Even more proof that Conservatives are not good economic managers
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11:44 am, September 29th, 2022 - 61 comments
Categories: Christopher Luxon, Economy, national, paul goldsmith, treasury, uk politics, uncategorized -
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There has been this carefully crafted illusion that conservative politicians are somehow better with the finances than progressive politicians.
Locally last election this illusion was shattered, thanks in part to some extraordinary blunders by National’s then Finance Spokesperson Paul Goldsmith.
It transpired that there was a $4 billion dollar hole in National’s alternative budget because Goldsmith had used the incorrect figure for “savings” to be made by stopping contributions to the Cullen fund.
Then another hole appeared, this a relatively more modest $88 million hole. This mistake arose because it used the wrong figure for the capital allowance.
It then emerged that National had double counted a $3.9 billion contribution from the National Land Transport Fund. Its solution was to just say that the NLTF would have to pay this sum twice. What fiscal geniuses National has. Imagine being able to get funding this way by drawing twice on a fund in the future even though you have no idea if it will be able to afford this.
And then another $2 billion hole appeared because National, fiscal geniuses that they are, thought they could cut contributions from the Cullen Fund but still collect the tax earned by these further investments that were not made. Wow. Tax income out of nothing. And they complain that the left believes in magical money trees.
These blunders no doubt led to the size of the left’s victory and also to the left for the first time in living memory being considered to be better managers of the economy than the right.
Overseas National’s UK contemporaries the Conservative Party has made an extraordinary blunder in proposing to remove the top tax bracket completely and to fund this by increasing debt.
The markets have responded dramatically. The Pound has slumped and the markets have clearly been spooked by the thought of an ever increasing interest bill hit by both massive new borrowing as well as increasing interest rates.
And Tory MPs are sensing the panic and are starting to revolt. It is not inconceivable that Truss’s short reign could be at stake and Kwarteng looks like he will have to be sacrificed.
From the Guardian:
Tory MPs expressed disbelief at how sterling had slumped after the government’s mini-budget sparked market turbulence, compounded by the chancellor’s subsequent remarks, at a time when households across the country were already struggling with the cost of living.
They said [Chancellor Kwasi] Kwarteng would have to resign for the party to survive the financial crisis, as they urged the prime minister to reverse her plan to scrap the top 45p tax rate, which they said had been received badly in their constituencies.
Simon Hoare, the Tory MP for North Dorset, tweeted: “In the words of Norman Lamont on Black Wednesday: ‘Today has been a very difficult day’. These are not circumstances beyond the control of govt/Treasury. They were authored there. This inept madness cannot go on.”
Yet Downing Street insisted the prime minister was standing by her chancellor. A spokesperson told the Guardian: “The PM and the chancellor are working on the supply-side reforms needed to grow the economy, which will be announced in the coming weeks.”
Neither Kwarteng nor Truss was prepared to comment publicly to calm the markets and reassure the public. Instead, they sent out the Treasury financial secretary, Andrew Griffith, who argued that “all major economies” were experiencing the same volatility as the UK as a result of Russia’s war in Ukraine.
Earlier this week Christopher Luxon was questioned about this. National has its own proposal to cut taxes and has not explained how this can be afforded or what will be done. From Radio New Zealand:
National has said it would take a tax cut plan to the 2023 election and Luxon said that had not changed despite some markets seeing tax cuts as adding to inflation problems.
“The UK is incredibly different from our own plan.
“What you’ve got in the UK is a more challenged economy, frankly, as a starting point. You’ve got massive amount of stimulus spending going on and you’ve got massive wholesale tax change going on as well.”
Luxon said National was focused on adjusting tax brackets for inflation, and making sure there was less wasteful spending.
Asked repeatedly by Morning Report if his government would consider borrowing to fulfil its tax cut plans, Luxon said it was a separate issue.
“We’re saying very clearly that we think there’s a way in which we can give tax relief so that people can keep money in their own pocket.”
Borrowing was “a separate issue,” he said, and National would come to an election with a fully costed plan and would look hard at cutting spending.
“We’re going to go through the spending line by line and make sure it’s not wasted and as a result we think we can deliver a much more effective spending that delivers outcomes.”
“We think we can give tax relief in a very simple principle which many countries around the world do, which is just inflation-adjusted tax thresholds.
To afford their cuts National has to either increase debt or cut spending significantly. One possible source of funds is Luxon’s refusal to inflation proof health spending but to afford all of its proposed tax cuts the cuts to primary Government activity will have to be severe.
But Luxon cannot have it both ways and should be up front about National’s plans. Although I expect he is looking very nervously at what is happening in the United Kingdom and wondering if the extraordinary events over there will affect local perception about whether or not National can actually manage anything, let alone a modern economy.
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- Te Pāti Māori Pay Tribute to Kiingi Tūheitia Pōtatau Te Wherowhero VII
Papā te whatitiri, hikohiko te uira, i kanapu ki te rangi, i whētuki i raro rā, rū ana te whenua e. Uea te pou o tōku whare kia tū tangata he kapua whakairi nāku nā runga o Taupiri. Ko taku kiri ka tōkia ki te anu mātao. E te iwi ...1 week ago
- Release: Gaps still to be addressed in callouts response
The Government must guarantee New Zealanders will not be at risk after making changes to the way mental health callouts are handled. ...1 week ago
- Poroporoaki: Kiingi Tuheitia passing
Haere e te Kīngi o te kotahitangi Haere ki o nui, ki o rahi I te pō ...1 week ago
- Green Party pays respects to Kiingi Tuuheitia
The Green Party is paying tribute to the Māori King, Kiingi Tuuheitia Pootatau Te Wherowhero XVII, after he passed away earlier this morning. ...1 week ago
- Potaka Brings Whakaata Māori to its Knees
Today’s Whakaata Māori announcement is yet another colossal failure from Minister Potaka, who has turned his back on te reo Māori, forcing a channel offline, putting whānau out of jobs, and cutting Māori content, says Te Pāti Māori. “A Senior Māori Minister has turned his back on Te Reo Māori. ...2 weeks ago
- Release: National restricts access to disability care homes
With disability communities still reeling from the diminishing of Whaikaha, a leaked document now reveals another blow with National restricting access to residential care homes. ...2 weeks ago
- Release: Govt must help save 230 manufacturing jobs
Labour is calling on the Government and Mercury Energy to find a solution to the proposed Winstone Pulp mill closure and save 230 manufacturing jobs. ...2 weeks ago
- Govt shirks its responsibility to Whakaata Māori
The Green Party has called out the Government for allowing Whakaata Māori to effectively collapse to a shell of its former self as job cuts and programming cuts were announced at the broadcaster today. ...2 weeks ago
- NZ First Member’s Bill To Disestablish Auckland Transport
Today New Zealand First has introduced a Member’s Bill that will restore democratic control over transport management in Auckland City by disestablishing Auckland Transport (AT) and returning control to Auckland Council. The ‘Local Government (Auckland Council) (Disestablishment of Auckland Transport) Amendment Bill’ intends to restore democratic oversight, control, and accountability ...2 weeks ago - Release: PM fails in constitutional role and leadership
