Meet The Most Dangerous Chancellor ever Known – Mr George Osborne

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George Osborne is The Most Dangerous Chancellor Britain has Ever Known:

By Gracie Samuels @GracieSamuels


George Osborne is the most dangerous chancellor Britain has ever had. He tells us the economy is on the mend, but on the mend from what? On the mend from his austerity policy which he deliberately inflicted on the economy slamming it into reverse at a time when it was already gently recovering from the worse global financial crisis for over 80 years?

Osborne chose to take this country down a blind alley in 2010, telling people if we didn’t go where he wanted to lead us we would end up like “basket case Greece”!  The only basket cases here was George Osborne and David Cameron – liars too! Thanks to Gordon Brown and Alistair Darling, who managed to retain the country’s triple A credit status throughout the financial crisis, the UK was in an exceptionally strong position to borrow cheaply. The average maturity of the UK’s debt  was 14 years not 14 weeks, so Osborne’s cynical lies about the comparison of the UK to Greece were risible and politically motivated. The UK was never anywhere near Greece, it was like comparing olives to a stone!

Osborne knew what he was doing, and he cynically exploited peoples fears at that time for his own political aims. Trying to fool people into thinking that this country’s fiscal position was out of control by inferring that the previous Labour government had borrowed too much and overspent was not only deceitful, it was dangerous and purely political spin, untruths deliberately out out by Osborne’s mates in the right wing press. In fact the national debt was lower in 2008 before the crisis hit than when Labour took office and the economy over from the Tories in 1997 and when Osborne took over the economy in 2010, borrowing was actually falling.

He took a reckless gamble with our economy and despite what he says now about a  moving from ‘recession into recovery’, he lost that gamble and he is now furiously trying to cover his tracks. The US who took the baton from Gordon Brown and continued with Brown’s plan, has a strong recovery in place, although they know that they will face some tough decisions in the future they will be better placed to withstand the shock.

The UK is in a dire position, because Osborne took the wrongs decisions and despite this so-called “recovery” that this dangerous chancellor say is in place, the UK is in such a weak position that the slightest headwind will derail us! The only reason that exports and manufacturing has picked up slightly is that the Eurozone has settled a little and Europe (who also took the wrong road) is slightly recovered. It only needs another slight judder in the world and in Europe before we find ourselves back to square one and because of George Osborne’s dangerous meddling in the housing market and his foot on the pump helping to over inflate the credit bubble, the true number of unemployed, high inflation and because of Osborne losing us our triple A credit rating, the country is teetering on the brink of another financial recession.

It all comes down to supply and demand and the brutal truth is that demand for British goods worldwide and within Europe despite a tiny blip is nowhere near enough and even that is in danger in another slight downturn. Despite what China tells the rest of the world, they cannot sell to us if no one is buying and the only reason they say their economy continues to grow is because they make cheap goods to export (we cannot complete) and even then China has massive Chinese ghost towns, newly built shopping malls and apartments that no one rents, yet still the building is continuing, and still China’s gargantuan credit bubble is inflating and it is not if it goes pop, it’s when – what then? India’s economy is already slowing as attracting new investment will be tougher as the US prepares to rein in its stimulus. if the US slows slightly and India the great consumer continues to slow, this is going to affect the British economy. George Osborne knows this, so why is he still insisting on dangerously meddling with our housing market and allowing the credit bubble to over inflate again?

What happens if the UK starts bombing Syria and completely destabilises the Middle East disrupting fuel supplies and causing problems with Russia and China? We depend on trading with China to export many of our high end goods, we buy a lot of our gas from Russia (thanks to Thatcher). This country is in danger from this reckless politically motivated Tory chancellor.

For all those people who believe the hype that we have some kind of sudden economic revival and recovery underway, ask yourselves this one question; if Osborne was not now dangerously meddling with the housing market, underwriting deposits and mortgages for people who cannot afford them, and for buy-to-let landlords and blatantly using taxpayers money to do it, where would the economy be this very day? Would the minor upturn in manufacturing and the construction industry have produced the small 0.7% upward movement of GDP? It  is a sobering thought because of course the answer to this is they wouldn’t, in reality we would have been lucky to get any upward revision at all.
In fact if Osborne had not meddled with the housing market then construction most likely would not have moved. George Osborne’s dodgy economic recovery is based on the service sector and the housing market but can this country and our rising population really be sustained on low paid service sector jobs alone and a rapidly over inflating housing bubble? Short answer to that is of course – no! It is simply unsustainable! The reality is that our growth is still a full 2% LESS than where it was in 2010 when Labour handed growth of 2.7% over to George Osborne. The harsh reality is that Osborne;s austerity measures strangled our growth and put the country back into recession, we would have had a treble dip, if it were not for Labour winning and organising the Olympic Games. (One again Labour save the government, even though they are no longer in office!)

Since when has the housing market rising at its fastest rate for SEVEN years been considered a good thing especially in an economy that needs to re-balance its house prices and bring them down to affordable levels? Rising house prices is seriously bad news. Each time house prices rise homes are being put further and further out of the reach of first time buyers and the whole housing market’s success depends upon first time buyers, so if the the first rung on the housing ladder is broke, how can we continue? By taking out a government underwritten loan for a deposit under the Help to Buy and Funding for Lending schemes and trying to step over the first rung?

The majority of mortgages are now being granted to buy-to-let investors! They were granted their highest number of loans since 2008 in the second quarter of this year as lower rates driven by cheap money from Osborne’s Funding for Lending scheme were snapped up by landlords.

  • By the end of June, buy-to-let mortgages accounted for 13.3% of total lending in the UK, this was up from 13.1% in the preceding quarter and 12.9% a year earlier and it means that currently more than one in eight mortgages granted is now for buy-to-let!
  • It compares to just 9.4 per cent in the second quarter of 2007, fewer than one in ten, immediately prior to the credit crunch and start of the financial crisis.
  • Historic CML data shows the startling rise in the size of the buy-to-let sector during the credit boom. In 1999 there were just 73,200 buy-to-let mortgages outstanding, accounting for a tiny 0.7 per cent of total home loans. 
  • The sector has grown in every year since and last year there were 1,445,300 buy-to-let loans outstanding, accounting for 12.8 per cent of  total mortgages.

What happens when the Bank of England puts up interest rates and buy-to-let landlord who has several properties, how will they find the considerable extra income to pay for more expensive mortgages? Put the rents up? How will tenants who are already struggling pay increased rents? The government are now capping housing benefit for the low waged as well as those that exist on benefits, many are on part-time work the majority have no real way of increasing their incomes so this will almost certainly lead to mass homelessness as landlords evict tenants who cannot pay. Landlords could even default  have their properties repossessed. The problems being made and stored up for the future here are as immense as they are frightening.

Figures from the Council of Mortgage Lenders showed 40,000 buy-to-let mortgages worth £5.1 billion were issued between April and July – the highest number, and value of loans since the third quarter of 2008.

Why should the taxpayer, the squeezed middle, the disabled, the unemployed and those unfortunate enough to be forced to live on benefits see their standard of living deliberately driven down by this government as well as be forced to fund private sector landlords business opportunities?  People are not only being forced to subsidise private landlords businesses through their taxes, stealth taxes and cuts to benefits like child tax credits etc, but those that are forced to rent their home from these private landlords are paying through nose to rent back a property they are already indirectly being forced to subsidise. It is absolute madness! Further, how long can this insanity last before the whole situation implodes?

Just as Margaret Thatcher created  the mass housing shortage we see today which is underpinning the huge problems we have in our economy by selling off council houses under her “Right to Buy” scheme, so George Osborne is creating catastrophic problems for the future with his own insane housing schemes.

Mark Carney at the Bank of England has tried to steady the market by saying they will not raise interest rates until unemployment has fallen to 7% and below, but it has left itself leeway to raise rates if inflation rises. It’s precariously balanced to say the very least. The annual rate of inflation fell marginally from 2.9% to 2.8% in June to July, but the only reason it fell was because of cheap airfares and summer recreation, this offset the rise in fuel and diesel. How many real people benefited from cheap airfares? Many couldn’t even afford take one holiday this year (unlike the PM who took four!) and dearer fuel would have made this even harder and squeezed living standards still further! Inflation still remains well above the 2% target rate! While inflation remains this high people’s living standards will continue to be squeezed. Inflation actually rose the month before, what happens if it rises again? How long will it be before the Governor of the BoE is forced to raise interest rates?

Mr Carney has said that unemployment must fall to 7% before he will raise interest rates, but anyone with half a brain cell knows that the government are fiddling the unemployment figures and the real number of unemployed is over 4 million. Even by the government’s fiddled standards unemployment is still higher now than it was in May 2010!

The government are falsifying the figures and bringing them artificially low by over use of zero hour contracts; government workfare schemes; low paid part-time work, self employed and public sector workers being reclassified as private sector workers. At the current rate in which this government are fiddling the unemployment stats Carney’s figure if 7% will son be reached, much faster than most envisage too! So if Carney raises interest rates on the back of fiddled statistics this is going to have a devastating effect in the British economy! How will the true number of people unemployed live? What will happen to the British economy then?

If we carry on like this we are heading for a catastrophic crash and all because George Osborne is trying to buck the housing market by over inflating the housing bubble and the credit bubble in the hope that people will overlook his abysmal mismanagement of the economy and vote for them again. In effect what Osborne is doing is using public money to buy votes for the Tory party.Where is this country heading under this Conservative-led coalition? As far as I can see there isn’t even a medium term plan let alone a long term plan. All I see under this supposed economic recovery is more problems being created and older problems being swept under the carpet.Nowhere in his plans does the Tory chancellor have anything new, all he has done is dust down Margaret Thatcher’s failed monetarist policies give them a new name and reimpose them on our already fragile economy and is now helping us tip towards economic Armageddon.

Assuming our young people can get a decent job paying a decent wage (which is highly debatable) where in this government’s plans for the future generations of this country are the policies that will enable our grandchildren to be able to buy their own houses? If they cannot do this, where is the provisions being laid right now that will ensure they stand a chance of living in decent accommodation and paying a decent fair rent? Where is the thousands of social housing homes being built that this country desperately needs? Where are the plans for the future of this country?

We know now, in fact we have known for some time that we just cannot carry on with the same MO, the same capitalist system, the same people running the same banks, now taking the same huge bonuses as they were before the crash, yet this government and particularly Osborne and Cameron have no answers. They are too afraid of upsetting their party funders the bankers, shadow bankers and big business to do the things that need to be done.

Ed Miliband is the only party leader who has the gumption to stand up and point out to where we went wrong and where we are going wrong again, to point to the bankers and big business to tell them we have to change as a country. He is the only one who seems to understand, if we do not change now, then we are heading for the worst kind of disaster yet again.

Only this time our young will face a lifetime of austerity, but with no state education and no NHS and a private police service and this is thanks to the Tories who are privatising everything and selling everything off, just like Thatcher did and look how much we are now forced to pay for rail fares, gas, electricity and water. How will people manage on poor standards of living and low wages?

Unless we want our children to work in cafes, bars, McDonalds Tescos and pay through the nose for everything in a country where the rich get richer and the poor are getting poorer, we had better listen to Ed Miliband, at least give our future generations a decent chance.

Carrying on with George Osborne as chancellor  fills me with dread, what he is doing to this country is criminally insane!

Bullying, The Sun, and David Cameron

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Bullying, The Sun, and David Cameron

By Gracie Samuels

@GracieSamuels
David Cameron is trying to make political capital out of cyberbullying.

I would point to Mr Cameron, that he, George Osborne and the entire British right wing press and broadcast media bullied former prime minister, Gordon Brown, viciously and relentlessly for over two years. Mr Brown was openly and continually lied about, negatively spun against and personally and psychologically abused in one of the worse cases of political bullying I have ever seen. It was an absolute disgrace and embarrassment and slur on the reputation of this country, especially as Gordon Brown is held in very high esteem everywhere else in the world! It is only in this country he is constantly castigated and ridiculously and bizarrely blamed for the global recession and banking collapse. I’d remind the Tories and their mates in the right wing press that it wasn’t Mr Brown that lost this country our triple A credit ratings from two major credit agencies was it? In 2009 at the time this country was battling through the effects of the worst *Global* recession for over 80 years in what felt like a economic tsunami, and the *Global* problems were causing turmoil in all financial services in all countries, George Osborne decided to play politics, talk the British economy down and calmly announced that being placed on negative watch by the credit agencies was grounds for calling for a General Election!

Osborne 2009

“It’s now clear that Britain’s economic reputation is on the line at the next general election, another reason for bringing the date forward and having the election now…For the first time since these ratings began in 1978, the outlook for British debt has been downgraded from stable to negative.”

