Rob Wilson's Westminster Diary, April 2, 2009

Rob Wilson MP • Published 2 Apr 2009 12:30 0 Comments

Jump to first paragraph.

Share this

IT WAS Abba who sang ‘Money Money Money' in the 1970s. I've had very few conversations in Westminster in the past fortnight that haven't involved money.

There are two elements to it. Britain's massive financial crisis as a result of Our Great Leader (OGL) going literally for broke, and his attempts to fix it via the G20 Summit, and the media and public outcry about MPs' pay and allowances.

The G20 was supposed to be OGL's platform to save the world again, with other countries rowing in behind a new ‘fiscal stimulus' or, as he proposed, another massive injection of public spending into the economy.

However, many European colleagues looked at Britain, on the verge of bankruptcy and heading for the worst recession, and thought perhaps they shouldn't be following those policies. In fact one European leader described it as the "road to hell", and even the Governor of the Bank of England says we can't afford another fiscal stimulus.

OGL wanted another big borrowing binge and was preparing for this month's Budget on that basis. The Bank of England already has problems selling our debt bonds and this might have taken us over the edge. There is still a distinct possibility that Britain may have to go to the IMF to be bailed out, as Denis Healey did in the 1970s.

Why do Labour Governments always end up bankrupting the nation's finances?

Unfortunately, the public mood over MPs' pay and allowances is for hanging without trial. While 95% of MPs are honourable people doing a difficult job, others have abused the system to a shameful degree. It has tarnished us all. However, the national media have quite disgracefully conflated different allowances to make them appear like our salaries. Sky News said MPs get £250,000-a-year from the taxpayer, as if we pocket it.

Cut the number of MPs, change the allowance system and introduce clearer, less bendable, rules, but do it independently and not by self-regulation.

It must be done quickly to restore the reputation of politics and politicians. This country's in a massive financial hole, the ramifications of which are still understood by very few, and politicians must be trusted and respected to make the necessary changes. If the country can't, or won't, trust its politicians, then we are in for an even bigger and longer struggle.

I fear Abba's ‘Money Money Money' could be transformed into our ‘Waterloo'.

Tweet

This blog appeared in Reading Chronicle 02 Apr 09

Return to the main index, get more from this section or browse our Opinion archives.

Follow @rdgchronicle