Balls defends Labour record on economy

first_img KCS-content ED Balls, the recently-appointed shadow chancellor, yesterday launched a staunch defence of Labour’s economic record, insisting that high levels of public spending had not exacerbated the financial crisis. “There was no call from the Conservatives at the time, or from anyone else really, to have a fiscal tightening in that period [2007]. We went to the crisis with low debt,” Balls said on the Andrew Marr show yesterday. In a combative performance, Balls accused George Osborne of “crushing” the economy with spending cuts and a hike in VAT and called on the chancellor to chart a different course. “Osborne has got to get out of this denial where he thinks there’s only one approach. There’s no doubt he’s a good politician, but is he a good chancellor? Good chancellors are flexible, they change their minds when the evidence changes,” Balls added. Meanwhile, Balls audaciously claimed that Mervyn King, governor of the Bank of England, did not agree with the government’s fiscal tightening. He said: “I think if the governor… was to come out and say the country’s on the wrong track, that would cause a crisis. I don’t think that Mervyn King in his heart of hearts really believes that crushing the economy in this way is the right way to get the economy moving.”King has repeatedly backed the coalition’s spending cuts, most recently as last week, often earning accusations of political bias.Balls also said that Labour would not keep the 50p top rate of tax permanently, and backtracked from calls to lower the top rate threshold from £150,000 to £100,000. Matthew Hancock, a Conservative MP and former adviser to Osborne, said: “Ed Balls still can’t accept that Labour didn’t live within their means, and he can’t accept that Labour would be cutting this year.” whatsapp Read This Next’A Quiet Place Part II’ Sets Pandemic Record in Debut WeekendFamily ProofHiking Gadgets: Amazon Deals Perfect For Your Next AdventureFamily ProofAmazon roars for MGM’s lion, paying $8.45 billion for studio behind JamesFamily ProofIndian Spiced Vegetable Nuggets: Recipes Worth CookingFamily ProofYoga for Beginners: 3 Different Types of Yoga You Should TryFamily ProofBack on the Rails for Summer New York to New Orleans, Savannah and MiamiFamily ProofChicken Bao: Delicious Recipes Worth CookingFamily ProofNew England Patriots’ Cam Newton says no extra motivation from Mac Jones’SportsnautCheese Crostini: Delicious Recipes Worth CookingFamily Proof Balls defends Labour record on economy whatsappcenter_img Sunday 30 January 2011 11:10 pm Show Comments ▼ by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesBrake For ItThe Most Worthless Cars Ever MadeBrake For ItBetterBe20 Stunning Female AthletesBetterBeLuxury SUVs | Search AdsThese Cars Are So Loaded It’s Hard to Believe They’re So CheapLuxury SUVs | Search AdsMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryAlphaCute30 Rules That All “Hells Angels” Have To FollowAlphaCuteDefinitionDesi Arnaz Kept This Hidden Throughout The Filming of ‘I Love Lucy’DefinitionTaonga: The Island FarmThe Most Relaxing Farm Game of 2021. No InstallTaonga: The Island Farm Share Tags: NULLlast_img read more

Dynegy in defence of Icahn bid

first_img whatsapp Share Thursday 10 February 2011 8:40 pm Tags: NULL Dynegy in defence of Icahn bid by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryPeople TodayNewborn’s Strange Behavior Troubles Mom, 40 Years Later She Finds The Reason Behind ItPeople TodayMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesBrake For ItThe Most Worthless Cars Ever MadeBrake For ItZen HeraldNASA’s Voyager 2 Has Entered Deep Space – And It Brought Scientists To Their KneesZen HeraldBetterBe20 Stunning Female AthletesBetterBeWanderoamIdentical Twins Marry Identical Twins – But Then The Doctor Says, “STOP”Wanderoamcenter_img whatsapp Show Comments ▼ Read This Next’A Quiet Place Part II’ Sets Pandemic Record in Debut WeekendFamily ProofHiking Gadgets: Amazon Deals Perfect For Your Next AdventureFamily ProofAmazon roars for MGM’s lion, paying $8.45 billion for studio behind JamesFamily ProofYoga for Beginners: 3 Different Types of Yoga You Should TryFamily ProofIndian Spiced Vegetable Nuggets: Recipes Worth CookingFamily ProofBack on the Rails for Summer New York to New Orleans, Savannah and MiamiFamily ProofChicken Bao: Delicious Recipes Worth CookingFamily ProofCheese Crostini: Delicious Recipes Worth CookingFamily ProofNew England Patriots’ Cam Newton says no extra motivation from Mac Jones’Sportsnaut KCS-content DYNEGY yesterday defended its bid to sell itself for $665m (£413m) to billionaire Carl Icahn, arguing weak market conditions could force the power company into a liquidity crisis unless the deal goes through.The $5.50-a-share deal has come under fire from hedge fund Seneca Capital, which led a similar effort to oppose the company’s previous deal to sell itself to private equity firm Blackstone Group. Shareholders voted that deal down in November.“Given Dynegy’s cash flow position, we believe there are serious questions as to whether Dynegy will have sufficient liquidity available to reach eventual market recovery,” the special committee of Dynegy’s board of directors said in a letter to the company’s shareholders.Dynegy, which sells power at competitive rates into the open market, is trying to sell itself in the face of weak natural gas prices, which often dictate power prices.But Seneca has said that management has consistently undervalued the company, and is arguing that Dynegy is worth $7.50 to $8.50 a share. Dynegy shares closed at $5.74 on the New York Stock Exchange yesterdayThe Dynegy directors argued in the letter that accepting the Icahn bid was superior to the risks of remaining an independent company.They also asserted that Seneca had made various errors in its presentation materials and called some of the assumptions behind Seneca’s valuation “exceedingly wishful”.Icahn extended his tender offer yesterday, saying he needed more time to receive approval from the Federal Energy Regulatory Commission. Only about 4.4 per cent of Dynegy’s shares have been tendered into the bid. last_img read more