Posts Tagged ‘Gordon Brown’

Are there many more out there in the UK who are totally hacked off at this government’s treatment of savers during this financial crisis?

At a time when it’s clear to just about anyone with half a brain, that the present problems stem from excessive borrowing, this wonderful government of ours is doing all it can to promote yet more borrowing in a vain attempt to kick start the economy. In the process of course slashing interest rates which is having an exceedingly detrimental effect on those of us who rely on savings to at least keep pace with inflation.

So what’s to be done? I have this half formed plan.

The idea is that if a large enough group of us could act in concert with our savings, then we just might be able to make the government sit up and take notice. Particularly so since the UK banking industry is all but nationalised. Suppose a few thousand of us made it known to the government that unless it came up with some system for compensating savers with better interest rates, then we would take concerted action. Next month we’d all transfer our savings to Bank A, and then the month after move them all out to Bank B. Each month putting them somewhere different, going round in a complete circle if needs be. The idea being to create uncertainty about the level of deposits in any one institution at any one time. This would presumably hamper decision making and reduce the levels of lending the banks could commit to.

As I say it’s a germ of an idea I have, and I wonder if there are any readers out there who would wish to comment and suggest just how we might organise this.

Even if you just read this and don’t wish to comment, perhaps you would pass it on to other friends, colleagues and acquaintances. If I detect a sufficiently large ground swell of opinion, I’d be prepared to move it on to the next level and see where we get to.

Over to you…..


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Why has Brown been silent over the Damian Green arrest affair?

Look no further than the following.

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Alistair Darling, (the nominated UK Chancellor of the Exchequer, although some would allege it is still Prime Minister Gordon Brown who pulls the purse strings), is widely expected to attempt to kick start the economy this week by reducing the standard rate of VAT from 17.5% to 15%.

What of course goes unremarked by the europhile press and political elite is the elephant in the room. Even if Darling wanted to reduce it further, (and let’s face it how many traders will actually pass on a 2.5% points reduction which will involve re-labeling all products), he wouldn’t be allowed to. His hands are tied by his political masters in the European Union. Under the VIth VAT directive the lowest permitted standard rate by any member state is 15%.

Once again we see the powerlessness of Parliament to set laws for the benefit of the UK electors who put them in power. These days about the only real decisions our MPs can take independently of Brussels is what colour to paint the park benches. Why we don’t just pension of the Westminster Parliament and save ourselves a lot of money is becoming increasingly hard to understand.

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Gordon Brown is apparently refusing to confirm whether Mervyn King, the governor of the Bank of England, will be re-appointed next year. See Daily Telegraph report

I note that the Bank of England Act 1998, which granted independence to the Bank of England, (ironically one of Brown’s first acts on becoming chancellor in 1997), lays down in Part 1, Constitution and Regulations, paragraph 1(2) that: Bank of England 1998 Act “The court shall consist of a Governor, 2 Deputy Governors and 16 directors of the Bank, all of whom shall be appointed by Her Majesty”.

Why, and where exactly does Gordon Brown come into this independent appointment process? Has he now usurped the Queen?

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