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Economy watch

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361 Re: Economy watch on Sun Oct 09 2016, 17:08

Guest


Guest
Not the right place for this I know but an interesting video and at least relevant in terms of current affairs. WGO would define this as tree-hugging no doubt, but not every poster on here is as limited as him.

It's only 2 minutes so watch it and see what you think.

https://www.theguardian.com/commentisfree/video/2016/oct/05/akala-the-propaganda-of-british-values-is-a-distortion-of-history-video

362 Re: Economy watch on Wed Oct 12 2016, 15:50

wanderlust

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Nat Lofthouse
Nat Lofthouse
Sorry. Just asked a question and then found the answer myself.

363 Re: Economy watch on Wed Oct 12 2016, 20:37

NickFazer

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Andy Walker
Andy Walker
Hundreds of years of Parliamentary democracy and we still don't know our arse from our elbow What a Face

364 Re: Economy watch on Wed Oct 12 2016, 20:45

wanderlust

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Nat Lofthouse
Nat Lofthouse
NickFazer wrote:Hundreds of years of Parliamentary democracy and we still don't know our arse from our elbow  What a Face

Bit of a joke PMQ's today.
Either they asked the wrong question in the referendum or it really hasn't been thought through. Or both.

365 Re: Economy watch on Wed Oct 12 2016, 21:08

NickFazer

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Andy Walker
Andy Walker
You would have thought that the legality and procedure would have been investigated before they called the referendum at the very least. Mr Cameron I'm afraid is going to go down as the biggest Muppet in British political history, no point checking anything as we won't win the election or get a majority and even if we do we can't possibly lose.

366 Re: Economy watch on Fri Oct 14 2016, 18:45

wanderlust

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Nat Lofthouse
Nat Lofthouse
With the early signs of inflation coming through i.e. FTSE rising as the markets bet on UK prices rising  due to a weak pound and the first signs of manufacturers creaking, Mark Carney has finally given the warning that prices are going to go up a lot faster than wages and the poorer people in society are most likely to suffer. Obviously it is early days but if Carney had said this before the referendum, it would have been classified as "Project Fear" but hopefully Britain is finally starting to wake up to the economic realities of what we've voted for despite the warnings.

Carney statement

With over 50% of what we eat being imported, it's inevitable that prices will rise, but hopefully Carney won't let inflation get out of control - however in doing so let's hope there isn't too much unemployment caused. Presumably there will always be a place for working age Brits to "get on their bikes" (yes - we're going there again!) and pick cabbages in Lincolnshire when immigration is curbed so no need to worry. But I can't help thinking what a disaster is looming for poorer families, especially with the Government seeking to cut in-work benefits.

367 Re: Economy watch on Fri Oct 14 2016, 18:52

wanderlust

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Nat Lofthouse
Nat Lofthouse
NickFazer wrote:You would have thought that the legality and procedure would have been investigated before they called the referendum at the very least. 

But it was thoroughly investigated by everyone who has an interest in economics and global trade and almost to a man/woman said that leaving the EU will set the UK back decades - but they were dismissed as cranks by people who hadn't got a f****** clue. 

Cameron knew full well what a crock of shit was waiting - he just didn't believe that people would be daft enough to vote for poverty far worse than the austerity measures that were in place. 

He gambled and lost.

368 Re: Economy watch on Fri Oct 14 2016, 18:54

sunlight

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Nicky Hunt
Nicky Hunt
wanderlust wrote:With the early signs of inflation coming through i.e. FTSE rising as the markets bet on UK prices rising  due to a weak pound and the first signs of manufacturers creaking, Mark Carney has finally given the warning that prices are going to go up a lot faster than wages and the poorer people in society are most likely to suffer. Obviously it is early days but if Carney had said this before the referendum, it would have been classified as "Project Fear" but hopefully Britain is finally starting to wake up to the economic realities of what we've voted for despite the warnings.

Carney statement

With over 50% of what we eat being imported, it's inevitable that prices will rise, but hopefully Carney won't let inflation get out of control - however in doing so let's hope there isn't too much unemployment caused. Presumably there will always be a place for working age Brits to "get on their bikes" (yes - we're going there again!) and pick cabbages in Lincolnshire when immigration is curbed so no need to worry. But I can't help thinking what a disaster is looming for poorer families, especially with the Government seeking to cut in-work benefits.

