The cost of everything but the value of nothing...

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A topic from News & Current Affairs: Political

#90232Mon 17/03/08 22:40

Of course, OUT's character restriction prevents me from putting knowing on the front.

This expression was used to criticize the Conservative government of 79-97. I think that there was some justification, at least in the later years. Now I'm feeling that the same criticism can be levelled at the current Labour administration.

In my opinion, last week's budget guarantees that Britain will face a recession in the near future. The Chancellor singularly failed to address any of the macro-economic issues facing not just Britain but all of the developed world. Instead he went on and on about New Labour's highly inefficient social welfare programme. I'm not against welfare where it's needed but raising taxes at a time when other economic issues are squeezing personal finances is like going and buying a flash new car when you've just been made redundant. So for me the Chancellor knows the costs of his measures but he doesn't know their (lack of) value to the economy.

In their time, the Conservatives made the opposite mistake of reining back public expenditure when more was needed. So that government was miserly, while the current administration is profligate.

There's currently an odd paradox in our economy. As a nation we need to reduce indebtedness, yet we also need a bit more consumer spending to provide cash flow to businesses encountering harder to get lines of credit. Last week's budget will stifle consumer spending, except possibly at Iceland, Aldi, Lidl and Primark. Anyone with wealth will be looking for ways to get it out of the UK. And that will only exacerbate the crisis.

I wonder, when governments of one party hold power too long do they become so arrogant that they believe that they're always right? Do they become so obsessed with their own pet projects that they can't see when it's right to slow down or even change direction?

I think that this year really called for a cut in overall taxation. But a Labour government was never going to do that. They can't see the value of giving people the freedom to spend their own money.

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