Summary: Tory: corporate jargon OBR: we only know what the treasury tells us. The treasury decided to stop telling us anything Tory: so the system never worked, right? OBR: the system worked until the tories decided to break teh system and the law enforcing it Tory: but the (independent organism) obr depends on politicians... we should make that clear OBR: obr shoudl stay independent. Politicians should not be able to affect the communication Tory: but it's a shame labour put you in a mess OBR: no. It's a shame tories broke the law and prevented us from doing our job
@@spencerclaisse9658ah yes "this guy who I know nothing about must be biased, because if he's not, it makes me really uncomfortable about the know fact conservatives are the economically responsible one. Which is a know fact because they told me so".
"We are moving from a system of trust, to a system of trust but verify." What an elegant way to characterise the tories as a bunch of incompetent liars.
And basically theft. Donate to the Tory party, awarded govmnt contract at probably overblown cost. Actual cost £5 billion. Tory Donor cost £10 billion.
Ikr Labour was clearly running out of ideas and needed Tory “austerity” to sort out all of the mess, only to make it worse. It’s like the house holder spender blaming the partner for not stopping them spending all the money. Ironically these MPs have zero problems balancing their own perdonal balances.
@@TimNeedham-l7z Very true my freind. But he was obviously on something either prescribed or illegal. Just look at his eyes, you can see the lies before his mouth moves.😁
No he was economically with the truth Reeves lied by trying to say it was 22 billion or are you denying that, the rest made up by huge rewards for their union pay masters, and then the 40 billion tax hikes lol if you think things are going to get better under these fools I can only assume your moving to another planet!
In 2010, with the full cooperation of the MSM, the Conservatives had successfully blamed the global crash on Labour. In 2024, with the full cooperation of the MSM, the Tories are saying there was no black hole. I did like the OBR boss's quip though, that previously their working relationship with the Treasury was one of trust, but in the future it will be one of trust and verify.
@beatonthedonisI think you should more properly condemn the shenanigans of some of the biggest names in banking, including hedge fund managers or investors like Rishi Sunak. One of the most knowledgeable and senior financial bods from the US and who at one time was associated with the Bank of England, actually lauded what Gordon Brown did prior to and post the financial crash, and did not try to blame him for things beyond his control. The film The Big Short is an excellent precis of who was really behind the global crash. Brown actually helped to prevent the UK from being even more damaged financially.
I don't know man, Labour are saying there's a £22bn black hole, the Tories are saying there isn't one. If by "full cooperation" you mean that the MSM is just reporting what both sides are saying then yeah, there is "full cooperation". Tories did a good job pushing a certain narrative in the years after 2008, Labour didn't really push back much. MSM reported what each side was saying at the time too. I think you're seeing something that isn't there.
@@macayers For that information you should read the report of the review conducted by OBR. Exactly the document being talked about in this video clip.
Currency issuing governments like the UK cannot have financial black holes. The money is infinite and taxation does not fund government spending. Nothing needs to be plugged and taxes don't need to be raised, provided the economy has enough unutilised resources to absorb the spending which isn't being subsequently cancelled by taxation.
@@clementattlee6984so why did we have a debt and sterling crisis under Liz Truss? No wonder things are so bad when the Tory voters are so illiterate. Keep printing money your currency ends up being junk and inflations leads to a loaf of bread costing £1 million.
The Tory MP tried to make it about 'politics', while the OBR guy was clear: the Tories didn't tell us about the financial commitments because they are snidey.
Any Tory talking about anyone's credibility is a bit rich. God i loathe them and what they have done to this country. It can be avoided if we keep the Tories out. Does he forget it was them that didn't declare that huge black hole they left?. Give me a break.
JamesBot - Labour - 2010 the United Kingdom in the RED £900 Billion. Conservatives - July 2024. The United Kingdom £2.7 Trillion in the RED 14 Year's of Incompetence. Fiscally.
Hunt's reputation, never particularly robust, is now shattered. Won't make much difference as they dont 'do' either embarrassment or regret... And the public remsin blissfully unaware... (As usual)
Tory boink - How would you suggest the OBR isn't drawn into political rows about "fiscal black holes." OBR - Well, it would help if the Tory Ministers didn't lie about there not being one.
And if you didn't notice, the tory liar says that the obr was "vilified" and "it was regrettable," and then continues to blame the obr, because it's NEVER their fault. Why in fuck are any tories even on this committee? They should be nowhere near it.
