The despair Of The British nation.

Saturday, 19 June 2010

A Truth.


The Last Will and Testament of Labour 1997 – 2010



To my successors, I leave no money, only waste,
debt and the deepest cuts of modern times.
To the young people of Britain, I leave one in five of you
without work.
To pensioners, I bequeath you lower pensions. I reduced the value of
pension funds by billions. I leave you working longer for less.
In 13 years, I have wasted the inheritance left to me.
Of the gold bullion my predecessors bequeathed me,
I sold over 350 tonnes at the worst possible price.
I have spent and spent and spent again - and every man, woman and
child will have £22,400 to pay for my profligacy.
I have taken your hard-earned money and wasted it. I lost £3 billion
in benefit overpayments and paid the dead £10 million in tax credits.
I leave Britain a bigger deficit than France, Germany and Japan,
greater than Greece, Italy and Portugal.
I leave 2.47 million of you without a job.
With more time I could have done more.
I leave no apology, no regret, no comfort, and not an ounce of
contrition.
I leave you years of painful and difficult decisions.
This is my legacy to you.

Labour’s Legacy in detail.

• Labour left one in five young people unemployed. 19.6 per cent of those aged 16-24
are unemployed according to the latest figures (ONS, Labour Market Statistics, June
2010, Table 14).
• Labour took up to £150 billion from pension funds. In 1997 Gordon Brown abolished
the Dividend Tax Credit paid to pension funds and companies. This meant that pension
funds were no longer able to claim a tax credit on the payment receipt of dividends.
Independent experts have estimated that this cost pension funds up to £150 billion:
‘What happened in 1997 represented an enormous and ongoing raid on the assets of UK
company pension schemes. My research shows it would be very hard to justify an impact
of less than £100 billion — and even £150 billion may still be a conservative estimate.’
(Terry Arthur, fellow of the Institute of Actuaries, Daily Telegraph, 15 October 2006)
Another expert called it ‘the biggest attack on pension provision since the war’ (Peter
Murray, Chairman of the National Association of Pension Funds, The Independent,
3 July 1997).
• Labour sold off Britain’s gold at a 20-year low in the market. On 7 May 1999,
Gordon Brown announced that he was planning to sell off 400 tonnes of gold at a 20-year
low in the market - now nicknamed the “Brown Bottom” by gold traders. Gordon Brown
sold off Britain’s gold for between $256 and $296 an ounce, raising $3.496 billion
(£2.343 billion at the then exchange rate). Since then the gold price has more than
quadrupled to $1,227 an ounce (Bloomberg, accessed 15 June 2010).
• Labour left every man, woman and child in Britain owing £22,400. The Office for
Budget Responsibility forecast that in 2014-15 Net Debt will reach £1,376 billion. This
works out at £22,400 per person, based on a UK population of 61.4 million (ONS, Mid-
Year Population Estimates).
• Labour wasted £3 billion on benefit overpayments and £10 million on tax credits for
the dead. £3 billion or 2.2 per cent of total benefit expenditure was overpaid in 2008/09
due to fraud and error (DWP, Fraud and error in the Benefit system: April 2008 to March
2009, 2009). Since 2003, approximately £10 million have been paid to the dead in tax
credits (Public Accounts Committee, Tax Credits and Income Tax, 24 March 2009, para.
6 and Hansard, 8 Oct 2007, Col. 244W, 10 July 2008, Col. 1786W, 29 June 2009,
Col. 24W).
Labour’s Legacy
• Labour left us with one of the worst budget deficits in Europe. According to
forecasts by the European Commission and new UK forecasts from the Office for Budget
Responsibility, the UK has the second largest deficit of all 27 member states in 2010, as
well as a larger deficit than the US and Japan. On the OBR's forecast, the UK deficit will
be 10.5 per cent of GDP in 2010-11. This is higher than the EU's forecasts for France
(8%), Germany (5%), Japan (6.7%), Greece (9.3%), Italy (5.3%) or Portugal (8.5%).
(Office for Budget Responsibility, Pre-Budget Forecast, June 2010, Table 4.3; European
Commission, European Economic Forecast - Spring 2010, 5 May 2010).
• Labour left 2.47 million out of work. At the end of Labour’s term, unemployment was
2.47 million (ONS, Labour Market Statistics, June 2010).
• Labour left debt interest soaring to £70 billion.According to forecasts from the Office
for Budget Responsibility, on Labour’s spending plans, the cost of debt interest would
have more than doubled to £67.2 billion by 2014-15 (OBR, Pre-Budget Forecast, June
2010, Table 4.8).
• Labour failed to fix the roof while the sun was shining. As the IFS said: ‘During
Labour’s first four years in office, the public finances strengthened further, as the new
government stuck to the tight public spending plans laid out by the Conservatives.
The following seven years, however, were characterised by fiscal drift. By the eve of the
financial crisis, this had left the UK with one of the largest structural budget deficits in
the developed world’ (IFS, The Public Finances: 1997-2010, 19 April 2010, p. 2).
• Labour let the cost of the EU more than triple. Under Labour’s spending plans, and
as a result of Tony Blair giving away the rebate, the cost of our EU contributions will
have more than tripled from £3.1 billion in 2008-09 to £10.3 billion in 2014-15 (OBR,
Pre-Budget Forecast, June 2010, Table 4.8).
• Labour’s years of wasteful spending.
• Employing 4,567 ‘staff without posts’ in the civil service at a cost of £161 million
a year. (Series of Parliamentary Questions from June 2009 to February 2010 by
Francis Maude).
• £780 million on reorganising government departments and agencies (National Audit
Office, Reorganising Central Government, 18th March 2010).
• Spending £540 million on government advertising and PR a year (Central Office of
Information, Annual Report and Accounts 2008-09, July 2009).
• £48,000 on a kinetic light sculpture for display in the British Embassy in Madrid.
(Government Art collection, Annual report, 2008-09).

