It pledges to eliminate the current spending deficit on a forward-looking five year rolling timescale - so objective failure is impossible
For me this is the most important part of Labour's draft manifesto, its "fiscal credibility rule"pic.twitter.com/Y51hbF7rTZ
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And there is a target to reduce debt not as a share of actual GDP buy of "trend" GDP - which seems nebulous
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Also when interest rates are as low as they can be, as perhaps they are now, the fiscal rules would be suspended
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That said Office of Budget Responsibility would be responsible to parliament and would be mandated to "blow the whistle"
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So would Labour government have sensible Keynesian flexibility to borrow when economy needs support or would it have licence to be reckless?
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#Brexit will require massive investment to make it work. It'd be insane to combine it with small state conservatism and deficit fetishism. -
Multipliers in health currently estimated at 3x, why the hell are we still cutting and not spending. It's like the Tories want low growth.
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Is any of this actually even possible?
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Of course it is, the myth is they're using EXTRA money when infact they're using money that ALREADY EXISTS in the system, back to where was
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In fact lower than where it was 10 years ago , just proves fiscal stimulus in way of corporate welfare to tune of £500bn should be used else
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Where ,that is every single year corporates get tax breaks this is only from principle 100 odd out of over 1000,wage/other growth not occurd
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Robert, that really isn't important. Govt doesn't need to balance the fiscal budget. That section only serves to appease monetarists.
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The real scandal is how we have neglected investment even when we can see people's incomes have dropped drastically
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It is the Great Leap Forward. To the 70s.
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You mean the 1970's when we cld buy a 3 bed detached house for £5,750 and
#oodbanks were unheard of? Tories want to take us back to 1800s! -
#Foodbanks Tories want to take us back to 1800s, debtor prisons, poor hospitals, workhouses, poverty with eradicated diseases coming back!
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Poor buggers earning £80,000, and relocate funds, is that taking from Peter to pay Paul ? Best to only earn £79,000
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Poor buggers earning £80,000 are better off than 95pc of the rest of us poor buggers
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Very true, but what ever you do don't thrive and work hard to achieve more...
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Consider the bigger picture. Under this manifesto so many other costs will be lower.
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