Please ignore the ByJimineeItsBREXIT-z2k it's either a Russian bot or a troll, if you read the budget the black hole hasn't increased its being filled but unfortunately this has resulted in the UK being unable to fund certain policies and the increases such as the employer NI. The.black hole hasn't increaed
Bottom line , Jeremy hunt fiddled the books to gain an advantage in the GE, lost, got caught out and tried to lie his way out of it , standard MO for the Conservatives for the past 13 years .
Trust inn politicians has collapsed amongst the general population so when I hear Richard describing the interaction between OBR officials and Treasury officials being based on trust instead of "trust with verification" which apparently will be the case going forward, I'm wondering why "trust with verification" wasn't the common-sense rule in the first place. Politics is riddled with psychopaths and the self-interested so it would seem to me that allowing an arrangement of trust amongst oversight bodies is a contradiction in terms. Oversight bodies should not trust those they overlook, they should mistrust and measure and verify as the default rule as an entity with oversight powers and responsibility.
Yep. Boris, Rishi and co ripped at the threads of our democracy, judiciary, law and other institutions because they know it's all built on the 'good old chaps' mentality. So being bad faith actors they were able to exploit a system that hadn't even bothered to think about guard rails.
And consider that a lesson learned. Tories will never be trusted again, but at the same time, I don't have an issue with the OBR holding the treasury under Labour to account, unlike they did with the Tories in the past.
The OBR is an essential safeguard and a legal obligation. Truss ignored them costing us all billions and Sunak’s ministers do appear to be not forthcoming with information they should have disclosed. Then for Hunt to have the brass neck to say there was no black hole and there would be a large surplus shows Tory party first economy second.
"Regrettable that you've (the OBR) have been sucked into this political black hole?" 🤣 What's regrettable is that the nation suffered a corrupt Tory government black hole for 14 years before we saw the light, matey
Methinks he (the MP) doth protest to much (and is attempting to count how many angels can dance on a pin head...). _Just admit you screwed up, puh-leez!_
Its worth noting that at no point have Torys disputed the fact they over spent the budget. So the black hole is totally there and undisputed. The only dispute is whether they knew in advance and whether they deliberately mislead the OBR. Its a question of being incompetent or being liars
Sounds more like a reasonable discussion on what went wrong than a 'schooling'. It would be good to know why the treasury failed to disclose the pressure on budgets to the OBR. Was there an attempt to hide the truth?
If the black hole exists why spend £11b on Africa and £8.6b with Ed Milliband? Wouldn’t you hold off on this extra expenditure when you have a gap to fill in the budget? Seems we have still spent money whilst acknowledging there is a gap in the finances. If this was a business you would say it is reckless, at best
I think if you agree with the Tories about budget management, then you should not make suggestions about what anyone else should do. This clip shows that to be true. It may well be that the investment in green energy SAVES THE PLANET. It is an economic fact that the cost of doing nothing will be far higher in the future than the cost of doing things now to help the climate. Maybe the investment in Africa pays back elsewhere, I don’t know, but what I do know is that they haven’t done it without carefully considering the costs and all benefits. They will have information that you and I don’t have. Also, they aren’t hiding the expenditure from you and me.
OK fine, but this still doesn't change the fact that there are 49 million kangaroos in Australia and only 3.5 million people in Uruguay, which means that if the Australian kangaroos were to invade Uruguay, each person would have to fight 14 kangaroos.
tory waffle, trying to deflect but actually not doing the right thing - admit they left a massive defecit in the treasury and failed to tell anyone. Then they got caught and still they're avoiding what they should really do, which is admit they lied.
I don't support anybody but I do know this the last time the labour party was in government, they left the Tory Party 159 billion in debt. Can you tell me which is worse?🤔
bet the tories regret having that question asked. "So yes they lied and it might have been against the law and policy... Don't trust the tories." Believing the conservatives has led to the old Russian saying "Trust... But verify."
With all this 'politic speak' I have difficulty sometimes understanding what is actually being said. I;m sure others are just as frustrated as I am - why the hell can they not speak in ordinary everyday English? This politic speak thing allows a person to disguise the true import of what they say, and the Tories are past masters at it - the favourite one is "I may have misled the house" - this is just politic speak for "I've been telling porkies".
Like Labour in opposition, they occasionally came up with correct criticisms of the Tory government. It seems that the Tories are correct. Much as it may pain me to say so.
