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France overtakes UK economy. UK 6th and heading for 7th.

#1
"A year ago the UK economy was 8 per cent bigger than that of France, measured by gross domestic product (GDP).

Now it is 14 per cent smaller, according to figures from the Centre for Economics and Business Research (CEBR)."

http://www.telegraph.co.uk/finance/...omy-overtaken-by-France-new-figures-show.html

Right thats it. No more messing around. Charge Brown with treason and throw him in the tower and let the Raven's pick out his eyes. Wait... eye. Ok, so we'll have to think of something else but UK falling behind the French and getting closer to being overtaken by the Italians...

But seriously. He talks about unique advantage... uniquely placed to weather the storm... blah blah blah. Either he believes it and is stupid or is a liar. Suspect this is the one area where he can multitask and be both. However what is a needed is a healthy dose of reality. A big sit down and work out what Britain can produce (other than hot air) that the rest of the world actually wants/needs. Germany still has a current account deficit of around 7%. They are actually good at making things and selling them. This is what made Britain great in the first place. So what can we make and how?

Damn, except Brown is trying to screw the last vestages of the entrepreneurial spirit that might actually step up to get the economy moving again. Touche douchbag. Nice move, you win, we lose.
 
#2
I think that the Frogs are better equipped to weather this credit crunch thing. I had a mate over from Toulouse this weekend and he's pretty sanguine about the whole thing. House prices haven't tumbled and work seems secure. The other lot who seem reasonably well placed are the Spanish . . their banks were not allowed to use any of the complex investment vehicles that were our undoing. I think this is how they have bought up a couple of our banks recently. I'm pretty sure that we will be alongside some of the higher third world countries within three years . . interesting times eh? It's no wonder that winning the next election is considered the poisoned chalice.
 
#3
jockass said:
"A year ago the UK economy was 8 per cent bigger than that of France, measured by gross domestic product (GDP).

Now it is 14 per cent smaller, according to figures from the Centre for Economics and Business Research (CEBR)."

http://www.telegraph.co.uk/finance/...omy-overtaken-by-France-new-figures-show.html

Right thats it. No more messing around. Charge Brown with treason and throw him in the tower and let the Raven's pick out his eyes. Wait... eye. Ok, so we'll have to think of something else but UK falling behind the French and getting closer to being overtaken by the Italians...

But seriously. He talks about unique advantage... uniquely placed to weather the storm... blah blah blah. Either he believes it and is stupid or is a liar. Suspect this is the one area where he can multitask and be both. However what is a needed is a healthy dose of reality. A big sit down and work out what Britain can produce (other than hot air) that the rest of the world actually wants/needs. Germany still has a current account deficit of around 7%. They are actually good at making things and selling them. This is what made Britain great in the first place. So what can we make and how?

Damn, except Brown is trying to screw the last vestages of the entrepreneurial spirit that might actually step up to get the economy moving again. Touche douchbag. Nice move, you win, we lose.
Germany, the economy that did everything right, is about to go down harder than anyone:

http://www.telegraph.co.uk/finance/economics/3567795/German-economy-to-shrink-4pc-in-2009.html
 
#4
The Germans were on the radio this morning being very relaxed about the whole situation though. Apparently their view is that Brown is doing a Chicken-Lickin act and that somebody has to be relaxed about it all. Angela Merkel isn't keen to throw money at the situation in quite the same way as we are. Time will tell who's approach will work.

Why do you think they are going down?
 
#5
But at least the Germans have a firm base to fall back to. Even if they do contract by 4% then at least they are being honest about the possibilities of a contraction. They will feel the pain of a global recession to be sure, but you can bet that they will probably still have a current account surplus. Then you are far more likely to be able to select the right course of action.
The UK has been relying on city income for years and is now shown naked and exposed. Smoke and mirrors is all very well to get you re-elected but it creates a false picture and thus policy decisions, and business decision making is likely to be wrong based on faulty supply and demand forcasts. I would think there is a very good chance we will be worse off than the Germans over the next few years.
The main point for me is that we need a dose of supply and demand reality and get back to producing and exporting at least as much or more than we consume from abroad. Thats just basic economics or we will get gradually collectively poorer and poorer relative to the rest of the world. Its all very well Brown launching us further into debt, but just means we need to work harder in the future doing something actually useful.
 

