Chancellor in surprise Botley visit

Botley was the surprise setting yesterday for the announcement of a new series of national savings bonds by Chancellor of the Exchequer George Osborne

The Chancellor was meeting a group of local pensioners in the newly opened Courtyard Bistro at Botley Mill, one of number start-up enterprises at the historic venue.

The new bonds will be available to over 65 year-olds from January as either a one-year or a three-year bond and will pay a market leading 2.8% or 4% respectively.

Savers will be able invest from £500 to £10,000 in each bond so a married couple could buy up to £40,000 worth.

While the current record run of low interest rates may have been good for borrowers many retired people, dependent on savings, have experienced a fall in their income and the news was so well received that the assembled pensioners broke into a spontaneous round of applause at the end of the Chancellor’s visit.

Glen Lovell, Mims Daves, George Osborne

Courtyard manager Glen Lovell with Mims Davies and George Osborne

Mims Davies, the Conservative candidate for Eastleigh in the General Election, accompanied the Chancellor during the visit and took the opportunity to introduce him to local campaigners Graham and Anne Hunter.

The Hunter’s 22 year-old daughter Claire died last year after her heart stopped suddenly while at a health spa. The spa didn’t have a defibrillator and Graham-who is a Botley parish councillor – has been campaigning to have more defibrillators installed in public places.

Graham Hunter told the Chancellor that defibrillators were subject to VAT and the cost was a burden to those raising money for public access defibrillators who could otherwise put the money towards purchasing more life-saving equipment.

Speaking to reporters George Osborne described the Hunters as “a really impressive couple who have been through a terrible time” and promised he would look into the issues and see what the national government can do to support them.

The Chancellor told Eastleigh News:

“I was here today to talk to pensioners about savings but as a result of this visit to Botley I have discovered this whole other issue which I am going to take away and think about it and see what I can do to help”

A delighted Graham Hunter explained that defibrillators that were purchased by schools or doctor’s surgeries were already VAT exempt but there was a national campaign to have public access defibrillators which could be installed in shops or gyms, zero-rated as well.

Eastleigh News asked the Chancellor why local voters should vote conservative and if the savings measures he had announced were just to soften of the blow of ‘heavy taxes rises’ predicted by Nick Clegg.

Osborne said the economic policies of the other parties only offered ‘chaos’ and urged voters:

“Judge us by our record.

“I said I was going to support pensioners and savers and you can see I have by my announcement today. It’s part of a really strong package that is deliverable because we have a long-term economic plan.”

  32 comments for “Chancellor in surprise Botley visit

  1. December 13, 2014 at 5:24 pm

    Judge us on our record is it

    almost zero wage growth
    yearly deficits about the same (more than labour)
    debt still growing about 80bn in interest payments per year
    productivity down
    total hours worked-no increase
    housing market pumped
    monetry and fiscal policy having reduced effectiveness
    now deflation is a huge problem
    taxes increased , size of the state not reduced

    = no ‘recovery’

    in anyones book that is a pants record

    • mm
      Eastleigh Xpress
      December 13, 2014 at 7:17 pm

      Is wage inflation a good thing?

      • December 14, 2014 at 8:24 am

        Yep pay rises for working people are fantastic , you would have to be a complete marxist to not think so

    • John Milne
      December 13, 2014 at 11:03 pm

      How stupid are you therigel? Labour allowed the financial system to come within an inch of total meltdown, only Iceland and Ireland allowed their banking sector to expand more than Labour did and both needed a bailout. Additionally Labour heaped 100s of billions of off-balancesheet debt on to our shoulders. Austerity is a consequence not a punishment and will take another decade to get sorted, at least.

      Try blaming the people who broke it and not the people left to try to fix it. Moron.

