Labour got it verywrong on finance

“A week is a very long time in politics”, so I reckon Nick Warren is far too young to recall that it was neither the Lib-Dems nor the Tories (nor even UKIP, bless ‘em!), but his Labour’s misgovernment which ‘destroyed the pension pots of millions of workers, allowed unregulated banking loans and the collapse of the financial structure of our country’!

To paraphrase Nick’s own works, ‘as a Labour party member one can well understand why he chooses to ignore the role of Gordon Brown’, his former leader who, in July 1997, abolished Advanced Corporation Tax relief (tax credits on share dividends being used as a much welcomed, extra investment into workers’ pension pots) destroying overnight the pension dreams of millions of hard working Britons by around £100 - £150 billion.

In happier times, £100bn was the equivalent of Ireland’s entire output but to us company pensioners, it is the equivalent of a £5,000 to £7,000 drop in our hard-earned retirement ‘pot’.

So much for Labour ‘looking after the workers’ for the only ones to gain from his scam are MPs, who voted for more!

Then, blow me down, ‘Prudence’ Brown abolishes the Bank of England’s control (in effect, Government control) over the banking sector to prepare Britain for joining the Euro by gleefully announcing his (yes, ‘his’, no one else’s!) Financial Services Agency which was so ill-conceived that no one had - nor, worse, knew who had! - the power or authority to control the reckless lending by banks or financial institutions!

Then, unbelievably, ‘Prudence’ Brown announced well in advance the wholesale disposal of our Gold bullion Reserves.

It was the ‘Bargain of the century’ and Christmas came early to foreign banks that year for today gold is a highly-treasured reserve currency, of which we have very little!

But it is Christmas so, to be charitable to Gordon Brown, he did concoct a series of tests to keep Britain out of the Euro and it should not be forgotten that since the 1990s the EU has invested billions of taxpayer’s money into the Irish infrastructure transforming it from an agricultural to a ‘Celtic Tiger’ economy.

Now it has the second highest GDP in Europe and is a net contributor to the EU budget, but under the straight-jacket of the Euro currency, Ireland is unable to regulate their overheated economy without a second huge tranche of our taxpayer’s money and now risk losing inward investment from the USA! Talk about a double whammy for the hard pressed British taxpayer!

So, this year I’m once again asking Santa Clause for a host of Labour-saving goodies and a golden top-up to my paltry pension!

BARRY M JONES

Bixley Lane, Beckley