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politicalbetting.com » Blog Archive » New Shadow Chancellor, John McDonnell, could be a tricky on
politicalbetting.com » Blog Archive » New Shadow Chancellor, John McDonnell, could be a tricky one for Osborne to deal with
John McDonnell first came to prominence in 2007 when he sought to run against Gordon Brown for the party leadership. Unfortunately for him the Brown camp launched a massive effort to ensure that so many of the then PLP backed their man that there weren’t enough left over to get McDonnell on the ballot.
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Ed Miliband and Ed Davey need to answer for this, so does Osborne who should have pushed the anti-green agenda harder from 2010-2015.
There are no words to describe the level of delusion the Labour Party are currently operating under
No wonder they've moth balled the site.
Labour will make Internet access, coffee and entertainment more expensive for everyone in the country...
Awesome
Who will lay this at the door of the culprits, which to be honest includes all the major parties.
Pressure from Osbourne already garnered some success as Starbucks to pay living wage and offer interest free loans to employees. A good start.
"Migration Crisis: "Islam Will Conquer Europe Without Firing a Shot"
'There are no words to describe the level of delusion the Labour Party are currently operating under'
Marxism from terrorist's lackeys ?
Labour will kill all that good work, at a stroke. McDonnell needs to learn Marquee Mark's Maxim: Money Flees Taxation....
The content was fine - mainly broad principles that are likely to gather fairly wide support rather than costed policies - but that's OK, indeed sensible at this stage.
A good start - but he needs to relax and let his passion show more. A bit dangerous I know and he knows.
SCOTE- The recovery is happening despite not because of the present government.
Well I guess it's a step forward from triple dip recessions and talking Britain down all the time (remember that little gem from the Labour camp). They do at least now accept begrudgingly there is a recovery.
SCOTE - Blanchflower supports me and my polices.
Blanchflower .... Errr No.
Debacle on debacle.
If Labour want to be credible on this and test and test again their policies they need to come up with some real properly thought through policies that a proper tax expert has looked at thoroughly to check that they really work - and I don't meant that booby, Richard Murphy.
Everyone wants fair tax and it costs nothing to say it. Having a system that actually works is much much harder.
(Personally I'd tax Starbucks out of existence but only on the basis that their coffee is quite disgusting.....).
The failed foreign policies of the EU and the US under President Obama, have brought the Arabs to the brink of chaos, and destroyed regimes which, even though they were not democratic utopias, at least provided governance and public order. These failed policies have abandoned the Arabs to the atrocities of the Sunni Islamists and to the murderous proxies of the Iranian Islamic Revolution -- and are ultimately the cause of the tsunami of refugees beating at the gates of Europe.
http://www.gatestoneinstitute.org/6542/migration-crisis-islam-will-conquer-europe
Laura Kuensberg:
"Most delegates pretty happy with speech - MPs less convinced"
This seems to me the most important point.
The long term thinking we need to address systemic national issues (e.g. economy, health, education, energy, defence, immigration) is entirely missing. Instead we get some turnip ranting on about 'gas chambers'. Doubtless to rapturous applause.
Owen Jones has just tweeted that home ownership amongst people under 34 is collapsing. He should keep quiet. It makes these people much more likely to vote labour.
The tories must do more.
In practice, I suspect Amazon would take the hit and not raise prices in order to maintain their market share.
Either way your conclusion doesn't follow. If it did we'd pay a subsidy to companies to keep their prices down. Oh - we do. We pay tax credits to the working poor to enable retailers to pay below subsistence wages to compete on price. Mmm.
Nice to see someone on the backbenches for decades rebelling throughout now accuse those sitting there and not 'serving' as refusing to display party solidarity...
The world's largest Muslim nation has over 25 million Christians in it who aren't converting or dying. About equivalent to five times the population of Scotland.
If tax credits and the minimum wage were to be abolished overnight do you think that the lowest wages would go up or down?
A delusion that seems to be spreading to the Lib Dems also
Boosting the numbers of houses and flats built, will.
He is going to be as easy a foe for Osborne as many expected. The fact that he has just given a speech of empty platitudes doesn't alter that.