Biped

LE
Book Reviewer
#6
I'm not very good at maths, but I'll try my best, correct my conclusion if it's wrong, please:

UK WAS the third biggest Economy about 6 or 7 years ago. Now it's the eighth PLUS The UK economy WAS bigger than that of France, now it's 14% smaller PLUS Sterling has plunged in value against pretty much very other currency the world over, even against poxy third-world currencies PLUS The World bank reckons that the UK will suffer more from the global downturn than most other countries due to systemic vulnerabilities in its economy PLUS The OECD reckons the same EQUALS GORDON BROON IS A LYING, THIEVING, STUPID, UNPLEASANT COMMIE WHO HAS SQUANDERED THE WEALTH OF THE NATION AND SHOULD BE HUNG FROM TRAITOR'S GATE BY THE BALLS.

Feel free to correct.
 
#8
Markintime said:
Undoubtedly Broon atrificially kept the illusion going so that Bliar wouldn't have his self-perceived mantle of 'the people's Prime Minister' shattered.
I dont think Brown would have pissed on Blair if he was on fire, Brown kept the illusion going because of his own ego. After all it was he who had devised the magic formula to end thousands of years of human economic behaviour and had ended Boom and Bust forever. All he had to do was pull lever B and twist knob F counterclockwise 7 notches, and voila. No more economic cycle. Genius by his own admission.
 
#10
jockass said:
Markintime said:
Undoubtedly Broon atrificially kept the illusion going so that Bliar wouldn't have his self-perceived mantle of 'the people's Prime Minister' shattered.
I dont think Brown would have pissed on Blair if he was on fire, Brown kept the illusion going because of his own ego. After all it was he who had devised the magic formula to end thousands of years of human economic behaviour and had ended Boom and Bust forever. All he had to do was pull lever B and twist knob F counterclockwise 7 notches, and voila. No more economic cycle. Genius by his own admission.
Good point
 
#11
Business has been ruined in the UK by all the new health and safety shite, and the minimum wage.
 
#12
Interesting comment about the possibility of sell-offs. If we want any Middle Eastern money I understand that's exactly what we have to do since they can't go the loan and interest route (Sharia thingy). We have to sell them stuff then buy it back over time at an agreed inflated rate. That alone might encourage the government to value our assets a little more realistically. Anybody know how that really works?
 
#14
parapauk said:
All_I_Want said:
Business has been ruined in the UK by all the new health and safety shite, and the minimum wage.
If you can't afford the minimum wage, you shouldn't be in business.
I always pay my employees over the minimum wage, even if it's only by £0.50.
Paying the minimum wage is just an employer's way of saying "I'd like to pay you less but the Government wont let me".
 
#15
ericthellama said:
Interesting comment about the possibility of sell-offs. If we want any Middle Eastern money I understand that's exactly what we have to do since they can't go the loan and interest route (Sharia thingy). We have to sell them stuff then buy it back over time at an agreed inflated rate. That alone might encourage the government to value our assets a little more realistically. Anybody know how that really works?
The boom was driven in no small part by rising house prices. Unfortunately its very difficult to export houses. But selling off bits of the country to Arabs doesnt really seem like the sustainable change in Britains business model that will keep us in the style we have become accustomed for the next century.

Thanks to Bono's efforts we have forgiven alot of third world debt because we know (or should know, or are starting to remember...) how crippling debt is on a personal and national level, yet the plan so far seems to be largely that we will take on more debt in order to regain our former economic glory.

Which leads me to conclude that it ain't coming back.

Which makes me sad :(
 
#16
Bloody Frogs! They've been too quiet for too long! Don't think I've forgotten Waterloo you surrender-monkeys!

Probably ducking out of WW2:'This time it's personal' helped their economy somewhat in the long run.
 

Mr Happy

LE
Moderator
#17
All_I_Want said:
Business has been ruined in the UK by all the new health and safety shite, and the minimum wage.
Gosh, arguably the stupidest post I've read in ages. Minimum wage, despite resistance, brought almost no impact to the UK economy when it was introduced around 10 years ago. Eitherway, most of the world has it, including dynamic America and of course the rest of Europe AFAIK.

HSE likewise is a European directive and not a British issue. The implmentation is a bit spotty across Europe but generally its a good thing.

Lastly "business" is not the "economy". A cost to a business because of, say, an HSE item, ia job for an HSE inspector therefore good for the economy.
 
#19
Mr Happy said:
Minimum wage, despite resistance, brought almost no impact to the UK economy when it was introduced around 10 years ago.
Presumably that means it was of no benefit? Because it would have had to have affected the economy somehow to be beneficial.
 
#20
Mr Happy said:
Lastly "business" is not the "economy". A cost to a business because of, say, an HSE item, ia job for an HSE inspector therefore good for the economy.
No, so if lots of businesses fail it will not have an impact on our ecomony?

A job for an HSE inspector may be created but to implement some of the totally useless directives that have been brought in can cost business hundreds of thousands.

Fair one on the minimum wage though, it probably does not have an impact as businesses just use illegal workers anyway.
 

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