Let's Get Fiscal : Relaxing The Fiscal Rules
Published by Samantha Gilmartin in Budgeting, 5 months 2 weeks 4 days 6 hours 55 minutes 38 seconds ago
It seems to me that, for large swathes of the public, the two "fiscal rules" that govern economic expenditure are, if not totally incomprehensible, at least too shatteringly dull to care about. One states that borrowing should not exceed the bracket of 40% of GDP whilst the other, the 'golden rule', refers to the balancing of the budget over the economic cycle.
It's not exactly Bad Boys II is it? For the past 11 years these Brownite commandments have largely gone undisturbed. However, with financial storm clouds gathering overhead, it looks like they might not be as perennial as people thought.
The problem with this, naturally, is that if someone starts moving the goalposts, it somewhat throws the match into disrepute. The Conservatives, as one might expect, are practically queuing up to attack the Treasury over the issue. "The last nail in the coffin for Brown's reputation for prudence" they're calling it. The shadow chancellor George Osbourne, for example, rather sniffly referred to Brown "giving the prisoner the keys to their own cell"
A couple of rather adroit analogies aren't they? Well, yes, until you read what Cameron said about these 'fiscal rules' at his party's economic summit only two days previously: "I don't believe it's impossible to try to get some political consensus [with the government]...about tight rules on fiscal policy"
That's how he decided to phrase his intentions for steadying up the economy. Elsewhere he claimed that he wanted to "Reform the fiscal architecture" Which sounds remarkably like the way Kevin McCloud might describe Labour's policy of 'relaxing the fiscal rules'
Of course, as the old saying goes, the duty of the opposition is to oppose, but to describe Brown (and invariably it is Brown and not the Treasury or Alistair Darling... I wonder why?) as some prodigal cad and then hint at proposing the exact same measures is pretty rich isn't it?
Many financial commentators have described Brown's cabinet as standing at a crossroads with this issue. Either, they tighten their belts, raise taxes and feel the brunt of public unrest, or they slacken their belts, throw caution to the wind and indulge in a little more borrowed cash. The choice, clearly, is a tricky one: ROCK: Oi! Brownie! How can you justify sticking to a set of outdated rules that will unnecessarily burden the public?
HARD PLACE: Oi! Gordon! where do you get off talking about borrowing more money when the financial situation is in such trouble?
Still, I suppose either of the two main positions are better than what Nick Clegg's thrown into the mix. His 'fair tax' party has done somewhat of a u-turn of late and are now saying that they can solve the sticky economic climate by... lowering taxes.
Mmmm...? Well, we'd all like to see how that plans out wouldn't we Nick? Sure you've thought this one through? Because I find it very hard to believe that every other economic advisor has dropped the proverbial clanger and forgot to add up these huge sums of money that are secreted around the different nooks and crannies of public spending. Brown doesn't keep a penny jar does he? So what have we learnt? That the government is in trouble; that the opposition will belligerently scratch and claw at everything the cabinet say, and that Nick Clegg could feel the benefit of a nice sit down. Well what's new? Of course, detractors will rally around to call this the 'end of the Brown era of economics' but that only matters if you believed in such short-sighted spin in the first place.
It's not exactly Bad Boys II is it? For the past 11 years these Brownite commandments have largely gone undisturbed. However, with financial storm clouds gathering overhead, it looks like they might not be as perennial as people thought.
The problem with this, naturally, is that if someone starts moving the goalposts, it somewhat throws the match into disrepute. The Conservatives, as one might expect, are practically queuing up to attack the Treasury over the issue. "The last nail in the coffin for Brown's reputation for prudence" they're calling it. The shadow chancellor George Osbourne, for example, rather sniffly referred to Brown "giving the prisoner the keys to their own cell"
| EZ SEO News Keyword Analzyer, SEO website Builder, Sitemap Creator. | Get On Google Find The Key To Google Success With The Google Back Door... |
| Recommended by Team77 | |
A couple of rather adroit analogies aren't they? Well, yes, until you read what Cameron said about these 'fiscal rules' at his party's economic summit only two days previously: "I don't believe it's impossible to try to get some political consensus [with the government]...about tight rules on fiscal policy"
That's how he decided to phrase his intentions for steadying up the economy. Elsewhere he claimed that he wanted to "Reform the fiscal architecture" Which sounds remarkably like the way Kevin McCloud might describe Labour's policy of 'relaxing the fiscal rules'
Of course, as the old saying goes, the duty of the opposition is to oppose, but to describe Brown (and invariably it is Brown and not the Treasury or Alistair Darling... I wonder why?) as some prodigal cad and then hint at proposing the exact same measures is pretty rich isn't it?
| Traffic Travis Do you want to achieve top -10 rankings in Google, Yahoo, and MSN? | SEO Get Top Rankings On Yahoo Google And Msn. Fast Ranking. |
| Recommended by Team77 | |
Many financial commentators have described Brown's cabinet as standing at a crossroads with this issue. Either, they tighten their belts, raise taxes and feel the brunt of public unrest, or they slacken their belts, throw caution to the wind and indulge in a little more borrowed cash. The choice, clearly, is a tricky one: ROCK: Oi! Brownie! How can you justify sticking to a set of outdated rules that will unnecessarily burden the public?
HARD PLACE: Oi! Gordon! where do you get off talking about borrowing more money when the financial situation is in such trouble?
Still, I suppose either of the two main positions are better than what Nick Clegg's thrown into the mix. His 'fair tax' party has done somewhat of a u-turn of late and are now saying that they can solve the sticky economic climate by... lowering taxes.
| Reciprocal Manager Increase Your Link Popularity,FLOOD Your Website With FREE Traffic | WhyPark.com Stop Parking Your Domain Names... Start Driving Traffic & Revenue |
| Recommended by Team77 | |
Mmmm...? Well, we'd all like to see how that plans out wouldn't we Nick? Sure you've thought this one through? Because I find it very hard to believe that every other economic advisor has dropped the proverbial clanger and forgot to add up these huge sums of money that are secreted around the different nooks and crannies of public spending. Brown doesn't keep a penny jar does he? So what have we learnt? That the government is in trouble; that the opposition will belligerently scratch and claw at everything the cabinet say, and that Nick Clegg could feel the benefit of a nice sit down. Well what's new? Of course, detractors will rally around to call this the 'end of the Brown era of economics' but that only matters if you believed in such short-sighted spin in the first place.
About Samantha Gilmartin
Samantha is an expert Research and Theatre consultant. She is currently writing for Show and Stay and is very excited about the upcoming West End revival of Oliver!
Resources
Budgeting tips for brides and grooms Morganton News Herald, NC - When establishing a wedding budget, couples should be mindful of what they hope to offer their guests at the reception. When it comes to planning a wedding, ... |
• guest column: Children must be protected from budget fiasco Crescenta Valley Sun - By by Chakib “Chuck” Sambar All that needs to be done to balance the state budget according to those who rule the quagmire of inaptitude in the governor’s ... |
STATE EMPLOYEES: Gibbons to seek pay cuts Las Vegas Review - Journal, NV - The state Legislature has final authority over budgeting, but the governor's budget provides the template that lawmakers work from in the 120-day session, ... |
Middle ground right place for new city budget Times-Journal, AL - It could have been easy for Fort Payne Mayor Bill Jordan to pick one of two directions of the city’s new budget. He could have ignored all the signs our ... |
Budget crisis cuts deep: $21.8 million reduction forthcoming Western Front, WA - This translates to a 5 percent, or about $21.8 million, decrease in Western's overall operating budget. After speculation that more cuts may come, ... |
Budgeting - Google News