George Osborne’s 2014 budget was laughably self-congratulatory and ludicrously over-optimistic stuff (UK finances are rarely anything but), however, essentially it was just more tinkering with a fundamentally broken system. The actual 2014 Budget Document runs to 120 pages, so there’s no way to analyse it all in one post. It is reasonable to say that not all of the guidelines are bad in themselves, but as a bundle it is a sad demonstration of financial myopia.
I’ll begin by evaluating some headline statistics. If you’d like that kind of shallow and misleading analysis I suggest you turn to the mainstream mass media oligopoly to get more comforting regurgitated figures presented in an uncritical manner. The 2014 Budget predicts that the nominal GDP of the whole British economy will be £1,788 billion in 2015/16, when another General Election is held.
In November 2010 they expected that it would be £1,916 billion. That’s a calculation error of £128 billion! £1,439 billion. November 2010 they predicted that by the same stage it could only be £1 In,232 billion. That is clearly a mind-boggling £207 billion miscalculation. George Osborne ceaselessly bangs on about how exactly the deficit have been reduced by the Tories by a third, as if that represents some kind or kind of success. Of offering us the 0 Instead.3% surplus he promised us in 2010 2010, Osborne will be departing a 4 instead.2% budget deficit behind him. That is clearly a miscalculation worth 4.5% of the whole economic result of the UK for the 2015/16 period!
This is an astonishing miscalculation since it has taken significantly more than doubly long as Osborne and the OBR said it could for the united kingdom to come back to pre-crisis level. Another part of the budget illustrates the traditional Tory trick of offering with one hand, and taking away even more with the other.
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In 2012 the Bank of England accepted that their policy of quantitative easing has cost pension money £270 billion. After another 18 months of all-time record low interest rates of 0.5%, the scale of the damage may very well be even worse. Again, Osborne’s pension reforms are an example of chucking a few coins at the plebs and wishing that in the excitement, they’ll completely ignore how much they have been cheated over the last four years.
One thing that was conspicuously absent from coverage of the 2014 Budget was an announcement on VAT. Saved in the 2014 Budget statement is the announcement that £5 billion worth of general public property is usually to be sold off. The Budget report also brags about how 3,846 Academy colleges have been created since 2010. What millions of people fail to realize is that has been a backdoor privatisation process of the English education system.
In the same week that the Bank of England admitted that the bank sector in the UK is a private money creation cartel, the 2014 Budget shows how no fundamental reform of the financial sector has been carried out. Policies like the further extension of George Osborne’s idiotic “Help to Buy” property price inflation fraud look like they have actually been specifically designed to fuel another, even larger, debt supported speculative property increase.
The remarks on the taxpayer possessed RBS in the 2014 Budget are an absolute joke. For every one of the waffle the 2014 budget contains about the reforms they have designed to the economic climate, most of the flaws that led to the 2007-08 global financial sector meltdown remain built into the machine.
