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Labour Calling For Emergency Tax Cut

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Never thougth I would see the day when Labour are calling for less tax!!

ofc, they are not in power, so only have to say what they think people want to hear. It doesn't need to be a coherent policy. Hence 'emergency' - if (when) they get back inpower, there's no need to apply it.

Ed Balls urges emergency tax cut to boost economy

Shadow chancellor Ed Balls is to call for a temporary emergency tax cut to stimulate the economy and boost consumer confidence.

He will say acting now to counter the slowdown is a better option than "ploughing on and hoping for the best".

He will also warn that months or years of slow growth could leave "a permanent dent in our nation's prosperity".

The Conservatives said Mr Balls had not come up with a "credible alternative" for tackling the deficit.

In his first major policy speech since becoming shadow chancellor earlier this year, Mr Balls will also insist Labour are not to blame for the deficit.

'Political gamble'

Mr Balls says the government's cuts programme risks a "vicious circle" of lower investment, income and employment leading to slower growth, bigger tax increases and more spending cuts.

He says Chancellor George Osborne's refusal to draw up a "Plan B" is because of a "political gamble" rather than for Britain's economic interests.

"When I hear George Osborne refuse even to countenance a Plan B, I do not believe this is economic judgment at work, but a political gamble with the nation's economy from a chancellor shaping his policies not around constitutional responsibility, sound economics and the protection of jobs, growth and homes, but around a fixed political strategy to win an election in 2015," Mr Balls will say.

In the speech at the London School of Economics he is expected to add: "I'm not someone who shirks tough decisions.

"And I am making the case for a slower and more balanced approach not because I am a deficit denier, but because this is the tough - but cautious and credible - thing to do."

Mr Balls will say that the recession of the early 1980s inflicted "long-term and permanent" damage to the state of manufacturing, small businesses and skills in the UK, and there is a risk of similar long-term damage now.

"The test for the Treasury isn't just whether they can post better growth rates - we all know the economy will return to stronger growth eventually - it's whether they can make up all this lost ground in jobs and living standards.

"The longer we spend with no or slow growth, the longer the road to recovery becomes, the greater the pain that will have to be endured and the further we fall behind. So the current economic drift really does matter."

'Labour mess'

Mr Balls relies on forecasts from the Office for Budget Responsibility which suggests the UK will be £5.6bn worse off at the end of 2012 than was predicted at the time of last year's Budget.

He argues this figure will grow to £58bn - or £3,300 for every family - by 2015 if nothing is done.

Mr Balls' intervention comes a day after Mr Osborne said the UK economy was "on the mend" in his annual Mansion House speech but the recovery would take time due to the size of the deficit the coalition had inherited.

Conservative party deputy chairman Michael Fallon said: "Ed Balls is yet to set out the cuts he would have to make to offer a credible alternative to clearing up Labour's mess.

"Our deficit reduction plan is backed by international organisations including the IMF, the CBI, the OECD and the Obama administration. Ed Balls' plan isn't even backed by Ed Miliband."

In its recent analysis of the UK economy, the International Monetary Fund said it expected weak growth and rising inflation to be "largely temporary" and suggested the coalition was right to proceed with its deficit reduction plan.

Edited by Lepista

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Hasn't Osbourne already stated that tax cuts are his Plan B? Just Ed Balls trying to steal the thunder and claim it was his idea if it happens.

Anyway, it's all irrelevant anyway, we're for the shredder, no amount of clawing at the sides will pull as out now, which ever side we claw at.

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The only way out is to grow our way out. You have to take a leap of faith and cut taxes. There are some taxes like the payroll tax that are just boneheaded in 2011. Taxing companies for employing people.. how out of touch is that?

I think Ed Balls is right on with his understanding of stimulus.. Where the and all other Labour seem to fall far short is on the understanding of regulations. If you regulate everything out of business it doesn't make any difference what the tax rate or interest rates are.

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Never thougth I would see the day when Labour are calling for less tax!!

Would this be the same Labour party that continually increased the tax burden during their reign, and when the financial crisis hit the chose to raise more taxes by implementing the 50p rate ?

Would this also be the same Labour party that despite an ever increasing deficit wants to slow down the cuts because they're "too fast and too hard".. Does he know where government money comes from ?

So he wants to increase spending, but lower the tax take.. anyone see a problem with this ?

Utter opportunist nonsense

Edited by exiges

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I notice that this morning labour are complaining that the watered down NHS reforms wont save enough money now they have been watered down.... that's after they forced them to be watered down! Pahh

Edited by AteMoose

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In his first major policy speech since becoming shadow chancellor earlier this year, Mr Balls will also insist Labour are not to blame for the deficit.