      • December 14, 2014 at 9:05 am

        We have not seen any austerity yet just tax hikes

        It didn’t come to an inch of meltdown it did meltdown and was bailed out – too big to fail killed free market capitalism
        did the tories oppose the bail outs ?……. No

        The deficit is bigger under the tories because of interest payments from the labour years, sure, but they have not solved any of the structural problems

        debt is increasing at 446.5 million pounds a day so the diet is not working if your still putting on weight is it ?

        in 2009/10 debt was 759.5 billion
        now it is 1,219 billion

        the OBR says unfunded pension liabilities are over 4 trillion

        public sector employees earn on average 4,500 more per year than private sector

        in 2000 49.57 billion spent on health in 2013 124.35 billion

        the afghan war cost the UK 37billion did the tories say we can’t afford it , don’t bother

        we have slipped down the GINI coefficient with the richest tenth earning 31% of total income that is more than the bottom 5 tenths

        I don’t know how much of a moron I am ? how much of a lazy, greedy , entitled baby boomer are you? the 45-75 age bracket allowed a political monster to grow without any consideration for the next generations – all political parties are scumbag liars that buy votes with borrowed money and that is what Osbourne is doing in Botley !

        • Eastleigh voter
          December 14, 2014 at 9:41 am

          Aren’t you a property developer Rigel?
          Buy up affordable homes that are ideally suited to young families and convert them into flats and then rent them out?
          That sounds like capitalism to me!
          Exactly what you seem to be against.

          • December 14, 2014 at 10:00 am

            yep I’m a capitalist , the only way out of our predicament is hard work and I do plenty, the house I have for sale at the moment is a 3 bed semi – ideal for a young familiy 242K should I give a discount ?
            It’s marxism i’m against and all political parties are now marxist – otherwise they let the banks fail , planning methodology atm is an example of soviet command economy – crony capitalism is marxism

            was it right to bail out the banks ?

            • Eastleigh voter
              December 14, 2014 at 10:13 am

              So you agree it is right to help the young get on the housing ladder (as you admit you are a capitalist and a property developer) with the good stamp duty fixes that help this. And the savings incentives that will aid the senior citizens to get a return on investment outside a bank that will enable them to pay bills for things like replacement boilers etc. Seems good policy to me.
              Low interest rates and stamp duty to allow the young to buy affordable houses and investment opportunities for the oldies.

              Gets my vote.

              Don’t see this from anyone else.

              Your on to a winner.
              May your business thrive!

      • John Milne
        December 15, 2014 at 10:33 am

        Hi therigel, I wish to apologise about calling you a moron, I was a bit worse for wear at the time and took your comments as blaming one party for the mess.

        As for the banking meltdown I have to disagree with you as it did not happen, we narrowly avoided it and it is still waiting to happen. Until we get bank balance sheets in line with the size of the economy and and house prices affordable for the general public we will remain extremely vulnerable to a crash. The first will take decades and the second one will take even longer as the politicians are part of the problem.

  2. Rosie
    December 14, 2014 at 1:57 am

    As far as I’m aware, all political parties in Government take advice from experts before making decisions on any policies, including financial ones. So it’s daft to blame any political party for the financial crisis when it was a world-wide event, which started in the US (sub-prime mortgages etc), then occurred here, and the “bankers” and consultants advising world-wide Governments at the time are far more to blame than any political party. But the bankers are more interested in their huge salaries, bonuses and exit contracts than acting in the interests of a country and its people. The trouble is, the current Government still listen to those same bankers, as the majority of bankers are no doubt Conservatives themselves and many no doubt help fund the Conservative party. Senior economists, civil servants and public bodies are the ones who are supposed to stop such events happening, but perhaps it has to happen once before people learn how to ensure that it doesn’t happen again. (Though the current Government doesn’t seem to have learned, based on the debt they’re continuing to incur and with schemes like the help-to-buy scheme which has pushed up house prices and will result in negative equity situations in future years, as has happened in the past.)

  3. Eastleigh voter
    December 14, 2014 at 9:32 am

    God help us Rigel if you and your crackpot ideas ever came to fruition.

    I suppose blowing bubbles and brick slamming is a good example!
    We need democracy not anarchy.

