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The Charter for Budget Responsibility and the Fiscal Responsibility Act of 2010

14th October 2015

The Charter for Budget Responsibility and the Fiscal Responsibility Act of 2010

Osborne’s ‘Charter for Budget Responsibility’ bears a remarkable resemblance to Gordon Brown’s Fiscal Responsibility Act. Both seek to bind government spending to tight rules in the face of an unknowable future. Both were and are political gimmicks. Osborne’s Charter, like Brown’s Act, is unenforceable; no penalties will be incurred when it is inevitably broken.

When Brown promoted his Act in the dying days of the last Labour government, Osborne sneered that it was “vacuous and irrelevant”. What has changed?

On taking office the Tories solemnly promised to get rid of the government budget deficit by 2015. They failed miserably. Based on their record of failure and deceit, here is the Financial Times’ contemptuous appraisal of their latest stunt:

Financial Times Editorial 10.06.15

Osborne’s Budget Law is Political Gimmickry

“Ironically, the legislation Mr Osborne’s bill most resembles is the Fiscal Responsibility Act passed by former UK prime minister Gordon Brown in 2010. That required the next government to halve the rate of borrowing within four years. As soon as he took office Mr Osborne repealed the law, having previously called it “vacuous and irrelevant”. And rightly so. Had he not done, it would have forced him into further austerity in 2012 and 2013.”

Background

By Ian Hodson It’s great news that a mainstream political party has recognised the importance of taking positive action to raise pay. Since 2008, politicians from all parties along with many in the media, have pushed the narrative that society will somehow improve by imposing austerity and blaming minority groups for the state of the country’s finances. Sadly, many have fallen for this deception and the ‘look over there’ politics that has rose to prominence since the Conservatives returned to power in 2010. [continue...]

Folkestone United – coming together to support migrants Bridget Chapman, Folkestone United, reports [continue...]

No Witch-Hunts In The GMB, Reinstate Keith Henderson (The Online Petition) Keith Henderson Essex LRC member and former Regional Organiser of the GMB Union was dismissed from the GMB last December, Keith has always believed that the real reason for his dismissal was because of his socialist beliefs and the manifestation of his beliefs. [continue...]

Please see our Labour Briefing Website here: LabourBriefing.org [continue...]

The LRC is supporting a broad alliance of campaign groups and trade unions against the proposals in the Welfare Reform Bill (currently before Parliament) and putting forward our alternative based on social justice and welfare for all. [continue...]

Across the country working people are losing their jobs and their homes. Meanwhile the bankers who plunged us into this crisis have been bailed out with billions of pounds of our money. It’s time to fight back. Their Crisis Not Ours! is the LRC’s campaign to bring together workers, pensioners, the unemployed, students, those facing repossession and all those suffering because of an economic crisis that has been imposed on us. The campaign is supporting the demands of the People’s Charter. [continue...]

Rail bosses are using the recession as an excuse to attack jobs and conditions and cut back on services and essential rail works, and hike rail fares - as LEAP research suggested they would. Thousands of jobs are being threatened or have been lost. At the same time rail fat cats are raking in big profits and bonuses on the back of the most expensive fares in Europe. Make no mistake: as the recession worsens so will the attack on rail workers and rail services. [continue...]

The campaign calling on the Government to abandon its plans for privatisation of Royal Mail. The Government has introduced the Postal Services Bill to part-privatise the Royal Mail. With our affiliate union CWU we are fighting to Keep the Post Public! [continue...]

The campaign to demand the Government funds improvements to all existing council housing, and to start building first class council homes to address housing need. For more information see Defend Council Housing website. [continue...]