So he thought it was pretty serious, so serious in fact Osborne was calling for an early general election! Then perhaps he and his bullying lying PM and the bullying lying right wing press could explain why two years later they didn’t think that it was that serious that his (Osborne’s) measures lead to this country’s credit ratings being placed on negative watch? The same measures and negative credit watch that finally lead to the loss of our triple A status from the two largest credit ratings agencies a year later! Apparently this wasn’t important at all well not when George Osborne was to blame anyway, but if it were Gordon Brown, well we would have been measuring the press response on the Richter scale! So why didn’t David Cameron call an early general election on the basis that his chancellor has lost us our triple A rating? Especially as Osborne specifically asked to be judged on him keeping our AAA ratings.

Now we are all supposed to rejoice that Osborne has pulled off some kind of economic “miracle” (so we are told) because he has managed to restore 0.6% of growth of the 2.7% growth he inherited from the Labour government in 2010 and subsequently lost sending the country into a double dip recession. We are also currently being primed to forget about the taxpayer funded credit and housing bubble that Osborne is currently pumping up for Tory election purposes, and told that the very thing that helped nearly push the global economy off the edge of a financial cliff in 2008 is a “good thing”! (You really couldn’t make this up)

Let’s not forget either that the bullying of Gordon Brown was encouraged by David Cameron, in fact it was CCHQ that supplied the right wing press with much of their tittle tattle. The Sun newspaper ran a campaign where they literally whipped up hatred for Mr Brown over troops overseas. The newspaper got Britain’s most highly decorated soldier, Johnson Beharry to give them a story about how he refused to shake the hand of Gordon Brown and how he felt like punching Gordon Brown in the face. Mr Beharry said it was because Mr Brown could not look him in the eye, no of course he couldn’t because Mr Brown is partially sighted, he has a false eye and the vision in his remaining eye was deteriorating something the Sun “forgot” (accidentally on purpose to inform Mr Beharry of). But this didn’t stop the Sun exploiting Mr Johnson Beharry, they actually took that story from Mr Beharry almost a year earlier and sat on it and brought it out and published it when they thought their bullying attack on Mr Brown could cause maximum damage to him! This is despicable dirty journalism. I often wonder what Mr Johnson Beharry makes of what David Cameron and the Tories are now doing to the military!

The Sun ran a vicious campaign aided and abetted by Cameron over our troops, despite the fact that Mr Brown and the former Labour government tried to provide them with everything they needed. Why hasn’t the sun exposed that since becoming PM, David Cameron has reneged on every single promise he made on our armed forces, from the supply of Chinook helicopters to making thousands of troops redundant by email?

When in opposition Cameron slated the Labour government for not providing enough Chinook helicopters to troops in Afghanistan, he promised if he became PM he would increase the number but what Cameron actually did when he became prime minister is slash the number of Chinooks the former Labour government *already had on order* from 22 to just 14. Cameron also axed troops by email, forze their pay, scuttled our only aircraft carrier in a devastating attack on our military. Where is the Sun’s campaign to expose how David Cameron smiles in the faces of our troops while stabbing them in the back? Why doesn’t the Sun newspaper expose the shocking treatment of our troops over the Tory government’s bedroom tax?

Where are the news stories to point out that actually Mr Brown both as chancellor and PM, tried his level best to treat our troops properly and that all the good the previous Labour government have done, is now being undone?

At the time that Gordon Brown was PM the Sun was always running a deeply personal nasty campaign on Gordon Brown about one thing or another, they ran what they called “exclusives” over the most ridiculous petty things as well as more serious issues, they used the drip, drip drip subliminal suggestion method to get into the psyches of their readers. Once they ran a really vicious campaign because Mr Brown, insisting on a writing personally to a mother who had lost her soldier son, instead of letting an aid send a standard duplicate copy letter, it was a deeply personal thing to do, yet because Mr Brown is partially sighted in his one remaining eye he made an error and mistook the name Janes for James and because of this he was castigated for days on the front page of the Sun and was the subject of relentless bullying by this vile newspaper, bullying that David Cameron not only encouraged, but joined in with.

