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Rightly Wry, Satirically RIGHT

Archive for the ‘Economy’ Category

Dave, you are one sharp cookie! Deal over Public Sector pensions?

Sat ,26/06/2010

In a week of turmoil, speculation, the Emergency Budget and false claims it has transpired that the Public Sector Unions are on the cusp of being offered a Gold-Plated carrot to “hush down”.

Normally, I don’t repost articles verbatim but this time the essence is too strong to avoid an error creeping in. The following is from James Kirkup and Andrew Porter over at the Telegraph.

David Cameron will use the threat of cuts to public-sector pensions as a bargaining tool to counter trade union unrest over massive reductions in spending.

The Prime Minister’s advisers believe that widespread industrial action can be avoided if public sector workers are offered a deal over pensions.

The Coalition this week set out plans to cut almost £100 billion from public spending over five years, freezing pay for millions of public sector staff and sacking thousands of others. Unions have warned of coordinated strikes and other protests to resist the cuts, which experts have predicted could result in 700,000 people losing their jobs.

Adding to union anger, the Government is also seeking to cut the cost of what Nick Clegg, the Deputy Prime Minister, has called “gold-plated” public sector pensions.

Some senior figures, however, believe that the prospect of a deal on pensions could be used to lessen union opposition to spending cuts elsewhere. One idea is to give the unions seats on a review of public sector pensions led by John Hutton, the former Labour Cabinet minister. With official figures showing that the cost of funding state pensions will more than double to £9.4 billion in five years, public-sector employees could be asked to pay higher contributions for the same level of retirement income.

Richard Balfe, Mr Cameron’s trade union “envoy”, suggested that pensions could be used as a “lollipop” to soften union anger.

He told The Daily Telegraph: “Public-sector pensions are like lollipops for kids. You decide what sort of lollipop you’re going to give, and then you work out how you are going to pay for it. It’s perfectly possible to maintain public-sector pensions at their current level, if you make some fairly modest alterations to employee contributions.”

He added: “Public-sector pensions will clearly be a very significant issue in the wider relationship between the Government and the unions. I hope they can be persuaded of that.”

Mr Balfe, a former Labour MEP, said that most trade union leaders would take a “pragmatic” view of the spending cuts, but warned that some would be more confrontational than others. The Public and Commercial Services Union would be the most militant, he predicted.

“They represent a lot of civil servants who are going to lose their jobs,” he said.

“There probably will be trouble in the heartlands like Newcastle where all the benefits staff are. But this is a dispute that has to be won.”

The Government’s political strategy emerged as the Prime Minister conceded his “radical” plans to slash spending and shake up the public sector could anger voters and cost him the next general election.

Speaking in Toronto at a G8 summit, Mr Cameron said he was prepared to be a one-term prime minister rather than back down on his wider agenda of shrinking the state and decentralising government power.

Criticising Labour under Tony Blair for playing safe, Mr Cameron said: “I would rather have five reforming years as Prime Minister than 10 wasted years like Blair. I want this to be a radical reforming Government.” Mr Cameron said he was determined to enact the agenda he has developed with Nick Clegg, his Liberal Democrat deputy.

“There are a lot of plans coming out between now and the summer and the reform agenda will be running through almost everything we do going forward,”

Make of that what you will though won’t Nick Clegg look a bit silly having made the “Gold-Plated” statement?

Either way, it is so refreshing to have a PM who is out for the country however short or long term instead of out for himself and cronies?

You can read the original article here.

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One man’s thoughts on being a #conservative in #ge10

Wed ,05/05/2010

When I rose at 4AM today on the eve of the most important General Election not just in a generation but quite possibly the most important in modern times I was faced with an e-mail which outlines one man’s thoughts on his association with the Conservative Party and how it has been a part of his life since early childhood.

This is not a blog post contributed by some fanatical (can’t see the wood for the trees) grass rootist, this is not an anti-Government or anti-Labour rant, no, this is the genuine, honest account of a hard working, take nothing for nothing British worker who has seen good times and bad times. A contribution by a man who has never earned over £12k in any given year in his entire life, owns his own home, has never sat back and demanded that society owes him or his family anything yet who has everything he needs.

This is a contribution that I am proud to host this morning as I truly believe it shows how so many people on the streets of Britain are thinking and feeling this morning. If you enjoy this contribution (whether you feel you agree or not please consider using one of the “share this” buttons at the foot of the post, if you only use Twitter there is one specifically for that too).

Finally, this contribution is unedited in any way save for one small spelling error as I feel I at least owe that much to the contributing author, my father, Alan Wicks.

