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Ed Balls: Cut Tax To Boost Economy


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http://www.telegraph.co.uk/news/politics/labour/9934228/Ed-Balls-cut-tax-to-boost-economy.html

In an interview with The Daily Telegraph, Ed Balls insists that a cut in the basic rate of income tax — funded by a temporary rise in borrowing — would ultimately pay for itself as it would spark economic growth.

He says “something must be done now” as Britain is facing an economic depression “like the 1930s”.

However, the shadow chancellor defends Gordon Brown’s economic record, saying that the previous Labour government did not borrow too much, or increase public spending unreasonably.

Mr Balls’s demand for an emergency tax cut echoes calls from Conservative MPs and business groups that the Chancellor must introduce radical new tax policies in the Budget if Britain is to avoid a triple-dip recession.

..

He is instead expected to unveil plans to encourage the building of tens of thousands of new homes, with help for buyers. The Chancellor is also likely to outline a scheme to offer tax relief for young mothers who wish to return to work. But Mr Balls says that such moves are too timid and that something more radical is needed.

“Something must be done now … you need some fiscal action,” he said. “If George Osborne announced a temporary cut in the basic rate we would applaud him because we would say, 'At last he is finally doing something to get some spending power back into the economy.’ ”

The shadow chancellor said his preferred option to cut taxes would be a reduction in VAT but as Mr Osborne has ruled that out the reduction in income tax should be considered.

“I care more about having something, some action other than nothing, to [prompt] a temporary injection of spending power whether it was VAT, a reintroduction of the 10p rate or a basic rate tax cut – any of those could work.”

He says cutting taxes now will lead to a “lower deficit” in two years as economic growth picks up, boosting tax revenues elsewhere.

Hmm whilst in govt he loved putting up taxes and spending money we didn't have. If he hadn't done that the economy might be a whole lot better.

Reducing VAT is not going to get people spending. If you upped personal allowance to £20k now that might make a difference, although I suspect the utility companies would quickly snap up all that extra cash.

Nothing that any mainstream party will propose will work as the democratic process stops them doing anything unpopular which might start fixing the problem.

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http://www.telegraph.co.uk/news/politics/labour/9934228/Ed-Balls-cut-tax-to-boost-economy.html

Hmm whilst in govt he loved putting up taxes and spending money we didn't have. If he hadn't done that the economy might be a whole lot better.

Reducing VAT is not going to get people spending. If you upped personal allowance to £20k now that might make a difference, although I suspect the utility companies would quickly snap up all that extra cash.

Nothing that any mainstream party will propose will work as the democratic process stops them doing anything unpopular which might start fixing the problem.

he STILL hasn't got it.

you can cut taxes all you like, but the incessant meddling,regulating and micromanagement is the real killer.

GET THE F*** OFF OUR BACKS, that's the message.

milliband is dead wrong when he says the next election will be fought on living standards, very myopic and materialistic vision.

THE NEXT ELECTION WILL BE FOUGHT ON IDEAOLOGY...those who wish to retain sovereignty...of their countries and their lives, versus the borg.(some people are not easily bribed)

and people will be prepared to pay a financial price to get their lives back.

..they shouldn't have picked on uncle sam....when they start the civil unrest I give them all 6 months to live.

Edited by oracle
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milliband is dead wrong when he says the next election will be fought on living standards, very myopic and materialistic vision.

THE NEXT ELECTION WILL BE FOUGHT ON IDEAOLOGY...those who wish to retain sovereignty...

Sadly most of the electorate couldn't give a toss who controls the country so long as they get their god-given benefits.

Labour and the people have a contract. Votes for cash. It's that simple.

As for living standards - the election debates won't be anything to do with living standards. It will be:

Labour: We will give you money.

Tories: We would like to give you money but there isn't any.

Labour: Cameron the millionaire.

etc etc

-_-

Edited by Chuffy Chuffnell
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http://www.telegraph...st-economy.html

Hmm whilst in govt he loved putting up taxes and spending money we didn't have. If he hadn't done that the economy might be a whole lot better.

Reducing VAT is not going to get people spending. If you upped personal allowance to £20k now that might make a difference, although I suspect the utility companies would quickly snap up all that extra cash.

Nothing that any mainstream party will propose will work as the democratic process stops them doing anything unpopular which might start fixing the problem.

he misses the main point that there is not enough rich (people earning over £46k pa) to pay for the large social state

cutting the taxes for people earning less than £46k pa will kill the tax receipts; they already pay less than 20% PAYE and some VAT on the top only

for a reasonable government deficit under 3% you need at least 60/80% of the families to be net tax payers; you just can not subsidise more than 50% of the sociaty

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I'd vote for this. I get to take home more of my salary and the UK government gallops towards the end of this insane trajectory even faster. Win-win.

