Don't bank on Osborne

I find it very difficult to watch the Tory conference, to be honest it makes me want to vomit. So I will make comment if I pick something up that is worth commenting on. Otherwise I will use Labour Party communiques etc which are relevant.

Looks like George Osborne has highlighted why he and his mate Cameron shouldn't be trusted with the economy.Yvette Cooper MP, Labour's Chief Secretary to the Treasury, has said in response to his proposals on banking bailouts:"George Osborne has proved that he doesn't understand how Britain's banking system works. "If we had done what he suggests Bradford & Bingley would havegone under, with significant risks for depositors, confidence and the stability of the banking system. "This is an incoherent and irresponsible approach, with no answers to the current problems in the financial system."Clearly in their inexperience, they do not understand what is at stake."The Tories have called for new powers to deal with the problem - in fact they were introduced in the spring and the Tories voted against them."That's what happens when you pick a Shadow Chancellor with a second class degree in Modern History and no financial experience - apart from a short spell working in Selfridges.And on the Tories' two year Council Tax freeze (forget for a moment that his sums don't make sense to anyone with a basic knowledge of local government finance), ponder this - it's the wealthiest who would benefit most from these Tory proposals, as with Osbourne's million pound inheritance tax threshold last year. In short, the Tories are looking after 'mansion man'.The Times says: "The instant reaction both in the hall and the media was a good deal less positive than in Blackpool as questions over how the policy will work and who will benefit went unanswered. Mr Osborne’s central message is that he intends to protect the poorest while reducing both debt and – over time – the share of national wealth given to public spending. Promising what is in effect a tax cut that will benefit the most wealthy homes could undermine that claim."