UK PM's pitch to voters: market intervention, welfare cuts, looser fiscal policy

[webfact]

UK PM's pitch to voters: market intervention, welfare cuts, looser fiscal policy

By Guy Faulconbridge

REUTERS

 

Britain's Prime Minister Theresa May fields a question during a news conference with Chancellor of the Exchequer Philip Hammond in London's Canary Wharf financial district, May 17, 2017. REUTERS/Stefan Wermuth

 

LONDON (Reuters) - Prime Minister Theresa May will pitch selected market intervention, looser fiscal policy and more welfare cuts as the tonic Britain needs to navigate Brexit when she unveils her main pre-election pledges on Thursday.

 

May goes into the snap June 8 election she called with opinion poll ratings that indicate she will win a landslide comparable with Margaret Thatcher's 1983 majority of 144 seats in the 650-seat parliament.

 

But the prime minister, an initial opponent of Brexit who won the top job in the political turmoil that followed the June 23 referendum vote, has so far given few details on what she aims to do with her power.

 

Her collection of pre-election pledges known as a manifesto gives a glimpse of what May plans for Britain's $2.6 trillion economy as she plots tortuous Brexit divorce negotiations with the 27 other members of the European Union.

 

"I am determined to cut the cost of living for ordinary working families, keep taxes low and to intervene when markets are not working as they should," May wrote in The Sun, Britain's most popular newspaper.

 

"The next five years will be the most challenging that Britain has faced in my lifetime," she wrote in The Telegraph newspaper. "Brexit will define us - our place in the world, our economic security and our future prosperity."

 

A spokesman for May's Conservative Party did not respond to requests for comment.

 

In a clear attempt to court the traditional supporters of other parties, such as Labour and the United Kingdom Independence Party, May will target so-called "fat cats," who rip off ordinary people, according to The Sun.

 

It said measures would be taken against rail bosses, landlords and lawyers, without providing details.

 

May last year praised free markets and free trade in a speech to party activists, but also said that she would be prepared to intervene where markets were deemed dysfunctional or where companies were exploiting the failures of the market.

 

'BREXIT FOR ALL'

 

If she wins on June 8, May will have one of the toughest jobs of any recent British prime minister: holding the United Kingdom and its economy together while conducting arduous divorce talks with EU leaders on the intricacies of finance, trade, security and immigration.

 

May has cast the Brexit vote as a "quiet revolution" that exposed the failings of modern Britain in a way that can no longer be ignored by a leader who looks back to Thatcher, Winston Churchill and Clement Attlee for inspiration.

 

She has promised fundamental - though yet to be detailed - reforms to fix problems ranging from arrogant elites and venal bosses to workers' rights, immigration and Britain's obsession with class privilege.

 

Despite predictions economic turmoil, Britain's economy surprised almost all forecasters and grew by 1.8 percent last year, faster than all other Group of Seven economies in 2016 bar Germany.

 

But there are signs that Brexit could already be biting the economy, such as quickening inflation. May and her finance minister, Philip Hammond, are keen to gain some flexibility.

 

May will commit to erasing the country's budget deficit by the middle of the next decade, allowing for greater borrowing to support the economy in the run-up to Brexit, the Telegraph newspaper reported.

 

Hammond has previously said he would aim to put public finances back in the black as soon as possible after 2020.

 

Under the government's existing plans, the deficit is projected to fall to 0.7 percent of gross domestic product by the 2021-22 financial year, down from 2.6 percent of GDP in the last financial year.

 

May will also keep the government's pledge to cut corporation tax to 17 percent by 2020, the Telegraph said.

 

But May will also commit to removing winter fuel payments from the wealthy and to charge more people who currently receive free care in their own home.

 

May will end universal free school lunches for infants to fund an extra 1 billion pounds per year for education, the newspaper said.

 

The Conservatives will ditch a so-called tax "triple-lock" that guaranteed no rises in income tax, national insurance or value-added tax, but will make a commitment to lower taxes.

