Lend me a cup of your nonsense until Friday

July 5, 2017

2nd July

You can’t be careful with money if you don’t have any. Fact.

Things that piss me off:

Politicians who compare the economy of the United Kingdom to your personal home finance. One might as well compare the complexities of international finance and banking to little Jimmy’s pink plastic piggy-bank. Yes, they’re idiots for making such a comparison, but worse – we’re bigger idiots for listening to them!

In March 2015 the then Chancellor of the Exchequer George Osborne confirmed he had redeemed £1.9 billion from an outstanding bond issued in 1932 by Chancellor Neville Chamberlain as part of a campaign to reduce the costs of servicing the national debt. It was issued as an exchange for the previous five per cent War Loan 1929-47, which had originally come out in 1917 as part of a campaign to raise money for the First World War.

Mr Osborne said: “This is a moment for Britain to be proud of. We can, at last, pay off the debts Britain incurred to fight the First World War!”

And I can confirm, Yes, Mr Osborne, Britain is proud.

Almost one hundred years on, the UK paid off its First World War debts. Fantastic. Not at all like Aunt Mabel’s mortgage spread over 25-years, though, is it?

In fact during 2015 the UK paid off a number of gilt and bond loans some of which dated back to the 18th century!! Almost to the Napoleonic wars!!

So perhaps you can understand why, when I hear a politician say, ‘We don’t want to leave a huge burden of debt for future generations’, that I feel it’s the equivalent of him or her standing on my shoulders, peeing on my head and telling me, ‘It’s raining.’

The UK owes more than £1.6 trillion to its creditors. It has struggled since the world baking crises to get its finances under control – in fact bailing out the banks cost the UK government and its taxpayers dearly, record borrowing to underpin the banks led to record high levels of debt (56.8% of GDP by July 2009).

Yet the fact remains for all the hullabaloo about fiscal austerity in the UK, a good portion of the reduction in our annual deficit has been due simply to growth in the economy. That and little else.

To promote more growth, the spending power of consumers needs to increase. We also need to improve productivity, and sell more goods and services abroad; it’d also be helpful if those who should know better, stopped repeating fairy-stories and outright porkies simply to justify a desire to downsize the existing welfare state.

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While Peedeel is not a great one for joining things, political parties, cricket teams, etc. He did consider joining the Conservative party prior to the last election. Unfortunately, he failed to do so, because he found he was unable to fit his head far enough up his own arse.

Talking of the last election, the Conservative party was on course to win perhaps an hundred seat majority in Parliament. Then they published their manifesto –

A document without even a glimmer of hope. Austerity, austerity, and more austerity. A brand new Alzheimer’s tax, the jewel in Maybe’s crown. Oh, yes, and a chance of lifting the current fox hunting legislation! Theresa Maybe, bless her, apparently said she, ‘Has always been in favour of fox hunting – ’

Mrs Maybe not only shot off both her feet with that little bombshell, she reloaded the shotgun and rammed it in her mouth!

Now, in the 21st century, it seems incredible that anyone should take enjoyment from watching a pack of hounds dismember a fox? Scotland banned fox hunting, hare coursing and other forms of chasing wild animals with dogs (the Protection of Wild Mammals (Scotland) Act 2002). England and Wales followed suit in2004. The act banning fox hunting is flawed and needs to be strengthened (not revoked!). England’s green and pleasant land needs to be freed of these scarlet-coated monsters once and for all.

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