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Osborne 'to Abandon 2020 Budget Surplus Target'

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Pretty obvious really. I'm still waiting for them to pull the plug on the entire financial system and blame Brexit. It's either that or Putin, and Brexit is more current at the moment.

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The UK economy already recorded 2 consecutive quarters of negative growth (uk industry) in March & April this year, so we were already in recession prior to the referendum.

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Pretty obvious really. I'm still waiting for them to pull the plug on the entire financial system and blame Brexit. It's either that or Putin, and Brexit is more current at the moment.

Cameron seems chilled to the max i must say.

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Why would Brexit be responsible for the crash when all of our greatest problems have nothing whatsoever to do with our membership of the EU?

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Like we'd have a balance budget by 2020 if remain had won. I'm sure leave would still have been blamed for the uncertainty caused. No one can seriously believe this 5h1t?

Mr Austerity's never been one to let a political opportunity go to waste!

Spend. Spend. Spend.

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Of course as they say in the EU, or rather the unlelected EU leaders say; ' the crowd should not have a say'

For sure although Switzerland seems to do ok with direct democracy although those running things there do at least seem to be half competent to start with.

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http://www.bbc.co.uk/news/business-36684452

Things seem to lining up for a "brexit to blame" crash - NIRP, deficits forever.....

Is that 2020 target in any way related to the previous four budget surplus targets he missed prior to the referendum?

This latest target was rendered hopeless when he bottled the Tax Credits changes. He has no credibility left. I would hope that the first job of the incoming PM is to sack him.

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Why would Brexit be responsible for the crash when all of our greatest problems have nothing whatsoever to do with our membership of the EU?

Because we've just added to that list of problems.

In theory the only problem we've solved is that of blaming the EU for everything, in reality there's clearly still plenty of scope for that.

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Why would Brexit be responsible for the crash when all of our greatest problems have nothing whatsoever to do with our membership of the EU?

I wouldn't say nothing whatsoever.

640,000 migrants a year gross (333,000 net) is going to impact the economy in SOME way. It's not a neutral event.

Cheap labourers who require tax credits, housing and child benefits while paying a lot less back is a net loss.

I might be wrong, but if this level of migration to the UK is a net gain for the UK, I've never heard this argument raised by Remain. In fact a lot of Remainers were saying mass immigration was a problem in the 2015 election. In the EU referendum, they were just doing fear stories about leaving, I never heard them mention the glorious benefits of mass and uncontrolled migration.

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He broke the same promise in the previous parliament, lost the referendum vote, and he's still Chancellor! :blink::lol:

He has a few palms yet to grease before he cashes in on the consultancies?

The Finance Bill Capital Gains Tax reduction went to a vote this week. It stood by 308 to 264, a good turnout for a tea time vote!

http://www.theyworkforyou.com/debates/?id=2016-06-28a.233.0&s=Liam+fox

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For sure although Switzerland seems to do ok with direct democracy although those running things there do at least seem to be half competent to start with.

It's more to do with the fact that the people are generally quite a bit sharper. The UK system would work a lot better if the voters actually bothered to care about politics, finance and law and questioned what was going on in Westminster, instead of rubber-stamping the meal tickets of a bunch of self-serving MPs to do it for them.

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It's more to do with the fact that the people are generally quite a bit sharper. The UK system would work a lot better if the voters actually bothered to care about politics, finance and law and questioned what was going on in Westminster, instead of rubber-stamping the meal tickets of a bunch of self-serving MPs to do it for them.

Thats because it one or the other and underneath both have the same contempt on the whole for the vast majority of the electorate.

What the UK needs is a credible third party to rapidly emerge and sweep the decks clean.

The other problem is that anyone can become an MP / Party Leader / PM which is good in principle but fraught with problems in practice, hence the civil service.

This takes you back to the original point of both parties being effectively the same as they are on the same leash and no doubt an usurper party would rapidly be leashed as well as per Greece..

Somewhere behind the scenes someone as yet publically unidentified is holding this leash hence the charade we go through and lack of any real change as they act out what they are 'advised' to do.

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Even if Osbourne ran a surplus, it wouldn't magically spur any sort of economic miracle. The private banks in the City create our money supply, not the government.

This whole notion around deficit's and living within our means completely ignores how the real financial system works.

If deficits were the most important factor Osbourne should be focusing on the current account deficit,

instead of Cameron lying on tv twice about 'paying down Britain's debts' and cutting the deficit 'by a third'

The biggest deficit we have is one of economic illiteracy by the general population.

Edited by Assume The Opposite

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Thats because it one or the other and underneath both have the same contempt on the whole for the vast majority of the electorate.

What the UK needs is a credible third party to rapidly emerge and sweep the decks clean.

The other problem is that anyone can become an MP / Party Leader / PM which is good in principle but fraught with problems in practice, hence the civil service.

This takes you back to the original point of both parties being effectively the same as they are on the same leash and no doubt an usurper party would rapidly be leashed as well as per Greece..

Somewhere behind the scenes someone as yet publically unidentified is holding this leash hence the charade we go through and lack of any real change as they act out what they are 'advised' to do.

+1

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Thats because it one or the other and underneath both have the same contempt on the whole for the vast majority of the electorate.

What the UK needs is a credible third party to rapidly emerge and sweep the decks clean.

The other problem is that anyone can become an MP / Party Leader / PM which is good in principle but fraught with problems in practice, hence the civil service.

This takes you back to the original point of both parties being effectively the same as they are on the same leash and no doubt an usurper party would rapidly be leashed as well as per Greece..

Somewhere behind the scenes someone as yet publically unidentified is holding this leash hence the charade we go through and lack of any real change as they act out what they are 'advised' to do.

But we do know who holds the leash! They've just dismissed Dave and Boris for effing up the referendum and demanded an even bigger operating subsidy from Carney and Osborne for their troubles.

londondragons.JPG

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Even if Osbourne ran a surplus, it wouldn't magically spur any sort of economic miracle. The private banks in the City create our money supply, not the government.

This whole notion around deficit's and living within our means completely ignores how the real financial system works.

If deficits were the most important factor Osbourne should be focusing on the current account deficit,

instead of Cameron lying on tv twice about 'paying down Britain's debts' and cutting the deficit 'by a third'

The biggest deficit we have is one of economic illiteracy by the general population.

But we're paying around £28Bn a year (net) servicing the national debt (http://www.ifs.org.uk/tools_and_resources/fiscal_facts/public_spending_survey/debt_interest_payments). That's £500M a week, it's more than we pay into the EU currently, and people made a big deal about that. We doubled our national debt in 8 years. It's a big deal because it's costing us a fortune to maintain this debt. We can't just keep piling up debt that requires immediate interest repayments. It's not a free lunch.

And now we know we'll be adding to the national debt for at least another 4 years :(

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I wouldn't say nothing whatsoever.

640,000 migrants a year gross (333,000 net) is going to impact the economy in SOME way. It's not a neutral event.

Cheap labourers who require tax credits, housing and child benefits while paying a lot less back is a net loss.

I might be wrong, but if this level of migration to the UK is a net gain for the UK, I've never heard this argument raised by Remain. In fact a lot of Remainers were saying mass immigration was a problem in the 2015 election. In the EU referendum, they were just doing fear stories about leaving, I never heard them mention the glorious benefits of mass and uncontrolled migration.

there may well be another chancellor in a few months who might axe the tax credits and actual make lazy people go to work instead of work the minimum to get tax credits

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