Tag Archives: billions

Which is more irresponsible – overspending billions of public pounds or ‘financial repression’?

Rishi Sunak: I like this shot because he looks nervous. If I was in his position, asking Tory backbenchers to raise taxes, I’d be nervous too.

Rishi Sunak has been accused of wasting billions of pounds of public money – your money – because he failed to insure against interest rate rises on government debt.

It means higher than necessary payments on £900bn of reserves created through the quantitative easing (QE) programme, according to the National Institute of Economic and Social Research.

The loss over the past year is around £11 billion, the think tank estimates.

The Treasury has retaliated by saying NIESR’s proposal would undermine the independence of the Bank of England and be “hugely damaging” to the credibility of how public finances are managed.

Not only that, but there is an argument that, even if the Treasury had been able to predict the rate rise (which is possible), it would have been a potentially expensive bet – taking chances with the system.

Really?

Read the arguments here – if you can make sense of them.

The question for us as laypeople is, what do we think is more irresponsible – damaging the credibility of the public finances by pressuring the Bank of England to take a particular action, or damaging the credibility of the public finances by wasting £11 billion?

Have YOU donated to my crowdfunding appeal, raising funds to fight false libel claims by TV celebrities who should know better? These court cases cost a lot of money so every penny will help ensure that wealth doesn’t beat justice.

https://www.crowdjustice.com/case/mike-sivier-libel-fight/


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Tories prepare to squander more billions by selling off “surplus” NHS land

On the day the government admitted it bungled a property deal involving Ministry of Defence homes, ministers have announced a plan to sell off NHS land.

Do they plan to lose billions of pounds on that, as well?

It should be clear to everybody by now that the Conservative Party does not have the wherewithal to conduct transactions involving public property in anything like a responsible manner.

With the NHS plan in the Naylor Report, we know that the service is starved of resources and it is madness to take even more away from it.

Worse still is the fact that the Tories aren’t interested in getting a good price for the land. They’ll sell it to some friends of theirs at a preferential rate and pass any losses on to the taxpayer, as they usually do.

It’s the same old Tory story – privatise the profits and nationalise the debts.

The Tories have officially backed a controversial report which critics fear could lead to the biggest sell-off of NHS property in history.

The Naylor Report recommended selling around £2 billion of “surplus land” owned by the health service to build 26,000 homes.

It attracted grave concern from campaigners when Theresa May suggested she would back it last summer. And today, health minister Lord O’Shaughnessy gave the report the official government seal of approval.

The announcement came just hours after it was revealed bungling Ministry of Defence chiefs have lost billions of pounds in a disastrous property deal by selling off thousands of homes – then renting them back from the buyer.

Source: The Tories have backed a report recommending a huge sell-off of NHS property – Mirror Online


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The lies, the cost, the hardship… the price we all pay for Iain Duncan Smith

"Not even this much": Iain Duncan Smith demonstrates how much he cares about the damage his policies are doing to public health, and to the public finances.

“Not even this much”: Iain Duncan Smith demonstrates how much he cares about the damage his policies are doing to public health, and to the public finances. (Image: Evening Standard)

When it comes to Iain Duncan Smith, it seems the point still isn’t being made forcefully enough.

So let us be perfectly clear: This man is a liability to the United Kingdom. He is costing this country billions of pounds with his failed pet projects like Universal Credit, his contracted-out work programmes that are more likely to hinder people looking for a job then get them into one, and even his enormous expenses claims – £39, just for breakfast!

Now it seems he has lied to Parliament – yet again. He told the House of Commons, and the country at large, that his Department for Work and Pensions expected to write off £34 million of investment in the IT systems being developed to administer his real-time, six-benefits-in-one Universal Credit. The actual amount, revealed to Parliament’s public accounts committee yesterday, is more like £161 million.

Not only that, but he was lying when he said he had been monitoring the project constantly. If that is true, then why was a civil servant’s personal assistant allowed to sign off contracts when the responsibility lay with himself, or at least his ministers?

Even more damning, it seems the DWP has spent the last six months sitting on this information, rather than actually doing anything about it!

And this odious little liar last week tried to blame the civil service for Universal Credit’s failure. He is a lower form of life than an intestinal worm.

He still thinks he can take the moral high ground, though – look at his attack on the United Nations’ Special Rapporteur on adequate housing, Raquel Rolnik, after she (rightly) denounced his bedroom tax as an attack on British citizens’ human rights.

He described her call to abolish the tax as “outrageous”, claiming that it undermined the impartiality of the UN. Isn’t it more accurate to say that she has revealed the truth, and now he is panicking?

He said he wanted UN secretary general Ban Ki-moon to investigate Ms Rolnik’s conduct – a line already pointlessly taken by Grant Shapps, all of whose claims were lies, as we discovered yesterday.

In the Daily Mail, he said she had not asked ministers or officials for their input, adding: “I find it staggering that without this official information Mrs Rolnik feels she is in a position to be able to properly prescribe what the future of the policy should be.” In fact, she met many officials and government representatives, all of whom are listed in her preliminary report.

So IDS – or RTU, as we like to describe him here (it refers to Army personnel who are Returned To Unit for failing to make the grade) – has lied again. And he joined a deeply dodgy cadre of Conservatives in denouncing her for – among other things – being born in a country with worse deprivation than the UK. Doesn’t that put her in an excellent position to point out the faults in our system?

But then, what can we expect from this vile creature. There are strains of syphilis with more charm and social grace.

Is the point made yet?

Back in May, Vox Political published ‘Iain Duncan Smith has committed contempt of Parliament and should be expelled’. That article has been read by more than 12,600 people who almost unanimously supported it. Now we see that he has shown the same contempt, to Parliament, to the British people, and now to a respected and senior United Nations representative. Go back and refresh your memory if you need to do so.

Is the point made now?

No, it probably isn’t.

The fact of the matter is that most people won’t care, because most people don’t think they are affected by the disasters Iain Duncan Smith is inflicting on us.

They are wrong.

Just go back and consider the cost of all his mistakes: Billions of pounds wasted. Possibly tens of billions, when you consider the cumulative effect (although this would be a hard concept for him; he has resisted all attempts to get his Department to provide a cumulative assessment of his regressive changes’ effect on this country’s poor for many months, claiming it would be “too difficult”).

Tens of billions of pounds have been wasted on his so-called attempts to cut the benefit bill, while that bill has increased, year on year, because of his government’s policies.

As Adlai Stevenson said of Nixon (and the comparison to Nixon is well-deserved): “He is the kind of politician who would cut down a redwood tree and then mount the stump to make a speech for conservation.”

This hypocrite does not speak for you. He doesn’t speak for the taxpayers because he is robbing them of their hard-earned money and wasting it despicably. He doesn’t speak for the unemployed, the sick or the disabled because he is a social darwinist who would steal a wheelchair to see how the owner managed without it. He doesn’t speak for Parliament because he has lied to Parliament.

Why aren’t you demanding his dismissal in your millions?

Well?

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