Thursday, 16 October 2008

Tuesday October 14th

The government is bailing out the UK Banks to the tune of £50 billion. The Pretender (our unelected Prime Minister) seems to be using it as another PR occasion to get back at Cameron’s party conference speech eek and to go on a foreign Jamboree. Where has the Chancellor gone to?

The thought of my relatively sound bank, Lloyds having to take on the UK's toxic buy to let subprime follies is disturbing. I would imagine the clunking fist has been doing a lot of background bullying. I am now really worried about it being managed by this government with its record of lost computer disks and the shambles of Tax Credits and other incompetencies.

It emerges that local authorities have sunk a billion in the now bankrupt Iceland Bank. They of course, would like the government’s help too. This government seems to be a great big sweetie machine but I wonder what the implications are with a government spending silly, in terms of things like bond prices and crowding out.

Today it is sunny, I manage to get out into a neighbour free garden and mow the lawn, perhaps for the last time this winter. The compost bin is absolutely full of small worms and fruit flies and has a potato plant growing vigorously out of the outlet at the bottom. I have had it for nearly two years. I don’t think it really makes compost but it does provide a rich source of food for a mass of worms, slugs and other fauna and reduces landfill by some appreciable amount.

In a small way, I have now discovered how the Pretender is going to finance some of his sweeties. The Inland Revenue are going to write to all pensioners with small occupational or private pensions, informing them it will be taxing their pensions at source. Currently I am on a tax rate above basic rate in case I have such pensions but now even more will be taken away, earlier. What will £4.21 look like with the tax taken off. I really despise a government that taxes the poor and those on the lowest incomes. I personally am one of them, already suffering from Tax Poverty and it seems it is only going to get worse.

1 comment:

Barbara said...

The so-called 'bailout' (which is really just another wave of moral hazard) is now up to £500bn.

£2 trillion worldwide.

Wasted.

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