Thread: You know you want to vote for New Labour... (1)

... because of their track record on trade. Perhaps.

Balance of Payments

Current account
The UK has recorded a current account deficit in every year since 1984. Prior to 1984, the current account recorded a surplus in 1980 to 1983. Since the last surplus was recorded in 1983, there have been four main phases in the development of the current account. In the first phase, from 1984 to 1989, the current account deficit increased steadily to reach a high of £25.5 billion in 1989, equivalent to -4.9 per cent of Gross Domestic Product (GDP). During the second phase, from 1990 until 1997, the current account deficit declined to a low of £1.0 billion in 1997. In the third phase, between 1998 and 2006, the current account deficit widened sharply, peaking at £43.8 billion in 2006. This was the highest recorded in cash terms but only equated to -3.3 per cent of GDP. In the past two years, there has been a reduction in the current account deficit – in 2008 it currently stands at £25.1 billion, equivalent to -1.7 per cent of GDP.

2009 Q3 - UK current account deficit remains unchanged as a percentage of GDP

Current account
The current account recorded a deficit of £4.7 billion in the third quarter of 2009, up from a deficit of £4.4 billion in the previous quarter. The third quarter deficit is equivalent to -1.3 percent of GDP, which remained unchanged from the previous period.

The current account deficit increased as:
* the income surplus declined by £1.5 billion to £6.7 billion
This increase was largely offset as:
* the surplus on trade in services increased by £0.4 billion to £11.8 billion
* the deficit on current transfers fell by £0.6 billion to £3.6 billion

Trade in Goods
Exports increased by £2.1 billion mainly due to increases in exports of semi-manufactured and finished manufactured goods. Imports increased by £2.0 billion, primarily due to an increase in imports of finished manufactured goods and oil.

Trade in Services
Exports fell by £0.6 billion to £38.6 billion, mainly due a decrease in royalties and licence fees. Imports fell by £1.0 billion to £26.8 billion, primarily as a result of a fall in other business services.

Income
UK earnings on investment abroad fell by £1.3 billion to
£39.4 billion, due to lower earnings on other investment and portfolio investment abroad. Foreign earnings on investment in the UK increased by £0.2 billion to £32.5 billion - this was due to higher earnings on foreign direct investment in the UK, which were largely offset by a fall in other investment and portfolio investment in the UK.

Current Transfers
The deficit on current transfers fell by £0.6 billion in the third quarter to £3.6 billion. This was due to a fall in government payments to EU institutions.

UK Trade

The trade in goods account recorded net surpluses in the years 1980 to 1982, largely as a result of growth in exports of North Sea oil. Since then however, the trade in goods account has remained in deficit. The deficit grew significantly in the late 1980s to reach a peak of £24.7 billion in 1989, before narrowing in the 1990s to levels of around £10 billion to £14 billion. In 1998 the deficit jumped by over £9 billion, and it has continued to rise since, reaching a cash record of £92.9 billion in 2008.

Deficit widened to £3.3bn in Dec 2009

The UK’s deficit on trade in goods and services was £3.3 billion in December, compared with a deficit of £2.9 billion in November (unchanged from the originally published figure).

The surplus on trade in services was £4.0 billion in December, compared with £3.9 billion in November.

The deficit on trade in goods was £7.3 billion in December, compared with a deficit of £6.8 billion in November (unchanged from the originally published figure). Exports rose by £0.9 billion and imports rose by £1.4 billion.

The deficit with EU countries was £3.7 billion in December, unchanged compared with November. Exports rose by £0.4 billion and imports rose by £0.5 billion. There was a rise in imports of cars.

The deficit with non-EU countries widened to £3.6 billion in December, compared with a deficit of £3.1 billion in November. Exports rose by £0.5 billion and imports rose by £0.9 billion. There was a rise in both exports and imports of oil. There was also a rise in imports of aircraft.

Kin 'ell! Prudence Clown, my arshh. I feel so sorry for my kids because I think my generation had the best of it. Their generation is going to have to pay the price of Labour's historic three terms in office which has meant that they've had three times as long to royally screw up.

O no we don't

There's a school of thought - not sure how large, I'd imagine "not very" - which suggests that NuLab should be allowed to win this GE with a majority of <10 meaning that for the next 2 years or so they are forced to sit and take the brickbats for the state of the recessionary tsunami coming our way.

In doing so they leave themselves wholly unelectable for generations to come...

