Saturday 2 April 2011

Anything Good in the Budget At All ? Yes !

We have found, and will continue to find, plenty to be scathing about in 'Boy Genius' Osborne's 2nd Budget, but there was at least one thing very good. I refer, of course, to the announcement that NS&I are reintroducing inflation-plus tax-free bonds.

This is a touchstone of the Government's good faith. We all know that the savings of the prudent are under assault from all quarters: from greedy bankers and investment advisers looking to gull the unwary, through tax-and-spend socialists & LibDems seeking to advance their social engineering, to outright
scam-artists and criminals (if there is any meaningful distinction to be made between all these rapacious groups). Oh, and of course indebted governments everywhere, who can't help but notice that inflation nibbles away at their problems. The attitude of all of these bastards is the same: why do they rob banks ? - because that's where the money is.

It was a hammer-blow when the inflation-plus bonds were withdrawn last year, and now we must give credit where it's due. Thank you, George.

Back to bashing next week ...



Bill Quango MP said...

I was in the queue when the damn thing was withdrawn. Took a one year isa instead.
Will be getting some of these as soon as they are back out.

Also, in Post office today, lot of grumpy people who didn't realise that car tax had gone up yesterday.

The old regime loved to announce a tax rise for the following year in the hope the media wouldn't remember it when it became due, and they could keep adding future revenue to current spending, or re announce several times as the old chancellor was particularly prone to doing.

Osborne said it was going up but it barely got a mention in the press. Perhaps it might pay to listen more closely in future. Osborne means business on revenue raising.

Sackerson said...

"Target" is £2 bn. It'll sell faster than Leona Lewis' "A Moment Like This"; at her download rate, it'll all be gone in 80 minutes.

Timbo614 said...

Thinking about it - that'll be another 2Bln that the government can lend to Ireland - and make a small profit on the deal!

Anonymous said...

Limited to 15,000 though?

Anonymous said...

What I always wonder when chancellor's of the exchequer apparently give "good" returns especially on tax free savings plans, I always start wondering what are the limitations and exceptions, whether it is actions of previous chancellors or not I don't know, maybe my suspicious mind. What they could do would be to increase the amount pool of prize money in the premium savings bonds, the downside I suppose it could rapidly develope into a ponzi scheme. Timbo, I think this country needs the money not propping up Ireland, mind you Osbourne has a slight personal interest in Ireland

Sackerson said...

Nick - O/T but relevant to previous discussions on energy security etc:

- arguing that as the environment becomes chaotic each nation must develop its own survival plan and keep going for as long as possible, while the ecosystem restabilises (we hope in a configuration that permits our own continuance).

Nick Drew said...

thanks, Sackers

there's a fantastic statement in that piece:

"Civilisation is energy-intensive"

ain't that right ?!

Anonymous said...


Bit late with this, but anyway, questions that immediately spring to mind are:-

- RPI or CPI?
- Still tax free, presumably?
- What's the limit? It was £30k a year last time for a couple, which wouldn't be too bad.
- Is early withdrawal allowed, and what are the penalties?

Nick Drew said...

Anon - yes they could tweak all sorts of variables: we shall have to wait & see, n'est-ce pas ?