| shadow chancellor George Osborne live question and answers | (03/06/2009) |
10:19 | Joanna Geary: Welcome to the George Osborne liveblog, please feel free to submit your questions in advance for the Shadow Chancellor and we will endevour to put them to him on his arrival.
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10:41 | Joanna Geary: Some background details:
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10:42 | Joanna Geary: Mr Osborne will be visiting our offices this morning after a tour of Jaguar Land Rover. |
10:42 | Joanna Geary: He will then go on to a city centre venue where it is believed he will be making a speech on Conservative Party policy.
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10:45 | Joanna Geary: As well as participating in our liveblog, he will be interviewed by Head of Business Alun Thorne for a video due to be published later today.
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10:49 | Joanna Geary: I have been told that Mr Osborne is running slightly behind schedule, so apologies but the start of this liveblog interview may be a little delayed.
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10:50 | Joanna Geary: He is currently being interviewed by Mr Thorne.
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10:53 | Joanna Geary: Mr Osborne being interviewed by Head of Business Alun Thorne
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10:56 | Joanna Geary: I have been told that Mr Osborne will be typing all his responses to your questions himself. We have a laptop ready and waiting for him!
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11:00 | Joanna Geary: Mr Osborne has now arrived and we will be starting the liveblog now.
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11:00 | Joanna Geary: First question:
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11:00 | [Comment From John Lewis]
What is Mr Osborne's alternative strategy to 'quantitative easing'? |
11:02 | George Osborne: Well John, the Bank of England doesn't have many other options now interest rates are close to zero. But quantative easing - which in effect is like printing money - is a leap in the dark. It clearly holds risks for inflation, and so we have to keep a very close eye on that going forward. The fact we've reached this point is, of course, and admission that other government policies, like the VAT cut, have failed.
George
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11:02 | [Comment From Brian Pankhurst]
What will you do about the pathetic interest rates now available to savers who are the only innocents in the financial situation? |
11:04 | George Osborne: Brian,
you're right that savers are the innocent victims of this recession. The Bank of England needs to cut interest rates to stimulate demand, but the government should help savers and pensioners who suffer as a result. I would like to see the government abolish the tax on savers at the basic rate and increase the tax free allowance for pensioners by £2000 at the forthcoming Budget. That would be concrete help now for savers - and would lay the foundations of a saving economy in the future.
George
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11:05 | [Comment From Jamie T]
Good Morning Mr Osbourne, I just wondered what your plans would be for Northern Rock. I have a variable rate mortgage with them at the moment which is good at the moment but am worried at the uncertainty of the future. |
11:06 | George Osborne: Northern Rock now has started lending again, which is sensible given that all the other policies to help in the recession and kickstart lending has failed. Longer term we will need to think about how we return to a privately owned banking system, but that is not about to happen today.
George
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11:06 | [Comment From Ozzie]
Is Mr Osborne concerned by the apparent lack of security which allowed someone to chuck custard over his friend Mr Mandleson? |
11:08 | George Osborne: I like the name, Ozzie.
I haven't seen the coverage yet of the custard attack on Peter Mandelson. While it couldn't happen to a nicer man, the serious point is this: stunts like that don't really help advance a cause. I'm against a third runway at Heathrow and for greater action on climate change, but I think the way you achieve those thinks is through dialogue and getting the right policies - not pie throwing.
George
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11:08 | [Comment From Dan Maharry]
At what point would it be necessary to stop offering aid to (car) companies \ banks and let them fail gracefully so that the economy as a whole may survive? |
11:10 | George Osborne: When it comes to the banks, the bailouts are unfortunately necessary because if the banks fail that would be catastrophic for the whole economy.
With car companies, the challenge is different. It's no a question of bailouts, but rather supporting good companies like Jaguar-LandRover with their credit problems. A National Loan Guarantee scheme of the kind we've been calling for since November would do that.
George
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11:10 | [Comment From Ian Daily]
George, can you please tell us your view on transparency over MP's expenses? Why would you or your party vote against that? |
11:11 | [Comment From Edgar Miller]
As a Conservative supporter, I am very surprised to see George rubbishing quantitative easing and characterising it as only "printing money". Surely he knows that it is an open market purchase of an asset ( eg, a Gilt) and has been recommended in the strongest possible way by Professor Tim Congdon who has been one of his advisers and was a "wise-man" under the last Conservative government. I notice he did not actually answer the first question about an "alternative". |
11:11 | [Comment From Neil Aitchison]
Your claims that the government should have done more to regulate the banks is a bit rich, as a Conservtive Government would never have dreamt of restricting the banking sector as you didn't do in the 1980's. Your criticism is political expediency of the worst kind, you've failed as an opposition, why weren't you making the calls you are now for regulation two years ago. |
11:12 | George Osborne: I support transparency on expenses. It's public money and the public have a right to know how it's spent. David Cameron shares my view, and that's why the Conservative Party blocked the attempt by the Government to cover up expenses by changing the freedom of information law.
George
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11:12 | [Comment From Peter Houston]
Any chance that our politicians might work together to get us through the tough times we are facing? All I'm hearing at the moment from the Tories is sniping from the sidelines. |
11:13 | Joanna Geary: We will only have time for one or two more questions before Mr Osborne has to leave. Any more questions?
