German Bankster's Back Conservative Party in UK General Election

By: Nadeem_Walayat

Germany's biggest bank, Deutsche Bank has thrown its weight behind the Conservative party in an 82 page report "UK Election what if? " stating that a Conservative win would boost the stock market.

The report also included commentary that the Conservatives plans to cut public spending are far more credible than Labours. Which is an incredible conclusion to arrive at as neither party has detailed where and what they will actually cut, instead producing waffle that alludes to efficiency savings.

The bank also favoured conservative party policy on National Insurance which has been played as a political football these past few days, though again the facts of the N.I. debate have been clouded in much misinformation.

National Insurance Tax Rise Facts

There is much confusion in the mainstream press as to exactly what changes in NI have been proposed, therefore this should clarify the matter:

• The Labour party will raise NI from 11% to 12% on all earnings over £7,000 (up from 11% on all earnings from £5,700) upto a limit of £44,000, and raise the upper rate for all earnings above £44k from 1% to 2%. Employer contributions to rise from 12.8% to 13.8%.
• The Conservative party will raise NI from 11% to 12% on all earnings over £8,000 (up from 11% on all earnings from £5,700) upto a limit of £44,000. The Conservatives will not raise the higher rate from 1% to 2%, nor the 12.8% rate on employers.

So the facts are BOTH parties will raise NI from 11% to 12%. The difference in raising the starting rates means under Labour those earning over £20,000 start paying more NI tax, and for Conservatives it means those earning over £35,000 start paying more tax, that and not hitting the rich (earning over £44k) and employers contributions. The net difference to the exchequer between both parties is £6 billion per annum.

Germany's biggest bank coming out in support of the Conservative party should not come as any surprise as the Conservative Party despite the financial crisis still remains firmly in the back pockets of the bankster elite, where any chance of real reform and holding the bankster's to account for bringing the European Economy to its knees is ZERO under Conservatives and as I have seen with Labour ALSO ZERO as the Labour high command seek to embarrassingly ingratiate themselves with the bankster and corporate elite as witnessed in the recent Dispatches documentary programme on Labour Ministers selling themselves to Lobbyists for between £3000 to £5000 per day.

By Nadeem Walayat

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