in hopelessness as much as Denis Healeyâs eyebrows were on their previous IMF occasion.
August 25, 2024
Starmer is widely quoted today as saying “Things will only get worse”. Given this inauspicious start, expectations of an ever greater tax burden, large public sector pay rises, failure to tackle low public sector productivity, misguided public investments in non performing assets, flight of private capital it might not be too long.
August 25, 2024
Good. The quicker the better. Itâs a long haul that is a killer. They need to have reality punch them full in the face and soon.
August 25, 2024
Bunch of amateurs beyond belief – Labour of course.
BOE Bailey has been very quiet recently especially regarding Reeve’s public sector pay splurges, which threaten hard won progress on inflation – are they in cahoots, incompetent, or both?
August 25, 2024
Rachel Reeves isnât just ignorant. Her plans are a danger to Britain
Higher taxes can mean less revenue, as Labour is about to find out to the countryâs cost
SIMON HEFFER today.
For reasons mainly of class belligerence, the Government appears determined to spend excessive amounts of money it doesnât have on undeserving client groups. Public sector workers are appeased, trade unions bribed, and where money is squandered â on people who choose not to work, or on failing to contain illegal migration, for example â remedial action is either slow or non-existent.
August 25, 2024
Much of the reports in the media are about what Rachel Reeves is going to do, not so much about what she has said she will do. Wait and see in the upcoming budget.
If she intends to raise taxes, her department may tell her that will just stifle the growth she hopes for. If she intends to bridge the finances with yet more borrowing, she may be told that will spook the money markets to raise the cost of borrowing. Her only recourse may be to balance the public sector pay rises with cuts elsewhere.
We’ve been primed regarding VAT on school fees. Will this mean some private schools will close their doors – and then open them again as the state sector can’t cope with the extra pupils and has to pay the schools to stay open? End result is more cost to the state, not more tax receipts.
August 25, 2024
Is the plan to introduce vat at private schools or to remove their charity status ?
August 25, 2024
Probably to introduce VAT…education is legally a charitable activity…or was once…
reply The policy is to impose VAT, not remove charitable status from endowments
August 25, 2024
Indeed if wise, Rachael Reeves would back track on the school fee VAT lunacy and educational vandalism. Perhaps scaling it back to say 5% rather than 20% or something.
August 26, 2024
Do not be daft this is about politics of envy and spite. Blaireâs two jag sidekick harped on about private education all the time throughout Blaireâs reign.
What is hypocrital is that Labour are finding key posts for their family, MP roles, activists and donors in civil service after 50 days in office! Also Blaireâs era all sent their kids to best schools outside of catchment area ie like Blaire himself!!
Clear the swamp, Reform is the only hope.
August 25, 2024
She is a product of The Bank of England, that encapsulates her direction of travel in a nutshell. Will we see capital gains locked to income tax at 20% and 40%?
The Conservativs need to get their act together as the party of the right not Labour lite…
August 26, 2024
Not going to happen. Be realistic look at the MP and candidates for leader! Not a conservative among them. What exactly are they going to do, challenge them for continuing their own policies like net stupid to bankrupt the country!
August 25, 2024
The death of DEI is finally here… and itâs a joy to behold
At last, America is ditching woke âdiversity targetsâ â and now Britain will surely follow
says MICHAEL DEACON Today. – Diversity target are just reverse blatant racism and can kill as less competent diversity candidates are employed in senior positions.
Well perhaps it is dying we shall see. See the excellent New Culture Forum 10 pledges – may we have all these please. Labourâs agenda is alas the complete reverse.
The previous also Dire Met Policy Chief Dame Cressida Dick (Surely a diversity hire) once said she wanted to recruit the best of the best and for them to reflect Londonâs diversity. Clearly rather poor at maths. The idea that you can recruit the best and this would match Londonâs diversity is about the same as buying 10 lottery tickets one a week and them all winning the jack pot. You either recruit on merit or on diversity both at the same is not remotely realistic dear.
August 25, 2024
Which is why after 1997 and Blairs legacy we now have a perfect storm of incompetent lefty diversity fools in charge of all health and public services. Left in place by the Tories without challenge over 14 years. I’ve ben telling the this for the all of that time and ignored. The Tories now reaping what they sowed.
August 26, 2024
+1
August 25, 2024
Conservativesâ idiocy and reckless carelessness increasingly wasted taxpayersâ money, yet just because Labour was known to be even worse, that was no reason to vote Conservative at the last election. Reform would have been a more sensible choice. In the event, Labour are revealing early danger signs of rushing into the most extreme waste and indebtedness; worse than even their heaviest critics predicted.
