Ritchie’s being a bit strange here

He attacks Policy Exchange in the following terms:

The City is described as a force for good.

It is said that mechanisms used to force down wages, reduce worker security, strip tax from the UK and increase the wealth divide such as “private equity, venture capital and investment funds are of particular relevance in today’s context of capital shortage and the need for a more innovation-based economy”.

All in all its a perfect example of a left wing sell out and might suggest exactly why the Labour front bench has risen to almost none of the challenges that their Treasury team should have faced, leaving them trailing in the wake of the Tories with policies that are a pale imitation of what Osborne is proposing.

But it’s Ritchie himself who insists that 25% of all pension savings must be invested in new business operations. Which is exactly the province of that private equity, venture capital and investment funds.

It really is all a bit strange.

6 thoughts on “Ritchie’s being a bit strange here”

  1. Maybe Ritchie wants our pensions to be grabbed – I mean, “invested” – by an ethical and trustworthy third sector group overseen by disinterested but reliable people such as retired accountants from Wandsworth.

    Or the Co-op Bank.

  2. If cognitive dissonance were a recognised psychiatric disorder, Ritchie would make for an interesting case study

  3. Why is Ritchie attacking Labour’s front bench Treasury team? That won’t do his job prospects much good, unless of course his paymaster have instructed to go on the attack?

    Interesting problem for him in the Labour Vs Unions dispute being reported by Guido. Perhaps this shows he thinks that the Unions have won that battle this time?

  4. The only government in my lifetime that has increased the proportion of the national wealth owned by the rich and decreased the share owned by the poor is “New Labour” 1997-2010, where economic policy was decided by Murphy’s pet politician Gordon Bennett..

  5. “…invested in new business operations. Which is exactly the province of that private equity, venture capital and investment funds.”

    It’s not strange at all. Ritchie is talking about a centrally directed market economy without property rights, as one would expect given that he consistently advocates fascism. In that scenario pension funds would be directed where to invest by, well, I’m sure Ritchie imagines himself doing it.

  6. “It is said that mechanisms used to force down wages, reduce worker security, strip tax from the UK and increase the wealth divide such as …”

    Public sector employment?

    Low wages – check
    Worker security – check
    Strip tax – yeah, they’re a net loss to tax income – check
    Increase wealth divide – goes with wages – check

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