TheDecameron
Unicorns fart glitter.
It's beyond irony that Cameron has employed a tobacco lobbyist to convince them that their interests and the Tory old boy network's interests are convergent.
UK Election 2015 (part II)
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Brian
Eating fat, staying slim
That's good. It's more likely to be correct since it's not official.
I don't see any overspend, but then 'overspend' is subjective anyway. Picking a number out of the air, you may want to see public spending at 20% of GDP, for example.
The numbers are interesting. Until I looked at the chart I hadn't fully realised how badly the tories have done in the last 5 years, but it's quite clear. I certainly don't see how anyone sees 'uncontrolled spending' from Labour, though politicians will tend to spin this stuff.
Labour did an outstanding job given the state of essential public services when they took over govt last time. They'll have to do the same again.
KC Cantiaci
pfm Member
But they were wrong weren't they - 'He is conceding that the UK Exchequer relied far too much on revenues generated by the bloated financial services sector: corporation taxes paid by banks on their bloated profits turned out to be unsustainable; equally ephemeral was capital gains tax and stamp duty generated by bubbles in the housing market and in financial securities, both of which were pumped up by banks' reckless provision of finance.'
'Gordon Brown and his economic advisers - who included Nick Macpherson from the impartial civil service, together with Ed Balls and Ed Miliband from his party - felt comfortable pushing up spending by four percentage points of GDP from 2000 to 2007, partly because of their optimism that the growth of the City and of tax revenues associated with that growth would not be a flash in the Exchequer pan.
Brown was wrong, as were Macpherson, Balls and Miliband.
That error has been given official status, as it were: with the benefit of hindsight, both the IMF and the OECD have calculated that the UK's cyclically adjusted deficit - the part of the gap between spending and revenues that normal growth won't eliminate - was bigger in the UK than in other big rich countries.
Thus according to the IMF, in 2007 the cyclically adjusted deficit was 5.3% in the UK, compared with 3.5% in the US and 3.7% in France. And one important reason for the UK's bigger so-called "structural" deficit was that financial services represents a massively bigger share of the UK economy than of the US economy and that of any other of our major competitors.'
I think this is exactly what is being talked about.....and Brown and co were reliant on the tax take coming from the banking sector 'bubble' and the housing 'bubble' to continue to fund their spending plans. On top of their 4% deficit spending (that in reality was 5.3%), there's also the numerous PFI funded projects. If you add them into the mix as well, the reality is that Labour's spending was even higher..... and all reliant on ever lasting continual growth to pay for it.
If they were following Keynes theories, they wouldn't have been spending in the boom period which would have meant we would have been better set up to weather the financial crisis and more than likely Labour would have still been in government. But their own egos and vanity got in the way of that and we're still paying for it.
TheDecameron
Unicorns fart glitter.
Brown is to retire this week. Sleep safe. He can do no further damage to the world economy.
KC Cantiaci
pfm Member
But his protégés - Miliband and Balls are still here.
TheDecameron
Unicorns fart glitter.
They must never reach the levers of power, for they could topple Wall Street within months. Best play safe and vote Dave
KC Cantiaci
pfm Member
Nope. Won't be voting for him either. They're all as bad as each other.
jackbarron
Chelsea, London
If you vote Tory, this is what you will get: welfare cuts for the sick, poor, young and disabled.
In other words the Tories will be repeat what they have done for the last 5 years, only in an even more extreme and Hitlerite manner.
In the meantime, the economy is doing so well that Sainsburys have just reported their first loss for a decade.
The BBC says this amounts to £72 Million.
"The UK's third-largest supermarket chain reported a £72m loss in the year to March.
"The results were hit by a number of one-off costs, including a write down in the value of some of its stores.
"Excluding the one-off costs, underlying pre-tax profits fell 14.7% to £681m, compared with £798m the year before."
Oh yes, we're all doing jolly well in the UK.
Jack
In other words the Tories will be repeat what they have done for the last 5 years, only in an even more extreme and Hitlerite manner.
In the meantime, the economy is doing so well that Sainsburys have just reported their first loss for a decade.
The BBC says this amounts to £72 Million.
