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Dashboard of the British economy - does one exist?

Yokel

LE
COVID-19 undoubtedly has caused unemployment to rise and Gross Domestic Product to fall. But is there any easy to understand collation of things such as imports versus exports, the percentage of businesses working in each sector, and so on?

I have long thought that we rely too much on things like retail for employment and GDP, and not enough on exporting products and services.
 
But is there any easy to understand collation of things such as imports versus exports, the percentage of businesses working in each sector, and so on?

For the average Joe, like you an me, I do not think that there is a single source available, the information is deliberately kept opaque IMO

For instance:

* Pre Covid *

There is a 32 million people working in the UK - Great news on the surface. Not so great news if 15 million of those were in receipt of '' In work Benefits ''

Import / Exports - The info is available, both on the Gov website and various other reputable websites, The UK currently imports double the monetary value that it exports.

The info you seek is available, but it takes a bit of time and effort to track it down.
 
I have long thought that we rely too much on things like retail for employment and GDP, and not enough on exporting products and services.

An economy and it's GDP is made up of many component parts and sectors, these sectors, both Private and public should dovetail each other to enhance an economy.

The UK has a massive imbalance between the Private and Public sector and until that is addressed, that only way is downhill.

Ditto for an economy that is built on unsustainable debt, inflated asset prices and incompetence / turning a blind by the 4 largest Accountancy Firms, especially in the Private sector, when the taxpayer is expected to bail it out when the poo poo hits the fan.

Until the UK can get itself into the position that it's exports exceed it's imports than there is only one path - Down.

The future of the UK ( even before a mad virus made an appearance ) was not looking good, it is even worse now.

Depending on which news outlet you read, there is somewhere between 6 - 10 million UK workers currently being paid by the Government - Guess how many of them are going to be unemployed when the Chancellor withdraws the furlough scheme ?

That 6 - 10 million represent 25% - 30% of the UK workforce.
 
We led the world in nuclear power, steel, shipbuilding, pharmacology and more.

Then either gave away the knowledge, sold hi Tech to unscrupulous or untrustworthy regimes for them to copy, or allowed our own Unions to bring Industry to its knees.

We need to regain control of these aspects, truly control our own destiny, and then the ability to read the dashboard of the economy will have less variables.

Just my opinion.
 
now is the time for british companies/entrapanuers and the govt to sieze the opportunity to bring back production from China and elsewhere - the way to do this is massive tax incentives, govt grants and legislation that promotes key industries MUST be kept in house UK. To take full advantage we need building planners to allow factory and other infrastructure building, uk kids being fast tracked in colleges/unis etc, apprenticeships and also low level politicians like nicola sturgeon and other equivalent council leaders to ease up on their green progressive claptrap pish in things like income tax, business rates and discencetives to motorists such as traffc cameras and car parking - if we played this right we could et the economy roaring but if we do socialists things like block any progress and raise taxes then the uk will fall behind other countries with less socialist and progressive policies.
 

DTBA

War Hero
COVID-19 undoubtedly has caused unemployment to rise and Gross Domestic Product to fall. But is there any easy to understand collation of things such as imports versus exports, the percentage of businesses working in each sector, and so on?

I have long thought that we rely too much on things like retail for employment and GDP, and not enough on exporting products and services.

It's not just retail. There are loads of far more "prestigious" jobs that rely entirely on blagging and bluffing, as opposed to providing any sort of result or real service. I'd like to think that companies and organisations might have a rethink about this in a post Chinese Disease world but it's unlikely - they'll just go after the quick gain again and keep piling on the debt.

There's basically no chance of an economic change or restructuring when the current method will continue to benefit certain individuals and groups who wield immense power.
 
The Governor of the Bank of England is the dashboard of the economy

Today (7/05/2020) the MPC - and its Chairperson - the Governor said " The British economy will take an 14% drop due to the CovId 19 pandemic but by the end of the year will bounce back 15%"

To quote Mandy Rice-Davies "Well he would say that"

Return to 1% growth is not even going to scratch the surface of the debt incurred for the UK CoVid-19 response

However the City thinks all is ok the FTSE is inflating

Archie
 
It's not just retail. There are loads of far more "prestigious" jobs that rely entirely on blagging and bluffing, as opposed to providing any sort of result or real service. I'd like to think that companies and organisations might have a rethink about this in a post Chinese Disease world but it's unlikely - they'll just go after the quick gain again and keep piling on the debt.

There's basically no chance of an economic change or restructuring when the current method will continue to benefit certain individuals and groups who wield immense power.

 
An economy and it's GDP is made up of many component parts and sectors, these sectors, both Private and public should dovetail each other to enhance an economy.

The UK has a massive imbalance between the Private and Public sector and until that is addressed, that only way is downhill.

Ditto for an economy that is built on unsustainable debt, inflated asset prices and incompetence / turning a blind by the 4 largest Accountancy Firms, especially in the Private sector, when the taxpayer is expected to bail it out when the poo poo hits the fan.

Until the UK can get itself into the position that it's exports exceed it's imports than there is only one path - Down.

The future of the UK ( even before a mad virus made an appearance ) was not looking good, it is even worse now.

Depending on which news outlet you read, there is somewhere between 6 - 10 million UK workers currently being paid by the Government - Guess how many of them are going to be unemployed when the Chancellor withdraws the furlough scheme ?

That 6 - 10 million represent 25% - 30% of the UK workforce.

Is that actually a plausible goal considering the cost of manufacturing labour, lack of raw materials etc in the UK compared to China etc?

Seeing as how the UK's trade imbalance is about -2% of GDP is changing that to +2% really going to make a noticable difference?
 
Is that actually a plausible goal considering the cost of manufacturing labour, lack of raw materials etc in the UK compared to China etc?

The goal should be self sufficiency, as much as humanly possible. A race to Chinese standards should not even enter the equation.

Seeing as how the UK's trade imbalance is about -2% of GDP is changing that to +2% really going to make a noticable difference?

Again, it is not about a -2% / +2% change in GDP making a noticeable difference.

It is about reaching / achieving a goal of having 0% of the workforce living on '' In Work Benefits ''
 

Yokel

LE
I found this:

UK trade in numbers

This pocketbook contains the latest trade and investment statistics, as of the date of publication. It draws on a number of sources from the UK, including the Office for National Statistics (ONS), HM Revenue & Customs (HMRC), the Department for International Trade (DIT), and international databases. These figures are subject to change, as certain sources are revised on a monthly basis.
 

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