Promoted and printed by Alan Mabbutt on behalf of the Conservative Party both of 30 Millbank, London SW1P 4DP


Says it all, really.



11 comments:

Anonymous said...

Sadly the Coalition will get the blame, regardless of the merits of trying to put things right, just you see.

Captain Haddock said...

You forgot to mention the thousands of unwanted, un-needed illegal immigrants which his insidious "social engineering" policies have foisted upon us ..

Oldrightie said...

Captain, I didn't forget it's just too painful to think about!

Demetrius said...

Good stuff. What worries me is all the items we are about to find out that have been hidden. Given all the fake figures and secrecy of their period I suspect there is rather more to come.

killemallletgodsortemout said...

The gall of the bastards like Liam Byrne to stand up in the house and criticise the damage limitation that's being implemented by the coalition!

I'd like it if once, just once, the coalition ministers could publically say in the house before millions of us, "Look, you fuck-pigs. Keep your gobs shut for a while while we sort of the mess you made over the last thirteen years. Once we've done that we would value your opinion in opposition. Until then, shut the fuck up".

Caratacus said...

Been wondering whether to add my two-pennorth but the red mist keeps coming down and bad words bubble up. Then I read killem's splendid oration and thus encouraged would venture the following: I will never - as long as my arse points south - ever, EVER, believe a word that spills forth from the odious lips of the fuckwits represented by the phrase "The Labour Party". Each and every one of them is an excrescence, at best a deluded fool and at worst a conniving, shallow, grasping, venal waste of rations whose continuing presence on the political scene is offensive in the extreme.

I know that violence is rarely the answer but I would so love to bang their faces on the desk a few times until they started to understand.

Oldrightie said...

I could do worse than hand over my blog to the wonderful comments I receive. Amusing, accurate and of great pleasure to this Oldrightie. Thank you one and all!!

killemallletgodsortemout said...

Caractacus should write a blog!

Oldrightie said...

Don't say that, KILLEM, he's boosting my numbers no end, for which I am most grateful! Mind you, I would sign up immediately.

Caratacus said...

Slightly mystified chaps, but bashfully grateful for the kind remarks. I am under strict instructions from the Memsahib, however, so a Caratacus blog is unlikely.

If you would continue to permit me to rattle away in that companionable atmosphere I have found by happy chance, I would be more than grateful.

Oldrightie said...

My dear Sir Caratacus, it is myself and merry band that have cause to be grateful!