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Monday, 1 October, 2007

  • Newsnight
  • 1 Oct 07, 05:47 PM

Tory Tax Cuts
George Osborne, as he tells the of his plans to raise the inheritance tax threshold to 拢1m. He also plans to scrap stamp duty for first time buyers on homes worth up to 拢250, 000. The cuts will be paid for by a charge on rich business people who register abroad for tax purposes. So will the plans revive Tory fortunes? Do the sums add up? And could the policy blitz change Gordon Brown's mind about the possibility of an autumn election? Emily is at the Conservative conference in Blackpool and will quiz a leading Shadow Cabinet member.

British Troops In Iraq

Mark Urban has some exclusive news about the future of British troops in Iraq - watch tonight to find out the full story.

Putin's Power Play
- or how the Russian leader plans to stay in charge after he steps down as President next year.

Putin has said today that he will run for election in December's parliamentary polls and says that suggestions that he might seek to become the next Russian Prime Minister are "entirely realistic." What's he up to, and can he get away with it?

Greenspan the Great?
What's it like to move markets with the odd Delphic utterance? Or to have Presidents and Prime Ministers eating out of your hand? Jeremy interviews the ex-Federal Reserve Chairman Alan Greenspan about his life at the top and his predictions for the world economy.

Comments  Post your comment

  • 1.
  • At 07:49 PM on 01 Oct 2007,
  • Cliff wrote:

So given that the vast majority of older people, now and forever, have bought their property at a 'good price', and the value of that property has increased, what, 3, or 4, or 5, or 7, or 10 times over the years, through no special effort by themselves, why should they not pay 40% of the present value?
Of course it is a potential vote winner, it is wholly in the interest of people who have not earned that money.
The people inheriting the property have not earned the right to to keep the property either.
Once again, the Conservatives are conducting a campaign to keep the rich richer.
Scruples? Not this side of of a Monastery Garden!

  • 2.
  • At 08:04 PM on 01 Oct 2007,
  • csharp wrote:

Iraq

The pbs frontline watch again show 'Endgame in Iraq' clearly explains where the usa is at in iraq.
Useful insight into the 'workings' of Washington.

  • 3.
  • At 09:40 PM on 01 Oct 2007,
  • Liam Coughlan wrote:

Death tax is wrong because the deceased has already paid income tax on the money earned to buy the property or assets in the first place. Plus VAT, capital gains tax, stamp duties, excise duties and the many other taxes. Osborne has struck gold for the Tories today. At last, a party that has committed to tax pollution instead of income. Encourage home ownership, simplify taxes, encourage business startups and reduce taxes in the longer term.

At last, the prospect of a coherent alternative to Brown. The Tories have made the Labour approach to taxes and wealth seem spiteful. For example, persons with savings over 拢35K are not protected if a bank collapses, though the Banks are, as they lobbied to cap the guarantee at 拢35K. Labour believe that anybody with more than this must be rich enough to absorb the loss.

By the way, Sky News got to Greenspan first. He is an admirer of BOE chairman Mervyn King. It takes one to know one, I suppose.

  • 4.
  • At 09:44 PM on 01 Oct 2007,
  • Bill Bradbury wrote:

Cameron and his cronies will do and say anything to get elected and the scrapping of inheritance tax will do well for middle England, paid for by those Millionaires etc. who dare to live in this country and pay no taxes.
Well they won't be staying here long if Cameron gets his way and he will have to find another way to make up the deficit. As the majority in this country, apart from those living in the expensive SE and London will have nothing near the current in heritance tax limit.

As we are being told that house prices are going to crash and we are heading for an economic meltdown perhaps Cameron will be our saviour or probably spend his first term in office blaming the mess on Brown.

On the other hand an early election may return Brown to clear up his own mess if that happens.

So the question will be whenever the election comes, who will be best fitted to do this? My money is on Brown and not a Party that is in a current "roll up roll up" mode to "get your lovely money here" from the Tories. I think the Country is ready for another 18 years of Tory misrule. "Bring it on" as Cameron likes to say. Once a Tory always a Tory. Hitting the single parent families and forcing those on benefits to take up low paid jobs will go down well with those who are comfortable and in well paid jobs.

Perhaps their next "promise" will be to take off the recent increase in petrol tax and never return to this method of hitting the motorists--but it is not conducive to their "Green" policy.

