Wednesday, 15 June 2011

Greg Hands the Coalition a 'pat on the back'

With all the criticism being levied at Cameron for his decision to continue with foreign aid and that we are about to double our contribution to the IMF, he has obviously decided that it is necessary for a public relations exercise to try and change our minds.

to this extent it would appear that Greg Hands has been selected as the person to do this, with a the result that a cringe-worthy piece appears on Conservative Home. He writes that as this £9.2bn is a loan it costs us nothing as it will be repaid - presumably in the same way the 'loans' to Greece and Ireland will be repaid. Yeah, right!

Writing that it would be wrong not to contribute to the IMF as that would undermine our recently hard-won reputation as a beacon for financial good management since the Coalition Government took over in May 2010, it does make one wonder whether Hands has his tongue in his cheek at the time. Just at the balance sheet of the government and the fact that they’re continuing to borrow and spend. Their deficit is not getting any narrower…They’re continuing to borrow at record amounts and piling on record amounts of debt. (For those wondering about the difference between debt and deficit - try this).

Hands queries whether "some want to see the UK pulling out of important international institutions which are important to UK national interests, and have served troubled borrowers across the world - including the UK - or do we want to support the Government’s sensible strategy of minimising our financial role in any Eurozone bailouts, whilst recognising that it is also in our national interest for the public finances of our key trading partners to be restored to an orderly state as soon as practically possible?". Key trading partners? Here it is shown that "The current account surplus with the Americas increased from £10.8 billion in 2008 to £14.9 billion in 2009. In contrast, the UK has consistently recorded a current account deficit with Europe, rising to a record £54.3 billion in 2006, before narrowing to £17.3 billion in 2008. In 2009 however, this deficit widened by £5.7 billion to £23.0 billion."

We proles must be truly grateful that our country's financial state is in the 'hands' of people like this.


TomTom said...

He writes that as this £9.2bn is a loan it costs us nothing as it will be repaid <

Political Loans are never repaid - Britain defaulted on WWI loans to the US as the French defaulted on loans to Britain and Russia defaulted on loans to Britain.

This Time

Woodsy42 said...

And there was me thinking that financial good management meant not spending money you don't have. Silly me!

WitteringsfromWitney said...

TT: WW1 a tad before my time, but may well get that book.

W42: Ah, but your not a politician!

kenomeat said...

We could seriously reduce the deficit, and the debt, simply by leaving the EU. But that would be too easy.

WitteringsfromWitney said...

k: But when has the present mob ever taken an easy way out?

TomTom said...

They are bankrupt aristos issuing IOUs for gambling chips at casinos in rented evening suits

WitteringsfromWitney said...

TT: Nice one!