‘Too clever’ Osborne vs ‘rooted in reality’ McDonnell

The approach could not be starker. Tory Chancellor George Osborne is going to hammer those on lower pay to close the budget deficit by 2020.

He’ll then throw a few slogans at the economy, and build smoke and mirror factories to pretend his claims of an economic miracle and general basking in economic sunshine is taking place.

But Labour shadow Chancellor John McDonnell wants to tackle the huge amount corporate welfare bill – just short of £100bn a year.  Then really take on the tax dodgers and avoiders and grow the economy.

McDonnell: Rooted in reality

McDonnell’s approach seems rooted in reality, with practical approaches and no deficit denial. He understands the impact of poor growth, poor productivity, appalling balance of payments and lack of investment outside of London and the south east.

As McDonnell points out, there are lots of ways of reducing a deficit. You apply tax laws, you don’t cut taxes when you need money to fill a deficit and you grow wages and the economy.

The Robin Hood Tax – a tiny levy on each speculative trade on futures and derivatives markets – could raise billions. And those who caused the current problems – speculators and banks – get to pay a fair share of clearing up the mess.

Stressing the importance of the smaller employers who don’t get the corporate breaks and the self-employed who don’t get them either.

He would put Bank of England governor Mark Carney on notice that things will change. At the moment the Bank is as stuck as the golfer who has only one broken club in their bag – interest rates.

McDonnell will give them more clubs to allow them a more subtle approach to help tackle the real problems in the real world. And he’ll sharpen Carney’s approach inflation targets which have not been hit for many years.

So interest rates did not go up to tackle 5 per cent inflation but the Bank threatens to put them up when inflation is near non-existent. Carney appears transfixed by George Osborne’s spin on the economy.

Osborne: Political jackdaw

And what to make of Osborne and the Tory Party? Osborne is even starting to look like the dark and oily political jackdaw who steals the shiny ideas he likes as his own.

And he’s in complete denial about his attack, for example, on tax credits. And on the state of the economy.

It took me a while to work it out. The make-up not quite right and making him pale. The hair colouring not quite right and enhancing the pallor as do the dark suits.

The cold delivery. Almost no expression apart from the odd sneer.

Then I got it. Mr Shadrack the undertaker from Billy Liar. He’s a man who even looks like he’s preparing to lead the funeral procession of UK manufacturing.

Total denial from all the little Billy Liars saying the tax credit cuts (which they denied they would cut) will cost middle to low earners. Every expert says it will cut between ÂŁ1,000 and ÂŁ1,700 from the family budgets of those who get tax credits.

Billy Liar himself did not like the world he lived in. So he invented a fantasy world which he preferred.

So you get “devolution revolution” for local government letting councils keep money raised by business rates. But no mention of how that will hit poorer areas or the even more massive cuts to come for local government.

And stop mentioning the previous little Billy Liar tales. No more ‘march of the makers’.

The Northern Powerhouse? Bit of  sticky one, better dodge. George Shadrack now admits “I don’t even know if it will work.”

If in doubt throw a slogan at it. And put it on repeat, repeat, repeat.

Then another costume change. Get on the hard hat and Osborne is now Bob the Builder. “We are the builders” he says in the middle of one of the worst housing crises ever.

Another costume change. Now he’s Wolfie from Citizen Smith declaring “power to the people” and “Freedom for Chelsea” (okay I made that last one up).

In the background you can imagine the group of ex-public school boarders who contributed to the script laughing at how clever they have been. What a hoot, Jeeves.

That’s the problem with all the little Billy Liars. Too clever by half and the truth catches up with them in the end.