Labour hid ‘scorched earth’ debts

[andyofborg]

Correct.

 

All government contracts have to be advertised.

 

If the Tories and Lib Dems claim they knew nothing they were hardly being effective opposition.

 

the contract could have been advertised months or even years ago and the quotes sat on a desk waiting for approval

 

it takes months or even years to approve big ticket items

 

there is also the possibility of variations to the original contract being used to approve new items of spending

[sccsux]

So with this statement you're implying we had an ineffective opposition while Labour where in power. Hardly inspiring in a new government is it?

 

And by your statement (and - pretty low - standards) LieBore have been "covering things up".

 

It's a nice concept this idea of working together to pull the country out of debt but how would it work in practice? On the one hand you'd have people on the right of the political spectrum expecting the abolition of the minimum wage, further reduction of workers' rights to enable a return to free market principles, removal of higher rate income tax to encourage entrepreneurial enterprise, etc.

 

On the other side of the spectrum you would have people calling for increasing higher rate taxation, further rights for the workers, increase in the minimum wage to encourage buying our way out of debt.

 

Irrespective of the rights or wrongs of these views they are still diametrically opposite and neither "side" can be right when it comes to decision making.

 

Which simply shows how incapable LieBore is at compromise.

[redrobbo]

I highlighted VAT because that was what both Marr and Sopel were ranting about this morning. It was on the tip of my mind when I posted.

 

I'm just doing my own budget sums for when we have to batten down the hatches and wondering whether I can really live without an internet connection or whether it would be better to die now ...

 

Stop being a drama queen ruby!

 

I believe you can use the library for an internet connection - so put the razor blade down lass!

[Longcol]

the contract could have been advertised months or even years ago and the quotes sat on a desk waiting for approval

 

 

Yes but the story talks of "unknown contracts" - you are talking of contracts that are in the public domain.

[andyofborg]

Yes but the story talks of "unknown contracts" - you are talking of contracts that are in the public domain.

 

these sorts of stories tend to gloss over the little details, i'm quite sure once the investigation starts everything will come out.

[andyofborg]

i must admit i'm surprised that titanic hasn't bounded into this thread to defend his superiors against these allegations

[truconstruct]

i must admit i'm surprised that titanic hasn't bounded into this thread to defend his superiors against these allegations

 

No, he'll be here though, it is wednesday after all. ;)

[Vague_Boy]

It's emerging that the debt situation is far, far worse than previously let on. This from The Independent:

 

Britain’s debt: The untold story

 

The true scale of Britain's national indebtedness was laid bare by the Office for National Statistics yesterday: almost £4 trillion, or £4,000bn, about four times higher than previously acknowledged.

 

It quantifies the burden that will be placed on future generations, and it is the ONS's first attempt to draw together the "off-balance-sheet" liabilities that have been accumulated by the state. The figures imply a huge "intergenerational transfer" – broadly in favour of today's "baby boomer" generation at the expense of younger people and future generations.

 

LINK

 

"Off-balance sheet debt". Haven't I mentioned that before? I think I have.

 

The bit about future generations is important. They didn't create this problem, but it's their problem.

 

As Thomas Jefferson said, "The principle of spending money to be paid by future generations, under the name of funding, is but swindling futurity on a large scale."

 

(As an aside, if you spent 1 million pounds a day, it would take 2,739 years to spend a trillion pounds. So if you'd started at the birth of Christ, you still wouldn't be finished.)

 

Mr. Brown, hang your head in shame, you utter, utter incompetent fool.

[Alex C.]

It's emerging that the debt situation is far, far worse than previously let on. This from The Independent:

 

 

 

LINK

 

"Off-balance sheet debt". Haven't I mentioned that before? I think I have.

 

The bit about future generations is important. They didn't create this problem, but it's their problem.

 

As Thomas Jefferson said, "The principle of spending money to be paid by future generations, under the name of funding, is but swindling futurity on a large scale."

 

(As an aside, if you spent 1 million pounds a day, it would take 2,739 years to spend a trillion pounds. So if you'd started at the birth of Christ, you still wouldn't be finished.)

 

Mr. Brown, hang your head in shame, you utter, utter incompetent fool.

 

Well according to the article, around £3tn of that is down to three things - public sector pensions, private sector pensions and the cost of the financial sector interventions.

 

Do any other european countries include pension liabilities in their public debt figures? I posted on this a few weeks ago, and all the information I could find at the time implied that the UK actually has a lower pension liability (per person) than most european countries, but it was all old data. If you've got some newer information I'd be interested in seeing it.

 

Is the intervention in the financial sector lost money, or are we likely to be able to recoup it at some point?

[I1L2T3]

There is no secret debt. There was no collusion between civil servants and the previous government.

 

Any civil servant knows that partisan collusion with any particular party is likely to get them the sack. Their job is to be impartial.