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If you were Britain's Prime Minister, what steps would you take to help with this financial crisis, or any other crises that you may be suffering?
I do see a lot of complaints about the way Gordon Brown is running things (or not running things it would seem) so could I have some suggestions? We could forward them to him maybe!
asked in politics, economics

high1971 answers:

well as he did not cause this crisis it will be hard for him to fix it so he should be given some credit for having a go
as far as doing other things there is not alot he can do except chuck money around and hope for the best

except maybe force the banks to give out loans to businesses like they used to just to help tied them over with no repayments and no interest charges for a set length of time
which has been brought up as an idea in the commons it is not my idea

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rasputin1309 answers:

The problem is that this would all be closing the door after the horse has bolted - lax regulatory practice and a culture encouraged by this government of living on credit has caused this. The banks were encouraged to lend ridiculous amounts of money to people who had no hope of paying it back - this has all been encouraged by the govt - their spending policies, (and our obsession with "owning" our own homes has left us particularly vulnerable to this recession). This govt cannot blame all of the crisis on other factors - they are culpable.

I would have left VAT where it was - a temporary 2.5% cut does nothing - I would certainly not raise National Insurance - that will clobber small and large businesses alike. As a general policy, (not one introduced due to the current crisis), I would introduce a 50% top rate of tax for anyone earning over £150,000 per year.
There is not a lot that can be done to deal with this current crisis - the market will eventually find its own level and its own solution - that is the nature of capitalism - I would not saddle people with billions of pounds of future debt and I would not bail out the car companies or other manufacturers particularly ones that have been on the slide for years and are just using the credit crunch to cover up bad business practice. I would increase personal tax allowances to give people some more money in their pockets. I understand why the interest rates are being reduced and there is probably little option there but I would try and find some way of compensating savers there who are losing out - the problem is that savers are too responsible - they don't spend their spare money, they save it - the country needs people to spend right now, not save! I would try and find a solution whereby small businesses could get cheap access to credit and I would introduce a law stating that all invoices, whoever holds them must be settled within 1 or 2 months - that may increase the money supply and would certainly help small businesses who seem to sometimes be held to ransom by large companies and government slow to pay their bills. I would simplify the taxt system and tax credits system - they are ridiculously complicated, (this again would be a general policy not one specificically for the credit crunch). I would halve the public sector workforce and reign in public spending in an attempt to stave off future tax rises which may be necessary. Witout seeing the govt "books" it is impossible to make much of an informed comment - we don't know just what level of debt is being stored up against us in the future - we cannot just chuck money at it and hope for the best - that is the road to financial ruin. A greater level of regulation has to be brought in for city - a few high profile court cases may also focus a few minds. People need reminding that company directors owe a fiduciary duty, they have a duty of trust - no one can tell me that snouts have not been illegally feeding in the city trough for years - so lets make a few of them pay for their dishonest practices - as I said such prosecutions with stiff penalties may make people think again before they act.

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wumpus answers:

If I were Gordon Brown - I'd resign.

I do firmly believe that he had a lot to do with this crisis.
Alarm bells were ringing about the state of the nation's debt more than 5 years ago, yet he did nothing either as chancellor or as prime minister.
He presided over the whole chain of events leading up to this.

I don't believe that allowing him to throw MY money into Jaguar Land Rover, or a bank, or a coffee house is going to help in any way.
But it will saddle the nation with debt for years to come.
Particularly if he does as I expect and devalues the pound by printing more money.

If I were a sensible Prime Minister, I'd be looking at Government and Whitehall and the Civil Service and questioning why it employs so many when it used to run with many fewer people.

Then I'd look to cut the cost of Government by getting rid of a lot of the parasites who have crept themselves into a government office with a cushy pension.

When times are hard, you have to cut your cloth accordingly.

And you can't run a fat government when the rest of the nation is really struggling.

Supplement from 12/24/2008 07:42am:

Funny isn't it?

When things went well, there was no mention of a global boom.
Instead he was a "prudent" chancellor, promising to eradicate boom and bust forever.

Now things are going badly, and it's claimed that all the problems originate abroad. This has to be a "global" crisis, to transfer blame away from where it truly lies.
The truth is that events abroad have been merely the trigger to lose Gordon his precarious grip on the economy.

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goth-girl1 answers:

i would just sack all the members of the commons and save huge amounts of money for the country

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