1. He puts his personal wealth and pension on the line. He's keen for bankers to do this, he should do the same. So first losses come off his wealth before we get hit.
2. No special treatment. He has to learn first hand what it means to set up a business in the UK, in particular a bank.
3. For example, will he pass the test on being a fit and proper person giving his track record of violating the human rights act. [Right to a fair trial, and he's the judge whose going to war on one of the participants]
4. Then once removed from the business department, axe it. Lots of money to reduce corporation tax or cut.
Spending £16.5 billion.
Income tax receipts, 150 bn. People could have a 10% reduction in their income tax payments.
What would they choose? Uncle Vince or the money?
Capital gains tax raised 4 bn. That could go - completely
Inheritance tax - 3 bn. You could get rid of that too.
Stamp duty - 6 bn. So you could get the housing market moving with removal of that, IHT and CGT.
You could even get rid of airline passenger duty, or alternatively tax on insurance.
I think its time to axe that department completely.
We're in this economic mess because of a basic fraud. It's a ponzi.
Here is how it works. Take money up front for pensions. Instead of booking that as a liability, book it as an income and spend it. Contrary to the GAAP and FRS 17 that the government has signed up to.
Now, when people start asking about where are the liabilities, the standard answer is that we can change the law not to pay them, so that means its not a liability.
The flip side of this is interesting. It means that the current payments are legal. If you have to change the law not to pay them, then they are a liability.
Now to take money knowing full well that you can't fulfill your part of the bargain, is fraud. Asil Nadir, Bernie Maddoff found this out.
Take Equitable Life. They didn't book their liabilities, and wen't tits up as a consequences when people sued to enforce the contract. So if the government doesn't book its liabilities, it will go the same way.
Take Robert Maxwell. What did he do? He raided the pension fund to pay other debts and meet cash flows. Sounds familiar doesn't it. Current pension contributions pay other debts and meet cash flows.
Back to Equitable life again. Look at what happened when they couldn't meet their liabilities. They cut their payouts. Now has the government done the same? Yep. The contract for RPI linkage has gone. The retire at 65 has gone. A double whammy there. 2 years less payout, 2 years more contributions.
Bernie Maddoff? Yep high payouts now, with false accounting, and then woops, he can't pay. Late joiners lose out. Mind you, Bernie Maddoff can't force people to carry on paying, he's in jail. The government? They will like the average loan shark send the boys round.
When you put numbers to it, its blatantly obvious. The government is insolvent. Bankrupt. Bust.
Instead people arguing the toss about personalities.
Publish the debt numbers. Tell everyone that governments have run up trillions in their name. Then you will get huge pressure for no more of the pork barrel, the borrow and spend.
Unless you do this, people will believe Labour and that's a disaster.
The Turner report into the state pension has the following
""We have suggested that the state pension age will have to rise to somewhere between 67 and 69 by 2050 and that public expenditure on pension and pension benefits will need to rise from 6.2% of GDP today to between 7.5% and 8% GDP in 2050."
The investigation would reveal that the primary cause of the accident was the captain of the KLM flight taking off without clearance from Air Traffic Control. However, the investigation would specify that the captain did not intentionally take off without clearance; rather he fully believed he had clearance to take off due to misunderstandings between his flight crew and ATC. Dutch investigators would place a greater emphasis on this than their American and Spanish counterparts,but ultimately KLM would admit their crew was responsible for the accident, and the airline financially compensated the victims.
The accident had a lasting influence on the industry, particularly in the area of communication. An increased emphasis was placed on using standardized phraseology in ATC communication by both controllers and pilots alike, thereby reducing the chance for misunderstandings. As part of these changes, the word "takeoff" was removed from general usage, and is only spoken by ATC when actually clearing an aircraft to take off. Less experienced flight crew members were encouraged to challenge their captains when they believed something was not correct, and captains were instructed to listen to their crew and evaluate all decisions in light of crew concerns. This concept would later be expanded into what is known today as Crew Resource Management. CRM training is now mandatory for all airline pilots.
Now what's the relevance of an air crash to the government? Well, politicians are behaving the same way. They aren't questioning what is going on. They are suffering from Group Think.
The standard group think is that the deficit means the same as debt. Often exposed by people like Gordon Brown that the government can pay down the deficit. You can't. The deficit is an overspend.
Next comes what is a debt. They will just admit to gilts being debts. State pension? Not a debt. Implication is simple they won't pay it. Civil service pensions? Not a debt. It's not on the books. State second pension. Not a debt. All paid for up front, but it won't be paid because the debts are too large.
So politicians are behaving like the captain of the plane. The aren't listening to all the alarms going off. They are intent on full speed ahead when its clear there is going to be a crash.
Mr Addison Lee has told his drivers to drive in bus lanes just like Black Cabs. He will defend them in court, and pay their fines if they are fined.
Now why does he think he can win? Well its down to European law. European law bans illegal state aid to one part of an industry compared to another. That applies to handouts as well as legal discrimination. So black cabs and addison lee are both in the taxi business. You can't ban one and not the other.
TFL are worried on one major point. If they lose, its retrospective. It's that TFL was acting illegally, and that means they have to hand back the loot. That's really worries them. Now they can deal with it in two ways. Give in and allow him in by changing the law then he probably won't go for the test case, or they can ban all taxis from bus lanes. Bound to piss off lots of MPs and Peers.
The same applies to the post office parking on double yellows. White van man needs to sharpen up and work out that in the delivery business, that is also illegal state aid.
More ways that the state have created regulations where they will be shafted as a result.
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