Budget 2010: EU calls for faster UK deficit cuts

StevieJ

I must admit I wondered myself why they were sticking their oar in

Quite what the European Commission, home of profligate finances and dodgy accounts, was doing calling for more drastic action to cut Britain's budget deficit is not clear. The story of its draft report, leaked to Reuters, is here. It would indeed be nice if all EU member countries could get their budget deficits down below 3% of GDP as quickly as possible.
But the Commission's call, which has no sanctions behind it, is an exercise in pointlessness. Perhaps Brussels is getting revenge for all that lecturing by Gordon Brown when he was chancellor. As it is, one of the themes of Alistair Darling's budget on March 24 will be that Britain is being held back by weak EU growth. The Commission should concentrate its fire closer to home and try to do something about that.


http://economicsuk.com/blog/

chucky

Kohoutek wrote: »

Are you naive enough to think what George Osborne says about the pound will cause the value to drop as a result? The financial industries has got its own experts and analysts, what a politician outside government says is of no consequence to them.

On the other hand, if a government refuses to set out a credible plan to reduce an enormous deficit for electoral reasons, relying only an extremely vague outline (the Fiscal Responsibility Bill), then can't you see that's going to be a lot more detrimental the UK than George Osborne making a throw away comment that is just basically common sense. He's making a small point for political gain (I never denied it was), but unlike Labour's insanely irresponsible games, it will have little to no consequences for the UK.

have the tories come up with a credible plan?

no didn't think so... :eek:

StevieJ

Kohoutek wrote: »

Are you naive enough to think what George Osborne says about the pound will cause the value to drop as a result? The financial industries has got its own experts and analysts, what a politician outside government says is of no consequence to them.

.

Is that the future (post May) chancellor you are talking, yes the finance industry have experts who no doubt be listening to the financial policies (debt payments,interest rates) of the future chancellor.

Kohoutek

StevieJ wrote: »

Is that the future (post May) chancellor you are talking, yes the finance industry have experts who no doubt be listening to the financial policies (debt payments,interest rates) of the future chancellor.

And your point is?

That would be relevant if I was talking about a statement made by Osborne about debt repayment or interest rates.

I was talking about Chucky's article about Osborne making a prediction about currency devaluation if the deficit is not addressed. Try reading my post before you make stupid criticisms.

chucky

StevieJ wrote: »

Is that the future (post May) chancellor you are talking, yes the finance industry have experts who no doubt be listening to the financial policies (debt payments,interest rates) of the future chancellor.

so they ignored Osbourne then and they're really going to take notice of him in the future if he makes it to be Chancellor...

even his mate David Cameron ignored him and told him to pipe down and to stop talking... :eek:

Kohoutek

chucky_page_1 wrote:

what a great way to back track and post something completely different :eek:

chucky_page_2 wrote:

have the tories come up with a credible plan?

StevieJ

Kohoutek wrote: »

And your point is?

That would be relevant if I was talking about a statement made by Osborne about debt repayment or interest rates.

I was talking about Chucky's article about Osborne making a prediction about currency devaluation if the deficit is not addressed. Try reading my post before you make stupid criticisms.

I must be missing something here

Kohoutek

StevieJ wrote: »

I must be missing something here

What you're missing is that you were talking about George Osborne making a statement on how a Conservative government would reduce the deficit ("the financial policies of the future Chancellor"), which is relevant to the financial industry, and the statement in the Guardian article is George Osborne talking about the consequences of the Labour government not reducing the deficit, which is just an observation, not a policy.

chucky

Kohoutek wrote: »

Are you naive enough to think what George Osborne says about the pound will cause the value to drop as a result? The financial industries has got its own experts and analysts, what a politician outside government says is of no consequence to them.

the experts in the financial industries are ignoring him and don't agree with him. shocker :eek:

Mansoor Mohi-Uddin, chief currency strategist at UBS in Singapore, said yesterday that, "if the next government was to prematurely curb the fiscal deficit, without the economy reaching a surer footing, the consequences for sterling would be grave."

Credit Agricole CIB predict that the Euro and the Pound will "struggle" against other major currencies on concern the European economy will worsen and budget deficits in the region will wide

http://economy-news.co.uk/exchange-rates-25201002.html

StevieJ

Kohoutek wrote: »

What you're missing is that you were talking about George Osborne making a statement on how a Conservative government would reduce the deficit ("the financial policies of the future Chancellor"), which is relevant to the financial industry, and the statement in the Guardian article is George Osborne talking about the consequences of the Labour government not reducing the deficit, which is just an observation, not a policy.

I can see why Graham thanked your post Chewbacca extreme :eek: