George Osborne told Parliament today that benefit payments to the poor and disadvantaged are to be savagely cut back. Osborne just announced an ADDITIONAL £7 Billion of cuts in benefits, making £18 Billion in all since the Coalition came to power. But the banks will fare somewhat better! No surprise there – Tories always protect their own, but it is shameful that the Lib Dem leadership are going along with this and I speak as a Lib Dem Parliamentary candidate in 2010.
Banks will face some unspecified ‘levy’ which Osborne claims will raise more than Labour’s tax on bonuses last year (£5 Billion). Well I won’t be holding my breath as we all know how clever these bankers are at protecting their money and squandering ours.
The details of the bank levy are due to be announced later this week. Even if the bank levy DOES raise more than £5 Billion per year and I repeat that we don’t have any details yet, this is a paltry sum considering the magnitude of the bank bailout (over £1 TRILLION – that’s £1,000 Billion) and the catastrophic damage to the Western economies that the banks have caused.
So the Tory Toffs (and their new found Lib Dem allies) are going to squeeze the poor whilst protecting the bankers. Same old Tories. Shame on Nick Clegg for going along with it.