 

On immigration, May will stand by a pledge to bring it down to the tens of thousands, but will provide no deadline.

 

The BBC said the manifesto will propose extra charges for businesses who employ non-EU migrants and higher charges for migrants who use the National Health Service.

 

(Additional reporting by Kate Holton and William Schomberg)

 

-- © Copyright Reuters 2017-05-18

[marko kok prong]

The Maybot speaks,must have recharged her batteries overnight.

[RuamRudy]

Whenever I read of a former Labour voter turning their backs on Corbyn and choosing to vote Tory, I shake my head in dismay. I wonder how much of what TM has said above will sink in to the masses - the Tories see the working classes as resources to be exploited to the maximum, absolutely nothing more than that. I assume that they dropped the term Compassionate Conservatism because they couldn't keep a straight face when repeating it - they certainly didn't drop it out of shame, because they have none.

[RuamRudy]

25 minutes ago, marko kok prong said:

The Maybot speaks,must have recharged her batteries overnight.

Yes, now she is strong and stable for another 12 hours.

[dick dasterdly]

The article doesn't seem to support the headline - or am I mis-reading the article?

[champers]

Kick the poor, help the rich. Normal Tory mindset. Too many poor people think they are rich because they have over extended their borrowing to buy new.

[dick dasterdly]

I'm still missing how the article supports the headline?

 

"I am determined to cut the cost of living for ordinary working families, keep taxes low and to intervene when markets are not working as they should,"

 

 "She has promised fundamental - though yet to be detailed - reforms to fix problems ranging from arrogant elites and venal bosses to workers' rights, immigration and Britain's obsession with class privilege."

 

Perhaps this equates to the headline of 'market intervention/welfare cuts/looser fiscal policy'?

[dunroaming]

4 hours ago, RuamRudy said:

Whenever I read of a former Labour voter turning their backs on Corbyn and choosing to vote Tory, I shake my head in dismay.

So do I but I totally understand it.  Corbyn won't win and with Abbot in tow it makes him doubly unelectable.  I thought that the labour manifesto was pretty good and according to some reports it has caused a swing back towards labour (albeit too little to make any difference).

 

The Tories will win, it is just a matter of scale.  The more seats the other parties can muster the better because there really needs to be a fairer balance of power.  The other problem for labour is their lack of commitment over Brexit. A large percentage of the Brexit voters were labour supporters especially in their heartlands in northern England.  May has promised a hard Brexit and that appeals to them over almost anything else.

 

People have said that this election is about Brexit and I think that is true for some but not everyone.  The national health service and education are big issues too and concerning those the Tories come up way short.  Despicably so!

[bumpkin]

Not sure that Theresa May has ever promised a Hard Brexit.  She promised to pursue whatever was considered best for the UK.   The term "Hard Brexit" has been coined by other Political Parties as a term of abuse.    The "Hardness" of Brexit will depend on the attitude of the remaining EU members.    Naturally,  before any negotiation begins,   firm sets of proposals are prepared from each side,  and it's all down to negotiation thereafter. Anyone who as ever been involved in business negotiations will understand this process.   

[Grouse]

5 hours ago, RuamRudy said:

Whenever I read of a former Labour voter turning their backs on Corbyn and choosing to vote Tory, I shake my head in dismay. I wonder how much of what TM has said above will sink in to the masses - the Tories see the working classes as resources to be exploited to the maximum, absolutely nothing more than that. I assume that they dropped the term Compassionate Conservatism because they couldn't keep a straight face when repeating it - they certainly didn't drop it out of shame, because they have none.

Whenever I read of a former Labour voter turning their backs on Corbyn and choosing to vote Tory, I shake my head in dismay. I wonder how much of what TM has said above will sink in to the masses - the Tories see the working classes as resources to be exploited to the maximum, absolutely nothing more than that.

 

I used to have a perfectly splendid term to describe such folk but some people here were very sensitive so I have desisted. Any suggestions?