Does the DMO assess every instance of deficit spending and only issue gilts if that spending can be proven to be inflationary? Or does it issue gilts regardless of if that deficit spending is inflationary or not?
If we withdraw our land sea and air forces from the Israeli theatre we will recover the £40 billion by the end of the year. Why is our tax money being spent on Israel’s defence whilst it is breaking international law?
A seriously misleading title. There is no "schooling" going on here. A select committee MP asks an intelligent question about a breakdown in communication between the Treasury and OBR. Leading to a deterioration in trust and a need for improved verification procedures. It's dry, technical and deceptively important. And we've got £9.5bn of departmental spending pressures not disclosed. That leaves £12.5bn to go before we get to the £22bn black hole, including discretionary decisions made by the new government. This is a serious, illuminating exchange and highlights governance deficiencies.
No mate, what was “regrettable” was that your party’s chancellor & spads lied through teeth in the vain attempt to buy an election, or if that failed, (which most of them knew it would) stitch the future government up, by making it impossible for them to meet their manifesto commitments. So regrettable that you failed to even achieve that! Finally, the most “regrettable” thing was that the last incarnations of the Tory party was full to the rafters with grifters, chancers and public school idiots, who couldn’t manage the proverbial piss-up in a brewery let alone govern our nation.
I must correct you 😜 party gate - a piss up not set in a brewery and defended on DAY ONE by miss Bad Enough saying it was only party staffers........hmmmm 2 MPs convicted and fined...... One was Boris..... The cleaner lol 😂😂😂😂😂😂😂😂😂. Tory=liar. Simples 👍
Although you are not accustomed to the truth the OBR hasnever confirmed that there is a 'black hole' of £22billion. I suggest that you read their report together with that of the IFS.
Nope. The OBR confirmed a 9 billion black hole and the IFS confirmed that Conservative spending pledges added another 10 Billion. The problem with the Conservatives is the country has finally realised that making promises with a push voice is not actually delivery of policy with hard cash. 40 ‘New’ Hospitals anybody?
Hardly a ticking off but why let that spoil a headline opportunity. Meanwhile, a week on from the disastrous budget the pound is at an 18 month low and Gilts over 4.5% - which by any normal measure would be resignation territory or even new Government. For context Truss got that to 4.38%. Nothing about this anywhere!?
Could have done without the clickbaity title? Pretty civilised debate and exchange of insights here. A tory apologising for his sides politicking... genuinely trying to find out how the OBR functions, in a committee whose job it is to grill the OBR.
The 9 billion is the figure confirmed as existing by the OBR. The 22 billion is the figure if you factor in the previous government's proposed / promised spending plans moving forward. At least that is how I understand it. Both things can be true at once.
wait a minute....you cant blame the elected government on the mistakes made an bi-partisan organization like OBR which are frequently wrong on their forecasting and are not really held to account when are relying on in-accurate data from bi-partisan HM Treasury. What should happen is HM Treasury seems to have been unforthcoming with the data and deserved to be kicked badly.
The OBR didn't make a mistake - other than trusting the Tories (the public know better). They were lied to, making their report meaningless and misleading. And the Tories then used it to pretend everything was fine when they knew it wasn't. It's fraud. I just don't think anyone can be prosecuted for it unfortunately.
I smell plausible bullshit you are spreading. It’s as if Jeremy Hunt has been airbrushed out of all responsibility for asking the treasury to supply the figures Hunt set the parameters for. Nobody believes the Conservatives didn’t lie.
The 22 billion is the 9 billion spent plus the 11 billion for the blood scandal and 1 billion for the Horizon scandal. In addition to these you have the pay rises for the young doctors etc.
reeves said that 22b is the black hole obr described PLUS all the money that's still owed due to the contaminated blood and royal mail scandals that Tories delayed.
@@karlclark8625 And the scandal and pay rises were things the Tories intentionally and ideologically refused to pay for years, so they could pretend the economy was better than it was and then try to hang it around Labour's neck and blame them. They've been exposed this time for once. Also, remember strikes cost more than pay rises because you have to pay a premium for less able agency staff & destroy morale of the real workforce (both lowering productivity) + the wider economy takes a hit in terms of spending, investor confidence, etc.
It wasn't £22 billion. It was only £9 billion that we hid from the public. Ah, that's alright then. Those cheeky scamps at Labour trying to make you look bad...
