Category Archives: economy

Is the Brexit penny finally dropping?


Probably not – but there are some hopeful sign that cracks are beginning to appear in the solidarity of the Fourth Reich.

Last week, a report was leaked saying that attempts to punish Britain for having the audacity to want to be an independent nation could backfire on individual EU nations and cause them ‘economic difficulties’ as our contributions fill a dirty great hole in their budget that would have to – surprise, surprise! – be made good by raiding the coffers of the remaining 27.

Poland is concerned about reduced exports ‘especially agricultural and agri-food products’ not to mention the employment prospect for their builders, electricians, plumbers and fruit pickers who frequent the UK market place.

Holland’s fishing sector is very worried about the prospect of losing access to UK waters, with the provinces of Flevoland and Overijssel predicting a potential drop of 60 per cent in fishing business. Ditto the Spanish trawler operators. Hull’s fishermen are understandable quite happy at the prospect of rebuilding their ailing businesses…

In the French region of Hauts-de-France – the birthplace of President Emmanuel Macron – they’re worried a punishment Brexit deal would harm their car manufacturing sector. VW and Mercedes in Germany are equally worried given the large percentage of their sales that are made in the UK.

And while all this is going on, the Germans can’t form a government leaving the poor old Great Germanian project floundering around like a headless chicken.

Indeed, it seems to be dawning on the EU that the failure to strike a deal with Britain is going to hurt them a lot more than it’s going to hurt us. The mystery is why it has taken so long for the penny to drop. We’ve all known for some time that we have a huge trade surplus with the EU and that the imposition of WTO tariffs after Brexit would bring in billions in extra tax revenues. We’ve all known that we are a huge contributor to the EU budget.

So they need a deal. The reality is that frankly we could do quite nicely without one…

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Words fail me…

desperation1

Never underestimate the ability of people to be stupid…

Keep calm – it’ll soon be over!


This time next week, we’ll all know whether we’re in the deep shit…

I can’t remember an election which has produced a less edifying spectacle than this current one. When Corbyn did his U-turn the other night and decided to grace that dreadful debacle of a BBC ‘debate’ it hit an all time low. The audience was plainly hand picked by momentum. Rudd was quite right to point out that this squabbling bunch of kids is the sort of ‘coalition of chaos’ that could be in power this time next week. God save us!

Mr clever dick Corbyn thought he was so clever wrong footing May but it just made him look stupid, petulant and untrustworthy. How he can bang on about May making U-turns and then make an even bigger one himself is beyond me. I don’t blame May not turning up. At least she kept her word which is more than you can say for Corbyn. The man makes up policy on the hoof, contradicts himself five minutes later, and then changes it again.

Only this morning Corbyn announced that there’ll be no coalition with the SNP if Labour are the largest party whilst almost simultaneously Sturgeon was announcing that the SNP have agreed to join a Lab/SNP coalition.

Explain to me how allowing sick patients to retain their home instead of selling it to pay for their care, and how raising the threshold at which care becomes free allowing you to keep £100,000 in your estate instead of £23,000 can be called a ‘dementia tax’. They’ll be better off FFS!

This has been a campaign where the media has never been so biased. It’s been a campaign where soundbites take precedent over facts. It’s been a campaign of fantasy Corbynomics.

Corbyn confirmed this morning that McDonut, Flabbott and Thornbird will remain in post in his cabinet if he’s elected. A Marxist chancellor, racist home secretary and a foreign secretary that wants to scrap our nuclear deterrent. How the hell can people be stupid enough to vote for that???

And what’s more to the point remember that Corbyn lost a vote of confidence from his parliamentary party and most of his cabinet resigned. So exactly who is there apart from the these three that would be prepared to serve in his cabinet? But what the hell! Let’s put a glossy spin on it!

If the Tories lose their majority, there will be no Brexit. Corbyn has said there must be a deal so all the EU have to do is not give us one. If Labour win you’ll see your taxes rocket, your council tax treble, your job at risk as corporation tax hikes bankrupt businesses and cripple inward investment. You’ll see immigration go through the roof. You’ll see the national debt spiralling upwards as Labour redefine borrowing. You see yourself recategorised as ‘wealthy’ so you can be taxed even more. Labour will attack “the many, not the few”.

In fact even if you hate the Tories, you need to vote for them – because Labour will bankrupt this country and you – the electorate and taxpayer – will be the ones footing the bill…

Unite’s new poster…


Today McCuntsky’s lefty boys have launched a new post campaign in north of England to persuade people to “come home to Labour” on the 8th June.

They say ‘only Labour will protect jobs, the NHS, education and pensions’ – but I prefer a more honest version.

Labour will flood the country with immigrants – banging up class sizes, push taxes through the roof to pay for their ridiculous schemes, raid your pension fund, and destroy your jobs by raising corporate taxes and driving away investment.

So the real truth is that voting Labour on 8th June will wreck the country and the prospects for you and your kids. Come home to Labour on 8th June – and the next day you can come home to poverty and destitution.

That’s the real truth behind Labour…

Vote Muppet!


So today was the big reveal of the Labour Party manifesto – well, if you ignore the leaked one last it was anyway…

Now let’s forget all the rash promises in the manifesto and concentrate on the meat of the matter : How are they going to pay for it all? Well, of course, we know the answer to that one. They’re not going to pay for it. You’re going to pay for it.

Those of you who read this blog regularly may remember that I’m a retired Chartered Accountant, so I understand creative accounting but I have to say that Fantasy Corbynomics exceeds any notion I may have had about accounting even in my most creative moments.

Here’s a simple example. You go out and spend £20,000 buying a new car. How much has this cost you and how much cash did you use? Well according to Labour, it’s cost you nothing because the value of the asset you now own means that it’s cost neutral. So how much cash did you get through? Well, none because Labour tell you this is capital expenditure and was funded by borrowing so it doesn’t come out of your revenue budget.

These are the arguments they use for their nationalisation and infrastructure spending plans. They say that renationalising loads of stuff is cost neutral because you still have the assets and that the cash used was raised by borrowing by issuing gilts so they’ve not used any cash either.

This is, of course, patent nonsense. If you buy a new car, it’s true you still have the car but it’s also true you ain’t got the money any more because you spent it. The fact that you borrowed the money to buy it still means that eventually you’ll have to pay it back so you can’t ignore the outflow.

Labour says that apart from it’s ridiculous tax and spend plans, it will borrow £250 billion. Let that sink in for a moment : that’s £250,000,000,000 or a quarter of a trillion pounds.

Let’s assume they raise that money at an optimistic 1.5%. The interest on that borrowing alone would cost £3.75 billion per annum. Where’s that going to come from? Well, out of your taxes or rolled into the borrowing.

The simple fact is that Labour’s plans simply aren’t feasible. They cost too much and there’s no money to pay for it. It’s a fantasy and if they try to do it then they’ll bankrupt this country.

And at the end of the day, they know it – but they’ll never admit it…