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11:13 | George Osborne: Conservatives have supported the government when we think they're doing the right thing. But we have to stand up for the public when we think they're doing the wrong thing. That's why we opposed the expensive VAT cut, which simply hasn't worked and which will add to taxes later.
George
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11:13 | [Comment From Stephanie Oswald]
How can you expect the ordinary working person to take you seriously
knowing that you come from such a privileged background? And would
you have curbed the risk taking culture of the city? |
11:15 | George Osborne: The question you should ask a politician is not so much where they come from, but where they are going to - and where they want to lead the country. I had a lucky upbringing, and a private education. In fact, I went to same school as the Deputy Leader of the Labour Party. But we have fundamentally different views about the future, and I want to move Britain from an economy built on debt to one built on savings and investment.
George
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11:15 | [Comment From Scott Redding]
Will the Consevatives commit to supporting and expanding credit unions in Britain? |
11:16 | George Osborne: Yes. I am a great fan of credit unions, and a couple of years ago the Conservatives published some proposals for supporting them in the future. They are particularly good at helping people who otherwise might have to pay very high costs for their credit.
One last question now, before I go to the city centre.
George
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11:17 | [Comment From Tom Raw]
If you were made chancellor tomorrow, what immediate steps would you take? (as opposed to immediate leaps in the dark). |
11:19 | George Osborne: I would set up a National Loan Guarantee scheme so that lending to businesses starts, and people are kept in work.
I would work with local councils like Birmingham, who've kept their council tax low, and use Whitehall savings on advertising and consultancy to freeze the council tax this year and next.
I would help people who are unemployed by offering companies who take them on a national insurance tax break.
And I would start to move this economy from one built on an unsustainable debt boom to one built on real savings and investment.
Thank you everyone for taking part. I typed this all myself, I promise!
George
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11:20 | Joanna Geary: George now has to leave to go to the city centre.
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11:20 | Joanna Geary: He says he has enjoyed the experience.
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11:21 | [Comment From Nathan Topping]
Thank you for your time Mr Osborne - it is nice to have politicians willing to spend a bit of time addressing the concerns of the average voter! |
11:22 | Joanna Geary: Thank you for all your questions - we were inundated. Apologies to those who did not get their questions asked.
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11:22 | Joanna Geary: Also apologies to those who commented on questions, but the comment did not appear in the liveblog, this was also down to the sheer volume of comments.
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11:23 | Joanna Geary: We will be forwarding the unanswered questions to his team.
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11:25 | [Comment From Christine Harly]
Thanks for this Joanna and thanks to everyone who asked a question. It was very enlightening. |
11:25 | [Comment From John Lewis]
Thanks Joanna and your team for organising this and giving some of us an opportunity to question George Osborne. I thank Mr. Osborne for his time. |
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11:26 | Joanna Geary: Mr Osborne typing his answers.
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11:27 | Joanna Geary: Marc Reeves with George Osborne's team.
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11:28 | Joanna Geary: George Osborne being filmed about the liveblog for "WebCameron".
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11:36 | [Comment From Marc Reeves]
As a model for interviewing politicos / business leaders, what do readers think about the liveblog format (and the video interview we'll be posting later)? |
11:36 | [Comment From E.ANN NORRIS]
Some of those questions made me increasingly aware of the enormous differences that exist in the country and how cocooned we are , in the south, from the thoughts and attitudes of 'the other side' . It is so very difficult to comprehend the 'culture' of ENVY that exists for the results, on different scales. , of a life of hard work and the benefits that one has EARNED. One of the most distressing things created by this govwernment is their encouragement of a return to the Class War : I have people who help me domestically (I am elderly and somewhat disabled) who have said they thought class war was history, why has it returned.? |
11:42 | [Comment From Nathan Topping]
Marc, assuming redundancies can be built in to prevent the comments etc going down when swamped so much, I like the format. Having it live is a very good idea, as it helps break down the notion that you, as a voter, are only ever being fed information and rarely able to get involved or get your questions answered. I'd certainly try and make it to future LiveBlog political events. |
11:51 | [Comment From Marc Reeves]
Thanks Nathan. The only problem that I can see is handling the volume of comments and giving a fair bite to as many people as possible. I'd love to make it a regular happening, with a mix of key regional and national politicians, business and other public figures. Who would people most like to see on the next Post liveblog? |
1:32 | [Comment From Nathan Topping]
On a national level, selecting from a range of different spectrums is a good idea I would say. Considering this blog has been very much economically focused, perhaps someone from the Home Office or Foreign Office if possible, or their counterparts in either the Lib Dem or Conservative teams. Can't think of anyone offhand on a Regional level I am afraid, as I don't really know of any Regional Politicians outside of those who represent my town. |
1:32 | [Comment From Neil Aitchison]
Great to have the chance to ask a direct question to a poltician I've never done that before, good to get the questioning out of the setting of Question Time in the |
1:51 | Joanna Geary: The Birmingham Post's interview with George Osborne, Part I.
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1:57 | Joanna Geary: The Birmingham Post's interview with George Osborne, Part 2.
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6:54 | 
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