Bolitics The New Condem Government

[drat01]

You would think these people would realise that this is getting all boring now and is probably interrupting Gideon's holiday

More damning reviews on Gideon and targets being missed

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Robert Chote, the chairman of the UK’s fiscal watchdog, has acknowledged that the UK is unlikely to hit its target of 1.7 per cent growth this year, casting further doubt over the credibility of the government’s deficit reduction plans.

Mr Chote said that “there aren’t many people” expecting growth of 1 per cent in the two remaining quarters of the year – the level that would be needed to hit the growth target set in March by the Office for Budget Responsibility.

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While the admission brings the OBR’s thinking into line with most private-sector forecasters, it places renewed pressure on George Osborne, chancellor, to rethink his plans for fiscal retrenchment.

David Hanson, Labour’s shadow Treasury minister, said Mr Osborne needed to recognise that his tax rises and spending cuts had “choked off” last year’s recovery.

“We need a more balanced deficit plan that puts jobs and growth first, alongside tough decisions on tax and spending cuts,” Mr Hanson said. “Continued slow growth should lead to a change of course, such as the temporary VAT cut Labour has been calling for to kick-start the stalled recovery.”

The Treasury said that the UK was achieving growth and creating jobs despite uncertainty in the international economy. “Reducing the deficit and tackling our debts is an essential prerequisite for sustainable growth,” a Treasury official said.

Mr Chote added that tax revenues may remain on track despite lower growth because of higher inflation.

“If you do have a combination of somewhat weaker growth and higher inflation, that potentially may explain why you haven’t seen much impact of weaker output growth on tax revenues and on public finances,” he said in an interview with the Independent newspaper.

However, he judged it “very early” in the tax year to take a view on this.

Philip Rush, an economist at Nomura, said: “Tax revenues have been stronger than you would expect given that growth has been so disappointing.

“If you look at the year to date, then public sector net borrowing is broadly on track.”

But Howard Archer of IHS Global Insight said that, while it was possible that higher inflation might limit some of the shortfall, the government was unlikely to achieve its fiscal targets.

The OBR forecast in March that public sector net borrowing for the current tax year would be 7.9 per cent of GDP. The cyclically adjusted figure was 5.3 per cent.

Mr Chote’s comments follow several downgrades by private-sector forecasters, which have left official estimates looking optimistic. When the OBR forecast annual growth of 1.7 per cent in the spring, it was squarely in line with analysts’ expectations. But with demand far weaker than forecast, analysts’ mean outlook has fallen steadily from 1.7 per cent in April to 1.4 per cent in July, according to Treasury figures. The OBR declined to comment further.

Mr Archer said there was a case for the OBR producing forecasts once a quarter. “There are pros and cons. But in the current environment, the case for forecasting more often is obvious.”

Others are more sanguine about the OBR’s twice-yearly projections. “Fiscal policy is fairly slow moving so they don’t need to publish forecasts more often that they’re planning on doing,” Mr Rush said.

Richard Barwell of RBS said: “The forecasts are such a political football. If the OBR makes them more than twice a year, it might end up being all that Mr Chote gets asked about.”

Let's face it Gideon and Cameron are **** things up and as much spin as they are trying to put on it is frankly not working. Not having Murdoch to paint a rosier picture is biting hard now

[tonyh29]

You would think these people would realise that this is getting all boring now and is probably interrupting Gideon's holiday

More damning reviews on Gideon and targets being missed

Oooh I thought you well knew that unless you pay for the FT web site it is not available to anyone:winkold:

[drat01]

You would think these people would realise that this is getting all boring now and is probably interrupting Gideon's holiday

More damning reviews on Gideon and targets being missed

Oooh I thought you well knew that unless you pay for the FT web site it is not available to anyone:winkold:

Some Tory geezer told me a way around that :-)

Seriously though Tony even you must be amazed at a time when the economy seems to be in melt down, it's somewhat surprising and annoying to see Gideon, Cameron and Clegg all away on foreign holidays? Are they hiding?

[blandy]

I'm quite pleased they go on holiday.

[drat01]

I'm quite pleased they go on holiday.

