UK economy.

[London Irish]

yep, and had Balls been in charge with his policies (cut less, slower) we'd have run up more debt.

Quite possibly, but when you have record low interest rates, borrowing to stimulate growth is an economically sound idea, as you get much higher growth and much higher tax revenues and lower welfare payments that pays it all back later on when you have a healthier economy. Read some Keynes. And crucially for all the poor slobs in this country who you forget will actually vote for the government next year, they might have had a pay rise at some point over the past few years!

 

[Diego Napier]

There has never ever been a Labour Government that has had economic prudence and foresight. Osborne has turned around the general economy but only recently has started to address the geographic imbalances. Also missed a huge trick in regenerating the housing market. Should have kick started the economic revival by pouring tens of billions into affordable housing and self build schemes.
Still they have put an emphasis on a technology and high-tec enterprise economy which would appear to be paying dividends..

TNBA

TTF

Really?

http://www.bbc.co.uk/news/technology-28232142

 

[Ernest]

I just wonder what will happen when interest rates go up and hit peoples mortgage/debt repayments that they've been encouraged to take on ? Especially those people that haven't had a pay rise in years

 

[London Irish]

Useful chart, cheers.

Our economy suffered more than most, as it was a world financial crisis, and a huge part of our economy is in the finance sector. It looks like we're recovering well.

As stated, we've had the slowest recovery of any G7 nation except Italy - fact. Tories will want everyone to forget their gross mismanagement when our economy virtually flatlined between mid 2010 and end 2012 while our rivals were growing - but people will remember, because they have felt it hard in their living standards. Even the current growth in GDP isn't translating into rises in wages, so it's a recovery for the millionaires and no one else. Unfortunately for the Tories, millionaires don't have enough votes to win elections

 

[Triggaaar]

As stated, we've had the slowest recovery of any G7 nation except Italy - fact.

Our slump (under Labour) was worse that every G7 nation except Japan - fact. Of course that's then going to take time to recover from. Our economy has nearly caught up with France (compared to pre-crash levels) despite the fact that our economy fell to a lower level - so we've recovered more than France, despite our reliance of the finance sector.

 

[Justice]

A thread with 2k plus views and only one person says they are better off now than before the recession.

 

[London Irish]

Our slump (under Labour) was worse that every G7 nation except Japan - fact. Of course that's then going to take time to recover from. Our economy has nearly caught up with France (compared to pre-crash levels) despite the fact that our economy fell to a lower level - so we've recovered more than France, despite our reliance of the finance sector.

The economy was recovering nicely from mid-2009 to third-quarter 2010 but then the economic incompetents took over, policies of deflation and cutting and slashing resulting in nearly three wasted years while other G7 economies recovered.

That's their crap economic record - but their political record is far worse of course - on standard of living, wages rises, food banks, NHS/education privatisation, and you quite wisely don't even attempt a defence of that.

 

[beorhthelm]

Quite possibly, but when you have record low interest rates, borrowing to stimulate growth is an economically sound idea, as you get much higher growth and much higher tax revenues and lower welfare payments that pays it all back later on when you have a healthier economy. Read some Keynes. And crucially for all the poor slobs in this country who you forget will actually vote for the government next year, they might have had a pay rise at some point over the past few years!

problem is we borrow just keep the status quo going, not stimulate anything. and if the cost of borrowing goes up, so does the deficit and debt. its all very well citing Keynes, but his prescription has often not worked (look at Japan) and is unsustainable long term if you dont retract borrowing and spending in the good times. Balls didnt/doesnt have any policy to address specifics of how to increase growth, just a soundbite to not do as much as Osborne. who had started off with Darling's plan anyway and just let it roll with a few targeted cuts added. the fact is, the only way the debt could have been possibly reduced would have been massive cuts across the public sector, and apparently even those Etonians didnt want to do this.

 

[beorhthelm]

A thread with 2k plus views and only one person says they are better off now than before the recession.

should have made a poll. i am. i think just about everyone i know is. limited sample and i know there are many who have suffered and are worse off, but its not a given like many will like to portray.

 

[Triggaaar]

That's their crap economic record

That's just so ridiculous it's pointless trying to explain otherwise to you.

their political record is far worse of course - on standard of living, wages rises, food banks, NHS/education privatisation, and you quite wisely don't even attempt a defence of that.

