The Politics Thread

[mrkint]

Osborne really isn't a convincing public speaker.

Also, the most Chorley man in the world appears to be Deputy Speaker

[Lost Leopard Spot]

Tuned into the first few minutes of the budget and already I want rip out the vocal cords of everyone whooping and hollering in the Chamber.

Additionally, I read on a BBC story the other day that the UK has sent a plane containing €1 million top Cyprus. Probably the most Brass Eye thing I've read.

Actually, it's a million quid. Apparently it's only to be used within the sovereign base areas of Akrotiri and Dhekelia, if the Cypriots don't top up the cash machines, because pound sterling is legal tender there.

[mrkint]

My mistake. Though a cursory google says http://www.independent.co.uk/news/world ... 41110.html" onclick="window.open(this.href);return false;

I was thinking it was odd to fly money over there though, seeing as the fact that the banks are shut means that it's not a great leap to think that many businesses will be shut as well. So essentially you'd have a load of brits with a lot of cash and nowhere to spend it.

[Lost Leopard Spot]

My mistake. Though a cursory google says http://www.independent.co.uk/news/world ... 41110.html" onclick="window.open(this.href);return false;

I was thinking it was odd to fly money over there though, seeing as the fact that the banks are shut means that it's not a great leap to think that many businesses will be shut as well. So essentially you'd have a load of brits with a lot of cash and nowhere to spend it.

They're servicewo/men and civil servantywo/men. They've got British versions of American PXs where they can spend their lovely cash. "The civilians can go take a flying fxck", says Cameron (He didn't actually say that, but by sending the servicemen/wos all that cash and not even an escape ship for the expats he might as well have).

[mrkint]

Also, the Standard leaking budget details before the announcement. Naughty. Heads gonna roll.

[thebish]

All a bit fishy, I thought a red herring was just a clue that was meant to be misleading, nothing more, nothing less, apart obviously from also being a herring that's been turned red as it was smoked.

so did I - but mummy says it also has to be a logical fallacy... he usually knows this stuff!

[Lost Leopard Spot]

Borrowing of £114bn this year, set to fall to £108bn, £97bn and £87bn in following years

Deficit cut by a third since May 2010

Borrowing as share of GDP to fall from 7.4% in 2013-14 to 5% in 2015-16

Debt as a share of GDP to increase from 75.9% in 2012-13 to 85.1% in 2015-16

The first three points are just bluster and window dressing, it's the final point that is important and for a bloke who is "on course" he seems to be struggling to navigate. That or he's just naturally a liar.

[Lost Leopard Spot]

All a bit fishy, I thought a red herring was just a clue that was meant to be misleading, nothing more, nothing less, apart obviously from also being a herring that's been turned red as it was smoked.

so did I - but mummy says it also has to be a logical fallacy... he usually knows this stuff!

I disagree. Not with the fact he usually knows this stuff - he probably usually does. But, on this ocassion...I really don't think a logical fallacy fits the bill.

[thebish]

Borrowing of £114bn this year, set to fall to £108bn, £97bn and £87bn in following years

Deficit cut by a third since May 2010

Borrowing as share of GDP to fall from 7.4% in 2013-14 to 5% in 2015-16

Debt as a share of GDP to increase from 75.9% in 2012-13 to 85.1% in 2015-16

The first three points are just bluster and window dressing, it's the final point that is important and for a bloke who is "on course" he seems to be struggling to navigate. That or he's just naturally a liar.

The ONS said that once special factors such as the transfer of the Royal Mail pension fund and the QE profits were excluded the budget deficit for the first 10 months of the 2012-13 financial year was 6.6% higher than in the same period of 2011-12.

[thebish]

only four months ago Osborne predicted that growth in 2013 would rock along at a stellar 1.2%

today he reckons that it will be 0.6% - already halved and we're only in March...

[Lost Leopard Spot]

Borrowing of £114bn this year, set to fall to £108bn, £97bn and £87bn in following years

Deficit cut by a third since May 2010

Borrowing as share of GDP to fall from 7.4% in 2013-14 to 5% in 2015-16

Debt as a share of GDP to increase from 75.9% in 2012-13 to 85.1% in 2015-16

The first three points are just bluster and window dressing, it's the final point that is important and for a bloke who is "on course" he seems to be struggling to navigate. That or he's just naturally a liar.

The ONS said that once special factors such as the transfer of the Royal Mail pension fund and the QE profits were excluded the budget deficit for the first 10 months of the 2012-13 financial year was 6.6% higher than in the same period of 2011-12.