[RuamRudy]

3 minutes ago, Grouse said:

Whenever I read of a former Labour voter turning their backs on Corbyn and choosing to vote Tory, I shake my head in dismay. I wonder how much of what TM has said above will sink in to the masses - the Tories see the working classes as resources to be exploited to the maximum, absolutely nothing more than that.

 

I used to have a perfectly splendid term to describe such folk but some people here were very sensitive so I have desisted. Any suggestions?

Until Brexit is concluded, that word is verboten. After Brexit is concluded, saying verboten will be verboten.

[Grouse]

1 hour ago, dunroaming said:

So do I but I totally understand it.  Corbyn won't win and with Abbot in tow it makes him doubly unelectable.  I thought that the labour manifesto was pretty good and according to some reports it has caused a swing back towards labour (albeit too little to make any difference).

 

The Tories will win, it is just a matter of scale.  The more seats the other parties can muster the better because there really needs to be a fairer balance of power.  The other problem for labour is their lack of commitment over Brexit. A large percentage of the Brexit voters were labour supporters especially in their heartlands in northern England.  May has promised a hard Brexit and that appeals to them over almost anything else.

 

People have said that this election is about Brexit and I think that is true for some but not everyone.  The national health service and education are big issues too and concerning those the Tories come up way short.  Despicably so!

No word about them slashing corporation tax by 10% from 19% to 17%!!!!!

 

At the same time they will raise NI and income tax to pay for care services.

 

cynical swine

[Grouse]

32 minutes ago, bumpkin said:

Not sure that Theresa May has ever promised a Hard Brexit.  She promised to pursue whatever was considered best for the UK.   The term "Hard Brexit" has been coined by other Political Parties as a term of abuse.    The "Hardness" of Brexit will depend on the attitude of the remaining EU members.    Naturally,  before any negotiation begins,   firm sets of proposals are prepared from each side,  and it's all down to negotiation thereafter. Anyone who as ever been involved in business negotiations will understand this process.   

Have you been sleeping? 

 

TM has stated that immigration trumps all. She favours a catastrophic Brexit just for that. In fact, the Con Party don't WANT a deal at all. She's like a pied piper playing a tune of One Nation Toryism; how cynical 

[Grouse]

1 hour ago, dunroaming said:

So do I but I totally understand it.  Corbyn won't win and with Abbot in tow it makes him doubly unelectable.  I thought that the labour manifesto was pretty good and according to some reports it has caused a swing back towards labour (albeit too little to make any difference).

 

The Tories will win, it is just a matter of scale.  The more seats the other parties can muster the better because there really needs to be a fairer balance of power.  The other problem for labour is their lack of commitment over Brexit. A large percentage of the Brexit voters were labour supporters especially in their heartlands in northern England.  May has promised a hard Brexit and that appeals to them over almost anything else.

 

People have said that this election is about Brexit and I think that is true for some but not everyone.  The national health service and education are big issues too and concerning those the Tories come up way short.  Despicably so!

So vote Lib Dem where they stand a chance and Labour where they do. We MUST have opposition.

 

4 hours ago, dick dasterdly said:

I'm still missing how the article supports the headline?

 

"I am determined to cut the cost of living for ordinary working families, keep taxes low and to intervene when markets are not working as they should,"

 

 "She has promised fundamental - though yet to be detailed - reforms to fix problems ranging from arrogant elites and venal bosses to workers' rights, immigration and Britain's obsession with class privilege."

 

Perhaps this equates to the headline of 'market intervention/welfare cuts/looser fiscal policy'?

Slashing corporation tax will help ?

[dunroaming]

1 hour ago, Grouse said:

So vote Lib Dem where they stand a chance and Labour where they do. We MUST have opposition

My thoughts as well.  I will look at who is running second in my constituency (I suspect Lib Dems) and vote for them.  I live in a strong Tory area but also an area that are very anti Brexit so maybe....

[dunroaming]

1 hour ago, bumpkin said:

Not sure that Theresa May has ever promised a Hard Brexit.  

