Tough On Big Ticket Items. Not.

Since Mad King Gordo reeled off his latest shopping list of new public spending commitments, we've been treated to a succession of Labour politicos thrashing around trying to explain how it will all be paid for.The much-hyped Millipede (Ed) was particularly ludicrous on Newsnight, coming across as an earnest 16 year old Young Socialist who doesn't have the faintest idea how the real world works. Most ludicrously of all, he's the one in charge of Labour's election manifesto.All we've been given is the tedious mantra that Labour will not shy away...

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www.gudanggrosiran.com Categories: defence, mod, pensions

Head And Heart

Socialists have always speechified from the heart... even in March 1945"The Conservative Party want people to believe that the ballot paper has an option marked change without consequence... But the financial crisis forced them to show their hand and they showed they had no hearts."Brown to the Labour Conference today.No hearts.You see that's the thing about socialists - they somehow imagine that anyone who isn't a socialist doesn't have a heart.They are the Good Guys, and on that basis they feel able to order your world, to relieve you of your...

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www.gudanggrosiran.com Categories: Gordo

Fifty Off The Wrist

His Lordship's speech seemed somehow familiarTyler missed Mandy's high camp performance yesterday, but within seconds he was emailed by a rattled member of the recently rediscovered middle class. OMG, it said, OMG - did you see that?! Mand has turned things around! A few deft strokes from the Master and their resistance is visibly stiffened... Gord somehow sneaks back in... within 12 months His Lordship takes the controls... we're going west!His Lordship obviously went down well, and the morning after Poll is still panting:"Yesterday came Peter...

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www.gudanggrosiran.com Categories: politicos

Law Facing Yet More Disrepute

What we really need is a law against vacuous speechesNo time for a proper blog today, but I've just taken a quick skim through Darling's conference speech. I wanted to find the detail on his two pre-announced Big Announcements, ie Labour's new laws to "crack down on bankers' bonuses", and to ensure "fiscal responsibility".Here's what he told us:1. Bankers bonuses"... in the next few weeks we will introduce legislation to end the reckless culture that puts short-term profits over long-term success. It will mean an end to automatic bank bonuses year...

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www.gudanggrosiran.com Categories: bankers, fiscal policy, politicos

Losing The Will To Live

The set for next year's Labour conferenceListening to a sweaty Gordo blustering his way through this morning's session with Andy, it was easy to understand why Labour has lost the will to live. It would have been bad enough getting bludgeoned by Gord when they were all still on the winning side, but now they can hear the guns a few streets away it must be intolerable.In fairness to Marr, he did have a go at asking a few questions. But as per, he...

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www.gudanggrosiran.com Categories: cuts, Gordo

Grandstand Governance

You're paying for thisDoes anything useful ever come out of these global grandstanding opportunities?This week's G20fest was billed as the moment when "world leaders" would agree a new governance regime for the international financial system. This was the moment when the banks would be brought to heel, and when the big surplus nations (especially the Chinese, but also the Germans and the Japanese) would be bound into a new economic settlement in...

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www.gudanggrosiran.com Categories: bank bailouts, central banks, humbugs

Stopped Clocks

Bob Beckman (pic) was an entertainer in the retail financial markets. He was superb. So superb that he made a fortune from writing investment books, columns, and a subscription newsletter. He even had a regular show on LBC radio.Bob specialised in wild-eyed prophesies of financial doom. For example, in 1983 he came out with an apocalyptic tome entitled The Downwave: Surviving the Second Great Depression. Which, among other things, said “By 1987 there...

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www.gudanggrosiran.com Categories: cuts, happiness, humbugs, inflation

A Surfeit Of Grads

BA in Hat Studies (First Class Hons)Following comments on Monday's uni post, we've taken a closer look at the graduate employment stats. Is it true that increasing numbers of grads are unable to find full-time employment in graduate jobs? And what exactly gets counted as a "graduate job"?The latest official stats are contained in the Higher Education Statistics Authority (HESA) report Destinations of Leavers from Higher Education Longitudinal Survey,...

