Sunday, December 09, 2007
Spending priorities
Labour Government spending priorities came into sharp focus last night when the Prime Minister and his Chancellor blocked a £725m rescue package for 125,000 workers who lost pension rights when their employers went bust or wound up their schemes.
It seems that Labour are able to find £25 billion to bail out Northern Rock bank, a loan that is increasing by £3 billion a week, without any guarantees that the taxpayer will get its money back, but when it comes to stumping up £725m to allow the 125,000 workers to enjoy the same rights as people who are protected by the more generous 2005 Pension Protection Fund they back off.
What makes the decision even more mean-spirited is the estimate by Works and Pensions Secretary, Peter Hain, that the government could escape with paying out only £350m over 60 years if it does not buy annuities.
Merry Christmas to you too, Mr. Brown.
It seems that Labour are able to find £25 billion to bail out Northern Rock bank, a loan that is increasing by £3 billion a week, without any guarantees that the taxpayer will get its money back, but when it comes to stumping up £725m to allow the 125,000 workers to enjoy the same rights as people who are protected by the more generous 2005 Pension Protection Fund they back off.
What makes the decision even more mean-spirited is the estimate by Works and Pensions Secretary, Peter Hain, that the government could escape with paying out only £350m over 60 years if it does not buy annuities.
Merry Christmas to you too, Mr. Brown.
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Brown is totally wrong on this one ... in fact he is wrong on most things. The men in black suits (and red tie) need to go knock on his door and ask him to go, that or there should be a vote of no confidence in Parliament - far better for Labour he goes now. There is no way, no how, Labour can win the next election with Brown in charge - it will be brown trouser time for Labour if Brown is still 'leading' the party come election time.
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