Defence Review Result at End of October
I wonder which end of the rank spectrum will bear the brunt of the cuts?
Apparently all 1500 Wg Cdr's have been summoned to a meeting to discuss the growing problem of excess corporal's. They will make reccommendations to the 300 odd Gp Capt's, but ultimately it will be the 100 odd Air Cdre's who will make the decision on how deep to cut into the OR's.
Apparently all 1500 Wg Cdr's have been summoned to a meeting to discuss the growing problem of excess corporal's. They will make reccommendations to the 300 odd Gp Capt's, but ultimately it will be the 100 odd Air Cdre's who will make the decision on how deep to cut into the OR's.
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Just so I don't get flamed for sticking up for tories, please note I'm not a fan of any current political party...
However, it is intellectually incoherent to argue that other aspects of the public purse are being prioritised over defence, because it is simply not the case.
The BBC has a spending review service on line now - have a look and you will see that defence is towards the top of pile, with just the NHS and Education ahead of it. Everything else is facing minimum cuts of 25 percent.
Moreover, it matters not who is to blame for the global deficits we face...they are a fact of life, which have to be dealt with. Stephanie Flaunders latest blog has a link to very interesting acdemic report which argues quite convincingly that governments in general cannot react effectively to major crisis's because they don't really understand them, they can't control them and they can't get their heads round the necessary timescales for recovery (15 - 20 years). Thus they just lurch from one crisis/boom to another and call it the "economic cycle".
Another report in the Scotsman this week, by an eminent economist, argued that the general public don't have a scoobies at the size of the cuts that are coming, something I have posted on here several times already.
Hang on tight....
However, it is intellectually incoherent to argue that other aspects of the public purse are being prioritised over defence, because it is simply not the case.
The BBC has a spending review service on line now - have a look and you will see that defence is towards the top of pile, with just the NHS and Education ahead of it. Everything else is facing minimum cuts of 25 percent.
Moreover, it matters not who is to blame for the global deficits we face...they are a fact of life, which have to be dealt with. Stephanie Flaunders latest blog has a link to very interesting acdemic report which argues quite convincingly that governments in general cannot react effectively to major crisis's because they don't really understand them, they can't control them and they can't get their heads round the necessary timescales for recovery (15 - 20 years). Thus they just lurch from one crisis/boom to another and call it the "economic cycle".
Another report in the Scotsman this week, by an eminent economist, argued that the general public don't have a scoobies at the size of the cuts that are coming, something I have posted on here several times already.
Hang on tight....
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Melchett01, Good words. I could not have put it better myself.
Oh, how sadly right you are
minigundiplomat
I miss the mob considerably, but I am so glad I had my career when I did. I just feel for those that remain in and join in the future. They will continue to give 150% commitment and loyalty, even knowing that the loyalty does not run both ways.
Unfortunately, actually getting to the crux of the problems of inefficiency, a bloated hierarchy looking for the next stripe / knighthood and appalling procurement is politically far harder than just chopping the bottom end of the foodchain.
minigundiplomat
I miss the mob considerably, but I am so glad I had my career when I did. I just feel for those that remain in and join in the future. They will continue to give 150% commitment and loyalty, even knowing that the loyalty does not run both ways.
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Typhoon crews (air & ground) starting to move into Leuchars from Monday.
Would expect Kinloss to close, GR4 binned before mid-life update, JSF to Lossie, would also be bad form to close an air base in a senior cabinet ministers (Menzies Campbell) constituency when it would be easier to stick the knife into an opposition MP
Would expect Kinloss to close, GR4 binned before mid-life update, JSF to Lossie, would also be bad form to close an air base in a senior cabinet ministers (Menzies Campbell) constituency when it would be easier to stick the knife into an opposition MP
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OFO
Agree with your analysis - BZ. But:
Arguably with a flat in real terms budget, the NHS is getting priority over defence - which is probably what the majority of the public want. The outlier, of course, is the foreign aid budget (DFID) which will rise to £12bn p.a. or so, more than a third of the MoD budget - and approximately 10 times that of the Foreign Office. Priorities? 