^ So that means in the two fiscal years 2010, 2011 the deficit must have fallen by ~40% (and that is using this stupid definition of a deficit which is the difference between income and borrowing. Not, note spending and borrowing. And it also ignores the accumulating interest on the National debt, which is now greater than the 'deficit').
I don't believe that!

[Prufrock]

Osborne really isn't a convincing public speaker.

Also, the most Chorley man in the world appears to be Deputy Speaker

That'll be the MP for Chorley!

The w*nker.

[Lost Leopard Spot]

April's 3p rise in beer duty is scrapped. Instead, beer duty to be cut by 1p

Yo Tory-boy, Yo. I'm going to go out and celebrate with some pints; I'm going to view it as getting the economy going again rather than merely imbibing alcohol for my own selfish pleasure.

[BWFC_Insane]

April's 3p rise in beer duty is scrapped. Instead, beer duty to be cut by 1p

Yo Tory-boy, Yo. I'm going to go out and celebrate with some pints; I'm going to view it as getting the economy going again rather than merely imbibing alcohol for my own selfish pleasure.

And if you drink enough, you can screw them with a large and costly set of medical treatments on the NHS.

[BWFC_Insane]

OBR says some of £11bn Whitehall underspend is "payments due to be made late in current year...delayed into 2013/14" - ie not real cuts

[mummywhycantieatcrayons]

All a bit fishy, I thought a red herring was just a clue that was meant to be misleading, nothing more, nothing less, apart obviously from also being a herring that's been turned red as it was smoked.

so did I - but mummy says it also has to be a logical fallacy... he usually knows this stuff!

I lazily cut the first definition I saw when Googling.

I'm with you really.

[thebish]

on this day of austerity, Barclays have announced bonuses for their top nine bods amounting to £38.5million...

Rich Riccy (yes - pronounced Rich Richy - I kid you not) head of its investment banking division - despite Barclays announcement that he wouldn't be getting a bonus this year because of the Libor rate-rigging scandal - has already cashed in his share-bonus worth £17.5million...

we were also told that Antony Jenkins - the CEO - wouldn't be getting a bonus this year because of the Libor scandal... he opened his lucky envelope and pulled out a £5.3million share bonus - half of which he has already cashed in...

make of it what you will...

[mrkint]

They gave their top five managers £110m in 2011.

progress.

I'd guess the share bonuses date back a few years ago and have matured, or something. So the bonuses they got 'this year' actually date back a few years ago.

[Beefheart]

on this day of austerity, Barclays have announced bonuses for their top nine bods amounting to £38.5million...

Rich Riccy (yes - pronounced Rich Richy - I kid you not) head of its investment banking division - despite Barclays announcement that he wouldn't be getting a bonus this year because of the Libor rate-rigging scandal - has already cashed in his share-bonus worth £17.5million...

we were also told that Antony Jenkins - the CEO - wouldn't be getting a bonus this year because of the Libor scandal... he opened his lucky envelope and pulled out a £5.3million share bonus - half of which he has already cashed in...

make of it what you will...

Share Based Payment schemes operate differently to a standard bonus though. If they've cashed them in this year they were probably set up 3 years ago and would only vest if certain performance targets were met over those 3 years. It's not as straight forward as not paying a bonus I imagine.

[Worthy4England]

on this day of austerity, Barclays have announced bonuses for their top nine bods amounting to £38.5million...

Rich Riccy (yes - pronounced Rich Richy - I kid you not) head of its investment banking division - despite Barclays announcement that he wouldn't be getting a bonus this year because of the Libor rate-rigging scandal - has already cashed in his share-bonus worth £17.5million...

we were also told that Antony Jenkins - the CEO - wouldn't be getting a bonus this year because of the Libor scandal... he opened his lucky envelope and pulled out a £5.3million share bonus - half of which he has already cashed in...

make of it what you will...

I guess it comes down to (to quote the Pope thread) when it was awarded. As I understand it, these were shares from earlier years under deferred pay arrangement. Often, when you get share bonuses, you can't cash them in until they mature (so for example if you were awarded 100 shares three years ago, they might "mature" at 33% per year, so you don't have 100 shares worth until 3 years after they were awarded, or they're part of a deferred payment and you become eligible for them "some time in the future in total").

Careful picking of words seem to be the order of the day here. Jenkins said (as I understand it) that he was waiving last year's bonus, which may well be absolutely true, if the bonus he's picked up today was from some shares maturing from the year before. etc.