Why should the bankers be the only ones partying in the last days of Rome?

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I'd vote for this. I get to take home more of my salary and the UK government gallops towards the end of this insane trajectory even faster. Win-win.

Why should the bankers be the only ones partying in the last days of Rome?

I think if just once Balls would admit that they overspent during the good times, that the deficit was out of control and they had set an irriversible path to a huge National Debt in the short term (at least), I might listen to him.

The sod just cant do it.

Edited by crashmonitor
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he STILL hasn't got it.

you can cut taxes all you like, but the incessant meddling,regulating and micromanagement is the real killer.

GET THE F*** OFF OUR BACKS, that's the message.

milliband is dead wrong when he says the next election will be fought on living standards, very myopic and materialistic vision.

THE NEXT ELECTION WILL BE FOUGHT ON IDEAOLOGY..those who wish to retain sovereignty an unelected head of state on an increasingly worthless metal disc...of their countries and their lives in order to allow themselves to retain UK serf status, versus the borg.(some people are not easily bribed)

some people understand that it's being more like the UK and less like Europe is the reason their lives are crap

Edited by campervanman
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I think if just once Balls would admit that they overspent during the good times, that the deficit was out of control and they had set an irriversible path to a huge National Debt in the short term (at least), I might listen to him.

The sod just cant do it.

It was about 38% of GDP which was 2nd lowest in the G7 before Fred Goodwin's little mishap.

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It was about 38% of GDP which was 2nd lowest in the G7 before Fred Goodwin's little mishap.

And the annual deficit and the trajectory of the debt? The Tory's inherited a debt that was on an irreversible rocket propelled cause intio orbit. Labour inherited a similar debt that was parchuting down at the time.

Labour had set a cause for an 80% debt to GDP whatever the followers had done.

Edited by crashmonitor
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Cut taxes - sounds good. Would sound even better if it included simplifying the tax system and adhering to a consistent ideology.

Funded by borrowing - Oh FFS! Just cut the size of government please and detach it's grubby tentacles from everything in sight.

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One of the funniest things I have seen in a long while was Ballsup being crucified on the 10p tax pledge by Andrew Niel on his show a few weeks ago, I almost felt embarrassed for Balls when he was asked if he really thought £2 a week would make that much of a difference,you could see the cogs spinning and then the stuttering, whilst talking nonsense in a attempt to change the subject

IMO the man is way out of his depth

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Even the yanks are finally at least trying to figure out ways of raising taxes and plugging the deficit (a little, anyway) and ballsup is still in 2009 mode.

I think Keynesian stimulus was designed to be used over a short period to pick up the slack...like a year or so, not for all eternity, as in the world of Ballsup.

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he misses the main point that there is not enough rich (people earning over £46k pa) to pay for the large social state

Well this "rich" person is only paying about 25% tax on 100k+ due to various ways in which in the self-employed/freelance status enables one to engage in various tax "planning" strategies. Still, at least I'm I'm a net contributor to the system, unlike say a couple on 25k each with two kids with their various state handouts ...

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Fact: Ed Balls was part of a government that ruined the UK economy. New Labour is in all essence the Conservative Party and has been since 1997. They did at least spend a lot of cash on the NHS but nearly all of that investment was PFI - a mechanism for keeping longterm expenditure off the books until you lose office, whereupon it comes back to bite. Ed Balls was a key element in the PFI scam that transferred tax payers' assets to the spivs in the city and now we are paying for it. Network Rail is another scam and New Lab were as much to blame for giving away good national assets as the Tories were under Major and Thatcher.

Balls and his ghastly wife are the property flipping team who when in office contributed to bringing the UK to its knees. It staggers me that Balls can have the temerity to do anything other than retire modestly to a small semi detached in a remote area of Yorkshire and do charity work for the rest of his life to make amends. As for his wife, even that would not suffice., They are both hypocrites of the highest order.

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he STILL hasn't got it.

you can cut taxes all you like, but the incessant meddling,regulating and micromanagement is the real killer.

GET THE F*** OFF OUR BACKS, that's the message.

milliband is dead wrong when he says the next election will be fought on living standards, very myopic and materialistic vision.

THE NEXT ELECTION WILL BE FOUGHT ON IDEAOLOGY...those who wish to retain sovereignty...of their countries and their lives, versus the borg.(some people are not easily bribed)

and people will be prepared to pay a financial price to get their lives back.

..they shouldn't have picked on uncle sam....when they start the civil unrest I give them all 6 months to live.

Interesting analogy

But how many of the UK population have already been assimulated?

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  • 439 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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