Blog 2023 Malcolm Blair-Robinson

An idea to stimulate economic growth without further government borrowing. Written in plain English and very easy to follow, this is the only really fresh approach out there to the intractable problems of the UK economy, and it is just beginning to be noticed in important places. Buy! 

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There are, as every voter knows, many serious issues concerning the strength, nature and shape of the economy and the social knock on effects that they bring. On Monday Labour presented a sober manifesto aimed at those in society, which are the majority, who have yet to feel the benefits of economic recovery. Milliband gave perhaps his strongest performance yet in its presentation and earned praise from commentators. Once again there was a lack of financial detail, a common failing on all sides in an election taking on the shape of an auction, but clear undertakings for fiscal responsibility. It should play well on the doorstep, but the finances will be well and truly picked over by commentators and opponents.

Today it is the turn of the Lib Dems to present their plans, which are, like Labour, sober and not too ambitious. They are more detailed financially than the two big parties and aimed not to become the government, which lib Dems know they cannot, but more to promote themselves as the voice of reason among jostling extremes in any coalition or similar deal.

The shocker has been the offering of the Tories which must rank as one of the most irresponsible attempts to entice votes with promises which cannot be kept, or if they are, will bring about calamity. Anybody who has made a study of how we went from a major industrial power to one where over 70% of the economy is consumption, mostly of imports, and where total debt per household is among the highest in the world, where house price inflation has enslaved huge swathes of the population to working all hours to meet mortgage payments, knows that it began with the right to purchase council homes. Not only has the financial sector come to dominate the economy and suck resources away from everything else from manufacturing to healthcare, but there is now a chronic housing shortage and lack of actual building on anything like the scale needed.

To now demand of housing associations that they succumb to a directive which they oppose, to sell at substantial discount social housing and thus defeat the whole purpose of their origins, just to satisfy the Tory fetish for home ownership which they believe favours them, without regard to whether it is sensible, the right time or affordable, is grossly irresponsible and deeply cynical. The housing associations will be entitled to receive the shortfall in value from the government for which any Tory government will not have the money. The problem is explained away in a convoluted muddle of forcing local authorities to sell their more expensive properties when they become vacant, which is half baked and against the national interest. Of course it will promote loads more borrowing to fatten the already grossly obese finance industry.

This blog is impartial so vote Tory if you want to. But you will live to regret it if your vote helps them to win. Especially if you are a home owner with a mortgage. Remember negative equity? Well it will be back with Cameron. But first the feel good binge of a boom. Enjoy that while you can because what comes after will be dark days indeed.