Labour paid the recommendations of the independent pay review bodies. These future costs were a known future cost, but the Tories left them for signature after the election. Add the compensation for bad blood, post office etc, and shortfall heads towards £40, billion.
@@indianprince6492 🤣 Why did you delete my comment, you blag Indian Prince? 🤣🤣 How can you still be blaming a 3 month old government, for the last 14 years of the he previous government, you scammer? 🤦♂️🤷♂️🤣 Just answer the question, instead of deleting the comment again? 😉
Summary:
Tory: corporate jargon
OBR: we only know what the treasury tells us. The treasury decided to stop telling us anything
Tory: so the system never worked, right?
OBR: the system worked until the tories decided to break teh system and the law enforcing it
Tory: but the (independent organism) obr depends on politicians... we should make that clear
OBR: obr shoudl stay independent. Politicians should not be able to affect the communication
Tory: but it's a shame labour put you in a mess
OBR: no. It's a shame tories broke the law and prevented us from doing our job
A Tory meets someone with integrity and doesn't quite know what to do about it...
Thanks bruv
Biased and inaccurate summary
@@spencerclaisse9658 you might be in a minority on this one
@@spencerclaisse9658ah yes "this guy who I know nothing about must be biased, because if he's not, it makes me really uncomfortable about the know fact conservatives are the economically responsible one. Which is a know fact because they told me so".
"We are moving from a system of trust, to a system of trust but verify."
What an elegant way to characterise the tories as a bunch of incompetent liars.
Very diplomatic
2010 the United Kingdom in the RED £900 Billion.
July 2024. The United Kingdom
£2.7 Trillion in the RED
14 Year's of Incompetence. Fiscally.
🇮🇪🇪🇺
And basically theft. Donate to the Tory party, awarded govmnt contract at probably overblown cost.
Actual cost £5 billion. Tory Donor cost £10 billion.
Ikr Labour was clearly running out of ideas and needed Tory “austerity” to sort out all of the mess, only to make it worse.
It’s like the house holder spender blaming the partner for not stopping them spending all the money.
Ironically these MPs have zero problems balancing their own perdonal balances.
@derekmulready1523 They blame Covid, which i believe was only 400 billion
*Years' of Incompetence and it's Labour that lied which is the issue in the press!
I found the 22lb black hole. He's been doing the sums for the party again
Basically Jeremy hunt lied through his smiling back teeth
@@TimNeedham-l7z Very true my freind. But he was obviously on something either prescribed or illegal. Just look at his eyes, you can see the lies before his mouth moves.😁
No he was economically with the truth Reeves lied by trying to say it was 22 billion or are you denying that, the rest made up by huge rewards for their union pay masters, and then the 40 billion tax hikes lol if you think things are going to get better under these fools I can only assume your moving to another planet!
Of course he did his lips were observed to move
With the silent approval of the PM of course.
Jeremy Hunt was a Failed Health Secretary, they swop jobs even if they knew Foook All about their past and current jobs.
Under the law and under the act they should have declared. Isn't that against the law? Mr Hunt.
In 2010, with the full cooperation of the MSM, the Conservatives had successfully blamed the global crash on Labour. In 2024, with the full cooperation of the MSM, the Tories are saying there was no black hole. I did like the OBR boss's quip though, that previously their working relationship with the Treasury was one of trust, but in the future it will be one of trust and verify.
@beatonthedonisI think you should more properly condemn the shenanigans of some of the biggest names in banking, including hedge fund managers or investors like Rishi Sunak. One of the most knowledgeable and senior financial bods from the US and who at one time was associated with the Bank of England, actually lauded what Gordon Brown did prior to and post the financial crash, and did not try to blame him for things beyond his control. The film The Big Short is an excellent precis of who was really behind the global crash. Brown actually helped to prevent the UK from being even more damaged financially.
@beatonthedonisBecause the Tories were calling for more regulation?😂😂😂
I don't know man, Labour are saying there's a £22bn black hole, the Tories are saying there isn't one. If by "full cooperation" you mean that the MSM is just reporting what both sides are saying then yeah, there is "full cooperation". Tories did a good job pushing a certain narrative in the years after 2008, Labour didn't really push back much. MSM reported what each side was saying at the time too. I think you're seeing something that isn't there.
@jeangenie5807 Brown and Darling were the architects of more than our saviour. They gripped the World system and told them what they had to do.
@alanmansell4297 are you seriously suggesting any uk government has any significant influence on the US
Hunt is also trying to stop reeves from showing the proof of the black hole.
