Tuesday, November 25, 2008

Stolen Guest Post: Con Home on Bloggers on PBR

Know Your Enemy:

Here is Conservative Home's round-up of some of the reaction from Tory bloggers to this afternoon's Pre-Budget Report and the response given by George Osborne, which we have already hailed as outstanding.

Iain Dale says that this is the day that Labour "blew it big time" and describes George Osborne's performance as "really strong". He also quotes a non-Conservative MP as having told him: "This wasn't George Osborne. It was Ozzy Osborne - drawing blood!"

Janet Daley at the Telegraph says the PBR was "more of a take-away than a give-away Budget", given that the tax increases outweighed the fiscal stimulus. She says that in his response, George Osborne "did very well". 

Her colleague, Iain Martin, is a very angry man, describing the scale of the Government's mismanagement of the economy as "breathtaking" and "a gross moral failure by this government". In a later post, Iain heaps praise on George Osborne, whom only a couple of weeks ago he was asking to be moved from the shadow chancellorship. He describes Osborne's performance as "absolutely blistering and his best Commons performance to date", concluding that "it was seriously impressive and strengthens his position enormously."

The observations of Alex Singleton, meanwhile, concentrate on George Osborne. Saying that he came across as "a powerful and effective shadow chancellor", he concludes that "his performance will have done much to restore faith in his position".

Matthew Elliott of the Tax Payers’ Alliance, welcomed the immediate VAT cut, but said the prospect of large tax rises in the future was "very worrying". He called for "permanently low taxes, not a crippling debt mountain and higher tax to come. It is unfair that the Chancellor is not going to make the public sector share any of the pain of the recession. If the Government cut out wasteful and unnecessary public spending, we could have larger tax cuts, less borrowing and a faster recovery.”

Harwich MP Douglas Carswell blogged live from the Commons, expressing exasperation at the Speaker for not taking Labour MPs to task for heckling George Osborne, whilst he did admonish a number of Tory MPs.

The Burning Our Money blog describes Alistair Darling's expectation of a mild recession as "pie in the sky" and concludes that it is a "a bad news budget that's actually even worse than it looks".

Peter Hoskin at Coffee House wonders whether Alistair Darling's gamble will pay off. Pointing out that "the Treasury's tax receipt and net borrowing figures always tend to be optimistic", he wonders whether this time they're even more optimistic than usual.

Meanwhile, his colleague, James Forsyth, writes a post with the alliterative headline, "Labour fails to get bang for its borrowed buck". He predicts that Darling has potentially set himself up for a fall by predicting growth in Q3 next year and also describes George Osborne's performance as "his strongest ever Commons performance", adding: "Today was the day that Osborne proved that he is up to the task of being Shadow Chancellor at a time when the economic question is once more dominating politics".

And Fraser Nelson's reading of the figures is that the debt bombshell "is not due to explode until 2015/16", concluding that "this is not just an economic failure, but a moral one".

In a post entitled "Osborne Wows", Guido writes that his co-conspirators were hugely impressed with Osborne's performance. He also cites Tom Clougherty of the Adam Smith Institute as describing the shadow chancellor's performance as "the speech of his life".

Think I've caught most of the spelling mistakes. Goodness me these Tory hacks have fat fingers. Sticky fat fingers. Stinky sticky fat fingers.

Anyway these cats are spraying willy nilly. They're excited about something or other.

Oh, yes: 1. The sound of their own voices talking trite crap; and 2. Doom and gloom, with not a sensible idea from one of them.

If this was Eliza GOO-little having a good day this can surely only be because of our low expectations. But as low expectations go this was surely shriller and shiller than coach Valerie would have wanted?

Ken Clarke meanwhilst, speaking on Radio Five Live, was worried. Said it was a three pipe problem. Said even then there was no certainty. Said that VAT cut WAS THE RIGHT THING. Said it was all a big gamble and the worst world conditions of his lifetime but that he for one hopes it comes off.

Good to have one Tory who gets it and wants the best. The rest of the Tories seem to hope that it doesn't come off. It may not. This is a really tough spot everyone in the world is in. If this works, good. If not we'll need something else. I'm not sure the Tories have anything remotely coherent to offer instead. And the "tax bombshell" line is just a trite truism.

Tax take (NB not tax rates necessarily) WILL have to go up OR expenditure go down in the fullness of time. As always. Still waiting for the Tories to point us at a Tory-run eceonomy anywhere in the world that has escaped these problems and/or has a better recovery route mapped out. Any pointers GOO?

MEANWHILE: I am quite liking the VAT break with the tweaks round alcohol, tobacco and oils - which Iain Dale suggests foolishly are illegal.


Anonymous said...

Pointless post Paul. Yet another in a long, long series. Why do you waste your time spouting all this stuff? It ain't going to make any difference. Labour is a busted flush and your rantings will not make any difference. Your lot are dead in the water.

(Oh, before you say it - I am posting deliberately as "annoymous" just to annoy you!)

Chris Paul said...

"Annoymous" anonymous 02:36 am. Ha ha.

Been down the pub have we?

Anonymous said...

Chris; I have repeatedly blogged about these issues and take absolutely no pleasure in it whatsoever.

I pray that I am wrong and you are right ... but I just don't believe that this is anything more than a roll of the dice.

Anonymous said...

The old saying "empty vessels make the most noise" really sums the Tories up when it comes to the economy. So what is their solution - leave it to the markets and the markets will return to their natural rate of growth. Perhaps they should remember that this was exactly the economic thinking that was followed during the Great Depression and we only got out of that because of the War and Keynesianism.

Oh when oh when will the Tories understand the difference between micro and macro economics? Surely if anyone who looks at the markets for credit and raw materials will realise the markets need some regulation in order to operate efficiently.

Anonymous said...

Guido is perhaps the most extreme variant of this let the markets cure everything regime - he seems to think that short term movements in the Credit Default Swap market prove that the country is now bankrupt, as though we should believe that the credit markets are capable of pricing risk properly. Doesn't he remember how good the unregulated credit markets were at pricing the risk on sub prime mortgages which got us into this mess in the first place. And which market price for oil should we use for economic decision making - those believing in free markets have lots to chose from!

jailhouselawyer said...

Did you see the bit on Dale's Dozen asking the question what happened to Cyril Smith? I thought he's been crucified for weeks on LOL.

Anonymous said...

For those who appear to believe that the Conservatives believe in no regulation of markets, have a look at the history of the Board of Trade, of banking and financial regulation, and of the regulation of the housing market for examples of regulatory regimes supported, introduced and amended by the Conservatives in power.

The reality is that no-one in mainstream politics in the UK believes that there should be no regulation. We need regulation to restrain market abuse, market monopolies and oligopolies and we need laws to prevent fraud and other abuses. What we need is effective regulation, rather than the ineffective regulation promolgated by new Labour for the FSA in 1998 and 2000.

benchilltory said...

yet again a labour government makes a mess of the economy.
this time your lot have excelled themselves.
a country in debt for a generation.
how long before we go cap in hand to the IMF

Anonymous said...

OOOO! Looks as if the Neocons dont like this initative.

I wonder why ? Could it be that they fear it will work ?

Remember, the only financial crisis Cameron & Osbourne have seen is when Daddies cheque did not arrive on time !