Tuesday, November 25, 2008

The Pre-Budget Budget – an act of gross immorality

It may be a spread of jam today, but the Government will want a whole jar back tomorrow. And it will want it with menaces. New Labour has just joined the odious fraternity of loan sharks, and they will terrorise the population with cripplingly high rates of interest and a pay-back schedule which will make collecting the usual 38 per cent APR look like bob-a-job week. To borrow £20 billion more today and demand repayment of an extra £40 billion tomorrow is not only immoral, it is an outrage. It is an affront to every hard-working man and woman in the country, and a slap in the face for all who seek to be responsible and frugal.

It was not so much a pre-budget report as an entire budget. And not only an entire budget, but an entirely leaked budget. There was once a day when chancellors resigned over such contempt for Parliament, but New Labour has held the legislature in contempt from the day it attained power: its haughty presidential aloofness has been one of its defining features. It leaks with impunity.

This pre-budget budget is pure Socialism; the most ‘left’ redistributive agenda the country has seen since the Old Labour of the 70s. In fact, the level of debt to be endured is actually greater than when James Callaghan was forced to go cap in hand to the IMF in 1976.

This was not a budget so much to kick-start the economy as one to put the Conservative Party at odds with itself. It was far more political than economic. While David Cameron is of the opinion that the country cannot afford such a loosening of fiscal policy at the present time, there are murmurings on the Conservative back-benches that tax-cuts are welcome in season and out.

But the joy is that there is now clear blue water between the two main parties in a way that there has not been since 1997 (and some would say since 1993). There is the blasé option of spending one’s way out of recession, or the responsible one of fiscal rectitude and budgetary propriety. The former simply mortgages our children; the latter faces the difficult issues and directly addresses the problem.

By stimulating the economy with a reduction in VAT instead of a cut in income tax, Labour are doing nothing to encourage prudent behaviour. When a government spends what it does not have, and guarantees the liabilities of weak financial institutions, they risk weakening the currency and causing an increase in interest rates, with all the consequent unemployment, recession, inflation and increased poverty. This is an undoubted moral issue, for people are reduced to hardship and depression, firms are condemned to closure, more workers to unemployment and more families to homelessness through unprecedented levels of repossession. The total number of suicides, heart attacks, divorces and mental breakdowns is never known.

This was not a pre-budget budget for recovery, but one to postpone the suffering of millions while the malignant tumour spreads. It was not the required treatment, not the prescribed medicine, and not the necessary invasive surgery.

One must pray the patient does not die, for resurrection may be beyond even the next Conservative administration.


Blogger Stop Common Purpose said...

Some people in America are trying to set up a "sound money" financial sysyem:




25 November 2008 at 11:25  
Blogger Prodicus said...

It was not so much a pre-budget report as an entire budget. And not only an entire budget, but an entirely leaked budget

And a budget enacted by Statutory Instrument (yesterday) rather than by a vote in the House. This is rule by clunking fist.

Immoral, yes - and an insult to Parliament and people.

25 November 2008 at 11:27  
Anonymous martin sewell said...

Why does nobody refer this persistent leaking to the Speaker as a contempt of of Parliament. A simple direct question to Brown at PMQ's would not come amiss either.

As for the substance. It is rather like being offered an asprin by the very assailants who have just put down their lengths of lead piping, (doubtless just stolen from a Church roof!)

25 November 2008 at 11:51  
Blogger Wrinkled Weasel said...

I can only agree and stare into space with glazed eyes. Immoral is exactly the right word, because this is mendacious, fraudulent and predicated on a nihilist world view; scorched earth.

Oh Crap!

25 November 2008 at 14:07  
Anonymous Anonymous said...

Britain's not terminally ill - just seriously wounded by it's enemy. In the right hands, with proper care and attention, a full (if lengthy) recovery is achievable.

Determination - the spirit of Dunkirk's alive and kicking and coursed through George Osborne's veins yesterday.

Nulabor's 'vision' was a covert war on democracy, our national identity and free enterprise.

25 November 2008 at 16:28  
Blogger Mark Dowling said...

"the most ‘left’ redistributive agenda the country has seen since the Old Labour of the 70s"

Madness. You'd swear they were some mad religious sect that dressed in black and said our Lord was going to come and judge us all...

"Neither was there any among them that lacked: for as many as were possessors of lands or houses sold them, and brought the prices of the things that were sold, and laid them down at the apostles' feet: and distribution was made unto every man according as he had need."

Acts 4:34-35.

25 November 2008 at 20:30  

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