Wednesday 23 January 2013

Progress! Who needs failure? @ No 10

Yesterday on BBC television, commenting on the latest UK borrowing figures, a certain David 'Hairy-Eyebrows' Gauke MP for South West Hertfordshire and Exchequer Secretary to the Treasury spoke out. He said that
"we have made some progress in reducing borrowing but we've still got a long way to go".
http://www.politicshome.com

As I was listening to 'Hairy-Eyebrows' Gauke, Arturo pointed to a Telegraph headline in the Finance section that said:
UK public borrowing rises in December threatening AAA rating: Britain's government borrowed more than expected in December, which could lead to Chancellor George Osborne missing his target set out in the Autumn statement, economists have warned, and threatens the country's AAA rating.

The article continued:
The Office for National Statistics said that public sector net borrowing excluding financial sector interventions -- the government's preferred measure -- rose last month to £15.4bn from £14.8bn a year earlier, as spending grew faster than income in a struggling economy, thwarting efforts to erase a large budget deficit.

Nasty! Very nasty! This Coalition came to power promising to cut the debt first: cut the debt second; and cut the debt third! Yet what do we discover? Halfway through their term in office:
borrowing excluding financial interventions amounted to £106.5bn in the first nine months of financial year 2012/13, which was 7.3pc up from £99.3bn in the corresponding period in 2011/12.
http://www.telegraph.co.uk/finance/financialcrisis/9817511/UK-public-borrowing-rises-in-December-threatening-AAA-rating.html

The BBC News web site had more details on the figures:
The broader public sector net borrowing measure - which includes the cost of bailing out the UK's banks - rose to £13.2bn in December from £12.6bn a year ago.

The UK's total public sector net debt, excluding the cost of bank support, is now £1.11 trillion, or 70.7% of GDP.

All three of the major credit ratings agencies now have the UK's AAA rating on negative outlook, meaning they could downgrade its rating if performance deteriorates.

The news on public sector finances comes days before economic growth (GDP) figures are expected to show the economy contracted in the final three months of 2012.
http://www.bbc.co.uk/news/business-21141201

Some progress!!! "If this is progress, Butch, mi old pal, who needs failure?" Arturo asked.

Richard Evans in the Telegraph had one final layer of icing for the 'progress' cake made by the Coalition. He wrote:
Government texts to encourage part-timers to work longer hours: Part-time workers could receive regular text messages from the Government telling them how much better off they would be if they worked extra hours.

The article continued :
The idea is one of several being considered by the Government to encourage claimants to work more when the new universal credit is introduced later this year. Others include an online calculator and printed messages on monthly benefit statements.

One union leader called the texting proposal "outrageous".

The universal credit, which will replace six existing benefits, is designed to ensure that work always pays. Under the current system, some low-paid workers can find themselves worse off if they extend their hours.

A Government spokesman was also quoted:
Lord Freud, the minister for welfare reform, said: "Today we are calling on employment experts to work with us to develop and pilot innovative ways for claimants to meet their commitments in return for their benefit.

"Text messaging and access to an online 'better off' calculator are just some of the ideas so far."

Now that is progress!! You couldn't make it up, could you? Talk about Gilbert & Sullivan!!

Richard Evans quoted Len McCluskey:
"We have members who are desperately looking for more work and more hours to fill the gap that stagnating wages and rising prices is pushing on them but they just can't. So to get a text every month from the Government telling you could be working longer hours just adds insult to injury and shows how out of touch the Government actually is on this issue."
http://www.telegraph.co.uk/finance/personalfinance/consumertips/9818209/Universal-jobmatch-Government-texts-to-encourage-part-timers-to-work-longer-hours.html

Arturo and I are sitting patiently - we're waiting for a text message from the kitchen to tell us that the scraps are ready now! Or - perish the thought - we might get a text telling us to catch more mice if we want scraps!! Don't hold your breath!

Bye

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