My life as a Tory

My introduction to politics came when I was fairly young, my parents (in particular my Mother) were staunch Conservatives, as a result of which, when I was about 10/11 years old I would be found outside the polling station at election time “telling” for the Tories (Although Tories was considered a bit of an insult then when it was really known then as the Conservative and Unionist Party).

I would be “telling” from the opening of the polls, which in those days was much earlier, before heading off to school. After school on Polling Day I would go with my Parents to the Party Committee Rooms at the bottom of our road to help record those voters we knew had voted and chase up those who had still to vote.

These were days when everyone knew very few people who owned a motor vehicle, but those supporters and activists who did own a car would volunteer to drive the elderly and infirm to the polling stations to cast their vote. Although young, I can still remember attending the “Count” at Hornsey Town Hall and cheering the result when our candidate won.

The first Election I can really remember was when Sir David Gammon was up against the Labour Candidate R.A.Pestell, in 1952 when Sir David won with a vote of 36,417 vs 25,643, Out of an electorate of 75,131 there was an 82.6% turnout (unlike the apathy of today) giving Sir David a majority of 17.36% (OK, I do not remember the figures which I have obtained today from the internet, but I do remember him winning).

I can recall him coming into the committee rooms whilst I was there and coming over to speak with me, being the youngest person there.

When Sir David died he was succeeded in his post by his wife Lady Muriel Gammon.

I always voted Conservative for the rest of my life when I voted in a General Election or ByElection, but not always did I manage to get to the polling stations. When Margaret Thatcher became PM I was obviously very happy and expected good things for the future, and in general I was not dissapointed, I agreed with most of her policies but must admit to being disappointed that she was not able to implement all of them.

I still feel that the Principles behind the “Poll tax” was a lot fairer than either the previous “Rates” or current “Council Tax”, something I know will probably upset a lot of people, even fellow Tories, but there again, I am talking about “principles” behind the concept which was not necessarily recognized by everyone.

By the time Tony Blair and New Labour won the right to govern I must admit to being secretely a little relieved because there had been so much infighting within the Tory Party and so much reported sleaze that I felt it was good that they would have a short period to regroup, fully expecting Labour to fail within a couple of years, therefore giving us a chance to regain power.

Blair’s claim of an open government, no sleaze etc sounded good, but it soon become obvious that sleaze is only something that is practiced by the ruling party, at least, it is normally only the ruling party that gets the stick for it, if it is the Opposition party it tends to be overlooked, unless there is a pending election.

Anyway, I was getting more and more frustrated with the way Labour was completely changing our lives, controlling everything we do and making more and more things illegal, without even properly consulting with us that I was absolutely overjoyed when I discovered that my youngest son had applied to CCHQ to become a PPC.

I had never to my knowledge pressurised him in any direction regarding Politics or Religion, I believed my kids should follow their heart and I would support them in their beliefs, even if it differed with my own, it at least meant they were making sensible judgements of their own and not being pressurised into their opinions.

We had never, as far as I can remember had any serious political discussions so I was extremely supportive of his ambitions.

I was disapointed when he was turned down due to the volume of applicants on this occasion, and slightly relieved at the same time when I realised what it could cost him financialy at this particular time in his life, but I know he is determined and he is planning on following his heart and applying again in the future and he will have my 100% support.

I said earlier that I had always voted Tory in major elections, though I must admit on a couple of local elections I have voted Independent rather than follow the party line if I knew the Independent candidate and believed they would be the best person for the job irrespective of my Conservative beliefs.

I have also worked with the Liberals (pre LibDem days) in a local dispute, something I started and they tried to jump in, I was happy for their support, but they certainly did not ask for or gain any voting support from me.

I firmly believe that this country is now in a terrible state and that we desperately need a change for the future and that the Tories are the only Party that can give us this.

OK, I know there is going to be a long period of real Pain in order to recover our position in the world, but there is at last a chance of a light at the end of the tunnel, when Britain can once again be great, we can be proud of our once great nation and we can prosper, our kids will once again be properly educated, our businesses will prosper, bringing employment opportunities to nearly everyone and our streets will be safe to walk once more.

And finally, when we hear someone say “Trust me, I am a politician” we can believe and trust in them.

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No #Gordon, we will not go quietly

Wed ,28/04/2010

In my recent post Gordon’s Northern Rock fiasco comes to an end I addressed how Northern Rock shareholders have been dealt their final blow.

Work still progresses on this issue and here is an update:

Northern Rock Valuer’s Final Assessment Notice
You will no doubt now be aware that on the 30th of March, Andrew Caldwell announced his unsurprising decision to value our former shareholding in Northern Rock as worthless.

