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Ed Balls Announcing Economic Plans

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Hasn't he pre-announced he's going to 'pay down the deficit' by 2020. I would imagine that means we're going to pay higher taxes.

Didnt gideot say that in 2009 he'd have paid the deficit by 2015?

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Finally some policies. Rattled them out sequentially so I missed a couple.

  • Expanding free childcare
  • Require skill tests for JSA
  • Legislate for tougher regulation in banking and energy (no details)
  • British investment bank (this may be new?)
  • Cutting/freezing business rates
  • 200,000 new homes/year (Lyons review)

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Didnt gideot say that in 2009 he'd have paid the deficit by 2015?

Yes he did. Words are cheap and they can promise whatever they like.

Government spending is such a large part of GDP that it cannot really be reduced. Plus all major parties keep promising to ring fence the must costly parts of government (NHS and state pensions).

They can make cuts to other areas of welfare all they like but until they start cutting into benefits for the over 65s it will have a negligible effect.

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  • No more borrowing for day to day spending
  • Use all proceeds from bank sales to pay down national debt
  • Binding fiscal commitment to surplus in next parliament (binding eh - what's the penalty for failure?)
  • Fiscal rules and tax and spending plans audited by OBR
  • Help-to-Build, not just Help-to-Buy (no plan to cancel HtB)
  • 10p tax rate
  • 50p tax rate

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Obv he can't be in place for the election - I just don't see how Milli can get him out.

How does any of this fit with the cost of living narrative? (paying deficit down means more tax for most people or more tax for companies that employ most people).

Maybe that's the plan - let Ed announcement sink - reshuffle after the Euros and get someone else in early enough with something more radical.

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  • No more borrowing for day to day spending

  • Use all proceeds from bank sales to pay down national debt

  • Binding fiscal commitment to surplus in next parliament (binding eh - what's the penalty for failure?)

  • Fiscal rules and tax and spending plans audited by OBR

  • Help-to-Build, not just Help-to-Buy (no plan to cancel HtB)

  • 10p tax rate

  • 50p tax rate

Classic electioneering.

The 200k homes target is of interest but I just can't see how they can achieve it. Labour's PPC in my constituency has been taking the Tories to task for approving too many new homes in the area.

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Didnt gideot say that in 2009 he'd have paid the deficit by 2015?

You don't pay a deficit off, you eliminate it by higher taxes / reduced spending. The deficit is the shortfall in an annual budget.

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You don't pay a deficit off, you eliminate it by higher taxes / reduced spending. The deficit is the shortfall in an annual budget.

and you get higher tax takes by allowing business to make stuff that other people across the world want, not micromanaging.

there is actually a slightly biblical tale about this too....if my theology serves me correctly it's the tale of two isrealite kings..jeraboam/rehaboam.

one did small government, one did big government/regulation/high taxation.

eventually the big government subjects rebelled and left.

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Ed Balls(or any other Politician actually) has an economic plan

HA HA HA HA HA HA HA HA>...Ive peed myself.

HA HA HA HA HA HA HA HA>...ive busted a rib...

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when will labour understand, this guy doesn't have any credibility

Yep annoying that he will not admit any responsibility for the depth of our recession. Meanwhile Miliband is just as irritating, like some school boy gonk (and also not taking responsibility)..........

http://www.telegraph.co.uk/comment/cartoon/

Edited by crashmonitor

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Yep annoying that he will not admit any responsibility for the depth of our recession. Meanwhile Miliband is just as irritating, like some school boy gonk (and also not taking responsibility)..........

http://www.telegraph.co.uk/comment/cartoon/

Liebour never do; thirteen years of shocking incompetence, Common Purpose induced social engineering and corruption in government and it still all is 'somebody else's fault'.

A trained chimp would make more sense than the bitter little public school boy, wannabee thug Balls.

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Liebour never do; thirteen years of shocking incompetence, Common Purpose induced social engineering and corruption in government and it still all is 'somebody else's fault'.

A trained chimp would make more sense than the bitter little public school boy, wannabee thug Balls.

By blaming the present Government for all our woes they are merely playing to a core Labour support of about 25%, meanwhile they alienate the other 75% of voters.

Unless you are raving red you aren't stupid and know the Tories are reaping what Labour sowed.