'Political gamble'

Mr Balls says the government's cuts programme risks a "vicious circle" of lower investment, income and employment leading to slower growth, bigger tax increases and more spending cuts.

So during the boom it was all down to Labour, yet when the crash came it had nothing to do with them?

Continually increasing govt debt will create a "vicious circle" of lower investment, income and employment leading to slower growth, bigger tax increases and more spending cuts.

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So during the boom it was all down to Labour, yet when the crash came it had nothing to do with them?

What's more confusing is why some people will actually believe them. If there's anything that indicates how stupid the population is it's that Labour aren't miles behind the Monster Raving Loony Party; surely even people who have left-wing views realise that they're completely hopeless and that you still have to be able to make numbers add up.

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Let some ******ing houses drop in price and I'll buy one and spend the best part of a years median salary fixing the ******er up.

But oh, no, they want to free up 30 quid a year to let me buy a teeny bit more tat.

***** the lot of them.

If it's not fixed this time next year, I'll go and spend my money elsewhere. And my taxes.

Probably.

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Never thougth I would see the day when Labour are calling for less tax!!

ofc, they are not in power, so only have to say what they think people want to hear. It doesn't need to be a coherent policy. Hence 'emergency' - if (when) they get back inpower, there's no need to apply it.

Just ignore them they are finished, worst opposition ever in our history UKIP are the next real opposition

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The only way out is to grow our way out. You have to take a leap of faith and cut taxes. There are some taxes like the payroll tax that are just boneheaded in 2011. Taxing companies for employing people.. how out of touch is that?

I think Ed Balls is right on with his understanding of stimulus.. Where the and all other Labour seem to fall far short is on the understanding of regulations. If you regulate everything out of business it doesn't make any difference what the tax rate or interest rates are.

Ah yes, endless compounded growth until the entire world's resources have been plundered, that's the ticket! :lol:

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What's more confusing is why some people will actually believe them. If there's anything that indicates how stupid the population is it's that Labour aren't miles behind the Monster Raving Loony Party; surely even people who have left-wing views realise that they're completely hopeless and that you still have to be able to make numbers add up.

"The best argument against democracy is a 5-minute conversation with your average voter". - Winston Churchill

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The only way out is to grow our way out. You have to take a leap of faith and cut taxes. There are some taxes like the payroll tax that are just boneheaded in 2011. Taxing companies for employing people.. how out of touch is that?

No we need to MOVE taxes. Away from production and consumption and onto stuff like HOUSE PRICES in order to bring house prices back down to manageable levels.

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Just ignore them they are finished, worst opposition ever in our history UKIP are the next real opposition

Is that the same Labor that are 6 points ahead in the polls?

Lot of wishful thinking there.

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Is that the same Labor that are 6 points ahead in the polls?

Lot of wishful thinking there.

I hope there's an early election and the profligate tw@ts get back in. The sooner we can run this country off the cliff, the sooner we can pick up the pieces and the sooner I get paid. They've got my vote ;)

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I hope there's an early election and the profligate tw@ts get back in. The sooner we can run this country off the cliff, the sooner we can pick up the pieces and the sooner I get paid. They've got my vote ;)

I think that looks like the best option now.

It's a shame they didn't win the last election and had to clear their own mess up.

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I hope there's an early election and the profligate tw@ts get back in. The sooner we can run this country off the cliff, the sooner we can pick up the pieces and the sooner I get paid. They've got my vote ;)

Labour landslide - 100% guaranteed.

And then

Printy mother******ing printy.

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It's a shame they didn't win the last election and had to clear their own mess up.

Really ?

1. They are the party of denial.. It's all an "international crisis", and the "greedy bankers".. and nothing to do with them.

2. Given they're in denial, there's nothing to fix.. so they'll just make things worse.

Same as it ever was with the Labour party.

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Really ?

1. They are the party of denial.. It's all an "international crisis", and the "greedy bankers".. and nothing to do with them.

2. Given they're in denial, there's nothing to fix.. so they'll just make things worse.

Same as it ever was with the Labour party.

That's the idea, it would fail on their watch and it'll fail all the quicker for it.

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Force the banks to up savers interest rates and instantly you have a whole raft of people who'd have money to spend.

In fact label it as a bank tax and everyone is happy.

Edited by SarahBell

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Force the banks to up savers interest rates and instantly you have a whole raft of people who'd have money to spend.

I doubt this is the case to be honest.

Now drop mortgage rates to 0.5% and you will definitely have a lot of money being spent!

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  • 276 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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