The failure of the Prime Minister to condemn his Minister for personally attacking the judiciary is another example of this Government riding roughshod over important constitutional rules. ...2 weeks ago
- Waititi urges Rotorua Lakes Council to immediately stop works at Lake Rotokākahi
Te Pāti Māori co-leader and Member of Parliament for Waiariki, which includes Rotorua, has written to Rotorua Lakes Councillors requesting they immediately stop sewerage piping works at Lake Rotokākahi in Rotorua. “Mana whenua have been urging Rotorua Lakes Council to stop works and look at alternative plans to protect the ...2 weeks ago
- Release: Patient care at risk from redundancies
Patient care could suffer as a result of further cuts to the health system, which could lose thousands of staff who keep our hospitals and clinics running. ...2 weeks ago
- Greens call on Govt to wake up on child poverty
The Green Party says the latest statistics on child poverty in this country highlight the callous approach that the Government is taking on this issue of national shame. ...2 weeks ago
- Release: Police are off the beat under National
Foot patrols around the country have decreased 15 percent since National took office, despite National’s Mark Mitchell claiming otherwise. ...2 weeks ago
- Release: Climate denial is an insult to Pacific leaders
Winston Peters’ climate denialism at the Pacific Islands’ Forum is an embarrassing new low. ...2 weeks ago
- Govt must end solitary confinement
The Green Party is urging the Government to end the use of solitary confinement within our prisons after new research revealed some prisoners have been held in confinement for more than 900 days. ...2 weeks ago
- Fossil fuels never the answer in climate crisis
The Government’s moves to enable the import of Liquefied Natural Gas is another step away from the sustainable and affordable energy network that this country needs. ...2 weeks ago
- Government must respect Court’s Uber employee decision
Today’s court ruling upholding the rights of Uber drivers is a message to the Government that it must not tamper with employment protections. ...2 weeks ago
- Release: Uber court decision recognises workers’ rights
The Court of Appeal decision that Uber drivers are entitled to employee rights such as minimum wage, sick leave, holiday pay and collective bargaining is welcome news for the drivers involved and their unions. ...2 weeks ago
- Release: Labour calls on Govt to divest from illegal settlements
The Labour Party is calling on the Government to tell the two major wealth funds, the NZ Super Fund and ACC, to withdraw investments from companies listed by the United Nations as complicit in Israel’s illegal settlements in the Occupied Palestinian Territories. ...2 weeks ago
- Release: Govt backtrack on fast-track still not enough
Labour welcomes news that the National Government is backing down on its reckless proposal to give Ministers final sign-off on significant projects, but it’s still not enough. ...2 weeks ago
- Fast track still on track to environmental destruction
Our environment remains at risk despite the Government's proposed changes to its controversial fast-track legislation. ...2 weeks ago
- Ohinemuri River pollution highlights mining risks
The harrowing images of the severely polluted Ohinemuri River caused by an old mining shaft could become a more common occurrence under the mining regime the Government is looking to roll out. ...2 weeks ago
- Govt Incarcerating our Mokopuna into a Failed System
Information released by the Minister for Children has revealed that almost 800 mokopuna Māori have been taken by the state this year, putting it on track for the largest displacement of tamariki Māori since the introduction of Section 7AA in 2019. “Oranga Tamariki is running a crusade against whakapapa Māori ...2 weeks ago
- Release: Chris Hipkins’ Speech to Local Government New Zealand
...2 weeks ago
- Sport Minister congratulates NZ’s Paralympians
Sport & Recreation Minister Chris Bishop has congratulated New Zealand's Paralympic Team at the conclusion of the Paralympic Games in Paris. “The NZ Paralympic Team's success in Paris included fantastic performances, personal best times, New Zealand records and Oceania records all being smashed - and of course, many Kiwis on ...1 hour ago - Government progresses response to Abuse in Care recommendations
A Crown Response Office is being established within the Public Service Commission to drive the Government’s response to the Royal Commission into Abuse in Care. “The creation of an Office within a central Government agency was a key recommendation by the Royal Commission’s final report. “It will have the mandate ...3 days ago
- Passport wait times back on-track
Minister of Internal Affairs Brooke van Velden says passport processing has returned to normal, and the Department of Internal Affairs [Department] is now advising customers to allow up to two weeks to receive their passport. “I am pleased that passport processing is back at target service levels and the Department ...3 days ago
- New appointments to the FMA board
Commerce and Consumer Affairs Minister has today announced three new appointments and one reappointment to the Financial Markets Authority (FMA) board. Tracey Berry, Nicholas Hegan and Mariette van Ryn have been appointed for a five-year term ending in August 2029, while Chris Swasbrook, who has served as a board member ...3 days ago
- District Court judges appointed
Attorney-General Hon Judith Collins today announced the appointment of two new District Court judges. The appointees, who will take up their roles at the Manukau Court and the Auckland Court in the Accident Compensation Appeal Jurisdiction, are: Jacqui Clark Judge Clark was admitted to the bar in 1988 after graduating ...3 days ago
- Government makes it faster and easier to invest in New Zealand
Associate Minister of Finance David Seymour is encouraged by significant improvements to overseas investment decision timeframes, and the enhanced interest from investors as the Government continues to reform overseas investment. “There were about as many foreign direct investment applications in July and August as there was across the six months ...3 days ago
- New Zealand to join Operation Olympic Defender
New Zealand has accepted an invitation to join US-led multi-national space initiative Operation Olympic Defender, Defence Minister Judith Collins announced today. Operation Olympic Defender is designed to coordinate the space capabilities of member nations, enhance the resilience of space-based systems, deter hostile actions in space and reduce the spread of ...4 days ago
- Government commits to ‘stamping out’ foot and mouth disease
Biosecurity Minister Andrew Hoggard says that a new economic impact analysis report reinforces this government’s commitment to ‘stamp out’ any New Zealand foot and mouth disease incursion. “The new analysis, produced by the New Zealand Institute of Economic Research, shows an incursion of the disease in New Zealand would have ...4 days ago
- Improving access to finance for Kiwis
5 September 2024 The Government is progressing further reforms to financial services to make it easier for Kiwis to access finance when they need it, Commerce and Consumer Affairs Minister Andrew Bayly says. “Financial services are foundational for economic success and are woven throughout our lives. Without access to finance our ...4 days ago
- Prime Minister pays tribute to Kiingi Tuheitia
As Kiingi Tuheitia Pootatau Te Wherowhero VII is laid to rest today, Prime Minister Christopher Luxon has paid tribute to a leader whose commitment to Kotahitanga will have a lasting impact on our country. “Kiingi Tuheitia was a humble leader who served his people with wisdom, mana and an unwavering ...4 days ago
- Resource Management reform to make forestry rules clearer
Forestry Minister Todd McClay today announced proposals to reform the resource management system that will provide greater certainty for the forestry sector and help them meet environmental obligations. “The Government has committed to restoring confidence and certainty across the sector by removing unworkable regulatory burden created by the previous ...4 days ago
