March 2023
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What explains Miliband’s and Balls’s sudden conversion to fiscal discipline? Could it be that pesky EU?

A few weeks ago, our useless (obedient) journalists were all giving their “valuable” opinions about whether or not single-sex marriage (SSM) should be allowed. What none of them dared tell us (presumably under orders from their bosses) was that the reason SSM was being hurriedly legalised in Britain and France was due to a ruling by the European Court of Human Rights Our masters were terrified that if people knew this, there would be a massive surge in support for UKIP in the UK and the Front National in France.

Now we hear with amazement that, having attacked the Coalition for cutting too deep and too fast, Miliband and Balls have had a sudden Damascene conversion to sound budgeting and will apparently keep to the Coalition’s spending plans.

Our great insightful journalists attribute this complete change of direction to the two Eds’ desperation to get elected. The accepted narrative is as follows: Labour had hoped to bribe their way to power in 2015 by promising generous increases in spending. But, after years of seeing that the public trust Cameron and Osborne with the economy more than they trust Miliband and Balls, the two Eds have realised they had to change their tune if they are to gain the confidence of the voting public. This all sounds reasonable. And I’m sure there’s some truth in it.

But there’s something else the journos have “forgotten” to mention – the EU Stability and Growth Pact (SGP).

The SGP commits all EU (not just Eurozone) countries to achieving a budget deficit of no more than 3% of GDP (Britain’s is 9.4%) and a debt level of under 60% of GDP (Britain’s is over 85% and heading rapidly towards 100%)

You probably didn’t know this (at least I didn’t till yesterday) that 24 of the 27 EU countries are in “excessive debt procedures”. This means they are subject to massive fines by the EU if they don’t put clear plans in place to meet the 3% deficit and 60% debt targets. Only Estonia, Finland, Luxembourg and Sweden are not in “excessive debt procedures”.

Oooops, I wonder why no journalist has seen fit to mention that the UK is in “excessive debt procedures” and could soon be subject to sanctions by the bureaucrats in Brussels? Could the journalistic silence have anything to do with the fact that our leaders know that people would be horrified (and move their support to UKIP) if they realised the extent to which we’ve lost our economic sovereignty?

The full horror story is here:

1 comment to What explains Miliband’s and Balls’s sudden conversion to fiscal discipline? Could it be that pesky EU?

  • Paris Claims

    I doubt if Balls is overly concerned about massive fines. I expect he goes to bed thinking about how he can borrow and tax billions and wakes up thinking about how he can squander it.

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