In his Final Assessment Notice, he quotes the artificial valuation assumptions on which he is bound by law to base his valuation. He is not bound though by moral or professional standards to accept such terms but has chosen to accept them nonetheless.

This latest statement is no different to that given by him in December 2009 where Mr Caldwell requested representations to be made to him, representations on behalf of well over 130,000 small shareholders that appear to have fallen on deaf ears.

As invited by Mr Caldwell, we will be seeking reconsideration of the nil valuation with the hope that such requests receive the required consideration although it would seem that, as long as the Governments artificial terms of reference are allowed to stand in law, Mr Caldwell having accepted the appointment of valuer, may have no choice but to choose law over moral obligation.

You can also take action to further represent your views to Mr Caldwell, which we have detailed below.

Only the day before Mr Caldwell’s statement, the Chancellor stated that Northern Rock had enough Capital: the Special Liquidity Scheme announced only weeks after Nationalisation of Northern Rock would have provided the liquidity required to continue as a “Going Concern”. This key assumption required to arrive at a fair value was not allowed under the Compensation Scheme Valuation Order.

With over £500 Billion available under the Special Liquidity Scheme and Inter Bank guarantees from April 2008 Northern Rock would have continued as a solvent, liquid, profitable entity, therefore supporting the small shareholders claim that their Human Rights have been violated firstly by the Compensation Order and finally now by Mr Caldwell’s report.

Did investors have the correct information on which to base their decisions?
Only two weeks after Andrew Caldwell valued the former shareholding in Northern Rock as worthless, the small shareholders now find the information on which they based their investment decisions was flawed.

The FSA announced their fines of Mr Barclay and Mr Baker for their part in manipulating figures on the performance of Northern Rock’s mortgage book but as yet we have to hear the involvement of Mr Applegarth. So far, Mr Applegarth has been legally gagged and prevented from commenting, but did he and his fellow Directors also know about this manipulation or were Mr Barclay and Mr Baker really alone in this decision-making?

Where were the regulators in analysing their information? Or have we forgotten the regulators involvement, or lack of, in the lead up to the financial crisis. Or the legislators, including Gordon Brown, who as Chancellor changed the limits applicable to the borrowing capacities of banks and building societies 12 years ago.

Where ‘fairness’ now appears to be a political buzzword in campaigning, the small shareholders would like to see evidence of fairness in practice, not just in a manifesto for votes.

It would seem that the government would lay the blame solely at the door of ‘greedy bankers’. Whilst this may be true in part, the outgoing Government bred the said greed in pedigree conditions.

These latest fines fully vindicate the small shareholders claims of ill treatment not only by the governance and regulatory framework but also by the institutions in which they invested. Such governance turned a blind eye and failed miserably to protect the rights of investors large and small.

What action can you take?
As with his December statement, Mr Caldwell has invited former shareholders to make share their views and thoughts through written representations to him on why he should reconsider this assessment.

To reiterate from our last update, it is important to recognise that this news completely vindicates our assertion that the terms of the compensation order were manifestly unfair, and the fact that this valuation has finally been released will remove much of the uncertainty that the government and its lawyers have hidden behind in their (now demonstrably false) allegations that the terms of their compensation order adequately allow for the payment of fair compensation to shareholders.

To this end, former shareholders should write to Mr Caldwell as he has invited them to do so, by the 5th of May 2010. Former shareholders should also make representations to their MPs who sanctioned the legislation that brought about the demise of our assets.

To assist, we have prepared template letters for the valuer. Please feel free to edit this template and include your own thoughts, comments, frustrations and anger in your own letters.

The template can be found on the website at: www.uksa.org.uk/valuerletter

Your letters can be also be emailed to Mr Caldwell at:

northern.rock@bdo.co.uk

You can locate the contact details for your MP at: http://findyourmp.parliament.uk/
Update on legal case: Application to European Court of Human Rights (ECHR)
Following the announcement from the Supreme Court that it would not be accepting the application made by Northern Rock shareholders to appeal the earlier decision of the High Court, the legal case continues to make its way into the European Court of Human Rights in Strasbourg, although it could take up to 3 years for the case to be heard and a decision known.

We will continue to support the small shareholders, headed by lead plaintiff Dennis Grainger, who are now to progress their case to Strasbourg, arguing the case “afresh” (as opposed to an appeal), in a court where the judges have historically had no compunction in making EU-member governments such as ours accountable for the violations of the human rights of EU citizens.

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Gordon’s Northern Rock fiasco comes to an end

Mon ,19/04/2010

The UK Government is now officially set to sell their shares in Northern Rock without any obligation to any previous shareholder.