- More choice and competition in building products
A major shake-up of building products which will make it easier and more affordable to build is on the way, Building and Construction Minister Chris Penk says. “Today we have introduced legislation that will improve access to a wider variety of quality building products from overseas, giving Kiwis more choice and ...4 days ago
- Joint Statement between the Republic of Korea and New Zealand 4 September 2024, Seoul
On the occasion of the official visit by the Right Honourable Prime Minister Christopher Luxon of New Zealand to the Republic of Korea from 4 to 5 September 2024, a summit meeting was held between His Excellency President Yoon Suk Yeol of the Republic of Korea (hereinafter referred to as ...5 days ago
- Comprehensive Strategic Partnership the goal for New Zealand and Korea
Prime Minister Christopher Luxon held a bilateral meeting today with the President of the Republic of Korea, Yoon Suk Yeol. “Korea and New Zealand are likeminded democracies and natural partners in the Indo Pacific. As such, we have decided to advance discussions on elevating the bilateral relationship to a Comprehensive ...5 days ago
- International tourism continuing to bounce back
Results released today from the International Visitor Survey (IVS) confirm international tourism is continuing to bounce back, Tourism and Hospitality Minister Matt Doocey says. The IVS results show that in the June quarter, international tourism contributed $2.6 billion to New Zealand’s economy, an increase of 17 per cent on last ...5 days ago
- Government confirms RMA reforms to drive primary sector efficiency
The Government is moving to review and update national level policy directives that impact the primary sector, as part of its work to get Wellington out of farming. “The primary sector has been weighed down by unworkable and costly regulation for too long,” Agriculture Minister Todd McClay says. “That is ...5 days ago
- Weak grocery competition underscores importance of cutting red tape
The first annual grocery report underscores the need for reforms to cut red tape and promote competition, Commerce and Consumer Affairs Minister Andrew Bayly says. “The report paints a concerning picture of the $25 billion grocery sector and reinforces the need for stronger regulatory action, coupled with an ambitious, economy-wide ...5 days ago
- Government moves to lessen burden of reliever costs on ECE services
Associate Education Minister David Seymour says the Government has listened to the early childhood education sector’s calls to simplify paying ECE relief teachers. Today two simple changes that will reduce red tape for ECEs are being announced, in the run-up to larger changes that will come in time from the ...5 days ago
- Over 2,320 people engage with first sector regulatory review
Regulation Minister David Seymour says there has been a strong response to the Ministry for Regulation’s public consultation on the early childhood education regulatory review, affirming the need for action in reducing regulatory burden. “Over 2,320 submissions have been received from parents, teachers, centre owners, child advocacy groups, unions, research ...5 days ago
- Government backs women in horticulture
“The Government is empowering women in the horticulture industry by funding an initiative that will support networking and career progression,” Associate Minister of Agriculture, Nicola Grigg says. “Women currently make up around half of the horticulture workforce, but only 20 per cent of leadership roles which is why initiatives like this ...5 days ago
- Government to pause freshwater farm plan rollout
The Government will pause the rollout of freshwater farm plans until system improvements are finalised, Agriculture Minister Todd McClay, Environment Minister Penny Simmonds and Associate Environment Minister Andrew Hoggard announced today. “Improving the freshwater farm plan system to make it more cost-effective and practical for farmers is a priority for this ...6 days ago
- Milestone reached for fixing the Holidays Act 2003
Minister for Workplace Relations and Safety Brooke van Velden says yesterday Cabinet reached another milestone on fixing the Holidays Act with approval of the consultation exposure draft of the Bill ready for release next week to participants. “This Government will improve the Holidays Act with the help of businesses, workers, and ...6 days ago
- New priorities to protect future of conservation
Toitū te marae a Tāne Mahuta me Hineahuone, toitū te marae a Tangaroa me Hinemoana, toitū te taiao, toitū te tangata. The Government has introduced clear priorities to modernise Te Papa Atawhai - The Department of Conservation’s protection of our natural taonga. “Te Papa Atawhai manages nearly a third of our ...6 days ago
- Faster 110km/h speed limit to accelerate Kāpiti
A new 110km/h speed limit for the Kāpiti Expressway Road of National Significance (RoNS) has been approved to reduce travel times for Kiwis travelling in and out of Wellington, Transport Minister Simeon Brown says. “Boosting economic growth and productivity is a key part of the Government’s plan to rebuild the economy. ...6 days ago
- IVL increase to ensure visitors contribute more to New Zealand
The International Visitor Conservation and Tourism Levy (IVL) will be raised to $100 to ensure visitors contribute to public services and high-quality experiences while visiting New Zealand, Minister for Tourism and Hospitality Matt Doocey and Minister of Conservation Tama Potaka say. “The Government is serious about enabling the tourism sector ...6 days ago
- Delivering priority connections for the West Coast
A record $255 million for transport investment on the West Coast through the 2024-27 National Land Transport Programme (NLTP) will strengthen the region’s road and rail links to keep people connected and support the region’s economy, Transport Minister Simeon Brown says. “The Government is committed to making sure that every ...7 days ago
- Road and rail reliability a focus for Wellington
A record $3.3 billion of transport investment in Greater Wellington through the 2024-27 National Land Transport Programme (NLTP) will increase productivity and reduce travel times, Transport Minister Simeon Brown says. “Delivering infrastructure to increase productivity and economic growth is a priority for our Government. We're focused on delivering transport projects ...7 days ago
- Record investment to boost economic and housing growth in the Waikato
A record $1.9 billion for transport investment in the Waikato through the 2024-27 National Land Transport Programme (NLTP) will create a more efficient, safe, and resilient roading network that supports economic growth and productivity, Transport Minister Simeon Brown says. “With almost a third of the country’s freight travelling into, out ...7 days ago
- Building reliable and efficient roading for Taranaki
A record $808 million for transport investment in Taranaki through the 2024-27 National Land Transport Programme (NLTP) will support economic growth and productivity, Transport Minister Simeon Brown says. “Taranaki’s roads carry a high volume of freight from primary industries and it’s critical we maintain efficient connections across the region to ...7 days ago
- Supporting growth and resilience in Otago and Southland
A record $1.4 billion for transport investment in Otago and Southland through the 2024-27 National Land Transport Programme (NLTP) will create a more resilient and efficient network that supports economic growth and productivity, Transport Minister Simeon Brown says. “Transport is a critical enabler for economic growth and productivity in Otago ...7 days ago
- Delivering connected and resilient roading for Northland
A record $991 million for transport investment in Northland through the 2024-27 National Land Transport Programme (NLTP) will strengthen the region’s connections and support economic growth and productivity, Transport Minister Simeon Brown says. “We are committed to making sure that every transport dollar is spent wisely on the projects and ...7 days ago