"The UK's third-largest supermarket chain reported a £72m loss in the year to March.
"The results were hit by a number of one-off costs, including a write down in the value of some of its stores.
"Excluding the one-off costs, underlying pre-tax profits fell 14.7% to £681m, compared with £798m the year before."
Oh yes, we're all doing jolly well in the UK.
Jack
Quick panic the UK economy is doomed. A survey of one company struggling with better competition makes a loss....
Jack old Chap
The Footsie index is now hovering around 7000 and that is a sign of confidence. Also pension funds are doing well as a result.
The UK is a better place to work than most places in Europe because we are creating more jobs than most European countries.
The reason that Tesco and Sainsbury are in trouble is because of changing shopping habits by us, the public. People are now shopping more frequently in smaller shops such as Aldi and Lidl who are now racing ahead.
Nothing remains the same and that includes shopping habits, it is just a normal cycle.
To be honest, there is not a lot of difference between labour and the Tories and all this left wing versus ring wing rhetoric is outdated nonsense.
Labour will shit over everyone just as the Tories and LibDems have done because they had no real choice.
I believe you support the Green party which is fair enough, however, before you cast your vote, try taking a day trip to Brighton, that is a brilliant example of a well and truly stuffed up town thanks to a dogmatic ruling party who have shit over everyone.
The simple fact of life Jack is that everyone gets shat upon because there is no real alternative.
All you can do is look after number one and then your prosperity will trickle back down into society. That is why the Tories and Labour do not give a toss about the underprivileged because they do not produce wealth and do not pay tax. If you take out more than you put in, you will be shat upon from a great height by any party that is in power.
Regards
Mick
Steven Toy
Accuphase newbie
The last time Sainsbury's made a loss was in 2005 during the height of the boom.
Sainsbury's fortunes are hardly indicative of anything.
monkfish
pfm Member
A Major blow for Cameron (and cronies).
http://www.mirror.co.uk/news/uk-news/tories-david-cameron-savaged-former-5642377
http://www.mirror.co.uk/news/uk-news/tories-david-cameron-savaged-former-5642377
jackbarron
Chelsea, London
Mick,
The Nobel prize winning economist, Paul Krugman, says that the case made for cuts by Osborne and others was a lie.
The Tories argue that cuts will save the economy, it's one of the main points of their election manifesto.
The UK national debt in 2009, after we'd bailed out the banks, was £811 Billion. It is now £1.5 Trillion.
I know exactly who is conning the UK and it isn't the Nobel prize winning economist.
Jack
The Nobel prize winning economist, Paul Krugman, says that the case made for cuts by Osborne and others was a lie.
The Tories argue that cuts will save the economy, it's one of the main points of their election manifesto.
The UK national debt in 2009, after we'd bailed out the banks, was £811 Billion. It is now £1.5 Trillion.
I know exactly who is conning the UK and it isn't the Nobel prize winning economist.
Jack
MikeMA
pfm Member
How did the Tories manage that then? Do the other 180 member states of the the IMF and 34 member states of the OECD have no say?
notaclue
pfm Member
What Cameron got up to in his university days...
What Miliband got up to...
http://www.dailymail.co.uk/news/art...ading-rent-strike-behalf-Oxford-students.html
What Miliband got up to...
http://www.dailymail.co.uk/news/art...ading-rent-strike-behalf-Oxford-students.html
Jack
You have been brain washed by the never ending tirade of postings and graphs from dear old Matthew.
If you put 10 respected economists in the same room and ask them how they would rescue the world, you can expect 10 different answers. Krugman is just one of many.
Also you keep forgetting that Ed Balls will continue with the cuts, it's not just the Tories who will do it.
If you don't believe in austerity, you either have to vote for the Greens or the SNP and only a kid of 9 would trust them. All the other parties have indicated that they will continue with cutting expenditure and the reason for that is that it works.
Sorry Jack but you have to face reality.
Regards
Mick
TheDecameron
Unicorns fart glitter.
Thank you for that link to the DM. They will release a true bombshell tomorrow when Suki Derwent-Tyggles ( graduate cum laude in Inheritence Studies, passionate about event management) blogs that Miliband has a secret third, halal kitchen.
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