It's the coming back that's the problem

[Gringo]

I'm not sure what benefit would be obtained from having the stuffed shirts around at this time.

[drat01]

So Cameron will return from his hols on Aug 15th ....................... followed by another one a week later!!!

The bloke is just taking the piss now

link

The Prime Minister is currently enjoying a two week break with his wife Samantha and three children in Tuscany, staying at a rented villa with two families who have known the Camerons for many years.

However it has emerged that Mr Cameron is planning to return to his desk in Downing Street on 15 August, before departing the following week for another summer break. .....

..A second break later this month will mean that David and Samantha Cameron have been away on holiday four times in just under five months.

All in this together apparently !

[tonyh29]

4 times in 5 months ... He'll never get to every country in the world at that rate :-)

[markavfc40]

link

The Prime Minister is currently enjoying a two week break with his wife Samantha and three children in Tuscany, staying at a rented villa with two families who have known the Camerons for many years.

Would that be the Coulsons and the Murdochs.

[blandy]

So Cameron will return from his hols on Aug 15th ....................... followed by another one a week later!!!

The bloke is just taking the piss now

All in this together apparently !

It doesn't look good, does it. Then again, to be honest, and this applies to any political leaders, I kind of like the notion that they have the same amount of time off as most other people - I don't want them knackered all the time, with unhappy kids and partners and all that - better that they refreshed and able to do their important work with a clear mind and stuff.

I know that the papers and much of the population would like to see them in hair shirts to "show" we're all in it together, but we're not, are we? They're not "in it" with us. They're mostly millionaires and so why not be honest about it - "yes we go abroad, yes we take (whatever) 4 weeks holiday, it's good for the kids and the wife and it's not like nothing can happen when I'm in Cornwall/Italy - there's phones and e mails and texts and if I needed to come back for an emergency I could and would".

It's a better balance, IMO.

[drat01]

Pete in my job if there was a major problem with something critical that I was responsible for then my hols would be cancelled or curtailed. You see it with the Police and lots of other jobs, basically the real people of this world.

For Cameron, Gideon and Clegg its as though they really don;t give a flying **** what is happening in the real world and all this bollox about having members of staff with them is actually more annoying (waste of public funds). They are not in a 9-5 job, they are supposed to be running the country, the reality is that they are nor running it they are ruining it.

[peterms]

Pete in my job if there was a major problem with something critical that I was responsible for then my hols would be cancelled or curtailed. You see it with the Police and lots of other jobs, basically the real people of this world.

For Cameron, Gideon and Clegg its as though they really don;t give a flying **** what is happening in the real world and all this bollox about having members of staff with them is actually more annoying (waste of public funds). They are not in a 9-5 job, they are supposed to be running the country, the reality is that they are nor running it they are ruining it.

If they are out of touch with what's happening, then it's not because of the holiday. That's a quality they carry with them.

The holidays are part of the presentation, part of the show. Has been since (at least) Harold Wislon in the Scilly Isles, extensively photographed by arrangement. Probably Lloyd George did it earlier and better, I haven't checked.

It makes sense to have staff with them, and I would rather that than have someone buzzing up a Tuscan track on a Vespa with a telegraph for Mr C.

But the holidays, like the recent crisis, are a stage-managed affair, aimed at creating and reinforcing certain impressions, nothing to take seriously or get excited about.

The developing crisis, however, may be a different matter.

Whether Mr C and Mr O are on holiday or not is utterly irrelevant to what happens now. Let them have their little break, and wish them bonnes vacances. It really doesn't matter.

[Gringo]

If they cancelled their holidays what exactly do we expect they'd be doing? Photo opportunities and giving speeches "that this problem didn't start here". I don't see how having either of the chuckle brother in downing street is going to stop the euro implosion.

[drat01]

If they cancelled their holidays what exactly do we expect they'd be doing? Photo opportunities and giving speeches "that this problem didn't start here". I don't see how having either of the chuckle brother in downing street is going to stop the euro implosion.

To have all 3 out at the time that the economy is going tits up shows that they have a complete disregard for what is happening. Cameron is taking the piss with his many holidays and its typical of the man that he treats the job, probably the most important in the country as nothing more than an extension of his privileged life.

