Rachel Reeves warns UK public finances in worst state since second world war



Rachel Reeves warns UK public finances in worst state since second world war

https://www.ft.com/content/ab7a74a0-3353-4254-b112-b8fd19bf5bd2

by signed7

23 comments
  1. Hey, maybe they could implement some of the policies that a Labour government achieved after their landslide victory just after the Second World War, right?

    Right?

  2. I have a feeling they knew about the state of the finances before they took over. The question is what are they going to do about it? Austerity doesn’t work. 15 years of cuts on top of cuts proves that. 

  3. Literally word for word what the Tories were saying in 2010 in order to justify the last 15 years of neoliberal hack-and-slash that has resulted in the largest upward redistribution of wealth in British history. This has not only been disastrous for the working class, it’s also been totally self-defeating even for the sections of capital who derive their profits from the real economy, eg. manufacture, retail etc – undercutting consumer demand and creating a sick, inefficient, inflexible workforce. Austerity has only ever been good for a tiny sliver of the financial aristocracy who are insulated from the actual economic, and who derive their wealth from asset stripping and stock manipulation.

    *Even if* the country’s finances were in as bad a state as after the Second World War (which is patently not true, but nevertheless), the argument is obvious: we were more than capable of building the NHS, creating national insurance and support for the unemployed/disabled, nationalising large national industries and the railways, building a free education system etc etc etc.

    This whole ‘uwu smol state can’t do anyfing’ claptrap is predicated on one brute fact: that they are prostrate before tax-avoiding billionaires, and would rather spend billions of pounds repressing the working-class than to make the rich to pay their fair share.

    She’s got the potential to be a worse Chancellor than Geoffrey Howe under Thatcher.

  4. And so it begins – in the world’s sixth largest economy we are supposed to believe that there is “no money left!” and “no magic money tree!” (like there was in 2008 when the banks needed to be bailed out), which will require “touch decisions” and “hard choices” which inevitably means more austerity and privatisation.

    The more things change, the more they remain the same.

  5. Can we just call ourself collectively ‘U.K. peoples banking inc’ and ask for a bailout?

    Or have a war on poverty?

    Money always seems to fall out the sky for those.

  6. Biden has done pretty well by borrowing for capital expenditure. We need to go back to Keynes

  7. Tax the rich. 

    Tax the corporations. 

    Sanction those who try to exploit loopholes. Close the loopholes.

    Stop beating small and medium businesses to the ground. You can’t get economy growth if you bleed everyone who isn’t giant corpo dry.

  8. At this point I wouldn’t even be mad if they broke their electoral pledge and raised taxes. Nor should anybody else be.

    I’d rather pay more tax if it means that my elderly dad doesn’t have to wait thirteen hours in A&E before being admitted, as he recently did when he came down with pneumonia.

  9. Well, no. They got way worse after ww2 because we invested in the nhs etc.

  10. Wouldn’t have anything to do with us paying millions of people to stay home during covid would it?

    I thought Labour was on board with that idea.

  11. Sounds like fucking excuses already. So wtf you doing to put it right than just moan about it.

  12. I can’t wait for austerity to be done by the red conservatives instead of the blue ones.
    Rather than the huge investment programs labour did post ww2 that restored the economy.

  13. Can’t wait to blame “the last Conservative govt” now for the next 10 years

  14. Every one needs to remember that Labour during the pandemic wanted longer and harder lockdowns!

    That’s the main reason why there is no money & why the economy is struggling

  15. So we will have massive government investment in services and infrastructure and keep corporation tax high? No, we’ll privatise and deregulate everything to support the rich people who don’t even live here.

  16. This was all foretold. All the journos said there is an open secret that Labour are going to come in and say. Oh shit it’s far worse than we thought. All these tax rises now need to happen.

    This is why she said she has got her Dept doing a fiscal report. We are all about to have our pants pulled down and about to get done

  17. If i had 3 wishes i genuinely might use one up with a politician’s nose growing when they lie.

  18. Claw back some of the billions in fake PPE by VIPs would be a good start. The former anti-corruption Tsar quit when he claimed The Tories didn’t see the problem with billions going from the Treasury, and nobody cared.

  19. Amazing how quickly they forget we had bloody Covid and that Labour wanted MORE LOCKDOWNS, which screwed the economy in the first place. Truly incredible how short people’s memories are.

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