Recent data on the UK economy is more bad news for public spending which will lead to the major political parties having to make larger cuts because of their lack of alternatives.
The UK economy just staggered out of recession in the last quarter of 2009 growing by only 0.3% and inflation has sharply risen over [...]
Brown’s “big” proposal to tax financial transactions – the so called Tobin tax – has been met with opposition by almost all the finance ministers of the G20. The reason is obvious; it actively discourages the trading of financial assets. It is this trading in 2009 of assets on the back of a new financial [...]
The announcement that £31.3 billion more was to be given to the banks means more cuts in jobs and public services for us. It also, points to the weakness of the banking system once the super investment banking profits, made from a huge rally in financial assets since March of this year, have been stripped [...]
Cuts: that’s what all the major parties – Labour, SNP, Conservatives and Liberal Democrats – are arguing about. But not if there is an alternative to the cuts but who would be the best at making the cuts. But let’s be clear we are bailing them out of the complete mismanagement of their economic and [...]
The government has spent about £150bn over the last year bailing out RBS, HBOS and Lloyds. This has taken the form of being sold shares in these companies and in return giving the banks cash to cover losses and bring their capital (cash) up to regulatory required levels.
In addition the government through the Bank of [...]
A black hole is opening up in the Edinburgh city budget that could eventually lead to the city going bankrupt. A combination of the recession, the Trams project and the SNP’s policy of freezing the council tax is opening a deficit that is being filled with job cuts, wage cuts and cuts in services. This [...]
Over the last two weeks there has been lots of telling economic and financial data from which some commentators have drawn the conclusion that the worst of the economic and financial crisis is over. We set out here to examine this data and determine if these commentators are right by looking at the banks, [...]
Many politicians are trying to talk the economy up saying that the worst of the recession is over and recovery will start by the end of 2009. This is certainly the stance of the Labour government with Alistair Darling estimating in his budget speech a lower decline in the economy than a raft of think [...]
The quarter one GDP figures released today showed the UK economy shrank by 1.9% just two day after Darling had predicted a 3.6% decline for the whole year. This shows how far off the market he was and was generally trying to deceive the mass of the population. This means that the public cuts will [...]
Budget is to pay for bail out of banks
Unable to raise money on financial markets because our IOUs (Gilts) are worth nothing – in line with Portugal and Greece
Deficit for 2009 at over 12% biggest of the G20 countries
Big cut in public spending and over the near term and medium and long term
Tax rises after [...]