Over the past three years, the Sun newspaper (and other right wing newspapers) have constantly spun that Gordon Brown makes money from his speaking engagements since his return to the back benches. Yes he does, he makes a lot of money from speaking engagements, (his talents are appreciated elsewhere if not in his own country), he makes a lot of money from his books etc, but what the Sun newspaper and the Daily Mail *DELIBERATELY* negate to tell you, is that Mr Brown and his wife Sarah, donate every single penny they make to charity. They live on his MPs salary. I wish that previous PMs were so conscientious from Thatcher and Major to Blair, they may have helped improve the public’s opinion on our politicians instead of damaging it still further.
What the right wing press also didn’t say in their newspapers is that when Gordon Brown was PM he used to get up hours earlier than need be in order to write a book about the loss of his baby daughter Jennifer, to try to reach out to others going through similar grief and again he donated all the proceeds of his book to charity.

The Sun newspaper also splashed across its front page the medical history of Sarah and Gordon Brown’s son revealing to the world that the lad suffers from cystic fibrosis, despite the fact that they had tried desperately to protect their son from press intrusion. Gordon and Sarah were forced into revealing this by then then Sun editor Rebekah Brooks, who they thought was a friend in order to maintain some control over what Brooks was going to publish anyway.

Turns out that Rebekah Brooks was no friend of the Browns, sensing that Labour were going to lose the 2010 general election she had dumped the Browns and gone onto pastures new and had become the friend of the Camerons, and had joined forces with David Cameron to bully Gordon Brown, using anything, even the medical history of Mr Brown’s little boy to get at Mr Brown so Cameron could have his job as PM.

Then there was Andrew Marr debacle on the BBC who during a televised interview ambushed and bullied Mr Brown on air asking if he suffered from depression and if he was on antidepressants – absolutely appalling.

The personal attacks and bullying of Mr Brown were relentless and they were aided and abetted by David Cameron, George Osborne and the Conservative party.

The press and the Tory party have completely airbrushed history and that what actually happened as a result of the global recession and managed to blame Brown for it. In truth if it were not for Labour’s Gordon Brown and Alistair Darling, who came up with a plan to rescue the world’s financial markets at the eleventh hour, when every single other country remained clueless and stumped about what to do about the ensuing financial disaster just hours away, then goodness knows what would have happened. Yet somehow the Tories and their banker mates who all donate to the Conservative party and their friends the shadow bankers etc (who were the real culprits and to blame for this mess) and the right wing press, have managed to blame Labour for the problems in the global economy! It just isn’t true Labour were not to blame and because Osborne and Cameron, the banks and the right wing press have occluded what really happened from us, we are now hurtling towards another economic catastrophe – who will they blame for this one?

What a sad indictment on us as a society that we allow the rat infested sewer right wing press and Conservative party to spread such malicious unfounded gossip about a man, whose only fault was to be human and completely ignore the huge successes Gordon Brown had as chancellor (10 years of stable growth ended only by greedy profiteering bankers) and the immense amount of good he did for the ordinary working person of this country and how we have allowed him to be bullied, intimidated, abused and insulted.

Now the right wing press and David Cameron are repeating this process and are trying to do exactly the same to leader of the Labour party, Ed Miliband. What has happened to Ed Miliband over this past 2 weeks simply because he was on holiday with his family is just tantamount to lying distortion of the truth misleading and plain bullying. Where was the press asking where Cameron was when he took two months unscheduled time off from parliament immediately prior to the House rising for the summer recess? When he missed 8 PMQs? Why are they castigating Ed Miliband for taking two weeks scheduled holiday with his young family?

It’s bullying – pure and simple!

If David Cameron wants to stamp out bullying, then he needs to look closely at himself before he looks anywhere else, or does anything else, because without doubt, Mr Cameron is the most unpleasant deceitful, lying, bullying misogynistic prime minister this country has ever had and until he cleans his own act up, he should shut up about others because he is just as bad, if not worse!

Gordon Brown ‘woke up’ too late to ‘save the world’ from the Tory/LDs.

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After 12 years of New Labour’s Third Way and the start of the global banking crisis, Gordon Brown came to his senses and realised that the policy of light-touch regulation of the City had been disastrous.  In April 2009, at the end of the G20 summit in London, he said:

The old Washington consensus is over. Today we have reached a new consensus that we take global action together to deal with the problems we face, that we will do what is necessary to restore growth and jobs, that we will take essential action to rebuild confidence and trust in our financial system and to prevent a crisis such as this ever happening again.