I couldnt agree more with what you said. I also read that article earlier on and although having read many such articles in the past this one affected my feelings a lot. Because, I just had this feeling or thought that I was fed up of the poor constantly taking the brunt of everything. Decade after decade this has been happening, poor people always get hurt. What on earth do these people do that run the economy because it is never run right. People are sick of constant poverty and recession. Also every year we hear the stats about the rich got richer and the poor got poorer. There is, as they  say, an underclass now in the UK. I have been reading a lot about the French Revolution lately, and I would say that the song remains the same.

369 Re: Economy watch on Fri Oct 14 2016, 20:23

NickFazer

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Andy Walker
Andy Walker
wanderlust wrote:
NickFazer wrote:You would have thought that the legality and procedure would have been investigated before they called the referendum at the very least. 

But it was thoroughly investigated by everyone who has an interest in economics and global trade and almost to a man/woman said that leaving the EU will set the UK back decades - but they were dismissed as cranks by people who hadn't got a f****** clue. 

Cameron knew full well what a crock of shit was waiting - he just didn't believe that people would be daft enough to vote for poverty far worse than the austerity measures that were in place. 

He gambled and lost.

If the argument for staying in is so clear cut, why was a referendum even considered and if the case is so overwhelming for Remaining how was it possible for the establishment to fail in making it obvious?

There are many people who are far from "****ing clueless" who have voiced considered opinions in support of the leaving the EU without any hyperbole or outlandish rhetoric. The outcome is not certain whether we stay in or leave, the EU has severe problems economically and socially, there is unrest amongst the disenfranchised parts of society across Europe and the Euro and the banks are fragile to say the least and to say nothing of the conflict in Syria and the migrant crisis.With elections in France, Germany and Netherlands it is going to be in interesting and possibly disturbing few months.

370 Re: Economy watch on Fri Oct 14 2016, 20:27

sunlight

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Nicky Hunt
Nicky Hunt
I can see France coming out of the EU ( and if I remember, it was their idea! )

371 Re: Economy watch on Fri Oct 14 2016, 20:50

sunlight

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Nicky Hunt
Nicky Hunt
Parfois je parle avec moi-meme ici

372 Re: Economy watch on Fri Oct 14 2016, 21:12

Natasha Whittam

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Nat Lofthouse
Nat Lofthouse
wanderlust wrote:

But it was thoroughly investigated by everyone who has an interest in economics and global trade and almost to a man/woman said that leaving the EU will set the UK back decades - but they were dismissed as cranks by people who hadn't got a f****** clue. 


You really are the biggest condescending prick on here. Much cleverer people than you seem to be quite happy with leaving the EU, so forgive me if I don't join you in more doom and gloom.

373 Re: Economy watch on Fri Oct 14 2016, 23:53

xmiles

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Ivan Campo
Ivan Campo
NickFazer wrote:

If the argument for staying in is so clear cut, why was a referendum even considered and if the case is so overwhelming for Remaining how was it possible for the establishment to fail in making it obvious?


The referendum was only held because Cameron thought he could win it and he foolishly thought it would shut up the Tory Brexit loons if they lost (which it would not have anyway).

The case for staying in the EU wasn't really made by Cameron and his chums because they decided to go with Project Fear as it worked in Scotland and also because a lot of the benefits of staying in the EU (like workers rights) are not things the Tories much like. Corbyn effectively sabotaged the remain campaign with his "support", so apart from the SNP there was little attempt to make a positive case for staying in.

So now we have a situation where almost half the people that voted don't have what they wanted and are being told to shut up and just support whatever May does. Happy days.

374 Re: Economy watch on Sat Oct 15 2016, 12:59

NickFazer

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Andy Walker
Andy Walker
It's far from certain we will be leaving anything at the moment, with various legal challenges etc.

