Tag Archives: marina hyde

Day 1 as lab rats: some views of the Budget

We knew yesterday’s budget was coming. Most of its measures had been trailed. Gone are the days when MPs find out what the Government is doing actually in the Chamber, even though that is what is supposed to happen.

The reality still came as a shock, though. You would expect me as a good old fashioned tax and spend liberal to be horrified by a reckless spending spree that made the rich richer and some of the poor very much poorer. I lived through the 80s when the last iteration of trickle down economics failed miserably. Mary Reid looked at the theory yesterday and found no evidence that it has ever worked.

This budget is exactly the last thing you want to see when we are on the precipice of recession. I believe in a state that uses its power to ensure that everyone’s basic needs to shelter, food, healthcare at the very least are met. We should not be tolerating hunger and poverty in this day and age and the measures announced yesterday will make life much harder for those on low incomes, particularly if they are working part time and are on Universal Credit.

But don’t just take my word for it. The way the markets tumbled and the pound crashed to its lowest level against the dollar for nearly three decades showed that they had no confidence in this either. The Guardian reports Paul Johnson from the Institute of Fiscal Studies as saying that the Chancellor was betting the house:

Today, the chancellor announced the biggest package of tax cuts in 50 years without even a semblance of an effort to make the public finance numbers add up. Instead, the plan seems to be to borrow large sums at increasingly expensive rates, put government debt on an unsustainable rising path and hope that we get better growth.

Former Cabinet Secretary Gus O’Donnell, who first joined the Treasury in 1979 said the budget was “not ideal.”

And Conservative columnist Tim Montgomerie welcomed us to our new lives as lab rats:

Posted in Op-eds | Also tagged , and | 3 Comments

EU Trade Deal: there are no good options left

European and British flags.

I hate 13th December. I really, really do.

On this day in 1984, my Grandma died, way too soon, at the age of 64. I still miss her.

And last year, in the early hours, any hope of avoiding Brexit evaporated as Boris Johnson got a majority that could have enabled him to govern with more wisdom and flexibility from the constraints of the reckless extremes of his party. He chose not to take that chance.

On top of it all, we lost Jo. I’m still not over that. She remains one of the most exceptionally talented people I have ever known. She’s proof that the best people don’t always win in politics.

An election once Jo had had the time to establish herself would, I suspect, have had a very different result.

We are where we are though. And it isn’t fun. 2020 has not excelled itself. A couple of bright spots – the election of Joe Biden and Kamala Harris, to be confirmed by the Electoral College tomorrow, the development of effective vaccines against Covid have not lifted the gloom by much.

Now the dreaded 13th December is the day we enter the final stage of the Brexit drama.

Whatever emerges from the EU negotiations over the next hours is going to be far from good. We’re looking at a catastrophic no deal or a damaging fig leaf of a deal that will hurt our businesses and cost people their jobs and homes. Let’s be clear. The Government is choosing this path. It had better options open to it. When we were gripped in the first wave of Covid, they could have done the responsible thing and requested an extension to the transition period. We’d have voted for it, so would the SNP. Labour probably would and the EU would almost certainly have granted it. The more excitable ERG types on the Conservative benches would have made a lot of noise, but we would have bought ourselves some time and stability.

I’ve always thought that the Brexit agenda was mostly about turning our economy into a low regulation, rights-free zone. This is why they are so resistant to any future improvements in things like environmental standards or workers’ rights. They dress it up as sovereignty, but it’s an oligarch’s charter really.

They manipulated people’s feeling of powerlessness with false promises of taking back control. The truth is that those people at the sharp end, the lowest paid and most vulnerable, will have less control than they had before.

There should be no problem with accepting the EU’s reasonable level playing field requirement in the trade deal. I doubt that there will be any major changes within the next few years anyway. These things take time to get through and would take even longer to actually come into force. If there were any changes, we could debate them and decide whether to accept them or take the consequences.

Posted in Op-eds | Also tagged , , , and | 16 Comments
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