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John Redwood

@johnredwood

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linkhttp://www.johnredwoodsdiary.com calendar_today01-12-2009 15:27:11

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Scotland's government had to abandon their 2030 climate change target. They never spelt out how much it would cost taxpayers and consumers nor how people would need to change their lifestyles.

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If the Bank of England copied the European Central Bank's policy towards managing a portfolio of bonds bought at very high prices UK taxpayers would save billions.

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Why does the IMF complain about tax cuts and never about wasteful or undesirable spending? Why does it refuse to understand some tax cuts generate more jobs and incomes and may generate more tax revenue overall?

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The IMF gets it wrong again. They should have said the UK cannot afford the massive losses incurred last year and proposed for this year by the Bank of England. Many of these losses are avoidable.

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Future tax cutting should not centre on National insurance. We need to cut taxes on income and small business to promote greater prosperity.

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The National Insurance fund last year received £129 bn in NI tax. It paid out £110 bn for the state pension. If the government abolishes employee NI how will it determine entitlement to pension and the other contributory benefits?

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It is clear we need to deliver more NHS capacity and strengthen our armed forces. To pay for this we need to stop the growth of bureaucracy and many of the losses of nationalised businesses and the Bank of England.

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The government should ensure the Rwanda Bill allows it to do what it needs to stop the illegal and dangerous small boats.

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Today the Uk government should tell us how its plans to bring down legal migration are going. We should not invite in so many extra people when we are short of homes and NHS capacity.

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What could the government do with an extra £40 bn if the Bank of England stopped sending bills for its losses this year?

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The Bank of England has lost £50 bn and may lose another £40 bn this year . Taxpayers pay the bill. Why does the government put up with this? Why don't others complain?

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The Bank of England when it helps give us a nasty inflation usually then overdoes the correction and we end up in recession. Why?

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The Bank of England has a history of adopting policies that entail creating too much money and landing us in a big inflation. Competition and credit control, European Exchange Rate Mechanism and Quantitative easing. Why do they never learn?

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Why does the Bank of England refuse to learn from its critics who predict inflation and recession better than they do?

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Shouldn't a Monetary Policy Committee at least chart money and discuss what impact lots more money will have on an economy?

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The Bank of England needs to get interested in money and credit, and stop expanding and contracting its bond portfolio so drastically. Bernanke should have asked why Japan, Switzerland and China did not have the great inflation when energy prices soared. Their Central banks…

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Paying huge sums to cover losses by the Bank of England should not be the number one priority for public spending.

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Selling long bonds at much lower prices than the Bank of England paid for them helps keep mortgage rates high. It saddles UK taxpayers with a huge bill. It stops the government cutting taxes and spending more. Why does the Bank do this? There is no need to sell the bonds.

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