Were did Britain’s North Sea Oil revenue go in the 1980’s?
Thatcher certainly didn’t spend it on public services. It seems to have disappeared down a black hole. Unlike Norway, who since 1990 have been squirreling their revenue into a rainy day fund making them the richest country on earth per head of population. In contrast, and as this papers own Aditya Chakrabortty wrote in 2014, Britain’s ‘oil cash was magicked into tax cuts for the well-off, then micturated against the walls of a thousand pricey car dealerships and estate agents.’
This is what Tory economic competence looks like. Conservatives see public services as an economic black hole. Like Thatcher, Theresa May intends to continue starving them on the back of massive personel indebtedness and an economy based essentially around ‘car dealerships and estate agents’.
The asset-stripping of pensioner properties is but the latest incarnation of this warped social priority. Don’t believe May when she says we need a strong economy to invest in our public services, because, a) like Thatcher, they would not invest even if they had that money, and b) they are not capable of creating a decent economy by impoverishing masses of the population. In addition, taking us out of Europe with no deal is a price that will be paid by the same people who paid for the Banker’s crash – you and me.
Kick the buggers out!
Mrs May, strong and stable,
Steals the food from the kiddies’ table.
To winter fuel she takes an axe,
And sells your home for Dementia Tax!
The Conservative Party also need to be held to account for the underlying economic conditions that their current policies now seek to cack handedly address. With the deregulation of finance and privatisations under Thatcher and maintained since then, there has been a massive growth in private debt. Much of this was effectively financed by selling off government assets and financing government from taxes on North Sea oil and gas. During this period of growth in the rate of debt expansion property prices went through the roof, but those who bought in early were able to afford their home purchases and watch themselves get richer. Meanwhile investment in the productive economy lagged, with many of the consequences being papered over by bringing in migrant labour and moving from the sale of government owned businesses, to the sale of contracts to perform core government activity.
The country finally has got to the point where all the chickens are coming home to roost. There is a massive structural trade deficit which means that effectively the country is being slowly but steadily sold to overseas buyers. The proportion of private wealth that belongs to people in their most economically active years and while they raise families is the lowest in the developed world. Voters effectively asked for the country to have a worse trading environment in return for an end to immigration growth and government is obsessed with the fear that if they spend to meet the economic and social needs of the country, foreigners won’t finance the trade deficit. Going after pensioners homes is a desperate gambit by a party whose economic policies have been a slow motion disaster for nearly forty years.
ramous – tater
We are living in the wreckage of their neoliberal ideology of the last 40 years.
Who ever thought GREED IS GOOD would make a fairer cohesive society?
But that was the mantra of Neoliberalism pushed by the Tories and Blairites.
It’s still pushed in all business management schools around the world.
These are now called Asshole factories.
Agreed. When May was put in place a PM last year I thought she was the best choice – but I realize now that was because I did not know anything much about her.
Having seen the way she works, and now having read http://www.rogercee.com/theresa-may-article-significance/ (A Telegraph article now not visible on the newspaper), I see I was mislead. Nothing like real exposure to begin to reveal the truth.
It’s like Artificial Intelligence designed on a Commodore 64! She has the personality of a regional DJ and the charm of a PPI lawyer.
Sad thing is – she’ll probably still ‘win’!
the parson – > tuppence_worth
She appears to have no particular values or opinions about anything – I think she just wanted to be Prime Minister, and is quite happy to do whatever the tax exiles and media barons who own her tell her to do.
Nevertheless, she’s probably worked out that she’s toast after this performance, win or lose. A decent soul would behave more like a Christian now, and be honest with herself for once.
tuppence_worth – > theparson
It was interesting that Paxman quized Corbyn on his core beliefs but didn’t probe May on this, he knew, as is patently obvious, that the only thing she believes in is herself. The alternative view is that her core values are so hideous she has to constantly self censor.
cambridgefergal – > tuppence_worth
Her core values are Randian solipsistic selfishness.
Like most of her GOP colleagues across the Atlantic.
Yet another pension scheme to be closed in a privatised service, as the CEOs and shareholders make millions and the richest 1% grab ever more ( up to about 40% now!) of the nation’s wealth and ship it out to tax havens.
If any of you ‘little people’ honestly believe that you’ll somehow be excluded from this insane disgusting greed, I can only assume that you read the Daily Mail, owned by a non Dom hereditary peer who you give free money to because he owns a country estate!
Vote May, vote Conservative – show the world you’re a turkey ripe for plucking.