http://www.johnredwoodsdiary.com/2007/11/14/the-chancellors-black-holes/ Conservative Party Member of Parliament for Wokingham Sat, 11 Oct 2008 09:59:34 +0000 http://wordpress.org/?v=2.6.2 http://www.johnredwoodsdiary.com/2007/11/14/the-chancellors-black-holes/#comment-12020 Michael Imperi Thu, 15 Nov 2007 10:19:28 +0000 http://www.johnredwoodsdiary.com/2007/11/14/the-chancellors-black-holes/#comment-12020 I think in order for the average man in the street to understand the figures and how much this government incompetence is costing we should maybe quote figures per capita. E.g 23bn on Northern Rock is equal to a liability of about GBP 741 per UK Taxpayer , Tax Credit errors GBP 161 . I am sure that put in this way it would have better resonance . Would you vote for a Government who is planning to collect from you GBP 900 in order to save a badly managed Bank and correct errors in Benefits Handouts? I think in order for the average man in the street to understand the figures and how much this government incompetence is costing we should maybe quote figures per capita. E.g 23bn on Northern Rock is equal to a liability of about GBP 741 per UK Taxpayer , Tax Credit errors GBP 161 . I am sure that put in this way it would have better resonance . Would you vote for a Government who is planning to collect from you GBP 900 in order to save a badly managed Bank and correct errors in Benefits Handouts?

]]> http://www.johnredwoodsdiary.com/2007/11/14/the-chancellors-black-holes/#comment-11939 Tony Makara Wed, 14 Nov 2007 17:36:07 +0000 http://www.johnredwoodsdiary.com/2007/11/14/the-chancellors-black-holes/#comment-11939 It is unfortunate that the average man in the street knows very little about how government borrowing works. Many a person labours under the assumption that the government gets what it needs through taxation and that any further money borrowed by the government is 'invested', if only that were true. The guarentee to Northern Rock and all other banks is tantamount to nationalization of a failed business or a promise of unlimited credit to a reckless Las Vegas gambler. The fact that the chancellor was prepared to pay 23 billion to buy a favourable headline tells us much about the stop-gap nature of this Labour government. It is unfortunate that the average man in the street knows very little about how government borrowing works. Many a person labours under the assumption that the government gets what it needs through taxation and that any further money borrowed by the government is ‘invested’, if only that were true. The guarentee to Northern Rock and all other banks is tantamount to nationalization of a failed business or a promise of unlimited credit to a reckless Las Vegas gambler. The fact that the chancellor was prepared to pay 23 billion to buy a favourable headline tells us much about the stop-gap nature of this Labour government.

]]>