Alistair Darling (AKA Muppet No.2)

treliac

Jennifer_Jane wrote: »

I thought that Darling had got it right - didn't he forecast that this was going to go on and on and was then flamed down for being pessimistic?

Jen
x

Didn't he suggest it would be as bad as the 30s?

FWIW, he's the only one I think comes across as honest. That probably means his days are numbered!

tomterm8

1984ReturnsForReal wrote: »

mmmmmmmmmmm


Let me think about what I would do with instant access to monthy VAT returns, information which in part is no more than 30 days old.
...:rotfl:

I'm pretty sure that at the time he wrote the budget, he didn't have access to 2009's q4 VAT returns.

1984ReturnsForReal_2

tomterm8 wrote: »

I'm pretty sure that at the time he wrote the budget, he didn't have access to 2009's q4 VAT returns.

VAT is filed & paid either monthly or 3 monthly & the timing of submissions is not based on calender quarters.

He would only need to check the deposits for VAT at the end of each month for pretty much realtime, as accurate as can be, forecasting.

(also it would be 2008 q4, but as above quarters of VAT in relation to calender years don't exist).

StevieJ

1984ReturnsForReal wrote: »

VAT is filed & paid either monthly or 3 monthly & the timing of submissions is not based on calender quarters.

He would only need to check the deposits for VAT at the end of each month for pretty much realtime, as accurate as can be, forecasting.

(also it would be 2008 q4, but as above quarters of VAT in relation to calender years don't exist).

I thought the monthly payments were based on previous estimates and corrected at the end of a quarter ?

1984ReturnsForReal_2

StevieJ wrote: »

I thought the monthly payments were based on previous estimates and corrected at the end of a quarter ?

No Steve. Some file monthly figures & pay by the end of the following month. Some pay 3 monthly & pay by the end of the next month (plus extra 7 days if paid by Bacs).

IE My Feb, March & April return must be filed with HMRC by 31st May & cheque recieved by 31st May or if I pay by BACS the money must be due with them by 7th June.

Any errors over £1500 must be reported immediately to HMRC.

StevieJ

1984ReturnsForReal wrote: »

No Steve. Some file monthly figures & pay by the end of the following month. Some pay 3 monthly & pay by the end of the next month (plus extra 7 days if paid by Bacs).

IE My Feb, March & April return must be filed with HMRC by 31st May & cheque recieved by 31st May or if I pay by BACS the money must be due with them by 7th June.

Any errors over £1500 must be reported immediately to HMRC.

I think large companies have to make a monthly payment on account even if they file quarterly.

1984ReturnsForReal_2

StevieJ wrote: »

I think large companies have to make a monthly payment on account even if they file quarterly.

That would make sense.

But that would also make No 11s prediction errors even more unbelievable as they can measure the money coming in with more accuracy.

Entertainer

Rochdale_Pioneers wrote: »

Yes the Treasury got its forecasts wrong. As did the EU the OECD the IMF, other governments, most economists etc etc.

lets have Darling flayed alive for clearly being incompetent by not predicting what noone else managed to forecast. Thank God we have George "Mystic" Osborne as a successor - the man who successfully forecast all of this.

Come on Rochdale, his predictions at the Pre Budget report were completely unrealistic (a return to growth in the second half of 2009) and everyone knew it, myself included. We were entering the deepest depression since the 1930's, it wasn't going to be over in six months. That said, I actually like Darling and could understand why he would want to talk the economy up, it doesn't cost anything except a bit of credibility..

1984ReturnsForReal_2

Entertainer wrote: »

Come on Rochdale, his predictions at the Pre Budget report were completely unrealistic (a return to growth in the second half of 2009) and everyone knew it, myself included. We were entering the deepest depression since the 1930's, it wasn't going to be over in six months. That said, I actually like Darling and could understand why he would want to talk the economy up, it doesn't cost anything except a bit of credibility..

Yep, completely unrealistic & only a complete fool (or anyone who takes no interest) would believe there was any hope in the predictions being realised.

chewmylegoff

treliac wrote: »

Didn't he suggest it would be as bad as the 30s?

FWIW, he's the only one I think comes across as honest. That probably means his days are numbered!

for me he always appears to still be surprised that he was actually made chancellor in the first place.