August 25, 2024
It’s called creaming the market. Maximise profits (taxes in Labour’s case) before retiring the product, ie fossil fuels and related products.
August 25, 2024
Clacton are wondering where Farage is. Reform is not the answer as the best of them, Ben Habib is pointing out. Farage now owns 60% of it.
August 25, 2024
Keir Stalin is, apparently, going to warn us that things are going to get a whole lot worse ….. well, they will for you; me; the elderly; the white working class, particularly if they’re male; basically anyone who has been responsible and saved for their own family/future.
They aren’t getting worse for the lazy, unproductive, coddled public sector. Or, it seems, for Labour’s big donors in the Unions or private individuals who have a spare ÂŁ500,000 to bung the Labour Party.
Oh, and there’s no sign of them getting worse for the criminal migrants the Establishment is still importing as fast as it possibly can. Despite the obvious dangers, as demonstrated most recently by the murders in Solingen, Germany.
August 25, 2024
Things will get worse once Operation Early Dawn takes full effect. ie / eg Increased insurance premiums.
August 25, 2024
It is possible that Labour has thought it through and anticipates a violent public reaction. It may already intend to impose a state wage on everyone, make everyone an employee of the state, confiscate private property and foreign owned assets and repudiate the national debt following the precedents set in the Russian revolutions, which have always been greatly admired by many in the Labour Party and the Trade Unions. As in their election campaigning they will not and cannot be expected to announce any of it in advance. In fact Labour is more likely to attempt to create a false sense of security in order to gain the advantage of surprise, and to prevent pre-emptive defensive measures being taken.
August 25, 2024
They donât have the power.
August 27, 2024
Correct.The UK does not have the resources necessary to do “socialism in one country.”
August 25, 2024
The biggest practical political issue for me is that even before Labour took over and increased it public expenditure per household was ÂŁ42,000 per year(more than most working people’s pre-tax annual pay). That is way above the benefits cap for any family. What do people get for that very vast amount of money? Very little and extraordinarily poor value for money. Obviously when the Conservatives were responsible in government for spending all that money at the last General Election they could not campaign against it. If that amount was reduced to the still scandalous ÂŁ30,000 per household over the course of a Parliament both Income Tax and Corporation Tax could be completely abolished over the course of a Parliament which would generate such growth so as to make us into one of the richest countries in the world. I submit that would be an election winning platform (likely the only possible election winning platform for a right wing party at the next election) for either the Conservative Party or for the Reform Party or preferably for both in alliance.
August 25, 2024
“The UK cannot afford the ÂŁ20-30 bn of lost public sector productivity since 2019.”
One of the biggest impacts on productivity is irrelevant emails. These are exacerbated by people working part-time as reading them takes a larger percentage of their time. Before emails, we didnât have this problem. It has been made much worse by the proliferation of non-jobs and wokeness as these staff are the source of many of these time-wasting missives. When considering whether to send out an email ask yourself, how long does it take to read, how many people is it going to, multiply the two together and consider if itâs worth the cost to the company.
August 25, 2024
Sir John’s final paragraph sums up the political insanity of the present government, particular its failure to seek productivity in the public sector and its Net Zero mess.
August 25, 2024
Can anyone answer why we are still giving foreign aid to China? This question has been asked every year for decades but the UK continues to waste our money. The only answer Iâve heard from years ago is that many projects have a 5 year time span so funding has to continue but that canât still be the case.
Do you know the answer, Sir John?
August 25, 2024
icai.independent.gov.uk âThe UKâs aid relationship with China up to 2023-24â.
Table 1 shows how UKâs aid has decreased from ~ÂŁ80m in 2019 to ~ÂŁ8m in 2024 and from aid to China to aid in China.
Then to put things into perspective consider the following properties for sale in Central London:
rightmove.co.uk âCentral Londonâ, One Hyde Park, Knightsbridge ÂŁ60m, Buckingham Gate, Westminster ÂŁ45m.
August 26, 2024
I donât get your point. ÂŁ1 would be far too much, we shouldnât be sending UK taxpayer’s money to any foreign country unless itâs for a disaster in a poor country. To put things into perspective ÂŁ8 million would pay the Winter Fuel Allowance for 40,000 pensioners.
August 27, 2024
Maybe the Chancellor could have cancelled the WFA only for the older taxpayers in the 40 and 45% tax brackets. I doubt very much that ÂŁ200 presently make a sizeable addition to their budget.