Clearly you are very selective in what you read and listen to.  She has made her position very clear on that which for someone who hasn't sat down at the table yet, is profoundly stupid. Anyone involved in business negotiations knows that you listen first.

[Baerboxer]

9 hours ago, RuamRudy said:

Whenever I read of a former Labour voter turning their backs on Corbyn and choosing to vote Tory, I shake my head in dismay. I wonder how much of what TM has said above will sink in to the masses - the Tories see the working classes as resources to be exploited to the maximum, absolutely nothing more than that. I assume that they dropped the term Compassionate Conservatism because they couldn't keep a straight face when repeating it - they certainly didn't drop it out of shame, because they have none.

 

Aye, but sadly the current labor party thinks returning to the 70's mentality of them deciding on how everybody else's money should be spent whilst turning the country into a model of the failed former East European minor countries is hardly a credible alternative. Labor has been really shifted left under the grasp of the current activists and rather than become active and challenge that labor voters are simply changing who they vote for.

 

This election is likely, rightly or wrongly, likely to be defined by Brexit. Labor install no confidence in an ability to negotiate anything, and likely to give up just about everything we have in favor of a politically correct settlement. The Tories maybe likely to fall out with the EU and therefore pursue a hard Brexit. But not likely to roll over and die and pay whatever figure Merkel and Juncker dream up. 

 

Those active in supporting labor are very noisy and very active. That also in itself tends to push the more moderate, the undecided and wavering voters away.

 

Under Corbyn and his supporters, Labor will never win as the largest Union's leader has stated recently.

 

Maybe not the landslide for May many predict but I seriously doubt Corbyn will be taken seriously by any but ardent supporters.

[Baerboxer]

3 hours ago, Grouse said:

Have you been sleeping? 

 

TM has stated that immigration trumps all. She favours a catastrophic Brexit just for that. In fact, the Con Party don't WANT a deal at all. She's like a pied piper playing a tune of One Nation Toryism; how cynical 

 

TM was a remain supporter. She has correctly identified that immigration is a key issue with the British electorate. She also has to contend with the extremist elements of hard Brexit. Like all real politicians she chases the popular vote and puts own career first, before party and state.

Corbyn pretends to be principled, and sticks to his socialist almost Marxist beliefs. But look at his pretend u-turn on Brexit and his evasiveness. Just another career politician who after years and years on the back benches has finally grasped a place at the big trough.

 

The EU, especially Merkel and Juncker are now doing all they can to provoke a bad negotiation that is likely to produce a the result they want which seems to be the hard Brexit too. They know making ever increasing outrageous financial demands based on fairy story logic whilst demanding all EU citizens must have free movement and their EU rights fully respected are non starters. 

 

You can only negotiate if both parties want to and have similar objectives. 

 

 

 

[Baerboxer]

9 hours ago, champers said:

Kick the poor, help the rich. Normal Tory mindset. Too many poor people think they are rich because they have over extended their borrowing to buy new.

 

And sadly Labor usually kick the poor, the not so poor and the rich in order to help their little special groups and projects which usually help themselves, their cronies and those who they consider politically correct. 

 

There is and has been a real opportunity for the Liberals and social democrats to shake themselves up and come up with a real innovative and exciting manifesto. But the dweebs running things there just can't make the change.

 

 

[elgordo38]

1 hour ago, Baerboxer said:

Under Corbyn and his supporters, Labor will never win as the largest Union's leader has stated recently.

Yes the unions world wide are in a sacrificial lamb mode. If they are cutting back on welfare that must mean the poorer class is shrinking. It amazes me that workers vote these bleep bleep in and then after the election hit the streets to protest. Truly Amazing. 

[billzant]

If you read the Labour manifesto there can be nothing better for ordinary people paid for by increased taxation on those earning more than £80000 and actually trying to collect taxes from corporations.

In reality policies will never be discussed becaue Theresa May is sound and stable. 

 

And the media corporations have meny people over £80000  who will decry Corbyn for his clothes? Michael Foot's mac? Anything except discuss Labour's policies.