- Top of the South to benefit from reliable transport infrastructure
A record $479 million for transport investment across the top of the South Island through the 2024-27 National Land Transport Programme (NLTP) will build a stronger road network that supports primary industries and grows the economy, Transport Minister Simeon Brown says. “We’re committed to making sure that every dollar is ...7 days ago
- Government delivering reliable roads for Manawatū-Whanganui
A record $1.6 billion for transport investment in Manawatū-Whanganui through the 2024-27 National Land Transport Programme (NLTP) will strengthen the region’s importance as a strategic freight hub that boosts economic growth, Transport Minister Simeon Brown says. “Delivering infrastructure to increase productivity and economic growth is a priority for our Government. ...7 days ago
- Restoring connections in Hawke’s Bay
A record $657 million for transport investment in the Hawke’s Bay through the 2024-27 National Land Transport Programme (NLTP) will support recovery from cyclone damage and build greater resilience into the network to support economic growth and productivity, Transport Minister Simeon Brown says. “We are committed to making sure that ...7 days ago
- Transport resilience a priority for Gisborne
A record $255 million for transport investment in Gisborne through the 2024-27 National Land Transport Programme (NLTP) will support economic growth and restore the cyclone-damaged network, Transport Minister Simeon Brown says. “With $255 million of investment over the next three years, we are committed to making sure that every transport ...7 days ago
- Prioritising growth and reduced travel times in Canterbury
A record $1.8 billion for transport investment Canterbury through the 2024-27 National Land Transport Programme (NLTP) will boost economic growth and productivity and reduce travel times, Transport Minister Simeon Brown says. “Christchurch is the economic powerhouse of the South Island, and transport is a critical enabler for economic growth and ...7 days ago
- Supporting growth and freight in the Bay of Plenty
A record $1.9 billion for transport investment in the Bay of Plenty through the 2024-27 National Land Transport Programme (NLTP) will boost economic growth and unlock land for thousands of houses, Transport Minister Simeon Brown says. “Transport is a critical enabler for economic growth and productivity in the Bay of ...7 days ago
- Getting transport back on track in Auckland
A record $8.4 billion for transport investment in Auckland through the 2024-27 National Land Transport Programme (NLTP) will deliver the infrastructure our rapidly growing region needs to support economic growth and reduce travel times, Transport Minister Simeon Brown says. “Aucklanders rejected the previous government’s transport policies which resulted in non-delivery, phantoms projects, ...7 days ago
- Record investment to get transport back on track
A record $32.9 billion investment in New Zealand’s transport network through the 2024-27 National Land Transport Programme (NLTP) will create a more reliable and efficient transport network that boosts economic growth and productivity, Transport Minister Simeon Brown says. “New Zealanders rejected the previous government’s transport policies which resulted in non-delivery, ...7 days ago
- Consultation is open on gambling harm strategy
Minister for Mental Health Matt Doocey has welcomed the start of Gambling Harm Awareness Week by encouraging New Zealanders to have their say on the next three-year strategy to prevent and minimise gambling harm. “While many New Zealanders enjoy gambling as a pastime without issue, the statistics are clear that ...7 days ago
- Harris’ lead dips in national US polls and it’s very close in the key states
Source: The Conversation (Au and NZ) – By Adrian Beaumont, Election Analyst (Psephologist) at The Conversation; and Honorary Associate, School of Mathematics and Statistics, The University of Melbourne The United States presidential election will be held on November 5. In analyst Nate Silver’s aggregate of national polls, Democrat Kamala Harris ...23 mins ago - Rewriting history: how the Treaty ‘principles’ evolved and why they don’t stand up to scrutiny
Source: The Conversation (Au and NZ) – By Jane Kelsey, Emeritus Professor of Law, University of Auckland, Waipapa Taumata Rau Getty Images ACT Party leader David Seymour has said the goal of his Treaty Principles Bill is to stimulate an overdue conversation on te Tiriti o Waitangi/Treaty of Waitangi. ...23 mins ago
- Surge in non-disclosure agreements at Health NZ sparks Labour complaint
Nearly 70 staff at Te Whatu Ora have signed non-disclosure agreements since the end of November. ...28 mins ago - ‘Numerous questions’, but Fiji govt sticks with new anti-corruption chief
By Caleb Fotheringham, RNZ Pacific journalist The Fiji government is backing the appointment of the country’s new anti-corruption chief who was under investigation by the office she now heads, which has left Fijians asking questions. Barbara Malimali — who was also the Electoral Commission chairperson — was revealed as the ...53 mins ago
- Pope Francis calls for end to tribal ‘spiral of violence’ in PNG visit
Inside PNG reports that Papua New Guinea is blessed with an abundance of natural resources, a proclamation even Pope Francis acknowledges. But Papua New Guinea is also challenged with socio-economic developments that do not reach the rural majority despite the presence of numerous extractive industries. The Pontiff in his remarks ...53 mins ago
- Anne Salmond: A Cabinet of principles?
The effrontery of David Seymour’s riposte to Church leaders over his Treaty Principles Bill is breathtaking. He accuses them of being undemocratic. When the Act Party took the idea of a referendum on Te Tiriti to a general election in 2023, it won just 8.6 percent of the vote. The other ...1 hour ago - Public feedback sought on new tolls for lower North Island
Consultation on the proposed tolling schemes for the Manawatū Tararua Highway and the Ōtaki to north of Levin highway is now open. ...1 hour ago
- A new festival celebrates the art of the picture book
Picture Me is a brand new book festival happening in Wellington and Christchurch between 11–28 September. Here’s the inside scoop on the international headliners and what they’ll be doing while in Aotearoa. A good picture book has a timeless quality: a story you don’t mind reading over, and over and ...1 hour ago - Minister tried to hide NZDF criticism of boot camp comments
The criticism was revealed to RNZ in an official information act response, but new documents show Judith Collins asked for them to be redacted. ...2 hours ago
- LIVE@12:45pm – The Politics of Desperation – Trump, Netanyahu, Maduro, Ortega
The LIVE Recording of A View from Afar podcast will begin today at 12:45pm September 9, 2024 (NZST) which is Sunday evening, 8:45pm (USEDT). Building upon recent episodes of A View from Afar, Political Scientist Paul G Buchanan and journalist Selwyn Manning will discuss The Politics of Desperation. ...2 hours ago
- David Seymour hits out at church leaders over Treaty Principles Bill
The ACT leader says churches are abandoning their core beliefs, after 400 Christian leaders condemned his controversial Treaty Principles Bill. ...3 hours ago
- Some home truths about gene technologies
In response to criticism of proposed changes to our GM settings, scientist Revel Drummond says we should discuss the issue of regulatory change from a position of educated debate, not fear-mongering. New technologies often get pushback from sectors of society. In the 19th century people feared the unknown effects on ...3 hours ago
- Dane and Stacey on making travel a business, owning half a dog, and finding balance
Earning money while you travel sounds like a dream to many of us – so how hard is it to make the dream a reality? Travel content creators Dane and Stacey joined Kiwibank’s This is Kiwi podcast to talk about documenting their adventures online, and remembering to sometimes put the ...3 hours ago
- Councils’ credit ratings downgraded over debt, rising costs
A reduced rating will mean higher borrowing costs for two major city councils. ...3 hours ago
- Is America ready to elect a Black woman president?
