Does everyone still think austerity is the way forward? I think it is, after all we are still borrowing over £120bn a year which is a huge deficit to be running. Majority of the cuts haven't even been put in place yet. I still cant understand people saying we need to spend more, we around a billion in interest a week. Majority of that 0.7% was most likely due to the holiday anyway so its not as bad as the headline figure suggests.
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Economy contracts 0.7%
- Thread starter P.D.
- Start date
Richie
Naybet
I believe cuts have to keep being made, we can't run a deficit the way we do, but my confidence in Osbourne isn't as high as it once was. Plus I fudging hate that smug look Ed Balls gets when something goes his way
The weather is likely a huge factor in the economy figures, I imagine a few months of sun plus the Olympics will bring us out of recession. May just be a temporary reprieve though
The weather is likely a huge factor in the economy figures, I imagine a few months of sun plus the Olympics will bring us out of recession. May just be a temporary reprieve though
Leeds Spur
Banned
I don't believe the figures.
We've added 300,000 jobs his year alone. The CBI report robust growth and exports are growing strongly. Fair enough construction is down but it just doesn't seem credible.
Interesting to note we have lower unemployment than the states yes they havent cut. The euro zone is in recession and France and Germany ate just starting to cut.
In fact, we haven't cut!!! The real cuts are still to come. So the current contraction, of there is one, cannot be attributed to a cut in spending. 800,000 private sector jobs added under this government. We are rebalancing the economy slowly. It took 13 year of Labour to get into this mess and it'll take at least this parliament to get the country in a clearly positive direction.
The trump card in all of the is the euro zone. It matters not a jot what we do as long as they are paralysed by inaction.
We've added 300,000 jobs his year alone. The CBI report robust growth and exports are growing strongly. Fair enough construction is down but it just doesn't seem credible.
Interesting to note we have lower unemployment than the states yes they havent cut. The euro zone is in recession and France and Germany ate just starting to cut.
In fact, we haven't cut!!! The real cuts are still to come. So the current contraction, of there is one, cannot be attributed to a cut in spending. 800,000 private sector jobs added under this government. We are rebalancing the economy slowly. It took 13 year of Labour to get into this mess and it'll take at least this parliament to get the country in a clearly positive direction.
The trump card in all of the is the euro zone. It matters not a jot what we do as long as they are paralysed by inaction.
southstand1882
Mitchell Thomas
The States will stop tinkling money away early next year
They'll take their medicine after the election
They'll take their medicine after the election
southstand1882
Mitchell Thomas
Here is a great article on just how brick the US economy is:
http://viableopposition.blogspot.co.uk/2012/06/pain-of-austerity.html
To help you understand the preceding graph, let's look at the United States. Please note that a primary budget surplus is the budget balance excluding interest owing on the debt. The U.S. would have to achieve a primary surplus of 5.1 percent of GDP by 2020 and sustain it through to 2030 to achieve the 60 percent debt-to-GDP goal. In 2010, the primary deficit was 8.9 percent of GDP. This means that the total fiscal cuts necessary for the United States to achieve the 60 percent debt-to-GDP goal would be equal to 11.3 percent of GDP relative to the 2010 primary balance (deficit) or just under $1.7 trillion, the third highest among advanced economies after Japan and Ireland and just ahead of Greece. Now that's painful austerity!
http://viableopposition.blogspot.co.uk/2012/06/pain-of-austerity.html
To help you understand the preceding graph, let's look at the United States. Please note that a primary budget surplus is the budget balance excluding interest owing on the debt. The U.S. would have to achieve a primary surplus of 5.1 percent of GDP by 2020 and sustain it through to 2030 to achieve the 60 percent debt-to-GDP goal. In 2010, the primary deficit was 8.9 percent of GDP. This means that the total fiscal cuts necessary for the United States to achieve the 60 percent debt-to-GDP goal would be equal to 11.3 percent of GDP relative to the 2010 primary balance (deficit) or just under $1.7 trillion, the third highest among advanced economies after Japan and Ireland and just ahead of Greece. Now that's painful austerity!
Leeds Spur
Banned
And the extra 4 trillion has got them what exactly!? The military cuts are massive. They spend more on defence than the rest of the world combined. thing is, of they had our tax system they'd have no deficit. And most of their debt if Bush's fault.
Sheikh Ma Nuggets
Tony Parks
I dunno so much about that. When I was working within that government department - from memory - there were at least 3 rounds of VER/VES, which released a load of people off the payroll. Okay so there's upfront settlement costs involved, but long-term you're dropping that headcount figure. I had oversight of the EUE estate, and that dropped by 22% over 24mths, equally project spend was slashed by 40%, with projections to 60% over 3yrs. The last I heard was of some matching exercise which essentially was about identifying compulsory redundancy opportunities which could be reported against 12/13 accounts in September.
Leeds Spur
Banned
I know there are cuts mate, I'm just saying they haven't really got going!!
And lots of departments have actually cut too much.......and are having to rehire.....NHS came in nearly a billion under budget last year for instance!
The point remains there are over 30 million people employed in the UK at the moment, a record amount.
And the private sector has gained more jobs that the public sector has lost under this government.
I'm not saying it aint tough, very tough, for those unemployed.
But you walk around and tell me that the country feels like it's in recession.....it just doesn't. And the CBI agrees.
Sheikh Ma Nuggets
Tony Parks
True.
I've been over in Bicester Village a couple of times over the last couple of weeks and on both occasions it was absolutely heaving. Mind you, there's a lot of Chinese money in boutique shopping.
Spursalot
Jimmy McCormick
I think it kind of does. Though i'm torn as to whether it's because we're actually in recession, or the more likely reason that everyone in the media keeps telling us that we are.
southstand1882
Mitchell Thomas
If we are in recession, there's nothing like a bit of hot weather and a major sporting event to give us all a good kick up the arse
Good job we bagged that Olympics =D>
Good job we bagged that Olympics =D>
Sheikh Ma Nuggets
Tony Parks
And what's the answer in three weeks, when the Olympics is over and it's tinkling it down?
southstand1882
Mitchell Thomas
Hopefully another o2 style takeover of some of the venues, if the government allows it
Has been a massive success that should be replicated
Leeds Spur
Banned
Every time I go into Leeds for a meal we struggle to get into restaurants. Places packed out mid week.
Even in my line of work, it's tougher than it was but there are loads of projects going on.
I'm not sure what the fudge the ONS are doing TBH, just doesn't tally at all, and most economists agree.
Leeds Spur
Banned
Leeds Spur
Banned
Believe your own eyes........I think there's a disconnect with the media rhetoric and the actual reality.
Leeds Spur
Banned
Legacy is already secured for most venues......or they are temporary, or existing venues such as the o2 or Wimbledon.......the cycling venues are all open to the public the day after the Olympics close. Same with the white water centre.
Bicester is almost entirely Chinese money now. You only ever see Chinese people there with more than one 'top end' bag.
spursman17
Stephen Kelly
Same mate, got turned down from San Carlo and ended up in Bibis Italianissimo, great place if you have never been.
I've been working in Leeds for a while now, nice city if I do say so myself. Only downside is the begging kunts that do my head it literally every time I go outside.
spursman17
Stephen Kelly
Last time I went there must have been 3 years ago. Ralph Lauren store was around £20 cheaper on a polo that most shops elsehwere. Do remember it being popular with Chinese people back then as well.