 

Hopefully the style of grass roots campaigning that helped Bernie will help Labour but probably the media backed up by Blair clones in parliament will make sure such a peoples' manifesto never has a chance of being put into practise.

Even if you don't trust Corbyn isn't it worth giving it  a go? It has got to be better than austerity.


 

[baboon]

21 hours ago, RuamRudy said:

Whenever I read of a former Labour voter turning their backs on Corbyn and choosing to vote Tory, I shake my head in dismay. I wonder how much of what TM has said above will sink in to the masses - the Tories see the working classes as resources to be exploited to the maximum, absolutely nothing more than that. I assume that they dropped the term Compassionate Conservatism because they couldn't keep a straight face when repeating it - they certainly didn't drop it out of shame, because they have none.

I am genuinely perplexed too. There they stand, promising the lowest wages, the fewest rights and protections for ordinary people, and what are they doing? Cheering and applauding! Don't they want an NHS anymore? Do they want anything not nailed down to be flogged off? Do they want to be demonized when they find themselves out of work and down on their luck? Really, I am simply lost for words..

[elgordo38]

14 hours ago, Baerboxer said:

 

And sadly Labor usually kick the poor, the not so poor and the rich in order to help their little special groups and projects which usually help themselves, their cronies and those who they consider politically correct. 

 

There is and has been a real opportunity for the Liberals and social democrats to shake themselves up and come up with a real innovative and exciting manifesto. But the dweebs running things there just can't make the change.

 

 

You can throw them ALL in a big basket and shake em up and no innovation or exciting manifesto will appear. They are either sugar coaters, pocket liners (their own) or in the control of the big money boys that you mention at the beginning. You know the guys that usually pay zero taxes or move their money off shore. Not really much there to tax away to help the special interest groups with their "projects"

[Grouse]

2 hours ago, baboon said:

I am genuinely perplexed too. There they stand, promising the lowest wages, the fewest rights and protections for ordinary people, and what are they doing? Cheering and applauding! Don't they want an NHS anymore? Do they want anything not nailed down to be flogged off? Do they want to be demonized when they find themselves out of work and down on their luck? Really, I am simply lost for words..

http://www.independent.co.uk/news/uk/politics/theresa-may-conservative-manifesto-crisis-nhs-social-care-smoke-and-mirrors-labour-a7743751.html

 

Read this!!

[thaibeachlovers]

Hmmmmm. Welfare cuts in a country where 3 generations of unemployed live in the same house is asking for it.

I expect she will win anyway, but I doubt any of her policies will actually get them out to work. Expect higher crime rates.

[Retiredandhappyhere]

11 hours ago, baboon said:

I am genuinely perplexed too. There they stand, promising the lowest wages, the fewest rights and protections for ordinary people, and what are they doing? Cheering and applauding! Don't they want an NHS anymore? Do they want anything not nailed down to be flogged off? Do they want to be demonized when they find themselves out of work and down on their luck? Really, I am simply lost for words..

"Really, I am simply lost for words".

 

Well, thank God for that!

[baboon]

28 minutes ago, Retiredandhappyhere said:

"Really, I am simply lost for words".

 

Well, thank God for that!

There is no God...

[CharlieK]

19 hours ago, billzant said:

Even if you don't trust Corbyn isn't it worth giving it  a go? It has got to be better than austerity.

No it is not. Corbyn doesn't have the answers. taking the country back to the 70's is probably the worst thing that could happen. I don't agree with May either. It just shows that in the absence of any real opposition the conning conservatives  can do as they want. The country doesn't have a choice. 

[billzant]

For the first time the country does have  a choice - austerity that hurts the poor or a policy that might help the poor, the NHS and so on. "Back to the 70s" is a sound-byte, the Labour politicians of the 70s would never have supported this Labour manifesto. When has there ever been a real opposition - whoever has been in power? 

[RuamRudy]

What on earth is going on? Did TM make what could be the greatest political blunder of all times? Can she steady the ship or has she been irrecovably damaged by the events of recent weeks?