S41
Agree with your analysis - BZ. But:
However, it is intellectually incoherent to argue that other aspects of the public purse are being prioritised over defence, because it is simply not the case.
S41
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The outlier, of course, is the foreign aid budget (DFID) which will rise to £12bn p.a. or so, more than a third of the MoD budget - and approximately 10 times that of the Foreign Office. Priorities?
Gentleman Aviator
But we still give aid to a country with nuclear weapons (Pakistan) and one with a soace programme (India)!
Shurely shome mishtake .......
Shurely shome mishtake .......
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Some would argue that to spend in the region of £37 Billion of public money on guns and bullets whilst only spending £12 Billion on trying to end poverty is balanced incorrectly.
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What nobody seems to have taken notice of is the fact that the interest only payments on the national debt are over £35Bn! That figure makes no allowance for paying any of the debt back.....it is just the annual interest.
Put it another way - the interest payments alone are in excess of the country's WHOLE defence budget.
With black holes like this to fill as NuLabour's legacy to the country (also remember which govt was in power when Op Granby and Op Herrick kicked off, and that it was GB who failed miserably to fund the costs right from the start) it really leaves the Coalition Govt little option but to cut, and to cut hard to get the debt under control.
Like anyone with a credit card that has been taken to the limit, there are two options.....tighten one's belt and pay it off (asap) or declare oneself bankrupt and face the consequences.....
Rant over!
MB
That figure makes no allowance for paying any of the debt back.....it is just the annual interest.Put it another way - the interest payments alone are in excess of the country's WHOLE defence budget.
With black holes like this to fill as NuLabour's legacy to the country (also remember which govt was in power when Op Granby and Op Herrick kicked off, and that it was GB who failed miserably to fund the costs right from the start) it really leaves the Coalition Govt little option but to cut, and to cut hard to get the debt under control.
Like anyone with a credit card that has been taken to the limit, there are two options.....tighten one's belt and pay it off (asap) or declare oneself bankrupt and face the consequences.....
Rant over!
MB
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Trident missile defence system under threat
Sat 11/9/10 - Trident missile defence system under threat again as cuts plans drawn up.
Looks like this really is gonna hurt!
The National Security Council will discuss plans for a £20 billion Trident replacement on Friday – with the debate said to include whether the replacement system should go ahead at all, not just how it is funded.
Senior defence chiefs are understood to be split over whether Britain should retain a submarine-based strategic nuclear deterrent or opt for a cheaper alternative.
Senior defence chiefs are understood to be split over whether Britain should retain a submarine-based strategic nuclear deterrent or opt for a cheaper alternative.
Looks like this really is gonna hurt!
The Sunday Telegraph also understands that serious consideration is now being given to axing the Royal Navy's £5bn carrier programme, with small cheaper alternatives being proposed.
If the carriers are axed sources have revealed that the £9bn programme to buy the Joint Strike Fighter will either be cut in its entirety or see the numbers of aircraft bought severely reduced.
If the carriers are axed sources have revealed that the £9bn programme to buy the Joint Strike Fighter will either be cut in its entirety or see the numbers of aircraft bought severely reduced.
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From Wikipedia
The trouble is that, if the government sells too many bonds, it may not be able to honour them when they mature. When you get that far, you end up like Greece.
Government debt can be categorized as internal debt, owed to lenders within the country, and external debt, owed to foreign lenders. Governments usually borrow by issuing securities, government bonds and bills.
On 27 April 2010, the Greek debt rating was decreased to BB+ (a 'junk' status) by Standard & Poor's amidst fears of default by the Greek government.
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A Gilt is nothing more than an IOU, and everywhere these days, IOUs are being renegotiated. Talk is rife of a new wave of QE this Autumn, and there will be a flood of new UK Gilt issued over the next decade or so, to fund a national debt that is already nigh on £1 trillion (expected to increase to £1.6 trillion in 5 years).
As suggested by LFFC,all things being equal, higher supply leads to lower prices. If that happened, not only would the returns from Gilt bomb, but as Squirell suggests, the performance of almost every funded UK pension would be affected (so many private funds are rebalancing now though – has yours?
