Previous UK government ‘covered up’ financial turmoil ahead of election

Stinks of Osbourne blaming the previous labour government for the need to impose austerity in 2011... Here we go again under the Tory lite party
 
Getting back to the point (ie did the Tories cover-up the “black hole”) - I don’t think it’s true that they did (that doesn’t excuse their awful Government by the way).
It was known to exist and reported upon before the election and I think RR commented upon it herself. With OBR etc around these days I don’t think it’s credible for an incoming Government to be unaware.
Just playing politics I suppose. It’s an inherently dirty business.
 
Rory Bluelow said:
Getting back to the point (ie did the Tories cover-up the “black hole”) - I don’t think it’s true that they did (that doesn’t excuse their awful Government by the way).
It was known to exist and reported upon before the election and I think RR commented upon it herself. With OBR etc around these days I don’t think it’s credible for an incoming Government to be unaware.
Just playing politics I suppose. It’s an inherently dirty business.
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The OBR can only crunch the numbers given to them by the Gov of the day which they did, and made visible for all parties. (this is what Labour saw)

On entering office Labour provided the OBR all the identified spending commitment for this financial year.

The OBR confirmed there were new items not previously seen
 
PPT said:
So am I. To benefit scroungers and scrotes.
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Do you realise around 1/3 rd of the Welfare Bill for the UK is Pensions.

Are pensioners "benefit" scroungers and scrotes? If you do then surely you would support the removal of the winter fuel allowance, as that is scrounging too.
 
Rascal said:
Do you realise around 1/3 rd of the Welfare Bill for the UK is Pensions.

Are pensioners "benefit" scroungers and scrotes? If you do then surely you would support the removal of the winter fuel allowance, as that is scrounging too.
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Do you claim benefits? If so, how much and for how long?
 
Rascal said:
No i do not claim benefits, I do receive welfare due to ill health. Not that it is any of your business to ask about my own personal financial situation.
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It’s a legitimate question as the most vocal on such matters are usually the ones with their snouts buried the deepest in the benefits trough.
 
PPT said:
Do you claim benefits? If so, how much and for how long?
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A woman has a child, stays at home to raise it and receives NI credits until the child is 16.
She then becomes a full time carer for her own mother who has dementia, receives carers’ allowance which also includes NI credits. She looks after her mother until she passes away 19 years later.
The recipient of NI credits will now be entitled to a full state pension.
Don’t say she hasn’t made any contribution, because she most certainly has.

I have no skin in the game but callous, ignorant posters like you make me sick.
 
PPT said:
It’s a legitimate question as the most vocal on such matters are usually the ones with their snouts buried the deepest in the benefits trough.
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Are you going to answer my original question to you or just bang on about my own personal situation. Which quite frankly is not a legitimate question, it is intrusive and downright rude.

I receive welfare that helps me to work as many people with disabilities do. Do you believe that welfare targeted towards disabled people that helps them to work is wrong?

Are pensioners deep in the "benefit trough"?

Do you want to end the welfare state?

Have you considered the ramifications of there being no social safety net?

How come you are posting here at this time of the day? Are you not working?
 
Rascal said:
Are you going to answer my original question to you or just bang on about my own personal situation. Which quite frankly is not a legitimate question, it is intrusive and downright rude.

I receive welfare that helps me to work as many people with disabilities do. Do you believe that welfare targeted towards disabled people that helps them to work is wrong?

Are pensioners deep in the "benefit trough"?

Do you want to end the welfare state?

Have you considered the ramifications of there being no social safety net?

How come you are posting here at this time of the day? Are you not working?
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Ignore the wanker
 
PPT said:
I wouldn’t be so sure about that. They are coming after your savings (which you have already paid tax on) and pension funds. Not the copper bottomed gold plated public service pension funds. Oh no, that would never do. Just the hard working people who have contributed to their pension fund for the best part of 50 years. That’s fair game. Labour: the politics of envy, spite and hatred.
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Easy targets for the last Labour government as well as this one it would seem...

After years of companies taking pension Contribution holidays and borrowing against fund surpluses (why on earth was this ever allowed? - its like refusing to fix the roof when the weather is fine) Gordon Brown delivered the coup-de-grass and killed off the private Final Salary pension schene.
Pensions have always been about deferring tax on contributions till the pension is taken. Sadly Gordon abolished substantial tax relief on dividends that pension funds received on their investments.
WIthin a few years Pension fund growth had reduced by around 10-20% and as each year passed, private final salary pension schemes became more and more unsustainable and started to close one-by-one - till they were nearly all gone to new members .
Gordon had killed the private sector golden goose leaving only the state funded pension funds that tapped tax-payers to keep payouts to civil servants retirements funded.

theconversation.com

Britain’s great pension robbery – why the ‘defined benefits’ gold standard is a luxury of the past

Employees and their pensions will increasingly be at the mercy of financial markets thanks to a coalition of culprits.
theconversation.com theconversation.com

Sadly Reeves is taking the same route whilst going for savings as well. I predict she will try the same trick. Maximising Inherritance Tax and Equalising Capital Gains Tax and Income Tax will probably be her 'big thing'
The result will be the same. Savings, already insufficient, will fall throwing a further burden onto the welfare state when folks suffer hard times.

Like Gordon Brown before her, breaking the UK Financial Product Industry seems to be her goal.
It really is the politics of the mad-house, killing the future to fund the present.
No wonder Joe public doesn’t save enough. After all, why save for the future when many of the benefits of saving for the future have been removed?

Incidently as Pension and Savings funds are the biggest investments in the UK economy doesn't that rather make claims about putting growth first rather laughable?
 
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The black hole broken down

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It’s likely asylum was more than forecast which is where Reeves is pitching her tent (and saying some things were underestimated either deliberately or not - TBC) and the biggest single contributor is public sector wage rises which is where Hunt is pitching his. Both are likely correct looking at this (which is the trouble with modern politics), there was always going to be a black hole, that was no secret and both main parties are responsible for it size.

Anyroad growth is what we need so hopefully she won’t try and cut and tax to close it but rather borrow, with the right cuts and taxes to promote growth.
 
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