Budget will build up reserves for Brexit problem caused by Tories – not NHS crisis… caused by Tories
Philip Hammond on BBC1’s the Andrew Marr Show on Sunday [Image: Getty Images].
With the Tories, it’s all about safeguarding their own opportunities for making money – and never about protecting the vulnerable people for whom they have a duty of care.
So, having created a completely unnecessary crisis by having a referendum on membership of the EU, simply to keep the Tory Party from splitting over the subject, Mr Hammond is now building up a fund to pay for the costs of Brexit.
If the Tories hadn’t held their pointless and ultimately hugely damaging referendum, he could have been using the money to restore the National Health Service – after years of completely unnecessary Tory cuts that have created a completely unnecessary crisis.
Let’s face it – the common denominator here is the Conservative Party. Without their interference in public affairs, neither of these crises would have happened.
It is the Conservative Party that we need to banish from British politics. The sooner, the better.
Philip Hammond is expected to use Wednesday’s budget to announce that tax revenues will be used to build up a reserve to deal with uncertainties arising from Brexit, rather than increase spending on the health service.
The chancellor has indicated that some extra money will be allocated for social care. The shadow chancellor, John McDonnell, has warned that £12bn should be immediately redirected to the NHS, warning that “the crisis is happening now”.
Hammond said on Sunday that he would be building up a reserve in case of difficulties arising from leaving the EU, although he stopped short from confirming a report in the Sunday Times that it would be £60bn.
He is expected to raise funds through some tax increases, including one imposed on self-employed workers through a change to national insurance rates. Hammond is also thought to be looking at increases in alcohol duty.
Source: Chancellor’s budget to build up Brexit reserves, not tackle NHS crisis | UK news | The Guardian
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We have known this since jeramy hunt put his bits in the little conserestive book back in 2005
The directing of funds to social care was predictable. It has been flagged up by politicians and think tanks on all sides in the NHS debate for at least two years. Adult care is about 98% privatised (children’s is following fast on its heels) but is short on funds. The private sector is squealing and even closing care homes. One lobby group called for an injection of funds to stop parts of the service falling back into public hands.
As for ‘building up a fund’ from taxes for Brexit or anything else – I have to wonder whether we have truly incompetent politicians, whether they are all just unbelievably consummate liars, or are they knowingly and actively complicit in the de-educating of the public in this way (or all three?). State finances and fiscal policy do not work like that in a floating sovereign fiat currency. Government finances are not like household budgets. Governments do not have to ‘save’ money from our taxes – indeed they actually can’t.
The Bank of England already voted on the buy back of bonds from the market to hedge against any fall out from Brexit – this is about protecting the value of the currency and the bond rate. The BoE board agreed to buy back £60 bn of treasury bonds and buy £10bn of corporate bonds – the corporate bonds being rather more contentious and one board member voted against. I imagine they will buy more, but it isn’t from our taxes, they will create the money to do it and Hammond knows that (if not he shouldn’t be Chancellor).
Actually get rid of the words ‘if not’. He just shouldn’t be Chancellor…..no Tory should.
Sooo the tories have finnaly ….outed…themselves what you need an emergancy budged for brexit…well theres a suprise ……only when and god forbid the looming fisaster of brexit hits home ….hits the brexitiers in there pockets….they dont give a s..t about people struggling already….only then will the tories be thrown out of power but has it got to get to thst crisis point of a…….smal…isolated island with a failed economy at the mercy of every crooked tax evadeing corperate scumbag and an oppressed people at the mercy of the vile oddball wierdo tories
I was under the impression that National Insurance contributions were ringfenced and can only be used to finance pensions, unemployment/sickness benefits and the NHS as it was when I was a child in the Fifties. Can Hammond legally divert NI contributions towards any other purpose? Has Hammond and his idiot predecessor already been raiding our supposedly fully topped-up NI fund?
The looming financial crisis caused by Brexit should come directly out of Tory Party funds. This totally unnecessary mess is entirely of their own bungling making.
So having done the right thing in giving us a referendum, in which the majority voted to get out of the impending economic disaster area called the eu, the tories are supposed to be using the money still going to the eu elsewhere, that doesn’t add up with anyones maths. The idea of NI being used to pay for the health and social care is a non starter because there is not enough raised by that means to pay for the current budget. BTW as a brexiteer I am a pensioner, god forbid anyone who voted remain for two weeks holiday without having to get a visa should think anything positive about brexit
No – nobody in their right mind expects the money to go elsewhere until after the UK leaves the EU. Nobody worth discussing, anyway.
The major points are that the amount of money will be much less than has been claimed – because the UK doesn’t actually pay as much into the EU as you think – and that it won’t go where people expect – because the Conservative Government has not made any promises in this respect.
Please do not cast aspersions on people who voted Remain. You have no idea what their reasons may have been. Some say that, as a pensioner, you should not have had a vote on this because it will affect you for only a very small amount of your life in comparison to those whose lives and careers you have blighted for decades to come. How very selfish.