There are no quick fixes but with the six pledges we make today we can shorten the recession and we can save jobs. First of all for the first time we have come together to set principles to reform the global banking system. This is a comprehensive programme of measures that includes for the first time bringing the shadow banking system, including hedge funds, within the global regulatory net.
We have agreed that international accounting standards will have to be set. We will regulate credit rating agencies in order to remove their conflicts of interest.
We have agreed that there will be an end to tax havens that do not transfer information on request. The banking secrecy of the past must come to an end. The Organization for Economic Cooperation and Development are this afternoon publishing a list of tax havens that are non-compliant and where action must immediately be taken.
And we have agreed tough standards and sanctions for use against those who don’t come into line in the future.
We will create a new Financial Stability Board to ensure cooperation across frontiers and to spot risks to the economy and together with the International Monetary Fund provide the early warning mechanism that this new global economy needs.
We will complete the implementation of international colleges of supervisors of financial institutions and we will implement new rules on pay and bonuses at a global level that reflect actual performance with no more rewards for failure. We want to encourage corporate responsibility.
http://www.pressrun.net/weblog/2009/04/old-washington-consensus-is-over-gordon-brown.html

Unfortunately, it was 12 years too late for the UK.  We are now faced with a Tory/LD government who have no intention of implementing any form of banking regulation before 2019.  The shadow banking sector and hedge funds still flourish.  International accounting is  dominated by the same companies that signed off the failed banks as ‘safe’.  Credit Rating agencies remain unregulated, with their conflicts of interests intact.  There is no transfer of information from tax havens, and banking secrecy persists.

Needless to say “We will implement new rules on pay and bonuses at a global level that reflect actual performance with no more rewards for failure.” is a complete pipe-dream.  And at a point when we are seeing the corporate takeover of the NHS, welfare, public services  and doubtless education in time “We want to encourage corporate responsibility.” is a tragic reminder of what a democratic socialist LP could have done in government.

Gordon Brown’s subsequent two years as PM were characterised by media assassination, undermining from within the LP, an appalling GE campaign and a victory to a more extreme asset-stripping government than Margaret Thatcher’s.  Ed Miliband is also subject to media assassination and undermining from within the LP.  If the UK is to be rid of this ‘wrecking’ government in 2015, or before, the left needs to hang together and Ed Miliband must come out fighting as he has (rather late in the day) on the NHS.  We need some conviction politics from the LP around which the broad left can unite to defeat the corporate policies of the right.  The alternative is to continue with the erosion of wages/pensions; mass unemployment (particularly of the 17-24 year olds); destruction of any vestiges of the welfare state; and the increasing political power of the transnational corporations.  Unfortunately, the old Washington consensus is alive and kicking under the Tory/LD coalition… as we shall see in George Osborne’s budget.

The banking system is a parasite on the real economy.

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Something has gone horribly wrong with our financial system. Since when did we give control of our money supply to a handful of private corporations? The banking system is a parasite on the real economy, and the cause of, not the solution to, the financial crisis.

[youtube http://www.youtube.com/watch?v=jqvKjsIxT_8&w=480&h=360]

https://think-left.org/2011/11/07/the-market-has-a-name-it-is-goldman-sachs/

Economics is easy to understand. Wealth comes from human beings. It’s as simple as that. It comes from human beings engaging with nature in an intelligent and productive way in order to make all of the things we want and need. It is work that makes wealth. This is so obvious an observation that it hardly needs commenting upon. All of the classical economists understood it: Adam Smith and John Stuart Mill, as well as Karl Marx.

The reason that modern economics has become so complex is that it has attempted to obscure this simple fact behind a fog of distraction in order to hide the processes by which a very few people have become more and more obscenely wealthy, while the rest of us are being squeezed to the point of desperation.

We’ve been living under an illusion for the last 30 years or so. The illusion goes under the collective name of “Monetarism”. It is also sometimes known as “Thatcherism” or “Neoliberalism”. In the US it went under the name “Reaganomics”.

https://think-left.org/2011/07/23/we-do-the-work-someone-else-takes-the-wealth/

The Tory-LD ploy is to cynically trot out the lie, that over-spending on public services by the last Labour government caused ‘this mess’, and that they are ‘forced’ to clear it up by dismantling the welfare state, the NHS and our education system. The reality is that this Tory-LD government is governing on behalf of the banks and ‘what banks want is for the economic surplus to be paid out as interest, not used for rising living standards, public social spending or even for new capital investment.’ 

https://think-left.org/2011/12/21/gordon-brown-did-not-spend-all-the-money-the-banks-did/