Thursday, December 07, 2006

The Treasury gets it wrong...again

Gordon Brown's pre-budget report is enough to make one weep. Not only was the Treasury forced to admit that its inflation predictions were completely wrong but also they had over-estimated North Sea oil revenues by a staggering £3bn. At a stroke, the structural budget deficit forecast plunged to 2.6% of GDP for 06/7. The UK lags behind the US and many other European countries in terms of per capita productivity. Why? Because the Labour Govt has placed so much emphasis on the public sector. Now that inflation is running at 3.6% and public sector unions want wage rises above that, this disastrous policy is hurting all taxpayers. One can only hope that GB will call an election as soon as he becomes Leader and that he'll lose. However, he does not appear to be a gambling man.


Anonymous Anonymous said...

Not totally convinced I want to be more productive if that means the American practice of two weeks holiday a year.

The French seem to have a better approach with their 35 hour working week. And they are considerably more productive. But they are only allowed one loo break in the morning, and one in the afternoon.

It doesn't sound very 'laissez-faire' to me...

11:31 pm  

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