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www.gudanggrosiran.com Categories: universities

Well Dodgy

Crooks or idiots - either way we loseDodgy building contractors have always enjoyed a fruitful relationship with our local councils. Sometimes it's been out-and-out T Dan Smith (pic) corruption*, but more generally the problem has been our old friend the Simple Shopper.Today, the Office of Fair Trading (OFT) announced the outcome of its long-running enquiry into bid rigging among contractors supplying councils and other public sector customers. It...

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www.gudanggrosiran.com Categories: simple shopper

The University Of Real Life

M Mouse 101We've blogged Labour's appalling record on higher education many times (see all posts gathered here). In summary: Taxpayers now spend £12bn pa on higher education, up around 50% in real terms since 1997; the students themselves spend a whole lot more There are 2.3m students, or 4% of the entire population (including 27,000 doing the Major's favourite, the degree in media studies)The 50% participation target is "aspirational" - ie entirely...

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www.gudanggrosiran.com Categories: universities

Cosmetic Surgery Won't Cut It

It's gonna take more than a shot of BotoxWe're all cutters now.Even Mr Balls has flipped a back somersault since his appearance in that unconvincing parallel universe play back in June. Back then, he told us: "I think with tough choices we can see real rises in the schools budget in future years". But three months is an eternity in Balls years, and now he says he'll axe 5% off the schools budget.Apparently he's suddenly discovered he can run our...

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www.gudanggrosiran.com Categories: cuts

Still Heading Down

Up is good - down is badToday's public finance stats revealed by far the highest August borrowing ever - £16bn. It takes the total for the financial year so far to £65bn, nearly £40bn above the corresponding figure last year. And public sector net debt is now at 57.5% of GDP.It's sobering to look at the longer-term perspective.The chart above shows annual borrowing on a rolling 12 month basis from December 1993 up to August 2009. And as we can see,...

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www.gudanggrosiran.com Categories: debt

We're Mad As Hell...

Here we are againAs we've blogged many times, back during the 2005 election you couldn't sell the proposition that public spending needed to be cut. You couldn't even give it away - and Tyler knows because he tried.How the world has changed. According to the latest polls, there is now a huge majority for cutting - by three-to-one in the Sunday Times poll.And as the political wind has shifted, so have all three major parties. All now promise cuts, even if - like St Vince* - they have so far been rather better at arm waving than spelling out precisely...

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www.gudanggrosiran.com Categories: cuts

Tanks Back On The Lawn

What happened to the lawn last timeAll Labour governments end up in serious difficulty over their union paymasters. They spend their first years pandering to union demands, and their final ghastly Götterdämmerung months impotently trying to explain away the resulting inferno (and see Mr Dale's post yesterday with an update on the disgraceful issue of union Danegeld).In the late 60s, Wislon famously ordered one union leader "get your tanks off my...

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www.gudanggrosiran.com Categories: cuts, strikes, unions

Brown's Secret File

Only watch if you want to screamAside from confirming the bleedin' obvious - that we are currently ruled by a barefaced liar - what else does the leaked HM Treasury file tell us? In particular, what does it say about the extent and shape of Brown's planned spending cuts?Here's the critical spreadsheet, dated 21 April and fully consistent with the less detailed projections published with the Budget. Which is a crucial point. These figures are not...

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www.gudanggrosiran.com Categories: cuts, Gordo

Cuts? That's Not A Cut

So Gordo has done a complete U-turn (see here for excellent ConHome vid). He always promised Labour investment, but now he's delivering Labour cuts. Except that all he actually said was:"Labour will cut costs, cut inefficiencies, cut unnecessary programmes and cut lower priority budgets. But when our plans are published in the coming months people will see that Labour will not support cuts in the vital frontline services on which people depend."Hmm.Costs, inefficencies, and unnecessary programmes - they don't sound much like the kind of the cuts...

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www.gudanggrosiran.com Categories: cuts, Gordo, new labour

Mouth Foaming News

St Vince hasn't yet tried itLast April Reform called for cuts of £30bn pa (see here).Then last week, the TaxPayers' Alliance and the Institute of Directors called for cuts of £50bn pa (see here).Now, no less a figure than St Vincent da Cable is calling for cuts of £80bn pa.£80 bn.Yea, verily, I say unto you, who can now doubt the absolute necessity for drastic action? St Vince is known to all as the solemn yet humane voice of financial righteousness....

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www.gudanggrosiran.com Categories: cuts