    • December 14, 2014 at 10:55 am

      Notice – I bring facts to the debate here , anyone can research and rebut them – democracy / majority rule gets us to exactly where we are today because liars convince the ignorant. I wish it were different.

      above is a url for videos that really help to understand our economic realities and our inevitable future.

      there are tears in my eyes because of the continued fantasia of most of the capable people around me , we need to wise up quick.

      here is my wordpress site URL again
      and that is my work on planning and I have done that work for you all for free

      I am going to work now , I will check back on this board in a week to see if anyone else is brave enough to be informed by facts , instead of rhetoric from people who want power .

      yes I am an anarchist , a community anarchist I believe I must bring my community with me if I want to be an anarchist but I cannot spend too much time giving you these valuable truths and have no respect in return, because I just remove time from my kids

      i wish it was different, but no-one can help us but ourselves now

      there is hope – but only if we face facts and all work together

      • Eastleigh voter
        December 14, 2014 at 11:53 am

        You ever watch the film Passport to Pimlico?
        That was a laugh too!

  4. mm
    Stephen Slominski
    December 14, 2014 at 11:40 am

    Ahhh! Peak oil-ism.

    I remember that.

    I revisited the ‘Oil Drum’ site last week -first time in ages -and they have thrown in the towel and closed the site!

    • mm
      Stephen Slominski
      December 14, 2014 at 11:43 am

      Ha! I posted that and two minutes later a package on Fracking pops up on BBC Sunday politics!

  5. December 14, 2014 at 2:03 pm

    just checking my comment got put up – you presume that you know all about it without watching it – you just dismiss it with preconceptions, that is exactly the ignorance that will doom us , the guy is a PhD he has decades of experience in investment but you just need to take one look at the URL and dismiss it as something you know all about –

    that is infantile hubris there is a whole section on fracking in the video ,I didn’t know much about it until I watched

    anyone else got an inquiring mind or are you all zombies ?

    • mm
      Stephen Slominski
      December 14, 2014 at 3:26 pm

      I lost a bit of interest when I got to the blurb about ‘depleting resources’ as I’m familiar with the arguments regarding Peak Oil, and previously deployed them myself, so I don’t think I’m ignorant.

      I’ve just noticed the armageddon as predicted by Peak Oilers over on the Oil Drum since 2005 has failed to materialise to the extent that they have shut the site down.

      In fact they stopped posting on it over a year ago and the price of oil is even cheaper 12 months later!

      If you can reassure me this video IS NOT about Peak Oil, I’ll give it a watch.

    • Eastleigh voter
      December 14, 2014 at 4:23 pm

      Not at work then!
      Be back next week you said!
      Rent a Willy!

    • mm
      Stephen Slominski
      December 14, 2014 at 7:03 pm

      Curiosity got the better of me even though I am rather busy with essays and really don’t have time for online spats nevertheless I watched the linked video in The Rigel’s comment and like Rigel, it certainly brought tears to my eyes….

      I’m afraid I only got as far as 1:16 in before we got into Peak Oil.

      The video states in 2008 Oil cost $150 a barrel…so?

      This week it costs $58 a barrel.

      I agree with The Rigel though, these video’s are definitely aimed at those ignorant about Peak Oil and the relationship between oil, banking, food production, and the economy in general.

      The video warns that if you watch it, the revelations are so shocking you might experience “anxiety or panic attacks”.

      Well ,(no pun intended) I experienced my Peak Oil panic in 2008 (I got better btw) so really I don’t think I need to watch all four and a half hours of it but I have noticed the last two episodes are only available if you ‘enroll’ for $30 per month or $300 a year as I’m sure Rigel must have done because he is so enthusiastically recommending it to others.

      You can also buy a full set of DVDs for $50 and an accompanying book for $19.

      You need to enroll to be able to protect your family from the economic Armageddon that is about to come.

      “Enroll for trusted guidance in these uncertain times”

      The guy who runs the site ‘Peak Prosperity’ (prosperity for him, presumably) is a Phd we are told ,so we ought not to dismiss his views though I don’t see why a Phd in toxicology means you are able to forecast the future although it certainly doesn’t stop him from trying.

      In May last year he predicted stocks would collapse by 60% within three months.

      Did I miss a buying opportunity?

      Seems I’m not the only one unimpressed though I wouldn’t go as far as the following investment advice site which describes him as a ‘Charlatan’ and his followers as ‘Sheep’.