The unfair rules given to the “Independent” valuer by the UK Government ensured that the result would always be as appears below. Now Alistair Darling is set to sell shares at a massively inflated price to the gullible British Public whom it stole them from in the first place.

NORTHERN ROCK – Important Information

Further to our previous communication of 15th December 2009, we write to inform you that in accordance with the Northern Rock PLC Compensation Scheme Order 2008, the Independent Valuer, Andrew Caldwell, has determined that as at the Valuation Date, 22nd February 2008, Northern Rock PLC Ordinary shares had no value.

Accordingly, the Independent Valuer has determined that the amount of compensation payable by the Treasury to former Northern Rock PLC shareholders is Nil.

Important Information & Other Key Dates:

The Independent Valuer announced on 29th March 2010, that having carefully considered written representations following his Consultation Document he had prepared another document, the Final Document, which can be viewed in its entirety on the Independent Valuer’s website at www.northernrockvaluer.org.uk.

For reasons set out in the Final Document, none of the representations made have caused the Independent Valuer to change his proposed approach to the valuation or his provisional views on the amount of any compensation payable by the Treasury.

Having applied the Valuation assumptions the Independent Valuer has determined that at the end of the assumed administration there would be a net deficit of approximately GBP5.68 billion. There would therefore be no surplus at the end of the assumed administration for distribution to shareholders.

Accordingly, for the reasons set out in the Final Document, the Independent Valuer has determined that the amount of compensation payable by the Treasury to former shareholders or those whose rights to receive shares have been extinguished is nil.

Should you wish to seek reconsideration of the Independent Valuer’s assessment, requests for reconsideration can be submitted in writing to Andrew Caldwell, c/o BDO LLP, 55 Baker Street, London, W1U 7EU or alternatively by e-mail to northern.rock@bdo.co.uk, noting your postal address, no later than 4th May 2010. Please note as a nominee company we are unable to submit comments on your behalf.

We will notify you in due course upon receipt of any further information from the Independent Valuer.

Is this how you aim to halve the deficit Labour?

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Britain’s Epitaph

Mon ,22/02/2010

Gordon Brown, you stand guilty of killing off Britain.

This once great nation that stood proud and true is all but broken, her epitaph reads as such:

And that will be England gone,
The shadows, the meadows, the lanes,
The guildhalls, the carved choirs.
There’ll be books; it will linger on
In galleries; but all that remains
For us will be concrete and tyres.

With notable thanks to Philip Larkin for his “Going, Going” poem of January 1972

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A VERY clear message from the City to the #Labour Party

Fri ,19/02/2010

Come in Gordon Brown, your time is up!

An insider quoted the great economist Forrest Gump when he said

…that’s about all I’ve got to say about that

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Freddie Mercury knew Gordon Brown in 1975

Thu ,28/01/2010

In 1975 Freddie Mercury and Queen, recorded “A night at the opera” on that album there was a track called “Death on two legs”.

This, in my opinion is the most descriptive set of words ever compiled to discuss the dreadful subject that is Gordon Brown and the effect he has had on Britain.

The lyrics to “Death on two legs” follows as does a “soundtrack” video.

Watch and READ: For those ex-military, WATCH AND READ

Death on two legs

You suck my blood like a leech
You break the law and you preach
Screw my brain till it hurts
You’ve taken all my money
And you want more
Misguided old mule with your pig headed rules
With your narrow minded cronies
Who are fools of the first division
Death on two legs
You’re tearing me apart
Death on two legs
You’ve never had a heart of your own
Kill joy bad guy big talking small fry
You’re just an old barrow boy
Have you found a new toy to replace me?
Can you face me?
But now you can kiss my ass goodbye
Feel good are you satisfied?
Do you feel like suicide?
(i think you should)
Is your conscience all right
Does it plague you at night?
Do you feel good feel good?

You talk like a big business tycoon
You’re just a hot air balloon
So no one gives you a damn
You’re just an overgrown schoolboy
Let me tan your hide
A dog with disease
You’re the king of the ‘sleaze’
Put your money where your mouth is
Mister know-all
Was the fin on your back
Part of the deal? (shark)
Death on two legs
You’re tearing me apart
Death on two legs
You’ve never had a heart (you never did) of your own
(right from the start)
Insane you should be put inside
You’re a sewer rat decaying in a cesspool of pride
Should be made unemployed
Then make yourself null and void
Make me feel good i feel good

Do you agree? Do you have a better alternative?

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Do NOT waste your vote, you have been warned

Mon ,25/01/2010

5 more years of Labour and this will be an everyday occurrence.

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