thecredo

Major stands behind Cameron, needles Brown

In John Major, the conservatives, the labour party on April 5, 2010 at 13:01

The Telegraph is reporting that John Major has launched an offensive against the Labour camp, following his “stinging critique” of 13 years of Labour incompetence, waste and apathy, last week in the Daily Mail.

‘Deception unworthy of the office of Prime Minister’

Sir John is referring to the squandering of more than 400 tons of natural gold, under the tutelage of Gordon Brown.  Brown was warned about the sale, and it wound up costing Britain £6.6bn.

…to put Black Wednesday in context, the Exchequer now borrows almost £3.3billion every week simply to cover Labour’s debts.

Brown actually attempted to hide the fact that the Bank of England was not exactly first in line to back his proposal to sell off the precious metals.

Gordon Brown was warned about the gold sales. Senior Treasury officials cautioned him against it.

Investment banks told him the price was too low and would rise. Yet he chose to ignore them all, and claimed he was acting ‘on the technical advice of the Bank of England’.

We now see from documents released under freedom of information legislation that the Bank of England was, in fact, reluctant to back his proposal, but a key passage remains blacked out. What is it that the Prime Minister wishes to hide?

Pilfered pension funds

The Prime Minister consistently argues that Britain’s deficit has been the result of a global financial storm that started in America, and that spending grew because he did not want to ‘do nothing’ during the recession. This is sophistry beyond the point of deception.

Brown himself admits that the reasoning behind his pilfering of the pension funds amounted to “we must do something; this is something; therefore we must do it.”

That single decision cost British pension funds an estimated £150bn.  The only purpose it served was to appear to be doing something.  A costly throw-away.

In 1997, as Chancellor of the Exchequer, Gordon Brown abolished the Dividend Tax Credit paid to pension funds and companies. It has been estimated that this reckless action may have cost pension funds up to £150billion.

Indeed, Tony Blair’s own former pensions adviser stated that Gordon Brown ‘knowingly destroyed what was once one of the great pension systems in the world and he did it deliberately’. It was economic and social vandalism on a seismic scale.

Brown, says Sir John, alone is responsible for the national deficit.  It was his departure from Tory spending plans in 2001 that began the long descent into pits unknown of national debt, and it was his continuing incompetence that solidified the recession in Britain.

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  1. […] Major needles Brown: “…Exchequer now borrows almost £3.3billion every week simply to cover Labour’s debts.” […]

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