An economy cannot just be built around selling overpriced terraced houses to each other. Surely?
(OK, that might be stretching it for Brown, who left No11 to go to No10, but Osborne did cause fatal damage to Brown's 2007 GE hopes as well as his 2010 ones).
Corporation tax is a tax on profits not turnover. VAT is the tax on turnover. If you want to tax turnover more lets just abolish corporation tax and increase VAT.
Only someone who has not done the sums and has no idea of what he/she is writing can propose such a tax. It would bankrupt at a stroke any company losing money..
I don;t know. We have half a dozen hard working young people between 25/35 at our company and they all either live with parents or rent. Not one is a property owner, and the only reason is prices are way above what they can afford. I think that is wrong. THey should at least have a shot at owning something, even if it is a few boxes in Whitechapel or Peckham.
"There are no words to describe the level of delusion the Labour Party are currently operating under."
Not a lot to choose between McDonnell's platitudes and George's cunning political stunts. You pays your money ...
Jezza is now a semi-detached leader who will allow his members to set the agenda (as long as they come up with the right answer). Might work in the short term as Labour MPs aren't renowned for bravery.
As Automatic sang ...
"What's that coming over the hill? Deselection, deselection."
Osborne has the right idea but is implementing it in a brutal way. The increase in minimum wages has to be at the same pace as the reduction in benefits.
There are assets other than a house. The only reason we think of property as an asset with capital appreciation is because the supply is low and the demand high. Increase the supply and you are affecting the likely price inflation. In many ways this would be a good thing. It might be better - long-term - if people made decisions about home ownership more soberly than just desperation to own a few boxes in Peckham.
Oh, who was chief secretary to the treasury then and who was deputy PM.
And of course what was the deficit which needed reducing?
I've now received a penalty notice for not insuring, and the great thing is the 'dispute offence' form on the back, which states I'm still liable for the offence if I didn't receive written confirmation back from them by before the date of the penalty notice. As I've not had confirmation back from them that everything had indeed gone through alright, so i'll have to pay and their phone service literally won't put you through to a human being (it will hang up on you) unless you just pay up.
So now I can't declare it SORN because I'm not the registered keeper of the vehicle, there's clearly not much point in writing them a letter to say so as they didn't acknowledge the last one within 4 weeks, and I cannot find any way to speak to someone to let them know, so Im not sure how to avoid further fines.
On house prices, if you want them to go down there is little mileage in attacking buy-to-letters.
The fundamentals are (a) mass immigration putting pressure on demand, and (b) lack of building for various reasons. Deal with the fundamentals and prices will come back into line with wages over time.
I agree that long-term rentals should also be an option in the mix.
Osborne just shot that fox.
He also seemed to be going on about Vodaphone, Starbucks etc, none of whom were significantly at fault.
And there were several straight errors of fact.
Being rude, I mainly just heard a caveman making grunting noises to impress the dinosaurs.
There is a difference, after all, between being welcoming and being flat on your back with your legs in the air. (Apologies in advance.....)
All power stations cost money, the nuclear ones cost a lot of money being built and being decommissioned, coal and gas power stations aren't cheap. Also they all cost money to run, except renewables which are extremely low cost to run. Some people on here seem to be anti investment in renewables as a matter of principle.
Then there's the advantage of becoming more self sufficient and lessening the chances of being held to ransom by foreign energy suppliers including Putin in the future.
Either way its not a subsidy.
The only basis available in future will already be on the basis of receipts.
Consider this A multinational company has a UK subsidiary which has made no money for a couple of years and is running out of cash. It needs to invest £100M in a new product to regain market share ..(eg the car industry).
It borrows it from the banks. at 4% interest..Cost £4M a year..
So it is now losing £4M a year.. Its turnover is £500M a year . So its tax will be 2% x £500m - £10M. So it's net after tax loss for the year is £14M.
And the same happens for two years until the new model comes on stream..
So extra taxes charged because it invests money are £30M.
It would be better off closing it down and investing elsewhere where taxation allows for losses to be carried forward against tax.
You do not appear to have any knowledge of how UK taxation works in principle or practise. On your proposal NO_ONE would buy any loss making business but close it down ASAP.