When the CoE spoke at the Budget Announcement, she stated she was going to evidence line by line the alleged £22B blackhole... where is it?
Hunt was the sort of chap that looked like an accountant but looks are obviously misleading
@@macayers For that information you should read the report of the review conducted by OBR. Exactly the document being talked about in this video clip.
Currency issuing governments like the UK cannot have financial black holes. The money is infinite and taxation does not fund government spending. Nothing needs to be plugged and taxes don't need to be raised, provided the economy has enough unutilised resources to absorb the spending which isn't being subsequently cancelled by taxation.
@@clementattlee6984so why did we have a debt and sterling crisis under Liz Truss? No wonder things are so bad when the Tory voters are so illiterate. Keep printing money your currency ends up being junk and inflations leads to a loaf of bread costing £1 million.
The Tory MP tried to make it about 'politics', while the OBR guy was clear: the Tories didn't tell us about the financial commitments because they are snidey.
...and trhe Tories broke the law
Snidey is being overly generous to the Tories here. They outright lied and broke the law.
So essentially, arsonists trying to pin the blame on the bloke who set the fire alarm off.
#NeverTrustATory
Any Tory talking about anyone's credibility is a bit rich. God i loathe them and what they have done to this country. It can be avoided if we keep the Tories out. Does he forget it was them that didn't declare that huge black hole they left?. Give me a break.
Black hole is currently up to £80B and rising....put there by Thieves and Labour. Gonna be 2010 all over again!
@@ByJimineeItsBREXIT-z2k Russian Bot!
Bot is bad at maths and doesn't understand the budget.
@@jameshutton3960 It's Gordon Brown again,...billions borrowed and billions down the drain.
JamesBot -
Labour - 2010 the United Kingdom in the RED £900 Billion.
Conservatives -
July 2024. The United Kingdom
£2.7 Trillion in the RED
14 Year's of Incompetence. Fiscally.
Hunt's reputation, never particularly robust, is now shattered. Won't make much difference as they dont 'do' either embarrassment or regret...
And the public remsin blissfully unaware... (As usual)
Q, How can you tell when Tories lie?
A, You can see their mouths moving.
Laughable Labour do it in their sleep without even thinking.
@@davidebbs6146 ah, all politicians are the same, thank you comrade.
Can you specify what you believe is a Labour lie, from this current government?
@@RichardFraser-y9t are you seriously asking what lies Labour have spewed. Have you been locked in a cupboard for the last few months.
@@davidebbs6146 Boris Johnson didn't do anything else but lie!!
@@davidebbs6146womp womp
If you ran your own household like the last government ran the treasury, you would be living in a tent on the street.
Which Braverman would then take off you
John Glen, a weasel & useless MP. Blind loyalty to the party, only interested in his career.
Whose job was running between the PM and the Chancellor!
You could add any name where you wrote 'John Glen' and you'd have a basic job description for most MPs currently sitting.
Tory boink - How would you suggest the OBR isn't drawn into political rows about "fiscal black holes."
OBR - Well, it would help if the Tory Ministers didn't lie about there not being one.
And if you didn't notice, the tory liar says that the obr was "vilified" and "it was regrettable," and then continues to blame the obr, because it's NEVER their fault. Why in fuck are any tories even on this committee? They should be nowhere near it.
And who vilified them? Tories and their compliant/dominant press.
And this is after the Truss budget !
So the black hole is fact! Surprised …not!
Now £80B...put there by Labour.
£9 million is,not £22 million
@@chrisfigures6756 Billions you mean.....but it's actually rocketed to £80B under Thieves.
@@ByJimineeItsBREXIT-z2k Russian Bot!
Please ignore the ByJimineeItsBREXIT-z2k it's either a Russian bot or a troll, if you read the budget the black hole hasn't increased its being filled but unfortunately this has resulted in the UK being unable to fund certain policies and the increases such as the employer NI.
The.black hole hasn't increaed
For someone to sit on this committee & use it to steer it away from discovering the actual findings should be instantly booted out of it.
Bottom line , Jeremy hunt fiddled the books to gain an advantage in the GE, lost, got caught out and tried to lie his way out of it , standard MO for the Conservatives for the past 13 years .
‘Moving from a system of trust, to trust and verify’………… translation: the tories lied.