375 Re: Economy watch on Mon Oct 17 2016, 10:19

Guest


Guest
Really interesting read on the positives of a falling pound -

https://www.theguardian.com/business/2016/oct/16/let-the-pound-fall-and-the-economy-rise?CMP=fb_gu

376 Re: Economy watch on Tue Oct 18 2016, 11:33

gloswhite

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Youri Djorkaeff
Youri Djorkaeff
This is the sort of thing we will be leaving behind, (hopefully). When you have 27 countries, all with completely different wants, it will never work smoothly.

https://www.thesun.co.uk/news/1979829/crazed-socialists-in-tiny-belgian-state-of-wallonia-torpedoes-multi-billion-pound-eu-canada-trade-deal/

377 Re: Economy watch on Wed Oct 19 2016, 16:29

wanderlust

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Nat Lofthouse
Nat Lofthouse
Natasha Whittam wrote:
wanderlust wrote:

But it was thoroughly investigated by everyone who has an interest in economics and global trade and almost to a man/woman said that leaving the EU will set the UK back decades - but they were dismissed as cranks by people who hadn't got a f****** clue. 


Much cleverer people than you seem to be quite happy with leaving the EU



Name one...

378 Re: Economy watch on Wed Oct 19 2016, 16:58

wanderlust

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Nat Lofthouse
Nat Lofthouse
Surprised that Travis Perkins are closing branches, cutting their supply chain and laying people off already. Their profits may have plummeted 22% since the referendum but I'm surprised that demand for renovation and DIY materials has decreased so markedly in such a short time.
30 branches/600 direct jobs isn't a great deal in the scheme of things but it seems an unusual step seeing as traditionally there is a rise in DIY whenever the economy starts to inflate. Perhaps the uncertainty in the housing market is behind their thinking?
Or maybe they are thinking that as the country is moving towards accepting zero hours contracts as the morally OK norm they'll be able to pick up their former employees at a much cheaper rate as the job market tightens? There are already around a million people (and rising) on zero hours contracts in the UK that the Government are counting as "in employment" so it could make business sense to take advantage of the flexible labour force that is emerging. But maybe it's another reason.

379 Re: Economy watch on Wed Oct 19 2016, 17:07

Natasha Whittam

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Nat Lofthouse
Nat Lofthouse
wanderlust wrote:Name one...

Nigel Farage.

380 Re: Economy watch on Wed Oct 19 2016, 17:39

King Bill

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David Lee
David Lee
wanderlust wrote:Surprised that Travis Perkins are closing branches, cutting their supply chain and laying people off already. Their profits may have plummeted 22% since the referendum but I'm surprised that demand for renovation and DIY materials has decreased so markedly in such a short time.
30 branches/600 direct jobs isn't a great deal in the scheme of things but it seems an unusual step seeing as traditionally there is a rise in DIY whenever the economy starts to inflate. Perhaps the uncertainty in the housing market is behind their thinking?
Or maybe they are thinking that as the country is moving towards accepting zero hours contracts as the morally OK norm they'll be able to pick up their former employees at a much cheaper rate as the job market tightens? There are already around a million people (and rising) on zero hours contracts in the UK that the Government are counting as "in employment" so it could make business sense to take advantage of the flexible labour force that is emerging. But maybe it's another reason.

TP is a notoriously expensive trade outlet. I imagine other cheaper competitors, which must be taking more of the market, are finally making TP realise that their existing business model is no longer viable in its present format.

381 Re: Economy watch on Wed Oct 19 2016, 20:36

NickFazer

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Andy Walker
Andy Walker
TP redundancies due to the pound is a convenient excuse for a cost cutting exercise as Unilever's was blatant profiteering.

382 Re: Economy watch on Thu Oct 20 2016, 10:55

gloswhite

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Youri Djorkaeff
Youri Djorkaeff
I also believe that this was probably in the pipeline prior to Brexit, although they do have a ready-made excuse when announcing it.
Its a known fact, or at least, used to be, that when times get hard people go out and buy bigger telly's and home entertainment systems, as well as increasing DIY. I'm assuming that the thinking is that 'If I'm going to stay in, I may as well enjoy it'

383 Re: Economy watch on Thu Oct 20 2016, 12:11

wanderlust

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Nat Lofthouse
Nat Lofthouse
gloswhite wrote:I also believe that this was probably in the pipeline prior to Brexit, although they do have a ready-made excuse when announcing it.
It's statistically likely that some organisations intended to downsize prior to the referendum and the uncertainty that has arisen does provide an excuse that the workers and unions would be more likely to accept, but equally it is statistically likely that other organisations were planning expansions and they don't seem to have materialised.
In the three months following the referendum, nett unemployment rose by 10,000 above and beyond the seasonal norm and that trend continues, so whichever way you stack it up, on balance employment levels are matching the economic uncertainty created by the referendum result and the subsequent devaluation of the pound and the rise in foreign investment in the FTSE 100 as inflation returns after a long absence.
The economy is in desperate need of some good news for business, however business opinions are split. Some feel that when the Government dismantle workers rights over the next Parliamentary term and endorse zero hours contracts it will provide the flexibility in the labour market to support business growth whereas others feel that an empowered workforce with job security and training does more for productivity.
And given that the UK already has one of the lowest productivity per capita levels in the developed world, something has to give - but we'll have to wait and see how it pans out as there is invariably compromise in these situations.