). And I like the look of the new M&G Index Linked Corporate Bond fund, (launching on the 16th..).
But, despite all the nightmare scenarios, Britain's sale of £8bn-worth of gilts at the end of June was almost twice oversubscribed. Why? Because three factors have emerged; one boosting demand and two restricting supply. The first is the Eurozone drama, which boosts the relative attractions of our Gilt to overseas investors compared to their tat, the second is the focus of the ConLibs now, to really tackle the public spending deficit (even Vince Cable seems to be getting warmed up, listening to him yesterday) and finally, there is the news last week, that public borrowing was a little lower than expected.
So.. this year, the DMO will only issue Gilt to the value of £165 billions rather than the £185 billions forecast in April whilst Gordon was still buying fluffy chairs at DCSF. On top of that, there are worries about interference in markets - in particular, Harry the Hun’s ban on naked short-selling. Finally, don’t forget that Gilt, since 1990, has returned 5.4%, compared to equities (roughly, 4.6%). People like that. Gilt, right now, is looking ok.
http://www.dmo.gov.uk/
M&G taps into inflation fears with new bond fund | Reuters
As suggested by LFFC,all things being equal, higher supply leads to lower prices. If that happened, not only would the returns from Gilt bomb, but as Squirell suggests, the performance of almost every funded UK pension would be affected (so many private funds are rebalancing now though – has yours?
). And I like the look of the new M&G Index Linked Corporate Bond fund, (launching on the 16th..).But, despite all the nightmare scenarios, Britain's sale of £8bn-worth of gilts at the end of June was almost twice oversubscribed. Why? Because three factors have emerged; one boosting demand and two restricting supply. The first is the Eurozone drama, which boosts the relative attractions of our Gilt to overseas investors compared to their tat, the second is the focus of the ConLibs now, to really tackle the public spending deficit (even Vince Cable seems to be getting warmed up, listening to him yesterday) and finally, there is the news last week, that public borrowing was a little lower than expected.
So.. this year, the DMO will only issue Gilt to the value of £165 billions rather than the £185 billions forecast in April whilst Gordon was still buying fluffy chairs at DCSF. On top of that, there are worries about interference in markets - in particular, Harry the Hun’s ban on naked short-selling. Finally, don’t forget that Gilt, since 1990, has returned 5.4%, compared to equities (roughly, 4.6%). People like that. Gilt, right now, is looking ok.
http://www.dmo.gov.uk/
M&G taps into inflation fears with new bond fund | Reuters
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From the above newsclip:
More than anything else, these figures highlight the true cost of the carriers. I would imagine that the whole cost of ownership associated with these 2 ships is far, far greater than the £5b headline figure; my guess is that it's simply unaffordable.
Contracts worth about £1.25bn have been awarded for building two aircraft carriers even though the project may not go ahead, figures have revealed.
Mr Docherty, who represents the Rosyth dockyard, said: "These figures highlight that the carrier contracts don't just affect thousands of jobs here in Rosyth and on the Clyde or indeed just across Scotland, but in fact across the whole of the United Kingdom.
How much of the foreign aid budget is being spent in Afghanistan and Iraq?
Or does it end up in some corrupt corner of Africa?
The National Health Service could certainly due with a serious audit. Just how much of my tax is being wasted on patching up brawling, drunken chavs or on teenage trollops overpopulating the world with their illegitimate spawn?
Education? Some belt-tightening needed as well. You should see what they use nowadays instead of chalk and blackboards......
Or does it end up in some corrupt corner of Africa?
The National Health Service could certainly due with a serious audit. Just how much of my tax is being wasted on patching up brawling, drunken chavs or on teenage trollops overpopulating the world with their illegitimate spawn?
Education? Some belt-tightening needed as well. You should see what they use nowadays instead of chalk and blackboards......
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Here you go then Beags; every 'little' helps?
http://www.bbc.co.uk/news/uk-11274851
< The coalition government has distanced itself from a pledge made by the previous Labour government to abolish hospital car park charges in England.>
http://www.bbc.co.uk/news/uk-11274851
< The coalition government has distanced itself from a pledge made by the previous Labour government to abolish hospital car park charges in England.>
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