Liam Byrne admits 'We've run out of cash'

[Berberis]

It would appear that Labours now ex-Chief Secretary to the Treasury has been honest about the country’s finances. Chief Secretary to the Treasury David Laws received a short note from his Labour predecessor Liam Byrne, with a frank admission on how much money is left. None

 

http://news.bbc.co.uk/1/hi/programmes/the_daily_politics/8687530.stm

 

So how was labour going to continue to invest in public services if the treasury had indeed run out of money

 

At least he has been honest, all-be-it when he loses his job that is.

[poppins]

It would appear that Labours now ex-Chief Secretary to the Treasury has been honest about the country’s finances. Chief Secretary to the Treasury David Laws received a short note from his Labour predecessor Liam Byrne, with a frank admission on how much money is left. None

 

http://news.bbc.co.uk/1/hi/programmes/the_daily_politics/8687530.stm

 

So how was labour going to continue to invest in public services if the treasury had indeed run out of money

 

At least he has been honest, all-be-it when he loses his job that is.

 

Less still when BP gets sued for their oil spill, someones going to have to pay for it.

[truconstruct]

So how was labour going to continue to invest in public services if the treasury had indeed run out of money

 

Quite simply they were lying through their teeth.

[wednesday1]

Quite simply they were lying through their teeth.

 

Take's one to know one!

[truconstruct]

Take's one to know one!

 

So you admit labour are liers then.

 

Nice to know you can tell the truth on occastions.

[esme]

there was none left when quantitative easing started, that's what quantitative easing is - printing money with no assets to back it up, although there is the faint hope you can claw back some of the money you've put into circulation if the economy picks up, if that fails then it's effectively devaluation, I guess it failed then

 

but no one dared to say it was devaluation as the pound would fall through the floor on the currency exchanges if they did

 

I did say we'd hear the screams from the chancellors office if labour lost the election and a new chancellor came to office and saw the actual state of the countries accounts

[plekhanov]

Less still when BP gets sued for their oil spill, someones going to have to pay for it.

How do you figure that?

 

BP is privately owned multinational & is neither owned nor run by the British state. As such why on earth would the British taxpayer pay for your governments failure to regulate energy companies properly?

[HeadingNorth]

I suppose it might impact on our corporate tax take, if BP spending billions to fix the problems mean they earn less profits and pay less tax to the UK Government. And then again it might not; I don't know which governments BP pays its tax to, in what proportions.

[harvey19]

Doesn't this answer the question why Labour did not want to join the Lib Dems in a coalition goverment.

[emma royd]

I suppose it might impact on our corporate tax take, if BP spending billions to fix the problems mean they earn less profits and pay less tax to the UK Government. And then again it might not; I don't know which governments BP pays its tax to, in what proportions.

 

BP pay 4% of all corportation tax paid in the UK, so halving the profits to pay for the clean up would cost the UK 2% of its total corporation tax.