Source: The Conversation (Au and NZ) – By Emma Shortis, Adjunct Senior Fellow, School of Global, Urban and Social Studies, RMIT University It’s the big question that has loomed over Kamala Harris’ presidential campaign from the start: is the United States ready for a Black woman president? I get ...4 hours ago
- Murdoch to Musk: how global media power has shifted from the moguls to the big tech bros
Source: The Conversation (Au and NZ) – By Matthew Ricketson, Professor of Communication, Deakin University Until recently, Elon Musk was just a wildly successful electric car tycoon and space pioneer. Sure, he was erratic and outspoken, but his global influence was contained and seemingly under control. But add the ...4 hours ago
- Africa desperately needs mpox vaccines. But donations from rich countries won’t fix this or the ne...
Source: The Conversation (Au and NZ) – By Joel Lexchin, Professor Emeritus of Health Policy and Management, York University, Canada Africa says it needs an estimated ten million doses of mpox vaccine to control this public health emergency. The situation is particularly concerning in the Democratic Republic of the Congo, ...4 hours ago
- Plot twist: how giving old graveyards new life as parks can improve our cities
Source: The Conversation (Au and NZ) – By Rob Stokes, Industry Professor, Environment and Sustainability, Macquarie University Camperdown Cemetery in Newtown, Sydney Rose Marinelli/Shutterstock Old graveyards are a forgotten land asset that can find new life as urban parks in crowded cities. As the density of our cities increases, efficient ...4 hours ago
- 91% of Australian teens have a phone – but many are not keeping their identity and location secure
Source: The Conversation (Au and NZ) – By Yeslam Al-Saggaf, Professor in Computing, Charles Sturt University Halfpoint/ Shutterstock , CC BY Most Australian teenagers have their own smartphone. According to a 2023 survey, 91% of young people between 14 and 17 owned a phone. At the same time, ...4 hours ago
- Pay-by-weight airfares are an ethical minefield. We asked travellers what they actually think
Source: The Conversation (Au and NZ) – By Denis Tolkach, Senior Lecturer, James Cook University Jaromir Chalabala/Shutterstock Imagine checking in for a flight with your two teenage children. At the counter, you are told that your youngest teenager’s suitcase is two kilograms over the limit. You get slapped with ...4 hours ago
- Popes were once confined to Rome. Now they travel the world – and Francis’ current journey is pa...
Source: The Conversation (Au and NZ) – By Darius von Guttner Sporzynski, Historian, Australian Catholic University Pope Francis is continuing the tradition of papal journeys, having embarked on the longest trip of his papacy yet to Asia and the Pacific. In recent decades, apostolic journeys have emerged as a powerful ...4 hours ago
- Inside the cold war between Live Nation and the Powerstation
Auckland’s best live music venue is feuding with the world’s biggest promoter. Only one side is willing to speak about what happened that fateful night in April. The artist is dressed in black, with a DJ and live drummer, and the crowd bobbing in unison to sinewy R&B. Footage from ...4 hours ago
- How well are NZ companies reporting their climate impacts? Our new tracker shows very mixed results
Source: The Conversation (Au and NZ) – By Sara Walton, Professor of Sustainable Business, University of Otago Interpreting corporate reports on carbon emissions can be challenging. The current, adhoc approach to how businesses share this information makes it difficult to see whether they have set the right targets, have realistic ...5 hours ago
- Air New Zealand braces for turbulence
In today’s extract from The Bulletin, Stewart Sowman-Lund looks at the compounding pressures facing the national carrier. To receive The Bulletin in your inbox every weekday morning, sign up here. Diving profits A couple of months ago, we talked about the controversy over surging flight prices in New Zealand, with ...6 hours ago
- Labour, Greens praise church leaders for opposition to Treaty Principles Bill
Labour and the Greens are welcoming the move, but David Seymour says it's not for the church to decide. ...6 hours ago
- 80 percent chance of another Cyclone Gabrielle in next 50 years, Treasury says
There is an 80 percent chance of another Cyclone Gabrielle-scale weather disaster in the next 50 years, at a cost of up to $14.5 billion, Treasury officials warn. ...6 hours ago
- Big feeds set aside as Manukura power to national rugby title
The Manukura dynasty rolls on. The Feilding-based powerhouse have successfully defended the Hine Pounamu National First XV championship with a resounding 39-24 victory over first-time finalists Howick College.Howick enjoyed a slender 19-17 advantage at the interval, but the whirlpool wind at Arena Manawatū turned against the spirited east Aucklanders as Manukura ...7 hours ago
- Kiwi women claim all but two of our medals in Paris
Kiwi women continued to dominate in Paris, with seven of the nine medals Aotearoa won at the Paralympic Games claimed by female athletes – including the sole gold. New Zealanders have now won 244 medals over a 56-year history.As the competitions finished overnight, and the team returns home, there are ...7 hours ago
- Controversial Treaty Principles Bill to be considered by Cabinet on Monday
The move comes after months of criticism of the Bill, which seeks to redefine the principles of the Treaty of Waitangi. ...7 hours ago
- Health surges in rankings of New Zealanders’ concerns – Ipsos survey
The issue has climbed to number two in New Zealand - heights not seen since the Covid lockdowns - with inflation continuing to hold the top spot despite a slow decline. ...8 hours ago
- Treaty Principles Bill: 440 Christian leaders sign open letter asking MPs to vote no
Religious organisation says the Treaty of Waitangi is a covenant, and "we believe God takes covenants seriously". ...8 hours ago
- Billionaire Mainfreight co-founder Bruce Plested backs wealth tax – with a catch
Mainfreight co-founder Bruce Plested is up for paying more tax, but says wealthy people "resent" the idea because they fear governments will "squander" it. ...8 hours ago
- Windbag: Should Wellington City Council refuse to hold a Māori ward referendum?
A new law requires councils to hold referendums – at their own expense – if they want to keep their Māori wards. But what if they just… didn’t? Wellington City Council last week joined dozens of councils around the country in a rebuke of the coalition government by voting to ...8 hours ago
- All 85 of The Spinoff’s rankings, ranked from worst to best
The rankers become the ranked: Hera Lindsay Bird tackles the most meta ranking of them all. Agree with Hera’s ranking of our rankings? Strongly disagree? Let us know and go in the draw to win a hamper of goods ranked by The Spinoff. There’s nothing like a savagely judgemental list, ...8 hours ago
- Can we do democracy more … democratically?
In the ongoing debate over the proposed Fast-track Approvals Bill (also called the “one-stop shop consenting and permitting scheme”), participants on both sides have wielded arguments about democracy, but what exactly do they mean?Ministers of the Government, who in the original draft of the bill were authorised to both send ...8 hours ago
- Debate week: The great slanging match that’s the US election
With less than two months, or eight weeks, remaining until the 2024 US presidential election, Vice President Kamala Harris has overtaken rival and former president Donald Trump in several key polls.But only by what looks like less than the margin of error.Harris, who officially took over the Democratic ticket last ...8 hours ago
- The dangers of forced resilience
Opinion: It is pointless and even dangerous to expect individual resilience in the face of social fragility The post The dangers of forced resilience appeared first on Newsroom. ...8 hours ago
- Apology demanded over council ‘fishing expedition’
A South Canterbury businessman, whose company was formally warned after an investigation into ECan’s chair Peter Scott, speaks out The post Apology demanded over council ‘fishing expedition’ appeared first on Newsroom. ...8 hours ago
- ‘Compelling reasons’ for China to keep extradition promises – officials
Officials told the Government of ‘positive and constructive engagement’ with China on extraditing a murder suspect The post ‘Compelling reasons’ for China to keep extradition promises – officials appeared first on Newsroom. ...8 hours ago
- Far gone in the Far North
I moved to Kerikeri in the Far North in 2019 after the death of my disabled daughter. The reality of life up here is a sea of poverty stretched out across a land in which tiny islands of wealth and privilege thrive.Living in the Far North, you see up close ...8 hours ago
The quality of management is great for those for whom they are actually ‘managing’ the economy:
https://fortune.com/2022/09/26/short-the-pound-uk-government-liz-truss-kwarteng-budget-hedge-funds-george-soros/
A truism that most "managers" rarely have real competency. And makes you wonder how they ever got to become one. Oh.. of course! They generate astounding amounts of self promoting/serving BS. Seems to work for them world wide.