After all we had someone here telling us on 26/07/2023 âOffering free power or water to the family that can afford the heated swimming pool or the six-bedroom mansion would not be a good ideaâ.
August 25, 2024
Can anyone answer why we are still giving foreign aid to anyone ?
UK – a poor country pretending to be rich.
UK is an international laughing stock. Sad really.
August 25, 2024
Good morning.
I think it is fair to say, Sir John that that boat has well and truly sailed. They question is, as Mrs.T once alluded to, at what point will the government realise that they are running out of other people’s money ?
And yes I know that it is the government / BoE that prints the damned stuff, it is getting others to take it in exchange for US Dollars.
August 25, 2024
Sir John
What else are we to expect. There is no one to challenge this version of the UniParty with their massive majority that was created because the other version of the UniParty was inept and incompetent. All that is happening is the Doctrine of Blair, Brown, Cameron, May, Johnson, then Sunak gets to continue with a handful of more extremists at the helm.
The door was open by the last administration, this crowd are just doing it with more bigotry an extremist ideology. Our MPs have forgotten or not leaned their purpose, they are the ones we pay and lent our authority too, to legislate on our behalf â to serve. They all give the appearance of âfreeloadingâ and following the agendas of foreign unelected unaccountable egotist.
We are missing an opposition, those that are not afraid to hang it out there and challenge orthodoxy. Unfortunately, the encampment of the appointed âtrollsâ we wonât be seeing the rise of any challenge to the UniParty. There is some noise coming from those recently moved aside that want once again to seek the embed the dire orthodoxy of failure with a continuation candidate. The Gangs and their leaderships are fighting any chance of real democracy raising its head.
It is us Minions that are paying both with our money and our lives, we have been handcuffed by those that have stolen the authority we just lent to them. 5 year terms that an insult, no confirmation of their authority permitted for 5 Years, no challenges for 5 years â its unheard of in a Democracy
August 25, 2024
Socialists have used the pandemic to propel ideology.
The lockdowns were the perfect opportunity to show people that the world still turns when the state assumes control, when the state boosts our wages, when the BoE floods the economy with excess liquidity, when the diversity of the workforce matters more than its productivity, when low standards and a lax attitude can be excused as mental illness, when the customer is seen as inconvenience rather than the priority. It can all be summarised as when âvaluesâ are allowed to trump âstandards.â
Apart from the lack of self-worth and malaise that socialism creates it is also completely unsustainable too as there is no such thing as a free lunch and another one and another one and so on and so on.
To sort out the public finances we need a cultural change in the public sector and we need to remind people all the happiness that accomplishment and fulfillent brings. We need high standards again and the public sector should be given them (eg business related, apolitical targets) and of course success with those standards should be pay related.
All management in local authorities are currently paid extremely well yet they preside over a huge drop in standards and productivity. This needs addressing as a priority. I believe pay in the the public sector should reflect the private sector which is the combination of high standards and performance-related-pay. Our economy needs it.
August 25, 2024
Most of us could see that the fancy words uttered by labour to increase productivity were just hot air!
Socialist have no fiscal discipline – they still believe in their ever giving money tree. But when pensioners and the middle class have died off and innovators have left our shores, that money tree will wither and die just like our economy.
Under labour the big state and oppressive laws will continue to grow until we we are well beyond the concepts expressed in the book; 1984. Socialism will be the death of us as a country. Those that survive will be shunted back to a pre-industrial era.
August 25, 2024
Yvette Cooper says UK government has been too lax on free speech as she adds âmisogynyâ to the growing list of âhate speechâ and âextremismâ words.
It’s all down hill from here
August 25, 2024
BH :
The PM is going to have difficulty defining a woman and hence misogyny and difficulty with a certain “community” that he is so keen to suck up to that he intends to introduce a specific blasphemy law for them.
August 26, 2024
+1
August 25, 2024
Another BoE failure is the amount of index-linked debt they issued, far more as a proportion than EU and USA. This meant they were penalised by high inflation instead of using it to âinflate awayâ debt.
August 25, 2024
âIf the government is serious about wanting economic growth it has to wean itself off ever higher public sector spending and losses by state owned organisations.â
I think we can be certain that this is not the direction the government wants to take us as evidenced by their Net Zero target of decarbonising our electricity by 2030, not that theyâve guaranteed we will not have rolling blackouts and electricity rationing as a resultâŠ.just a decarbonised supplyâŠ..
The PM was Secretary to the Communist Haldane Society, supported Jeremy Corbyn in two GEâs, a man who wanted us to become like Venezuela, and was quite happy to appoint Emily Thornberry (aka Lady Nugee), who praises the Communist regime of Cuba, as Shadow Attorney General.
