Sunday, 6 December 2009

Don't Worry The Rich Will Pay

Alistair Darling says that the better off will have to pay for the economic recovery. Well that's all right then. There was the rest of us worrying that we were going to have to all pay higher taxes, suffer worse services and watch as Britain slides down the international economic league table. But it seems that during the boom years (that's the boom years that we had because Gordon had abolished bust remember) we produced so many people who are 'better off' that they are going to selflessly give some back to pay off our £200 billion a year of debt.

Oh no, hang on. I seem to recall that the 50p tax band is going to raise at best about £1.5 billion. Do you think Alistair has got his decimal points mixed up?

You can only despair at the infantilism of this government. Do they think we will buy this line? Darling couldn't be more patronising if he dressed up in a big purple outfit and called himself Tinkywinky.

And what's this about a windfall tax on bankers' bonuses? What's that all about? We own two of them. Just tell them not to pay bonuses at least this year. This notion that this will lead to a mass exodus of talent is self serving rubbish. These people just ain't that clever, as they show every time another company or even a whole country like Dubai goes belly up and they come bleating to us for cash. RBS, as I argued months ago, should have been nationalised and then broken up and eventually sold off.

As for the other banks, well they are private companies and we will have to accept their greed and irresponsibility until new regulations are brought in. But we could ensure that they are unable to write off the losses incurred during the crisis they brought about against future profits.

The PBR on Wednesday is clearly going to be like the Queen's Speech, but this time expressed in numbers and revenge against nasty bankers and rich people. It's more crude dividing lines. We're told that the upper rate of tax may well take in people on 100k plus. If so then that just means that Labour is now admitting that it has so totally lost control of the public finances that it is now taking back all of the money it handed out to professionals in order to improve our public services.

It was true after all. Gordon Brown was investing in services and people's careers. Now he's cashing in that investment.

In many ways Brown is like those bankers he used to so admire and now pretends to despise. He handed out cash to all and sundry and boasted about how prudent and clever he was being. Now, just as bank borrowing has dried up, the public money has dried up too and we must all pay for his arrogance, hubris and stupidity. Perhaps we could levy a windfall tax on his extremely generous ministerial pension. He is going to be one of the rich after all and he more than anyone, even the bankers, got us into this mess.

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