384 Re: Economy watch on Thu Oct 20 2016, 12:27

wanderlust

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Nat Lofthouse
Nat Lofthouse
Natasha Whittam wrote:
wanderlust wrote:Name one...

Nigel Farage.

  
Intelligent?

:rofl:

385 Re: Economy watch on Thu Oct 20 2016, 15:07

boltonbonce

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Nat Lofthouse
Nat Lofthouse
https://www.theguardian.com/business/2016/oct/20/philip-green-labelled-billionaire-spiv-in-commons-debate-on-knighthood

cheers

386 Re: Economy watch on Fri Oct 21 2016, 13:36

gloswhite

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Youri Djorkaeff
Youri Djorkaeff
Greedy bastard could quite easily pay for the shortfall in the pension fund, and still live like a king. What can he do with all that money ?

387 Re: Economy watch on Fri Oct 21 2016, 15:57

wanderlust

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Nat Lofthouse
Nat Lofthouse
Nasty little shit but legally he isn't responsible for the pension fund situation. Morally he should have done more to protect it.

Main economic news today is that in the last month alone, Government borrowing rose to £10.6 billion. That's in a month.
Kinda puts into perspective the paltry £350 million that caused all the kerfuffle in the run up to the referendum.
The worrying thing is that it is a very expensive business keeping up the facade that all is well with the economy which is why the Tories gave a commitment to reduce our national debt and face the music. 
Clearly as things are going in the opposite direction they've changed their tune. That said, Labour would probably borrow more.
The problem is that I can never envisage a day when the Government says it's time to pay off our debts so we are going to cut investment in services and infrastructure for the next 5 years. However it would be a little more encouraging if we kept debt (and interest repayments) at a lower level than it currently is.

Currently we are paying around £50 BILLION per annum interest on our debts. That's £50 billion that would do wonders for the NHS and other services instead of going to the world bank.

388 Re: Economy watch on Sun Oct 23 2016, 16:50

gloswhite

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Youri Djorkaeff
Youri Djorkaeff
i was surprised to hear today that the Russian economy is smaller than the UK's, and about the size of Italy's, and its in recession. Easy to see how Putin is taking the people's mind off the falling rouble.

389 Re: Economy watch on Mon Oct 24 2016, 10:55

wanderlust

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Nat Lofthouse
Nat Lofthouse
gloswhite wrote:i was surprised to hear today that the Russian economy is smaller than the UK's, and about the size of Italy's, and its in recession. Easy to see how Putin is taking the people's mind off the falling rouble.
It's an anomaly Glos. 
They have high inflation (around 6 or 7 %) which has meant that the people have effectively had a reduction in their spending power of more than 8% this year, which means they spend less so there is less tax income ergo the economy is stagnating. The figures are muddied because the state owns a lot of the "official" economy and there is a huge "black economy" whose figures don't feed in - and don't generate any tax income for the Government to spend - so it's not directly comparable.

Russia under Putin is in the very economic situation of increasing inflation/reducing spend/reducing tax income etc that Theresa May has to avoid despite the devaluation of the pound.

390 Re: Economy watch on Mon Oct 24 2016, 11:07

wanderlust

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Nat Lofthouse
Nat Lofthouse
Banking is Britain's biggest export and brings in £65 billion in taxes per annum so it's a bit of a concern when the suggestion that lots of banks may relocate out of the UK on the back of the referendum according to this article.

I think the BBA are firing a shot across the PM's bows to make her aware that if we quit the single market, we will lose "passporting" rights which will split the European financial services market to the detriment of both the EU and the UK. Just a warning at this stage though. Still £65 billion does need to be protected somehow as it's a helluva lot of schools and hospitals.

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