I thought Clegg was supposed to be deputy PM? Why does he have to be out of the country at the same time? For a party that has devoted so much on marketing and spin they are certainly crap at it.

Maybe they are all hiding from the people of Derby and how they shafted them? :-)

[Gringo]

To have all 3 out at the time that the economy is going tits up shows that they have a complete disregard for what is happening.

What has changed in the UK economy in the past week that requires their action or presence?

[snowychap]

It makes sense to have staff with them, and I would rather that than have someone buzzing up a Tuscan track on a Vespa with a telegraph for Mr C.

I don't know. Cinematographically, I rather like the image. Very Merchant Ivory - I see James Wilby (in earlier days) playing Cameron.

Simon Callow as Ken Clarke perhaps.

[drat01]

We see another example this morning of the way that Cameron would rather look after his pals than the people of the UK. It seems that one of the people to benefit from the Bombadier work going abroad to Siemens is only one of his "advisor's" - this stinks

Derbyshire Media reporting this - £1.4bn rail deal boss's links to Prime Minister

A KEY figure in the investment company backing Siemens' bid for the £1.4bn Thameslink rail contract is also a close business adviser to David Cameron, it emerged last night.

Michael Queen is chief executive of 3i Group, whose subsidiary forms part of the consortium which was chosen by the Government ahead of Derby-based Bombardier for the train deal.

Mr Queen was a managing partner in the 3i group, with responsibility for investment and infrastructure, at the time the Thameslink tender process was under way.

And since last year he has been a member of the group of high-flying businessmen who advise David Cameron on economic policy.

But both Downing Street and 3i insist there has been no conflict of interest over Mr Queen's two roles.

It has also emerged 3i chairman Sir Adrian Montague has close links with Government, having been asked by Business Secretary Vince Cable to head efforts to set up the Coalition's Green Investment Bank.

The institution will eventually pay out funding to private-sector renewable energy projects. The Derby Telegraph invited Mr Queen and Sir Adrian to make a comment about their roles but a spokesman for 3i would only say: "We are confident there is no conflict of interest."

He added neither the Green Investment Bank nor the Business Advisory Group, on which Mr Queen sits, had a role in guiding specific procurement projects, nor had they a connection to the Thameslink programme.

Meanwhile, a Downing Street spokesman also insisted there was no conflict of interest. Asked about Mr Queen's position advising Mr Cameron, the spokesman said: "The PM had absolutely no role in the Thameslink procurement process.

"The PM and the Government work closely with many UK businesses to secure growth for the economy."

Speaking about Sir Adrian's position, the spokesman said: "There is no conflict of interest. Adrian Montague's unpaid role, as part of an advisory group, is about design of the Green Investment Bank and its strategic direction, not about investment decisions."

He added: "(The Thameslink) procurement was set up and designed by the previous Government. We are legally bound by the criteria set out at the beginning of that process and, therefore, we have to continue with the outcome of the Thameslink procurement."

After Siemens, which has three partners, including 3i Infrastructure, in its consortium, was named preferred bidder for Thameslink, Bombardier, which had also been hoping to win the work, announced it would have to lay off 1,400 workers. There are now fears that the company could withdraw from the UK altogether.

[drat01]

Apparently Boris is away on holiday also and has refused to come back from them even though there is major unrest and rioting in London - they really do not give a shit do they

[Davkaus]

"Refused" who, if anyone, has requested him to come back?

I'm sure if Boris were cycling down the streets of Tottenham, the looting would have stopped immediately.

You're a living **** parody, Drat.

[drat01]

"Refused" who, if anyone, has requested him to come back?

I'm sure if Boris were cycling down the streets of Tottenham, the looting would have stopped immediately.

You're a living **** parody, Drat.

What a stupid comment - as usual IMO.

As the leader of London he has a duty to the population to be in control of things, that is exactly what the Mayor gets his big fat cheque for doing. The fact that we are seeing major riots shows his total disregard for law abiding citizens and the businesses of those communities.

He "refused" when he was asked by the media if he would return.

I am sure you would have had the same view if Ken had been Mayor, but then again probably not.