Trust inn politicians has collapsed amongst the general population so when I hear Richard describing the interaction between OBR officials and Treasury officials being based on trust instead of "trust with verification" which apparently will be the case going forward, I'm wondering why "trust with verification" wasn't the common-sense rule in the first place. Politics is riddled with psychopaths and the self-interested so it would seem to me that allowing an arrangement of trust amongst oversight bodies is a contradiction in terms. Oversight bodies should not trust those they overlook, they should mistrust and measure and verify as the default rule as an entity with oversight powers and responsibility.
Yep. Boris, Rishi and co ripped at the threads of our democracy, judiciary, law and other institutions because they know it's all built on the 'good old chaps' mentality. So being bad faith actors they were able to exploit a system that hadn't even bothered to think about guard rails.
And consider that a lesson learned. Tories will never be trusted again, but at the same time, I don't have an issue with the OBR holding the treasury under Labour to account, unlike they did with the Tories in the past.
OFCOM AND
water companies
Politicians on gb news
Post office
Blood scandal
Etc.
The moment when the electors of Salisbury and South Wiltshire realise they elected a numpty.
The OBR is an essential safeguard and a legal obligation. Truss ignored them costing us all billions and Sunak’s ministers do appear to be not forthcoming with information they should have disclosed.
Then for Hunt to have the brass neck to say there was no black hole and there would be a large surplus shows Tory party first economy second.
"Regrettable that you've (the OBR) have been sucked into this political black hole?" 🤣
What's regrettable is that the nation suffered a corrupt Tory government black hole for 14 years before we saw the light, matey
The OBR credibility is not in question, the Tory party's is
How many times is the tory mp going to change the point he is saying🤷♂️
Theft with no consequence.
Glen needs to learn how to use simple English
Can't obfuscate with simple English.
Ouch!
Jeremy ?unt. NO NEVER!!! it's all lies. A conservative chancellor would NEVER intentionally tell a lie. Unless there was no good reason to do so.🤣🤣🤣
Methinks he (the MP) doth protest to much (and is attempting to count how many angels can dance on a pin head...). _Just admit you screwed up, puh-leez!_
Too late the horse has already bolted. Government watchdogs are useless
"BUT..." good grief. Credibility? Holy shit.
What law has been broken exactly? Has this been reported to the police for investigation?
Its worth noting that at no point have Torys disputed the fact they over spent the budget. So the black hole is totally there and undisputed.
The only dispute is whether they knew in advance and whether they deliberately mislead the OBR.
Its a question of being incompetent or being liars
Sounds more like a reasonable discussion on what went wrong than a 'schooling'. It would be good to know why the treasury failed to disclose the pressure on budgets to the OBR. Was there an attempt to hide the truth?
Say it's not so. Attempt to hide the truth? Colour me shocked.
Management waffle vs facts
90% of the world operates this way .
If the black hole exists why spend £11b on Africa and £8.6b with Ed Milliband? Wouldn’t you hold off on this extra expenditure when you have a gap to fill in the budget? Seems we have still spent money whilst acknowledging there is a gap in the finances. If this was a business you would say it is reckless, at best
I think if you agree with the Tories about budget management, then you should not make suggestions about what anyone else should do. This clip shows that to be true. It may well be that the investment in green energy SAVES THE PLANET. It is an economic fact that the cost of doing nothing will be far higher in the future than the cost of doing things now to help the climate. Maybe the investment in Africa pays back elsewhere, I don’t know, but what I do know is that they haven’t done it without carefully considering the costs and all benefits. They will have information that you and I don’t have. Also, they aren’t hiding the expenditure from you and me.
OK fine, but this still doesn't change the fact that there are 49 million kangaroos in Australia and only 3.5 million people in Uruguay, which means that if the Australian kangaroos were to invade Uruguay, each person would have to fight 14 kangaroos.
Crikey man with biro has the details and has told them how it is.
Good on him
tory waffle, trying to deflect but actually not doing the right thing - admit they left a massive defecit in the treasury and failed to tell anyone. Then they got caught and still they're avoiding what they should really do, which is admit they lied.
So, shit like this happens when you prioritise advice from Tufton Street think tanks over the OBR.
Another tory Liar!
More humiliation for the Conservatives. Next time don't break the law!
The labour party will be in power ten years plus nice one 😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂
It's all little more than guesswork!!
They are nothing like as good at this as they think they are....
So. Was/is there a £22 billion black hole? I heard the figures £9.5 billion mentioned.
So absolutely conservative cover up.
The mess they have left us in is unacceptable.