Conservatives excel at not giving a rats arse and the UK media may as well be writing scripts for coronation street.
Truss courted the markets who were in on the moves and profited from it. The brexit shit show rolls on.
We are in a slightly worse position now then the UK,with an overvalued currency,high current account deficit,and a budget with a substantive deficit,which will not decrease due to increased borrowing at higher rates.
There is also substantive depreciation in the government books,with investments such as NZsuper and ACC taking hits,and housing depreciation affecting Housing corp with its increasing debt burden.( nearing 8 billion).
There are good arguments now for the reversal of the fuel tax cut on petroleum now,due to sustained price destruction ( keeping the RU due to global diesel shortages) and keeping the PT subsidy.
The superfund contribution is merely a tax refund,returning what they paid.
I don't understand your comment on NZSuper. Can you expand?
The NZ super contribution is around the tax received ie Tax paid last 10 yrs 7.57b,crown contribution 7.5b (last 12 months 2.4b tax 2.1b)
NZ super would still pay tax and should have an investment return ( market meltdowns aside) even if contributions ceased.
The transfer of around 1/2 the fund into low carbon investments is poorly thought out,as investment should be into value now growth at present.
Providing tax cuts and borrowing seems a crazy solution given that the UK is facing huge inflation, and these measures will be like pouring fuel on the fire.
But, from what I can see, there are no easy solutions. It looks to me that the UK will be facing massive stagflation, which is a very difficult problem to deal with.
https://www.thetimes.co.uk/money-mentor/article/stagflation/
It is easy to criticise. But what would be a solution to deal with this problem? It seems to me that any measure to solve the problem through any form of stimulus is going to end up in the same situation, be it from the right or the left. Any solution that actually deals to the problem is going to be incredibly painful, and likely not politically survivable. So, no easy choices, and the leadership change was a bit of a poisoned chalice.
As someone tweeted:
https://twitter.com/Rob_Merrick/status/1575144324769120261
LOL
"It looks to me that the UK will be facing massive stagflation, which is a very difficult problem to deal with."
During the UK's big financial crisis in the mid-70s The Economist was briefly bandying around the word "slumpflation", which sounds even worse, and could well be what's about to happen there now.
Its all about perception, how could that nice man John who used to work at a big bank and the new man Christopher who used to run an airline not be good economic managers……….they have to be…….right…….
If I have one criticism of this Labour govt it is how it keeps its safe and steady economic management the best secret in the country.
Marvelous.
Monbiot has a good thread up today
https://twitter.com/GeorgeMonbiot/status/1575007319343386624?s=20&t=rJ0w0-rWgWlXZe2dvPrxDA
https://twitter.com/GeorgeMonbiot/status/1575008175631507456?s=20&t=rJ0w0-rWgWlXZe2dvPrxDA
I get that you don't like right wing policies. But, looking past all that, what is a better solution to the problem (I mean "better" not ''different'')?
Given that UK government debt is around 100% of GDP, and that inflation could push 17% in the near future, and that it appears the economy is already in a technical recession:
https://home.kpmg/uk/en/home/media/press-releases/2022/09/uk-economy-marred-by-uncertainty-while-high-inflation.html
This mix is something that any finance minister would probably have a meltdown over I think.
So, what is the way forward in this situation?
An acceptance that growth is ending and an adaption to an economy of decline is required….politically an oxymoron because the voters will not accept reality so the brown stuff will be spread by the whirly thing….popcorn optional.
I hope are not asking..'inane' questions!
Tax cuts for the rich and tanking the pound are what not to…do.
Don't tell me what not to do. Anyone can do that. What do you propose can be done that is better (not just different) to what they are doing now?
I am more concerned with 'inane ' questions.
You accused me of making an inane question which btw was not even asked of you..this is it…'how does it play ..out'?
As above you said…'
'So, what is the way forward in this situation?'
Now apply your vaunted deductive reasoning and tell me the distinctions..if you can.Thx in advance.
It is not an "inane" question because it emerges from research and identification of the problems.
If I was able to provide an answer that saves the British economy I would probably earn a knighthood and be recognised as an international financial celebrity.
But launch into it yourself if you want to. Perhaps you might come up with the magic answer.
So make your case for the difference in stating my question was…'inane'..the same criteria apply.
Step 1: turf out the pricks that caused Brexit and Austerity and the present collapse of the economy
Step 2: restore worker protections, re-balance the tax system, regulate housing and landlords and banking
Step 3: extirpate all legislation that grants the City of London and other private corporations sovereignty in British territory. Prosecute money launderers, fraudsters and corrupt politicians
Step 4: Nationalise banks and utilities that are presently bleeding the UK dry. Ration power and gas if needed.
Step 5: Restore proper funding to essential public services: the NHS. welfare. education. police. It is a shameful thing for Britain to have poverty worse than in Dickens time.
Step 6: Try and normalise relations & trade with the EU. At the same time, stop the crazy immigration policies that are importing 1 million per year. This was the cause of Brexit and is an ongoing failure of the entire political class.
Step 7: Rebuild infrastructure, restore environmental protections, reset the economy according to the ideas of Steve Keen and Kate Raworth. Invest in human flourishing rather than infinite GDP and endless corporate pillage.
Step 8: Declare foreign policy independence from the EU and America, and denounce Russia. Try and rebuild friendly relations with other democracies. Emancipate Julian Assange (and any other political prisoners)
The problem with the steps you are proposing there is that it doesn't answer how the economic problems of high debt (around 100% of GDP), high inflation (possibly up to 17%), and a stagnant to shrinking economy will be solved.
Whatever the structure that is set up, it needs to be either include a dose of austerity, (think of the pressure Germany put on Greece after the GFC) The idea being that the economy is stabilised by increasing income through raising taxes, and cutting government spending, with the aim of balancing the books and reducing debt.
The problem is that economies can end up in a death spiral as growth shrinks and and tax revenue falls.
Or, a stimulatory policy can be enacted. This means growing the economy by leaving more money in the economy, borrowing where necessary, and inflating debt away via inflation. This appears to be the strategy the UK is using.
The method this is done (tax cuts, borrow and spend, or a combination) can be debated, but it all ends up in a similar outcome.