  • 5.
  • At 09:48 PM on 01 Oct 2007,
  • Liam Coughlan wrote:

Death tax is wrong because the deceased has already paid income tax on the money earned to buy the property or assets in the first place. Plus VAT, capital gains tax, stamp duties, excise duties and the many other taxes. Osborne has struck gold for the Tories today. At last, a party that has committed to tax pollution instead of income. Encourage home ownership, simplify taxes, encourage business startups and reduce taxes in the longer term.

At last, the prospect of a coherent alternative to Brown. The Tories have made the Labour approach to taxes and wealth seem spiteful. For example, persons with savings over 拢35K are not protected if a bank collapses, though the Banks are, as they lobbied to cap the guarantee at 拢35K. Labour believe that anybody with more than this must be rich enough to absorb the loss.

By the way, Sky News got to Greenspan first. He is an admirer of BOE chairman Mervyn King. It takes one to know one, I suppose.

  • 6.
  • At 09:50 PM on 01 Oct 2007,
  • steve wrote:

Sir, All the rich guys will do is move elswhere, why don't the Tories do their homework....and we are supposed to believe these buffoons. They should go around with a government health warning. Sincerely, Steve

  • 7.
  • At 10:04 PM on 01 Oct 2007,
  • Bill Bradbury wrote:

Cameron and his cronies will do and say anything to get elected and the scrapping of inheritance tax will do well for middle England, paid for by those Millionaires etc. who dare to live in this country and pay no taxes.
Well they won't be staying here long if Cameron gets his way and he will have to find another way to make up the deficit. As the majority in this country, apart from those living in the expensive SE and London will have nothing near the current in heritance tax limit.

As we are being told that house prices are going to crash and we are heading for an economic meltdown perhaps Cameron will be our saviour or probably spend his first term in office blaming the mess on Brown.

On the other hand an early election may return Brown to clear up his own mess if that happens.

So the question will be whenever the election comes, who will be best fitted to do this? My money is on Brown and not a Party that is in a current "roll up roll up" mode to "get your lovely money here" from the Tories. I think the Country is ready for another 18 years of Tory misrule. "Bring it on" as Cameron likes to say. Once a Tory always a Tory. Hitting the single parent families and forcing those on benefits to take up low paid jobs will go down well with those who are comfortable and in well paid jobs.

Perhaps their next "promise" will be to take off the recent increase in petrol tax and never return to this method of hitting the motorists--but it is not conducive to their "Green" policy.

  • 8.
  • At 10:21 PM on 01 Oct 2007,
  • Owain Gardner wrote:

Mr Osborne must be becoming a rather hypocritical politician (although some people may say that all politicians are hypocritical!) Surely he must realise that by increasing the Inheritance Tax to 拢1 million he will in fact be taxing himself? Being the eldest son of a Baronet (and Mr Osborne will become 18th Baronet) and the son of the co-founder of Osborne and Little, he will doubtless inherit more than 拢1 million?

Taxing the rich to help the poor? Possibly, but when it comes to it George Osborne will doubtless complain about inheritance tax!

Many people consider the inheritance tax to be one of the most immoral taxes around. Those who spend all their money and then throw themselves on the states mercy in old age currently get the best deal.

The money saved up has been taxed when it was earned, taxed as you saved it, taxed in proportion to the property value (council tax). Its a wonder there is anything left.

If the state demands more money - lets be honest and charge it as income tax. Enough of the stealth taxes.

This move will be very popular - so popular that Labour will be forced to copy it.

  • 10.
  • At 11:33 PM on 01 Oct 2007,
  • wrote:

I've just watched the Rt Hon Alan Duncan respond to Stephanie Flanders' dismantling of the Tories' inheritance tax contentions. To say that their calculations are flawed would be, well, something of an understatement. Despite this, Mr Duncan appears to be willing to maintain that black is white and that white is black - ah well, that's par for the course, we might assume. But underlying all of this, the lack of rigour in his defence of his party's tax plans is surely a sign that standards in education were low long ago.

And David Cameron is keen on a snap election?... The mind boggles.

  • 11.
  • At 11:53 PM on 01 Oct 2007,
  • brossen99 wrote:

So much for Tory social justice, plans to give the moderately poor couples more money by stealing it from the long term disabled and single mums, probably the lowest income groups in the country. But then what do you expect from a major policy think tank headed by IDS. Its a bit like putting Dracula in charge of a blood bank and you can be sure that plenty of gormless ten bob fat cats who may not themselves gain anything may fall for the bribe. Perhaps the same principle applies to the proposed cut is stamp duty and inheritance tax. Perhaps they could have got away it without Labour sniping if they had proposed increasing the top rate of income tax to pay for a cut for estates below 500k. It would appear that the disabled and single mums are going to be the scapegoats if there is a massive black hole in any future Tory government tax and spending plans, just like the Jews were increasingly persecuted for the shortcomings of the Nazis in Germany during the 1930s. That is not to say that the current government are not doing likewise when they get half a chance.

  • 12.
  • At 11:54 PM on 01 Oct 2007,
  • NK wrote:

Popular amongst whom? The huge swathe of the population who are likely to own between 300000 and a million pounds worth of stuff when they die. Love to know what percentage of the population this actually affects. Enough to swing an election? I doubt it.

  • 13.
  • At 11:57 PM on 01 Oct 2007,
  • wrote:

Outstanding Jeremy (32/10)tonight with Alan Greenspan - very interesting indeed & always great to see Mark and his brilliant graphics on the latest in Iraq. :-)

  • 14.
  • At 11:59 PM on 01 Oct 2007,
  • Lesley Boatwright wrote:

Alan Duncan's pose of gentle amusement came across as very patronizing.

  • 15.
  • At 01:14 AM on 02 Oct 2007,
  • the cookie ducker wrote:

Who introduced inheritance tax in the first place, was it a socialist? was his name Gordon Brown by any chance? Its a pity that the now defunct Tory party have to poke around the convoluted tax mess that Gordon slipped under our noses and not concentrate more on radical ideas. Osborne's speech today will please many i am sure but not enough to win a possible snap election. I want to hear something radical from the Tories, like the wholesale shake up and downsizing of the welfare state that has created a work shy and sick note culture with the need for employers to utilize cheap workers from Poland. The Polish who still have a good work ethic based on; if you don't work you starve.
if ever there was a motivator to get your butt off the couch and get a job...and those tax saving for cental govt, its a win win..
Did anyone fill up their car today? i did and it was a jaw dropping moment, cheers Gordon. i do hope that when the election starts, a rerun of the petrol protests kicks in

Don't be alarmed by Alan Duncan, he's a very nice chap but very much a little clown with a big fat ego, he is usually wheeled out for amusement purposes only and not to be taken seriously.

  • 16.
  • At 09:12 AM on 02 Oct 2007,
  • DrKF wrote:

Cookie Ducker,

who introduced inheritance tax, you ask. Was it a socialist, you ask. Was it Gordon Brown, you ask. Let's have a look...

Well, the Whig government of 1796 introduced a 'legacy, succession and estates duty' as far back as 1796 (some ime before GB took office). By 1894 (still some time before GB, you'll note) a Liberal government had changed this to 'death duties'. In 1975, under the Heath government (and, while I will accept that GB was at least born by this point, I seriously doubt he had much by way of input in to Britain's legislative process at that time) introduced 'capital transfer tax' which was superceded, in 1986, by 'inheritance tax'.

I've been looking over that list, and I can't for the life of me see a 'socialist' government anywhere. Unless you wish to claim Thatcher as a socialist.

Still, I'm not alarmed - you've always struck me as a very nice chap but very much a little clown with a big fat ego, and should be listened to for amusement purposes only and not to be taken seriously.

K

  • 17.
  • At 09:14 AM on 02 Oct 2007,
  • wappaho wrote:

cookie ducker - you said it! the Polish work for lower wages than the Brits because their other choice is worse - in other words the upper Brit class has sold our honest, hard working class right up the swanny for cheaper 'services' and is in the process of dismantling what is in effect the remnants of english culture by criminilising the lifestyle attibutes of the wroking people's culture, and replacing it with a culture of greed and seflishness.

  • 18.
  • At 11:14 AM on 02 Oct 2007,
  • Bill Bradbury wrote:

Re-the Tory tax "smoke & mirrors" anyone who listened to Alan Greenspan carefully would realise on what a pack of cards financial institutions and Tory Policy Tax cuts, are built upon, including house prices.

This gave a balance unintentionally, to the Tory euphoria. I agree with the "Sky" comment for I heard somewhere he thought it was daft for the Tory idea to make the Governor of the Bank of England a one? year appointment. He said it takes at least 5 years to get into the job to be of any use.
It was refreshing to hear someone talking financial sense than headline grabbing policies where if thought through, in one's calmer moments, do not add up. But still I have a long way to go before I reach the current 拢300,000 limit and I suspect there is a very large % of the population with me, unless you live in London and the SE.

The interviewer with the Tory "mouthpiece" Alan ? should have "done" a John Humphries when he kept quoting that the Financial companies had costed their figures by saying "name 3!!"

  • 19.
  • At 12:29 PM on 02 Oct 2007,
  • barrie croxford wrote:

last nights report on news night at conservatives hotel showed a man smoking a cigar inside the hotell. please look it up and if i am correct.

  • 20.
  • At 02:01 PM on 02 Oct 2007,
  • Bill Bradbury wrote:

Dr KF a good posting and add it to a lot of other things the Tories want us to forget-absence makes the heart go fonder.
But let's not dwell on the past. We can look forward to an election, at whatever time it will be, and a new world under Cameron as the electorate exercises its usual "buggin's turn" and put the Tories in.
Just think, no more "bloggs" or postings as we will have nothing to worry/moan about except how we can all aspire to 拢1m. "Bring it on" as Cameron says. What's the betting we will all be still as worse off as we are now unless Cameron's next "bribe" is to restore our pensions. Must catch that flying pig!!

  • 21.
  • At 02:07 PM on 02 Oct 2007,
  • wrote:

THE FUTURE OF THE TORY PARTY?

I almost feel sorry for David Cameron. He will only be leader of the Conservatives for a few more weeks; and he knows it 鈥 as his defensive body language, and uncharacteristic stumbles in his interviews, show.

In writing this political obituary, however, I have to recognize that at least he knew what was needed to make his party electable again and he tried hard 鈥 very hard indeed 鈥 to make the necessary changes. But in the end he lost the battle; for a number of reasons:

1. The defender of the centre, as 鈥 thanks to (the unmentionable)Tony Blair - Labour now is, has all the advantages. Even if the Tories ever managed to become a party of the centre they would still have, by some miracle, to find a magic ingredient which meant that they could claim at the same time to be different yet the same.
2. Unluckily, Cameron chose to emulate Tony Blair just as he went out of fashion. Moreover he chose to emulate his 鈥榮pin鈥 without noticing that, underneath the spin, Blair introduced the dramatic changes in policy which put New Labour into its unbeatable position. As a result Cameron has always been an emperor waiting for somebody to point out that he has no clothes.
3. At this point in time he is also doubly unlucky, a bad fault for any politician. Presumably he made the same calculation as the rest of us; that Brown would go to the country next year 鈥 after he had established himself. That would have given Cameron time to consolidate all those conflicting reviews, and put in place something like a genuinely new manifesto for the Tories. Instead, of course, his own stumbles over the summer, combined with Brown鈥檚 masterly political manoeuvrings, have suddenly given Labour a chance of an election when Cameron is at his weakest. As Harold MacMillan famously said: 鈥楨vents, dear boy, events!鈥 Cameron has been very unlucky and Brown has been very lucky. The result is that Cameron has been forced to retreat to the traditional Tory tax-cut (鈥渢he millionaires鈥 inheritance tax charter鈥) and flog (鈥渟end the unlucky sick to the poorhouse鈥) policies, which his predecessors also chose when they were forced into a similar corner. Like them, of course, he will lose 鈥 possibly by a landslide.
4. The final problem was the Tory Party itself. It has still not got its head around what it must do if it is ever to regain power. At this point into Labour鈥檚 own low ebb Neil Kinnock had already changed his party into a viable contender, having defeated his extremists, and as a result he very nearly won the 1992 election. Then it was just bad luck, too, which defeated him. Cameron has never been able to similarly confront his extremists, but has been forced to sweep all the contentious issues under the carpet; and this was probably the main reason for all his spin 鈥 he didn鈥檛 want his own backbenchers to know where he was really taking them.

So what of the future? Barring more of those 鈥榚vents鈥 Cameron will vanish into the mists of time and enjoy the benefits of his upcoming baronetcy and inherited fortune. George Osborne and William Hague are already campaigning to take over. But they will surely have little worthwhile to take over. The Conservative Party is by now a busted flush. It has no policies to win the centre ground, and in any case too many of its members don鈥檛 even want to go there. The chances are that it will slowly drift ever further into obscurity.

Then there is Gordon Brown. With his new mandate, in a single party state, he will be able to implement all those unpalatable things he has managed to keep hidden for the past 100 or so days. God help us!