The PM says he worried by the Far Right but history tells us that the real danger to us is from the Far Left – Stalin, Mao, Pol Pot. Just a few people but the cause of millions of deaths.
BTW I believe it should not be possible for those in public positions such as head of the CPS or the BoE to become MPs because it means that whilst in these positions they have political ambitions which affect their judgements.
August 25, 2024
PS : And as leader of the Opposition the PM took the knee to a large Communist faction that demanded the de-funding of the police.
August 25, 2024
This is another area where challenging the green NZ nonsense comes in. Far from just having impacts at national level, disastrous though they are, the whole philosophy has money-gobbling effects at local level as well.
For example, councils used to pay contractors to clean out surface water grids regularly; now, the grids do not get cleaned. Then, when the blocked grids cause the roads to flood, they can all say itâs due to âclimate changeâ. So the council taxes go up and up, and the public receives less and less for its money. See also councils not controlling weeds due to ârewildingâ, which then leads to pavements and walls breaking up and needing major repairs or even replacement later on, when a little regular maintenance earlier would have obviated the need. It is a case of laziness, greed and âmoral hazardâ, in that they now have a built-in, government-backed excuse (âsaving the planetâ) to not do their jobs.
August 25, 2024
Barbara :
Absolutely correct. But itâs not only councils who use the âclimate changeâ excuse to be able to reduce maintenance. Itâs also private companies such as telecoms, water, electricity etc.
A recent example was the Stonehaven rail crash. Three people died on 12 August 2020 in the worst fatal event on the UK railways in 18 years, when the passenger train from Aberdeen to Glasgow derailed at Carmont, near Stonehaven, after heavy rainfall.
Climate change, the heavy rainfall, was immediately blamed by Network Railâs Chief Executive, Andrew Haines and the BBC in a Panorama programme.
But when the inspectors report was published 10/03/2022 it stated :
âA drainage system wrongly built by Carillion and unchecked by Network Rail led to the Stonehaven train crash when a Scotrail train hit debris washed by rain on to the railway track.â
https://www.theguardian.com/business/2022/mar/10/wrongly-built-drainage-system-led-to-stonehaven-train-crash-investigators-find
The BBC of course never corrected their Panorama programme blaming climate change. Scandalous.
August 25, 2024
This new Government has already proven themselves unfit for purpose.
Unless they feel their purpose is to bankrupt the country, devalue the GBP and return us to the state of the “Sick man of Europe”.
However, the next Government, due 2027 (or hopefully, before), will in truth, be able to announce they’ve really ‘inherited the worst economic legacy since WW2’.
Could it really be worse than that of the disastrous Labour Government in the 70s? Of course! Socialists learn nothing from history except that they must provide more of the same but expect a different result.
Now isn’t that Einstein historical definition of insanity? Then proof enough that Labour does not learn from history! Much to the severe detriment of the country, I fear..
reply could be 2029
August 25, 2024
Derek :
I’m afraid they do learn from history and their purpose is to bankrupt the country. This is how they crate the necessary conditions for a take-over/coup or make a crisis so bad they can say they need to terminate further elections.
August 26, 2024
Yes, 2027, is more wishful thinking on my part rather than reality. Or a typo error!
August 25, 2024
Madness. Despair.
August 25, 2024
Most of these difficulties existed while you were still in the EU only then you didn’t notice them so much because the economies were pooled and jn any xase there was oversight by tge EU Commission – but now that you’ve ‘taken back control’ and stand alone the problems are more obvious.
August 30, 2024
You see, big mistake letting the bank become independent. Gordon Brown stand up for applause please. Another way of taking responsibility away from politicians when things go wrong. It should be put into law that politicians take the blame for wrong decisions as well as the credit when things go right (not so much of that these days). I think this passing over of responsibility has come in since we were part of the EU (Common Market lies to get us in first). People in public sector jobs have just passed rubbish that has come through the line and not questioned it. They took the money but did not think it through as to whether it was best for the country. It the schooling up to standard now? I came through the grammar school, technical colleges, secondary modern era and how thankful I am. The present system does not seem to teach comprehension as you cannot have an intelligent conversation with most people, young and old, who can work things out in their brain. The older ones used to be quite good at this but obviously are no longer with us. I long for a good discussion but am constantly fed up with the lack of knowledge and debating skills of those around me. The young are the worst at this I have to say. Perhaps I have stupid relatives. They certainly think they know it all but on questioning know very little.