Originally Posted by Ursus.Maritimus

There's a school of thought - not sure how large, I'd imagine "not very" - which suggests that NuLab should be allowed to win this GE with a majority of <10 meaning that for the next 2 years or so they are forced to sit and take the brickbats for the state of the recessionary tsunami coming our way.

In doing so they leave themselves wholly unelectable for generations to come...

And would also ensure that this country would be left in ruins for generations to come.

Given the structural bias in favour of Labour come he general election there isn't much cause for optomism about getting rid of them.
Brown evidently feels the electoral system is weighted enough in his favour to win the election. He might well be right.

Originally Posted by jagman

Originally Posted by Ursus.Maritimus

There's a school of thought - not sure how large, I'd imagine "not very" - which suggests that NuLab should be allowed to win this GE with a majority of <10 meaning that for the next 2 years or so they are forced to sit and take the brickbats for the state of the recessionary tsunami coming our way.

In doing so they leave themselves wholly unelectable for generations to come...

And would also ensure that this country would be left in ruins for generations to come.

Given the structural bias in favour of Labour come he general election there isn't much cause for optomism about getting rid of them.
Brown evidently feels the electoral system is weighted enough in his favour to win the election. He might well be right.

I do hope that you're wrong, for the sake of the country if not Browns' own sanity.

JHC yuo couldn't make this up, makes "Spitting Image" look like good government

Originally Posted by Ursus.Maritimus

Originally Posted by jagman

Originally Posted by Ursus.Maritimus

There's a school of thought - not sure how large, I'd imagine "not very" - which suggests that NuLab should be allowed to win this GE with a majority of <10 meaning that for the next 2 years or so they are forced to sit and take the brickbats for the state of the recessionary tsunami coming our way.

In doing so they leave themselves wholly unelectable for generations to come...

And would also ensure that this country would be left in ruins for generations to come.

Given the structural bias in favour of Labour come he general election there isn't much cause for optomism about getting rid of them.
Brown evidently feels the electoral system is weighted enough in his favour to win the election. He might well be right.

I do hope that you're wrong, for the sake of the country if not Browns' own sanity.

So do I but I'm not convinced we will see Cameron in Downing Street this year.

Could it possibly be that for the last two years no-one has had any money for luxuries like cars and electrical goods which are, on the whole, imported?
I stand by to be ragged arrseless by Baz for being an economy duffer but it's just a thought, like.

Originally Posted by Markintime

Could it possibly be that for the last two years no-one has had any money for luxuries like cars and electrical goods which are, on the whole, imported?
I stand by to be ragged arrseless by Baz for being an economy duffer but it's just a thought, like.

Not by me. I think that looking at the current account on its own is like deciding whether a car is in good nick by looking at the state of the ashtray.

The laziest excuse for a thread we have had on here for a while. May I suggest that if people are going to cut and paste from somewhere else - they add what they think the article / facts mean?

Originally Posted by Markintime

Could it possibly be that for the last two years no-one has had any money for luxuries like cars and electrical goods which are, on the whole, imported?

During 2009, export of consumer goods decreased by 3.7% whilst import of consumer goods decreased by 1.4% by value.

Also, export of cars decreased by 28.5% whilst import of cars decreased by 19.0% by value.

So, although as consumers we're spending less, it would seem johnny foreigner is even less enamoured by UK produce than normal.

I feel sure that the link below has been used before but think carefully before you vote ... it is your future .

See Link ...

http://www.youtube.com/watch?v=RYA0DsPcbaU

its expensive buying British, even if you live in Britain.


Get rid of Pa Broon, no idea why he thinks he can do Economics, recent history shows he's incompetent.

No idea what the answer is , short of sticking up the Governments collective hands and asking the World Bank to help.

Tangential question, Can we really afford to send money abroad to developing nations , when we could be deeper in the mire within the next 6months?

I'm sure India loves our money for their Space programme, much as Brussels loves it to help subsidise French,Portugese and Greek farmers.

Originally Posted by mick_sterbs

its expensive buying British, even if you live in Britain.

Why's that?

Comparable vehicles of British and lets say German Design and spec.
Brit vehicle tends to be cheaper to buy, but costs more in upkeep, depreciates quicker and runs like its on square wheels.
German vehicle, initially more expensive, lower running costs, less depreciation and runs like its on rails.

Sweeping generalisation I know, but.....