Perhaps there is still a chance for the Liberals. After all they are now the only possible alternative 鈥 as the traditional holders of the centre ground and now the only real viable opposition 鈥 so why not give them a chance and switch all those wasted Tory votes to them!

  • 22.
  • At 02:26 PM on 02 Oct 2007,
  • the cookie ducker wrote:

DRkf, thanks for the history lesson.

You cannot equate or compare any tax legislation of 200+yrs ago to the tax system today with all the added tax burdens Gordon introduced, that would be just mental. My problem is not necessarily tax but how it is spent, and with any good socialist govt you will always find a cack handed approach with revenues going down the pan with ever increasing alarming rates with very little results other than keeping jobs-worths with no real discernable talent employed to tell the rest of us how to live and that usually does not start until we are into the 5 month of the year in paying these tax burdens. Working parents are actually recieving benefits to top up their incomes, why? hows about a working wage that covers all their expenses without govt subsidies. We live in the 4/5 richest economy in the world but still struggle to educate our children to a level that would be viewed as average by some developing countries.
Crime has got worse and the wholesale catastropie that is uncontrolled immigration is a ticking time bomb. The list is long as you are hopefully aware and its had tax funding that bites into many incomes plus all the additional tax burdens our mate Gordon introduced. Gordon was lucky with a booming global economy with admittedly some skills in the finer details of economics, unlike me who gets a lot lost when stephanie flanders makes her regular appearence on NN, but then i am not an economist and thats why i am not in charge of anything important such as the economy. Gordon Brown was in charge and has left us heavily burdened with little or backward results. Gordon has not yet experienced any real test as PM but i am sure he will be shown up for the socialist hack he really is...wanting.

the cookie ducker, a tall clown with little or no ego

  • 23.
  • At 03:13 PM on 02 Oct 2007,
  • Jay wrote:

Is it just me or is this place starting to smell of New-New Labour HQ? I've noticed it before elsewhere on 大象传媒i in the last few weeks and some other sites too - soon after a positive story is posted on the Conservatives or a report is filed on a Cameron policy announcement, the ad-hominem attacks start. Now every personal quality that was god-sent for Blair is now a curse for Cameron and anathema to Labour voters. Election nearing, Labour volunteers are working overdrive on the boards.....

As for the criticisms of Alan Duncan on last night's show, shame you ignored the fact that Emily Maitliss was almost hysterical when comprehensively dismantling the non-dom policy. Her voice was raised and high-pitched, and she was physically animated in her seat.

This is how the 大象传媒 now works:

When Labour announce a policy, the 大象传媒 report it like this:

"Labour today announced plans to....."

When the Conservatives announce a policy, the 大象传媒 report it like this:

"Labour today criticised Conservative plans to....."

  • 24.
  • At 03:53 PM on 02 Oct 2007,
  • Doreen Richards wrote:

Come on B.B.C. get your act together, last night Emily ? after giving the tory M/P. a real grilling and after showing the newspaper headlines said quite clearly " No mention on any of the front pages about the Tories"
I bought the Daily Mail this morning and there it was all Tory news perhaps that is why she did not show that paper last night.
Yet another presenter who has gone down in my estimation, after avidly following Newsnight for many many years I now check who the presenter will be before tuning in, dont the presenters know that they are meant to be unbiased ?

  • 25.
  • At 04:06 PM on 02 Oct 2007,
  • Doreen Richards wrote:

Last night Emily ?, when showing the papers said " No mention of the Tories in tomorrows papers"

What did I buy this morning "Scotch Mist" my paper is full of the Tory Conference.

When in doubt say nothing, dont make it up

Oh well yet another presenter I will not watch

  • 26.
  • At 05:13 PM on 02 Oct 2007,
  • brossen99 wrote:

Post # 24 and 25

You need to tune your ears in better, Emily sais no mention of the Tory conference in The Independent which was the last paper she looked at. Why does everybody knock Emily so much, she usually does a much better job than Gavin Esler.

  • 27.
  • At 11:16 PM on 02 Oct 2007,
  • T Skitmore wrote:

If the Tories remove inheritance tax as paid now, no doubt the tax man will tax the inherited cash as income once it is received by the benificiary, via tax returns. Does anyone seriously think any government will let us have untaxed money? Wake up !

  • 28.
  • At 04:53 PM on 07 Oct 2007,
  • Ron Exelby wrote:

The 大象传媒 is so biased against the Tories we never watch it anymore many of our friends feel the same
You are supposed to be fair in reporting you have not been for many years

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