Let's make a list of Gordon Brown's lies.....
Discussion
Posted by Dan1 of the Housing forum:
1.] In his 1997 budget, Brown abolished dividend tax credits on pension funds. Companies saw the writing on the wall and immediately ended their final salary pension schemes to new employees shortly after the 'Brown raid'. They also started to cut down on the number of people with long final salary pension service and worked towards ending a scheme which would no longer be viable.
They warned it would wipe £50bn off the value of funds, and that shares could drop by up to 20 per cent and public sector pensions would need topping up. [Brown chose to ignore this warning]
'The changes in incentives are likely to lead to substantial changes in portfolios. Pension funds will find equity relatively less attractive, and will prefer other assets – particularly interest bearing securities and foreign equity – and may also be prompted to consider more direct property investment.'
Those funds were then channelled into fuelling an unsustainable property bubble, BTL portfolios, which developed because of Labours complete lack of regulation of the Banks.This was followed by ever increasing toxic mortgage debt, and this was followed by the bank bailouts.
This is just one example of Gordon Browns incompetent decision making which helped to create the cornerstone of the debt bubble.
4.] In the ten years previous to Browns Raid on pensions, From 1987 to 1997 the Average House Price rose from £40k to £55k.
A 33.3% rise over ten years.
From 1997[post tax dividend cuts] to 2007, the Average House Price rose from £55k to £190k [Nationwide Building Society figures]
A staggering 245% increase over the same period. [Ten years.]
The UK should not be facing the debt we are facing, and The Labour Party are guilty of gross fiscal mismanagement and criminal negligence.
1.] In his 1997 budget, Brown abolished dividend tax credits on pension funds. Companies saw the writing on the wall and immediately ended their final salary pension schemes to new employees shortly after the 'Brown raid'. They also started to cut down on the number of people with long final salary pension service and worked towards ending a scheme which would no longer be viable.
- The CBI opposed Browns Tax credit cuts. Even the treasury and No.10 opposed them. [But Brown made the cuts anyway.]
They warned it would wipe £50bn off the value of funds, and that shares could drop by up to 20 per cent and public sector pensions would need topping up. [Brown chose to ignore this warning]
- The value of pension funds have since lost around £5bn per year since the 1997 tax relief cuts. Pension funds holding the cash that almost everyone in the country had planned to use for our retirement have lost around £100 billion over the last 12 years.
'The changes in incentives are likely to lead to substantial changes in portfolios. Pension funds will find equity relatively less attractive, and will prefer other assets – particularly interest bearing securities and foreign equity – and may also be prompted to consider more direct property investment.'
Those funds were then channelled into fuelling an unsustainable property bubble, BTL portfolios, which developed because of Labours complete lack of regulation of the Banks.This was followed by ever increasing toxic mortgage debt, and this was followed by the bank bailouts.
This is just one example of Gordon Browns incompetent decision making which helped to create the cornerstone of the debt bubble.
4.] In the ten years previous to Browns Raid on pensions, From 1987 to 1997 the Average House Price rose from £40k to £55k.
A 33.3% rise over ten years.
From 1997[post tax dividend cuts] to 2007, the Average House Price rose from £55k to £190k [Nationwide Building Society figures]
A staggering 245% increase over the same period. [Ten years.]
The UK should not be facing the debt we are facing, and The Labour Party are guilty of gross fiscal mismanagement and criminal negligence.
To help you along - http://www.youtube.com/watch?v=IlKD9u4TMMc
I like this one, courtesy of http://dizzythinks.net. It's based on the figures he gave in each budget statement as chancellor.
The actual figure for 2010 would be off the top of the graph now.
dizzy said:
The dotted downwards lines are his borrowing figures and his predictions for the coming years. The solid orange line that rises in an approximate 30 degree angle upward trend is reality.
Debt is not down, it has risen year on year whilst he stood up in Parliament and said it was always coming down. The man is a complete and total liar.
Debt is not down, it has risen year on year whilst he stood up in Parliament and said it was always coming down. The man is a complete and total liar.
The actual figure for 2010 would be off the top of the graph now.
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