This is a thread about our economic recovery. Labour spend more on the NHS and Education that the Tories, that's not up for debate. Unfortunately, our country has spend too much, and we owe far more than is healthy.

 

[London Irish]

problem is we borrow just keep the status quo going, not stimulate anything. and if the cost of borrowing goes up, so does the deficit and debt. its all very well citing Keynes, but his prescription has often not worked (look at Japan) and is unsustainable long term if you dont retract borrowing and spending in the good times. Balls didnt/doesnt have any policy to address specifics of how to increase growth, just a soundbite to not do as much as Osborne. who had started off with Darling's plan anyway and just let it roll with a few targeted cuts added. the fact is, the only way the debt could have been possibly reduced would have been massive cuts across the public sector, and apparently even those Etonians didnt want to do this.

No, Keynsianism does work - it teaches us that the time for deficit reduction is in periods of economic prosperity, the presidency of Bill Clinton is the great example of this, this centre-left politician raised taxes "during the good times" that brought in huge revenues and successfully cut the deficit while still expanding Budget spending, while it was the Texan idiot who followed him with his costly wars and tax cuts that blew out the deficit again in the US. You DO NOT reduce deficits in the middle of economic crisis - that will only delay recoveries as we have seen with Osborne and the Eton mess in recent years.

Japan's stagnation was nothing to do with Keynsianism but an economy hamstrung for years by a massively ageing population. In Japan right now there is a right-wing government under Abe desperately trying to drive up inflation by spending vast sums to stimulate the economy - this is a pure Keynesian idea because in economic terms there are no other ideas out there that work!

 

[Chicken Runner61]

The coalition will leave more debt than all Labour governments since 1900

http://www.politics.co.uk/comment-a...ill-leave-more-debt-than-all-labour-governmen

If the growth forecast doesn't bring down the debt we are F******

 

[London Irish]

That's just so ridiculous it's pointless trying to explain otherwise to you..

Absolutely, feel free to give up. Pretty hard trying to defend the slowest recovery in all recorded UK history, that's some lipstick you have to put on that pig. Try something more up your street, defending the number of dead children in Gaza?

 

[Triggaaar]

Absolutely, feel free to give up. Pretty hard trying to defend the slowest recovery in all recorded UK history

It's not hard to defend at all when it's followed the worst economic ****up.

Try something more up your street, defending the number of dead children in Gaza?

Something I've never done. Still, you carry on making stuff up.

 

[Triggaaar]

No, Keynsianism does work - it teaches us that the time for deficit reduction is in periods of economic prosperity

Exactly! Which is why it's so scandalous that Blair/Brown weren't paying off the debt while the going was so good.

 

[Chicken Runner61]

Exactly! Which is why it's so scandalous that Blair/Brown weren't paying off the debt while the going was so good.

So why are the coalition still borrowing?

 

[Triggaaar]

So why are the coalition still borrowing?

the time for deficit reduction is in periods of economic prosperity
...
You DO NOT reduce deficits in the middle of economic crisis

Although I think it's more complicated than that. If your economy has changed and is clearly going to be stronger in the long run, you may be able to afford more debt, so it could be wise to borrow and grow quickly, knowing those debts will be serviceable. We weren't in that position, and should have reduced our debt while we could. Since the crash we've been unable to reduce our debt, but it has been sensible to reduce the rate at which it grows.

 

[Chicken Runner61]

Although I think it's more complicated than that. If your economy has changed and is clearly going to be stronger in the long run, you may be able to afford more debt, so it could be wise to borrow and grow quickly, knowing those debts will be serviceable. We weren't in that position, and should have reduced our debt while we could. Since the crash we've been unable to reduce our debt, but it has been sensible to reduce the rate at which it grows.

Trig

I'm no labour supporter (no difference in any of them) but they haven't reduced the rate they sped it up. The only thing that saved the UK was not being financially tied to the Euro.

We owe £20,248 for every man, woman and child
That's more than £45,025 for every person in employment
Every household will pay £1,889 this year, just to cover the interest

 

[fat old seagull]

Why wasn't this thread labelled...

VOTE FOR YOUR CONSERVATIVE CANDIDATE .

 

[London Irish]

Exactly! Which is why it's so scandalous that Blair/Brown weren't paying off the debt while the going was so good.

Yeh, can remember you now cheering for those tax rises