It is probably too late now for sorrys and go forward with a bit of respect and have a chance of winning outright. Balance of power is their best hope.

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Finally some policies. Rattled them out sequentially so I missed a couple.

  • British investment bank (this may be new?)

Isn't this what Vince mentioned a while back? Perhaps Balls expects to be doing business with him in 2015...

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By blaming the present Government for all our woes they are merely playing to a core Labour support of about 25%, meanwhile they alienate the other 75% of voters.

Unless you are raving red you aren't stupid and know the Tories are reaping what Labour sowed.

It is probably too late now for sorrys and go forward with a bit of respect and have a chance of winning outright. Balance of power is their best hope.

There's not much difference between them.

Essentially Labour were a Tory government but they spent an extra 4% of GDP on health and an extra 1% of GDP on education and also quite a bit more on police and prisons. So call it 6% of GDP extra spending on these areas. The only other major increase was in Tax Credits which increased by 2% of GDP over the previous Family Credit system. So that makes it 8% of GDP.

If we went back to 1997 levels of spending on health, education, police and prisons we could save 6% of GDP. That would wipe out the deficit. Get rid of Tax Credits and we would have a surplus. But the Tories don't want to cut any of these areas.

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  • No more borrowing for day to day spending

  • Use all proceeds from bank sales to pay down national debt

  • Binding fiscal commitment to surplus in next parliament (binding eh - what's the penalty for failure?)

  • Fiscal rules and tax and spending plans audited by OBR

  • Help-to-Build, not just Help-to-Buy (no plan to cancel HtB)

  • 10p tax rate

  • 50p tax rate

It's the 10p tax rate that gets me. Didn't they introduce that 10 minutes ago and didn't they get rid of it again 5 minutes ago. Didn't GB have a fit when he found out that there were going to be 6 people out of pocket by £1.37 when they got rid of the 10p rate.

I will give the liberals their due they got the tax threshold up to £10,000 that is something I would have expected the labour party to do instead of poncing around with tax credits.

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Then if they do get elected it'll be oh they've seen the books so they can't do any of that stuff anymore so they're going to have to just tax/borrow and spend as usual.

They're promises so they'll be reneged on - just like the ConDems did after the last general election in 2010 and like Labour did in the previous years and like .............................................................................................................................

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It's the 10p tax rate that gets me. Didn't they introduce that 10 minutes ago and didn't they get rid of it again 5 minutes ago. Didn't GB have a fit when he found out that there were going to be 6 people out of pocket by £1.37 when they got rid of the 10p rate.

I will give the liberals their due they got the tax threshold up to £10,000 that is something I would have expected the labour party to do instead of poncing around with tax credits.

They also doubled CGT from darlings speculation inducing rate of 14%.

I guess labours mindset is they dont mind low taxes on unearned income, but do when it comes to earned income. Being a rent seeker pays. Shouldnt surprise anything when you look at the inherited wealth of many of labours top cronies.

CGT and the personal allowance are about the only 2 positive things I can thing of about the coalition. And, perhaps the 'bedroom tax'

Any other good ideas were subject to 'u turns'

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Obv he can't be in place for the election - I just don't see how Milli can get him out.

How does any of this fit with the cost of living narrative? (paying deficit down means more tax for most people or more tax for companies that employ most people).

Maybe that's the plan - let Ed announcement sink - reshuffle after the Euros and get someone else in early enough with something more radical.

IMO he is stopping thousands of people from voting labour, a liability....... As all the parties are much of a muchness......can't we pick the best people from them all and create a good, honest, creditable and ethical party. ;)

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Silly suggesting 200k home a year, because then the question gets asked where? And if the answer is on the sacred NIMBY dog pooping lands of England, they are finished.

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  • No more borrowing for day to day spending

  • Use all proceeds from bank sales to pay down national debt

  • Binding fiscal commitment to surplus in next parliament (binding eh - what's the penalty for failure?)

  • Fiscal rules and tax and spending plans audited by OBR

  • Help-to-Build, not just Help-to-Buy (no plan to cancel HtB)

  • 10p tax rate

  • 50p tax rate

Floating the banks and then reducing the national debt. Cynically I wonder what follows?

Spend to save. Bail in the savers

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