The problem in the UK scenario is that inflation is already high, and this sort of policy will make inflation a lot worse. Thus, UK citizens will be enduring the squeeze of rapidly rising prices for quite awhile.
But they might be able to deal with the growth side of stagflation, even though inflation will likely run amok. Also, a lot of debt will be inflated away as a lot of UK debt is in GBP. However, the corresponding fall of the exchange rate will mean that imports will become much more expensive. This will, to a degree, help British exporters. But their imported input costs will be much higher.
The reason for asking the question is because I don't think there are good answers. That is, as in a silver bullet that solves all problems without making other problems worse. But I am open hearing contrary points of view on that.
Your suggestion of spending on infrastructure could be good if debt wasn't so high. But at 100% of GDP, there isn't a lot of headroom for further borrowing.
I profoundly disagree. The City of London and many other crime organisations hold incredible wealth that needs to be unlocked and shared with the rest of society. Actually implementing such a radical shift will require revolutionary fervour. But Truss seems intent on giving the working class no choice but violence and chaos in order to survive.
It’s just naked class warfare. In the case of Britain an agenda that the country absolutely didn’t vote for. Two years of it- remember that when any politician raises a 4 year term.
Here the journalists need to call it what it is, on top of the housing market. It’s pay back for those who struggled through the pandemic only making millions of dollars on their increased property values, (but under a red government so it was stressy socialist millions) , need more money!
. It’s funneling money to the rich.
Gordon Campbell on tax cuts
Further to my post above, I can actually see some logic in what the Brits are trying to do. Bearing in mind there is no perfect solution, and any attempt to solve the problem comes with huge downsides.
Firstly, an advantage with tax cuts is that this measure will hopefully make the UK seem a lot more attractive for foreign investment. The more foreign investment, the more quickly that growth will be restored. So, I assume that is an outcome Truss et al will be hoping for. Whether that materializes is another matter.
Secondly, I understand that most of the UK government debt is in British pounds from what I heard on a report the other day. Someone may be able to clarify that, because I haven't found a link that specifies the amount of debt according to currency. But, assuming that is the case, then inflation will actually inflate away a lot of government debt. So, to one extent, inflation will be positive for the UK in terms of debt reduction if a lot of debt is in GBP.
Finally, looking at it from a traders play, the move would be to pick the bottom (if they can do that LOL) and, at that point borrow large in USD. Then, as the GBP recovers, the USD debt will also be reduced due to the exchange rate improving. But, it is a risky play, because if the GBP continues to decline….
When demand has been eviscerated by lowering real incomes for the bottom 80%, investment in anything productive (goods, services) is pointless because it does not produce the desired return on capital. There is a crisis of over-production. So all that windfall cash going to the wealthy from tax cuts will go into speculation causing asset price inflation (mostly in property).
The only tax cut that might lead to growth is a re-balancing so that poorer people pay less and richer people pay more. But as you imply, under current conditions, that may also be inflationary in the short-term if it produces a sugar rush of consumption – allowing those with pricing power in the market to hike prices for no other reason than the fact that they can (and that they like money excessively).
Yes – Varoufakis was saying this morning (somewhere, can't remember exactly) that it is only this fact that means the UK is not Greece. The Bank of England is in effect 'printing' pounds now to buy government bonds in order to keep the price up. This is to prevent pension funds which have borrowed to buy government bonds – but now see them falling in value – from rushing to sell these bonds in order to minimise their exposure to risk. Because that panicked selling will cause them to drop further, so that those pension funds may not be able service debts and become insolvent. So yes – they can maybe create as many new pounds as they want, but it seems like uncharted territory if they do.
Ironically, it seems that the terrorist sympathiser, anti-Semite and enemy of the British way of life – Jeremy Corbyn – would never have been so reckless. Maybe he understood who gets hurt most when this absurd financialised house of cards starts to wobble.
And yet it still leaves their top rate of tax at 40%. And they continue to have a CGT and an inheritance tax.
Their home ownership rate is 65.2%, ours is 64.6%.
Bring Back BoJo!
Truss proves the wisdom of the saying that you have to be careful what you wish for.
I cannot truss Luxon and his cronies to manage the economy any batter than Truss and hers and he’ll stick to his
gunsmantra of tax cuts for the better-offs giving us glib platitudes about inflation and all that blahblah.I think a whole new economic model is going to emerge after the pandemic and the war are over.
Peter Zeihan gives excellent analysis of the rationale for this. Amongst other things, current economic models are based on an assumption of unending growth. However, declining demographics around the world are going to upend that assumption.
Well worth a watch.
I know you're a bit of a frantic vlogspotter,but think about what you really mean when you cite 'declining demographics'….don't be vague,be specific or people will start to wonder about your self professed academic..credentials.
Think "baby boomers". It is an issue that countries have been aware of for decades.
To understand that, have a look at demographic pyramids. For instance, Germany is in really bad trouble in that respect as is most of the rest of Europe. Russia is in even worse shape, not helped by killing off large numbers of the most critical age group in a stupid war. And China, with its decades of the one-child policy is terrible.
The point is, many of these populations are in decline. According to projections, China is due to halve its current population by 2100. And according to Peter Zeihan, errors discovered in a recent census suggest the decline could be much faster so that China halves its population by 2050.
Hence why growth driven models are going to be unsustainable going forward.
Yes as a vlogspotter extraordinaire you can be relied on to come up with what Peter Zeihan and a host of other commentators think…how about you trying to formulate your own…opinion….it's not too hard ..is it?
I was pointing this out a few years back. That the economy had a great time with the baby boomers having paid off their mortgages ages ago, kids had left home and most often both working had so much surplus money to spend that if you couldn't run a business in the previous twenty years and take advantage of that you likely weren't a very good businessperson.
But as they retired and retirement villages and rest homes took their money their spending would reduce. This all by itself would cause a recession.
It is why putting our eggs in low paid crap like tourism was never going to work. Miles insufficient to offset the loss of baby boomer spending.
The increasing death rate of the baby boomers coming likely means funeral parlors will be a good investment though you are likely too late. I know one US investment firm was going around the OECD countries over 10 years ago buying them all up where they could.
The facts is is that the baby boomers are spending less, much of their wealth is going to retirement villages and this will continue to accelerate. This at the same time as their burden on the state will also rapidly increase, particularly in health and welfare.
The thing is, is that we all know this and it is pretty immutable as you cannot control the current age of the population.
On the other side we need to be looking after our young people and reducing poverty because that is our future workforce many of whom will be needed to look after these baby boomers and to keep the economy running.
Any tax cuts now are only creating a downstream problem. We should likely be encouraging young people to have children now and make sure they are well supported.
Agree with what you say.
But is so called 'inter generational theft'…real?
Seems to be.Why would any young person hang around NZ given their prospects of owning their own home are not good at all.
A giant retirement home ,a hollowed out middle class..and state beneficiaries…the future looks ..bleak.
Benefit numbers were declining pre-COVID and are declining again now. Any growth areas I suspect are at the older unwell end. I tried to find out but the MSD site doesn't break the numbers down to enough detail.
That's why Luxon is a moron – dog whistling about young people when the problem is his generation. Sanction the fuck out of them – lazy early retiring bastards.