I don't support anybody but I do know this the last time the labour party was in government, they left the Tory Party 159 billion in debt. Can you tell me which is worse?🤔
@@Greengoblin-qk6kq158B vs 2.7TRILLION. Erm yeah okay 159B is a lot worse.
So the Tories broke the law but try and blame the OBR!
B-B-But my farm 😂😂😂
Tories and facts have history ? They can be changed if fact's in Tory world
Why is Jeremy Hunt not there but this Tory nobody
bet the tories regret having that question asked. "So yes they lied and it might have been against the law and policy... Don't trust the tories." Believing the conservatives has led to the old Russian saying "Trust... But verify."
Love that word "crystallise ". Can we assume the £22 billion was earmarked to "crystallise " in some scumbag's offshore account?
Tories lie seems to be what he's saying. Didn't we know that already?
With all this 'politic speak' I have difficulty sometimes understanding what is actually being said. I;m sure others are just as frustrated as I am - why the hell can they not speak in ordinary everyday English? This politic speak thing allows a person to disguise the true import of what they say, and the Tories are past masters at it - the favourite one is "I may have misled the house" - this is just politic speak for "I've been telling porkies".
Like Labour in opposition, they occasionally came up with correct criticisms of the Tory government. It seems that the Tories are correct. Much as it may pain me to say so.
Tories fib, oh well…
Does the DMO assess every instance of deficit spending and only issue gilts if that spending can be proven to be inflationary? Or does it issue gilts regardless of if that deficit spending is inflationary or not?
The old black hole fairytale
He actually gets paid for waffle
If we withdraw our land sea and air forces from the Israeli theatre we will recover the £40 billion by the end of the year. Why is our tax money being spent on Israel’s defence whilst it is breaking international law?
Obsequious toads licking each others wounds.
A seriously misleading title. There is no "schooling" going on here. A select committee MP asks an intelligent question about a breakdown in communication between the Treasury and OBR. Leading to a deterioration in trust and a need for improved verification procedures. It's dry, technical and deceptively important. And we've got £9.5bn of departmental spending pressures not disclosed. That leaves £12.5bn to go before we get to the £22bn black hole, including discretionary decisions made by the new government. This is a serious, illuminating exchange and highlights governance deficiencies.
Slime 🤮
Do you mean by ‘trust’ with verify that the use of the word trust is in fact suspect?
No mate, what was “regrettable” was that your party’s chancellor & spads lied through teeth in the vain attempt to buy an election, or if that failed, (which most of them knew it would) stitch the future government up, by making it impossible for them to meet their manifesto commitments. So regrettable that you failed to even achieve that!
Finally, the most “regrettable” thing was that the last incarnations of the Tory party was full to the rafters with grifters, chancers and public school idiots, who couldn’t manage the proverbial piss-up in a brewery let alone govern our nation.
I must correct you 😜 party gate - a piss up not set in a brewery and defended on DAY ONE by miss Bad Enough saying it was only party staffers........hmmmm 2 MPs convicted and fined...... One was Boris..... The cleaner lol 😂😂😂😂😂😂😂😂😂. Tory=liar. Simples 👍
Hardly a schooling.
Where is the missing cash?
Like evertonians asking bill kenwright where's the arteta money bill when he was sold to arsenal And he reminded silent for years never did find out
in tory pockets as usual
Although you are not accustomed to the truth the OBR hasnever confirmed that there is a 'black hole' of £22billion. I suggest that you read their report together with that of the IFS.
Nope. The OBR confirmed a 9 billion black hole and the IFS confirmed that Conservative spending pledges added another 10 Billion.
The problem with the Conservatives is the country has finally realised that making promises with a push voice is not actually delivery of policy with hard cash.
40 ‘New’ Hospitals anybody?
@@johnhoulihan4000I bet you none of that 10b was going to be spent on new hospitals. Randox anyone?
Hardly a ticking off but why let that spoil a headline opportunity.
Meanwhile, a week on from the disastrous budget the pound is at an 18 month low and Gilts over 4.5% - which by any normal measure would be resignation territory or even new Government. For context Truss got that to 4.38%. Nothing about this anywhere!?
Reeves clearly a fantasist when £9B escalate to £20B, and she's good at it, plus lying. OBR clearly rattled, something for which Truss had no regard.
