Good Money after Bad

Having participated in the EU bail out of  Ireland - the UK's share was nearly £8 billion - the madness continues and the we are now about to contribute some £4.4 billion towards the EU bail out of Portugal. 

We will not see this money again, any more than we will see the Irish bail out monies.  Portugal's debts are growing faster than its GDP; until that process is reversed there will be no prospect of debt repayment.  If, and its a big if, debt repayment ever happens the IMF will be first in line for repayment.  Prudence (remember her) suggests that we are not going to get this money back, ever. 

By a strange coincidence the total bailout money spent so far - there is more to come; Spain, Italy and Belgium are all candidates for bailouts - in propping up the Euro is exactly twice the £6.2 billion savings made by cuts in government budgets.

Forget the March for the Alternative, how about a March for no Bailouts
Best Wishes
Will

Cleaning up Politics

If memory serves me correctly, during the General Election last May David Cameron campaigned to cleanup politics.  He was largely but not exclusively referring to the MPs expenses scandal.  I wonder therefore how it is that in the Finance Bill published on 29th March 2011 there is a specific clause that excludes Members of Parliament from legislation regarding tax avoidance by means of disguised remuneration.  Hidden deep in the small pring of this 390 page Bill is sub clause 554E (8) which reads:

"Chapter 2 does not apply by reason of a relevant step taken by the Independent Parliamentary Standards Authority in relation to a member of the House of Commons."

There has been some comment on the inclusion of this strange clause in the Finance Bill, mainly from fringe internet blogs; the only comment I have found in the mass media is this item from Ian Cowie of the Daily Telegraph.  To the best of my knowledge neither the BBC, ITV or Sky have reported on this matter.  In my opinion this indicates that the health of our democracy leaves much to be desired.  However even if there are only a few of us asking the question it still needs to be asked.

Why do MPs need to be exempt from a law designed to prevent tax avoidance?
Best Wishes
Will

What do we want... When do we want it...

So go the words of every activists favourite chant. 

Ed Miliband in an over the top speech to the "March for the Alternative" suggested the marchers were following in the foot steps of Emily Pankhurst, Martin Luther King and Nelson Mandela.  But what did they want?  Votes for women; civil rights for blacks; and end to apartheid?  "No Cuts" seemed to be the answer on most placards.  What cost were they prepared to pay to get what they wanted?  Economic oblivion Greek style, perhaps they would prefer an Irish financial armageddon or just a plain ordinary Portuguese fiscal black hole.

March for the Alternative!  What Alternative?
Best Wishes
Will