“how about you trying to formulate your own…opinion…”
Have you ever studied at university? If you have, you should realise that personal, uninformed opinion has the value of used toilet paper. Perhaps if you started from that perspective the quality of your posts might improve.
A tad surprised at your reluctance to offer your own opinion.
I took it as being an informed one for…granted.Que sera.
Because my own opinion isn't worth anything, especially if it doesn't relate to an area I have any specific training in. So it is just wasting people's eyeballs offering it.
However, a position supported by evidence and the reasoning of people who know what they are talking about is worth a lot more.
Interesting attitude.So you see your role on an inter active forum like this as a conduit to various vlogs you…stumble across.Very good.
Cheers. Zeihan is always worth a watch. Some people are missing out…
How long till Rupert gives Sir Keir the nod of approval – thus permitting the end of Tory rule for a limited period of time?
Next election probably, Sir Rodneys purged those pesky types and their 'for the many not the few' so very electable to the powers that be now.
There's no difference between the Truss plan and the Luxon plan – both will prove disastrous for their countries!
https://twitter.com/g_reweti/status/1574913903141654530
I don't think Luxon thinks we're all stupid it just illustrates how welded to disproven neoliberal dogma they are with media playing their part by not asking him how he pays for it.
But hey he's run an airline and paul goldsmith's probably re-visited his high school maths so should be fine.
It's the only tool in the toolbox – what can you do when it's gone? Other than just lie down in the "foul rag and bone shop of the heart".
It's the only tool in 'their' toolbox..
Fify
Quite right – thanks for the correction.
Starmer's Labour has been pushed to the Left by Miliband and friends, as the Tories crumble.
Roll on the next UK election.
https://www.theguardian.com/commentisfree/2022/sep/28/keir-starmer-no-10-liz-truss-labour
The policy writes itself, we'll finance our green economy programme by reversing these tax cuts.
I'm not buying any of that, this is all orchestrated IMO as Starmers made labour more palatable to the establishment now.
So he's gone and got some bold policies, predictable with the al jazerra doco out there for all to see what UK labour is really about. I've a brochure for Fiji doesn't mean I'm going.
I agree tc. Starmer's behaviour in relation to Corbyn is reprehensible and disgusts me. Singing the National Anthem at the start of the Labour conference must have been endorsed by Starmer and is, frankly, embarrassing.
But at least people like Miliband have forced some decent policies into the mix.
Lets hope the introduction of a PR electoral system makes it into that list of policies (it has been supported by the conference but Starmer the dinosaur has ruled it out) then the UK would no longer be ruled by the elite privileged empire-loving toss-pots currently in charge but instead by a government more representative of the population including the Greens.
Truss in first media response,says business as usual,tax cuts will see growth in future.
Markets react with growth in gilt yields coming up 10-15 bp across spreads meaning growth in higher interest rates will hold,and market commentators suggesting a growth in the BOE hike from .50 to .75.
The pound also depreciated 1.1% (around .1% per paragraph) confirming growth in inflation.There will also be growth in the current account deficit.
https://twitter.com/BloombergUK/status/1575385645354303493?cxt=HHwWioC–bm58twrAAAA
Many of those same bankers will be at the Conservative Party conference this weekend. Smiling into their bonuses and tax cuts. Up or down that's London's biggest industry.
Call me bonkers but the Pound crashing is surely going to drive more and more local substitution for imported energy. UK only brings in about 11% of its oil and petroleum.
At some point Brexit and internal resilience are going to intersect.
They need to import gas for electricity generation,(and they also import and export electricity) there is little onshore storage for gas (since contracting out).
Oil and petroleum substitution has already seen demand destruction,and new generation in the UK (for baseline) is to be very expensive,although storage batteries etc have some new developments with lowering price points.
The city with its ability to raise capital has been a strong point,but when the City is essentially saying the tax cuts (funded by debt) are wrong by any macro analysis,(and the fact their tax cut wont cover their mortgage increase) that they are essentially unwinding positions (as hedges lose cover) there is now some capital flight.
NZ is to some extent in a similar position,with a large current account deficit,High government deficit,increasing interest rates ( limited buyer interest in the NZ bond tenders) wasteful spending for limited outcomes,a decreasing gdp etc.
Isn't petroleum demand destruction a good thing?
UK has both a North Sea to Norway HDPV cable and a UK to France HDPV cable. We are through 2022 closer to a functioning European electricity grid than we have been. For sure it will be a tough winter, but with strengthened policy gains as a result.
I do see the comparison to our housing situation. Essentially NZers have nothing else. Choking real estate and redirecting towards more productive sectors is surely what both countries want.
Why a housing crash scares Britain like nothing else – POLITICO
I find it hard to see capital flying to China or Russia, or even Frankfurt. Some expected the City of London to essentially decline after Brexit, but it didn't.
Some went to Franfurt for the Porsche float.Mostly it is being transferred into liquid assets that are US denominated ( see US$ appreciation).There are such huge movements in the bond markets few want to take risks with the huge hedge costs.
Demand destruction for petroleum is by both cost,and increased efficiency and replacement of ICE with EV.
https://afdc.energy.gov/data/10562
Europe imports of electricity are expensive ( last night Norwegian at 387e mw) and when wind fails as it does,the baseline with imported gas is needed,and cold weather coming fast.
https://twitter.com/JavierBlas/status/1575396531536105472?cxt=HHwWgMC8qY6z99wrAAAA
The UK and Europe energy subsidies are now around 5% of GDP all borrowed money.
"Tory MPs expressed disbelief"….. Read em and weep, tory.
" These blunders no doubt led to the size of the left’s victory and also to the left for the first time in living memory being considered to be better managers of the economy than the right.
WHAT LEFT ? It no longer exists. The nearest we got to " the left 'was the Alliance 1991-2002 and prior to that Kirk Rowling until 1983.
There is only neoliberal kindness or the Nasty Natz.
You do everyone a disservice by not being honest by talking like you actually believe the NZLP is socialist and represents real left polices and values. It doesn't and the political landscape has changed.
This current government is easily the most interventionist we've had since the 1981 election.
Also the most redistributive.
Also the most nationalising/recentralising.
Sure the 1950s aren't coming back, but who would want them?
They obviously could still be more interventionist, redistributive etc etc. if they were concerned their actions were insufficient.
" This current government is easily the most interventionist we've had since the 1981 election "
No intervention means something completely different if you are talking about 1981.
And if they were serious about " intervening " we would have seen a hell of a lot more progress and real results after five budgets and nearly 1800 days in office.
Generally most conservative MPs are financially successful in their personal lives which feeds the attractive but illogical assumption that they'll be good financial managers for the country. Couple that with NZ's appallingly ignorant default position on who should govern which is "it's time to give the other side a go" means we have beneficiaries voting for the likes of John Key even though John Key's policies make the lives of the poor even more hellish than they are already.
The reality is that conservative governments are "good with money", but only for a select few. Then a members of the select few enter politics, just like Chris Luxon, and the cycle continues.
Labour, and this government in particular, is atrocious at communicating this to the voting public.