Could have done without the clickbaity title? Pretty civilised debate and exchange of insights here. A tory apologising for his sides politicking... genuinely trying to find out how the OBR functions, in a committee whose job it is to grill the OBR.
i didn't hear an apology, just more lies
I am confused regarding 22 Billion Pounds black hole who to be trust the OBR boss ? or the Tory ? or the Labour ?
The 9 billion is the figure confirmed as existing by the OBR. The 22 billion is the figure if you factor in the previous government's proposed / promised spending plans moving forward. At least that is how I understand it. Both things can be true at once.
??????
Do you believe the OBR anymore?
wait a minute....you cant blame the elected government on the mistakes made an bi-partisan organization like OBR which are frequently wrong on their forecasting and are not really held to account when are relying on in-accurate data from bi-partisan HM Treasury. What should happen is HM Treasury seems to have been unforthcoming with the data and deserved to be kicked badly.
The OBR didn't make a mistake - other than trusting the Tories (the public know better). They were lied to, making their report meaningless and misleading. And the Tories then used it to pretend everything was fine when they knew it wasn't. It's fraud. I just don't think anyone can be prosecuted for it unfortunately.
I smell plausible bullshit you are spreading.
It’s as if Jeremy Hunt has been airbrushed out of all responsibility for asking the treasury to supply the figures Hunt set the parameters for.
Nobody believes the Conservatives didn’t lie.
Trying to shift the light from Labours pathetic attempt in Government.
So it was 9.5 Bil...not the 22 Bil that Reeves has been going on about.
Only 9.5 billion? That’s okay then.
It’s only a couple of percent on employers NICs and not double that.
I still haven’t heard anything about the 22B or anything close to it though 🤣 so I look forward to underhand that 🤣
The 22 billion is the 9 billion spent plus the 11 billion for the blood scandal and 1 billion for the Horizon scandal. In addition to these you have the pay rises for the young doctors etc.
reeves said that 22b is the black hole obr described PLUS all the money that's still owed due to the contaminated blood and royal mail scandals that Tories delayed.
@@karlclark8625 And the scandal and pay rises were things the Tories intentionally and ideologically refused to pay for years, so they could pretend the economy was better than it was and then try to hang it around Labour's neck and blame them. They've been exposed this time for once.
Also, remember strikes cost more than pay rises because you have to pay a premium for less able agency staff & destroy morale of the real workforce (both lowering productivity) + the wider economy takes a hit in terms of spending, investor confidence, etc.
Just made up bs
It wasn't £22 billion. It was only £9 billion that we hid from the public.
Ah, that's alright then. Those cheeky scamps at Labour trying to make you look bad...
Isn’t £9 billion neither here nor there? Even £22 billion compared to annual expenditure of £1.2 trillion odd?
9 billion accounted for, what about the other 11 billion or was that spent by Labour on Union pay rises, so the lied.
🤣 You’re still trying to blame Labour for the 14 years of Tory mismanagement. 😉🤭🤣 You’re about as royal as a Nigerian Prince scammer. 🤭🤣🤣
Labour paid the recommendations of the independent pay review bodies.
These future costs were a known future cost, but the Tories left them for signature after the election.
Add the compensation for bad blood, post office etc, and shortfall heads towards £40, billion.
Don't be silly
@@indianprince6492 🤣 Why did you delete my comment, you blag Indian Prince? 🤣🤣 How can you still be blaming a 3 month old government, for the last 14 years of the he previous government, you scammer? 🤦♂️🤷♂️🤣 Just answer the question, instead of deleting the comment again? 😉
@@soulcrewblue8629Don't be silly?!
Even when it's explained to you, you deny it! 😂
Black hole is currently £80B! ,,,put there by Labour....carbon capture and now HS2 to Crewe.
It _can't_ be a black hole because, by definition, you know about it, hence no blackness...
AS A TORY WITH A SMALL C, If the French can build high speed railways, for one tenth of the price, QUESTIONS NEED TO BE ASKED, SIMPLES.
What about the billions wasted by the scum tories refusing to negotiate with trades unions? Stop talking shite man.
@@CatholicSatanThat's to simple for these blue rinsed Tories to understand.
Badenough has admitted the Tories lied, but they won't admit it!!
I don't think the OBR can 'school' anyone can they? The OBR forecasts are always wrong without exception.
You're missing the point of forecasts. All models are wrong, but some are useful.
adjustments are made to avoid bad forecasts from materialising, that is the point of them .
@John181111 useful to back up a lie. Remainers keep quoting OBR forecasts to backup their misinformation