November 25, 2008

Pre-Budget Report ... it gets worse

In addition to creating a new tax band for no other reason than envy Labour are going after the less well off.

Millions of people earning more than £20,000 will pay more, said the respected Institute for Fiscal Studies, contradicting the Treasury's claim that those with salaries under £40,000 were safe.

Then there is Labour MP Andy Love threatening to nationalise the banks that were foolish enough to take Labour's shilling if they do not voluntarily start giving out dodgy loans again. The Labour definition on 'voluntary' being rather different from one of normal English one, much like with ID Cards.

Asked by Labour MP Andy Love if he had ruled
out “wholesale nationalisation” of the banks, he replied: “In time of financial crisis, it would be a very serious error to rule out measures which may ultimately prove necessary. It would be an extremely brave person who ruled anything out.

“It wouldn't be our first option, but remember: the Government now has a majority holding of shares in more than one bank. The United States has just acquired a very significant stake in Citibank, the biggest bank in the world.”


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