      Actually his business model reminds me of American Evangelist site pedaling salvation from Armageddon – at a price.

      For those still interested in the site but not certain whether or not to spend $300 on enrollment perhaps I can help.

      The last two episodes are entitled ‘Future Shock’ and ‘What should I do”.

      I reckon, and perhaps Rigel can confirm, that ‘Future Shock’ predicts an economic, social and financial Armageddon when oil reserves suddenly run out without warning or when the price per barrel suddenly rockets to over $200 and never comes down or whatever.

      The answer to ‘What should I do’ is of course buy gold and silver.

      But I’m sure most Eastleigh News readers would have worked out where the video was headed without me revealing it.

      Rigel you wrote to me and said the videos were ‘well balanced’ and ‘accurate.’

      I’m afraid I don’t see that. IMO this guy is a VI running another (and there are many of them) gold ramping site trying to scare people into investing in metals by predicting a Doomsday scenario.

      Peak snake oil anyone?

      • mm
        Eastleigh Xpress
        January 13, 2015 at 6:50 pm

        Quick update- one month later – Brent Crude fell back $46 a barrel in trading today!
        Gold looks like its back to 2010 prices.

  6. Eastleigh voter
    December 14, 2014 at 4:25 pm

    Sorry Wolly …predictive text!

  7. December 15, 2014 at 3:19 pm

    And what about everybody else who is looking for a fair return on their savings…?

    • mm
      Eastleigh Xpress
      December 15, 2014 at 4:53 pm

      Yes I did ask him about that and he pointed to the increase in ISA tax free allowances

      • December 15, 2014 at 5:46 pm

        Thanks Stephen. I guess that was a predictable answer from the Chancellor, but he seems to forget that tax free savings are barely worth having, whilst interest rates for savers are as low as they currently are…

        • Eastleigh voter
          December 15, 2014 at 5:57 pm

          Suggestions on how to increase interest rates?

          • mm
            Eastleigh Xpress
            December 15, 2014 at 10:49 pm

            Perhaps worth pointing out Govt does not set interest rates – BOE does.

          • December 16, 2014 at 4:15 pm

            quite easy – reverse QE so BOE sells the gov bonds it bought , this will destroy govs ability to borrow but constrict money supply and raise rates , QE has to be reversed eventually …… did you mean how to increase rates and still win an election ??

            bear in mind if base rate was 2% up , 35% of mortgage holders would have to make changes

        • December 16, 2014 at 10:29 pm

          One other factor here, is that anybody who is on low income doesn’t pay tax, so it is completely pointless having money in a tax-free account, such as an ISA.

          George Osborne seems to have overlooked that fact.

          Or was he only thinking about prospective Tory voters, who will be the main beneficiaries of these new bonds and the ISA rule changes…?

          It’s about time the Government of the day (whoever they are) started to think about everybody, not just their core voters….

      • mm
        Eastleigh Xpress
        December 16, 2014 at 11:22 pm

        He also pointed out he has abolished the 10% tax band on savings income which would help savers on a low income

        • December 17, 2014 at 12:09 am

          Not if their income is less than the personal allowance. A tax rate of 20%, 10% or 0% makes no difference if you don’t pay tax, but interest rates on savings are very significant to anybody who is in that situation and obliged to (wholly or partially) live off their savings…

          Don’t forget, that because benefits are means tested, the state obliges people to live off their savings (when out of work) if those savings are over a certain amount.

          Low interest rates are a problem for people other than pensioners. The Chancellor is kidding himself if he thinks he has done enough…

          • mm
            Eastleigh Xpress
            December 17, 2014 at 10:21 am

            Indeed – the people who will benefit the most from this savings initiative will be retired couples with £40k to save.

            Unfortunately on these flying visits from Cabinet ministers you simply don’t have time to explore issues in any depth, there is only ever time for one or two questions before they get whisked off to another event. But for the Chancellor to stop by in Botley is a newsworthy event in itself and hopefully something very positive will emerge from his meeting with the Hunters.

            • December 17, 2014 at 1:19 pm

              Agreed. Lets hope the Chancellor gets to hear about these comments on this report of his visit to Botley…

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