Job Cuts, School Finance and Career Politicians
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Trading Features / Strategies from Simon Denham of Capital Spreads.
Cowardice in high places is not a new phenomena but this administration’s spinelessness is now beginning to show as bright yellow streak across the finance of UK plc.
Yet another Budget long on raising revenue but short on cuts. Not once in the long 11 years of New Labour has there been one thought of cutting our coat to suit our cloth.
With the finances of the public sector in absolute disarray this administration has yet again gone for the easy route of just adding a little bit here a little bit there in the hope that the pain is so widely spaced that enough people will believe that it is all being fairly spread. It is becoming more and more obvious that within the top ranks of Government and the Civil Service the idea of actually laying people off if you need to remain solvent is not one they are willing or able to take. This is what happens when you fill your posts with career politicians, lawyers and PR men. Virtually none of whom have had to endure the pain and pleasures of actually building a company through good times and bad. Nobody likes cuts but sometimes they have to be made but the likelihood of this bunch raising the courage to actually make an unpopular move is virtually zero.
I used the word ‘cowardice’ and that is exactly what this is. It currently infects the entire top layers of our public sector from cabinet minister down. Easy attacks on the private sector followed by largesse with no controls in the public one.
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No difficult decision is ever taken as ‘consultation’, ‘public enquiries’, ‘buck passing’ and inertia take the place of proper management. Gordon Brown is always talked of as being brilliant and exceptionally clever, well maybe he is good at the cut and thrust of a parliamentary question but that is just about it. He has never in all his life had to earn a living outside of government. His perceptions revolve around the inertia of committee and the cuddly framework of meetings where everyone agrees with each other. I once, many, many years ago, made the mistake of getting involved in student politics where because they all had, basically, the same political bias and never even raised a divergent viewpoint they could persuade themselves that everybody thought the same way as themselves.
Nowadays when things start to get difficult, rather than try to work towards a useful but difficult conclusion, a diversionary tactic is raised generally at the expense of the middle classes.
A classic example is the Charity Commission’s politically inspired attacks on the Public Schools. Please show me a comprehensive that is asked to do ‘extra’ work in the community to justify the 100% state funding of their schools or show me the state teachers, employed on not dis-similar salaries to their public school colleagues, who are expected do out of hours work with their pupils, as is the norm in the private sector. All that the Public schools Sector asks, for taking some 8% of the entire school intake off the governments books, is a miserly £100m of tax benefits. But no! they are an easy Middle Class target. Most charities appear to have very narrow defined targets not many of which could be called ‘the public good’. Taking billions off the public purse and teaching ‘normal ability’ pupils to levels only dreamed of those under state tuition would appear, to me, to be a very good definition of ‘the public good’.
In the coming months we can expect more of these ‘easy assaults’ from an incompetent administration as they attempt to divert the publics attention away from their own folly.
The above comments do not constitute investment advice and neither Capital Spreads nor Clean Financial accept any responsibility for any use that may be made of them.
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'Job Cuts, School Finance and Career Politicians' edited by SD, updated 13-Mar-08
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