Wednesday 14 January 2009

New Brown plan; too little, too late


Now he comes, bestriding the country as a Colossus amongst men. Prime Minister Brown has a new plan, known as plan z1.1 or something.

Anyway, it is copied from the Tories with a hint of Vince Cable; well kind of, it is a sort of lukewarm re-hash. Less than half the money and more conditions.

Don't get me wrong, helping small businesses who can't get access to cash from banks is a 'good idea.' It does actually address the credit crunch rather than just throwing money about a la the VAT cut.

But it really has taken 18 months to get this far, several bank failures and the future enslavement to debt repayment for us all as taxpayers. And now we get some credible solutions and even they are nicked.

That is how bad they are at economic policy, even with all their boffins' and hedge fund manager advisers - all they can do it copy the Opposition and make a bad fist of it.

Time to go Gordon.

UPDATE: Have read this morning that the Government will do debt for equity swaps in small businesses. This is a very bad idea. Small businesses are not too big to fail or core to the financial system in the way large banks are. They are by definition easy to set up and shut down. The possibility of huge levels of fraud is immense, as will be the monitotring cost to prevent this.

Although if the Government wants an equity stake in Mrs Slicker's pet behaviour clinic I may change my mind....

14 comments:

Anonymous said...

OK here's my plan for recovery:

1. No pay rises for highly paid public servants or feeders from the public trough for 3 years. Accept or resign now. ACC's, consultant surgeons, GP's and other overpaid leeches all included.

2. Corporation tax liability reduced by 5% for each 1% of production exported. Companies exporting more than 20% of production would receive tax credits!

3. Five years minimum hard labour for any director of companies gaming rule 2 or 4.

4. 10% tax rate (full stop) for employees of companies exporting more than 5% of production.

All the above to be paid for by reversing the VAT cut.

Houdini said...

Not to mention the masses of red tape that will swallow most of the money borrowed...

Sen. C.R.O'Blene said...

Correct Houdini.

Also his bunch of crooks just slipped in that their pension pot was increased by an eye watering amount.

Also, how many tax collectors say that it's too expensive to claw back sums less than £500?

Jon said...

A nuclear strike on Whitehall would be quicker, cheaper, and a good deal more satisfying.

lilith said...

Never mind the government, I want a stake in Mrs Slicker's pet behaviour clinic!

Anonymous said...

Maybe Mrs Slickers pet clinic can train the twat at No 10.

Here boy, stop sh*tting on everyone!

Old BE said...

Why is everyone so obsessed with "lending"? If a business needs to borrow continuously to continue trading, it's not very well managed, is it? If a consumer needs to borrow continuously to continue spending, he/she is not in a sound position.

If interest rates were higher, there would be a lot more cash available for lending, because people would be putting money into their bank accounts.

Man in a Shed said...

Small company equity is very hard to value. I guess it will be the Dragon' Den option - take it or leave it.

The real aim is to have as many people wanting to thank the Gordon as possible come election time - before they have to pay the cost.

CityUnslicker said...

Excellent point man in a shed - a great way of extending the client state.

CityUnslicker said...

BE - Businesses need cashflow, if they get payments from customers late they go under. For imports, the letters of credit market is in a right state, making imports hard to do practically. Help for this I am all in favour of as it only has fallen off because of the collapse of the banking system - nothing to do with the companies involved.

Elby the Beserk said...

Mick

Add - All Quangos have 6 months to wind up. Then they are as dust.

Elby the Beserk said...

Look. They'll fuck it up for sure. Just think ... Tax Credits.

Anonymous said...

re: debt for equity swaps.

This will lead to fraud on a grand scale. The money will go to left-friendly bullshit consulting/green/property development firms who's principals will trouser the cash before sliding into administration. No doubt!

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