To put it kindly, you are speaking rubbish.
No answer.
So I wrote again, recorded delivery.
Still no answer.
Then I found a phone number, and I was told by the person in their call centre that while she could see there was a mistake, there was nothing that could be done. She also told me they didn’t answer letters.
So I complained to the local MP as) about the mistake and b) about the appalling attitude of the offical who spoke to me. She, or at least her office, sorted things out pretty sharply. to my total satisfaction.
McDonnell is making the Margaret Hodge Bodge - he's attacking companies who operate according to the law rather than according to his personal idea of what he wants.
He can seek to reform the Law, but to attack people who obey it is a disgrace.
Or of course they could have reformed the law between 1997 and 2010. They didn't.
The only basis available in future will already be on the basis of receipts.
They appear to have done zero basic research.. It's the Murphy guy who is the epitome of an incompetent accountant..
Amazon invest rather than make profits, ergo no Corporation Tax is due while the strategy persists.
They appear to have done zero basic research.. It's the Murphy guy who is the epitome of an incompetent accountant..
You can see what the objective is, and you can raise objections. How about possible solutions?
Of course, if we had blue skies all the time or the wind blew every day.. but this is not true.
More recent UK estimates are the Mott MacDonald study released by DECC in June 2010[42] and the Arup study for DECC published in 2011.[43]
UK LCOE in £/MWh (2010)
Technology Cost range (£/MWh)[42]
Natural gas turbine, no CO2 capture 55 – 110
Natural gas turbines with CO2 capture 60 – 130
Biomass 60 – 120
New nuclear(a) 80 – 105
Onshore wind 80 – 110
Coal with CO2 capture 100 – 155
Solar farms 125 – 180
Offshore wind 150 – 210
Tidal power 155 – 390
http://tinyurl.com/oxkv2o4
Just accept it's a daft notion.
And I didn’t have to pay anyone; scanned my letters and emailed them to the MP’s office.
Meanwhile, 2 other staff members at City University *are* on the panel of Advisers.
Oh to have a bug at that water cooler...
Heh. I see that Mr Murphy has openly speculated about "Lord Murphy".
No. Must be constructive. Back to work.
Asking me to help your inability to propose a sensible solution is risible. YOU were the one who proposed rubbish.
http://www.bloombergview.com/articles/2015-08-11/foreign-buyers-aren-t-ruining-world-s-great-cities
Who was that awful woman that AN tried to interview afterwards. No wonder JS made such a point about the refusers coming back in to help. I didn't think when he said it that he was sincere (JS insincere, shurly not) but having seen that interview, I think he might well have been. Who knows? Labour truly is in the altogether.
It is relatively easy to manipulate profit levels within a multinational between different countries by internal charging of patent rights, management fees, loan interest etc etc. That's how they avoid tax in high tax countires and place their profit in very low or nil taxpaying countries. HMRC could really tighten up on these practices - the Double Dutch, Delaware, Puerto Rico,the Irish play.etc. I think there is a lot of scope to gather corporate tax. We shouldn't throw up our hands and say it is too difficult.
http://www.slate.com/articles/business/moneybox/2014/01/amazon_earnings_how_jeff_bezos_gets_investors_to_believe_in_him.html
But that really doesn't cut any ice when it's patently not true. McDonnell's speech was plodding and recycled EdM. Only someone with complete tribal loyalty or paid by the word would say otherwise.
Omnishambles budget, anybody?
The only basis available in future will already be on the basis of receipts.
First came deficit reduction, then this. Is McDonnell an Osborne mole?
Multinational companies are well known in these situations to charge more to the company where the tax rate is higher.
No one does it more than pharmaceutical companies.
All Starbucks companies in Europe pay a royalty to Starbucks Netherlands to "use" the Starbucks logo and similar marketing costs. The Starbucks logo etc. is owned by Starbucks Netherlands.
Why ? Because the Dutch government charges lower tax rates on such marketing income.
https://www.google.co.uk/finance?q=NASDAQ:AMZN&fstype=ii
It is odd that you can increase your liquid assets by $6b in a year while making no profit. I confess I don't understand it.