How would YOU get the UK out of recession?

Discussion in 'Current Affairs, News and Analysis' started by PartTimePongo, Feb 11, 2009.

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  1. Following the Governor of the Bank of Englands' remarks that Britain is heading for a deep recession , how would YOU reverse the slide in the fortunes of UK PLC if you had the keys to the Treasury?

    Let's see if we have any budding Keynes or Warren Buffets out there :)

    Keep your ideas serious and simple please , so a child (or the Chancellor) can understand them ;)
  2. I have been watching the Press Conference. Have to say the Governor has impressed me today. I think we will be OK in the long run. But when we start to recover the bloated public sector needs to be lanced.

    We need to lose a million civil service jobs and transfer them to more productive sectors. Wave goodbye to quangos as well. Reduce spending and reduce taxes. Basically reduce the size of Govt.

    Compared to Trichet, Governor BoE is a breath of fresh air. I would be MORE worried if I was on the Continent, living in a PIGS country. France and Germany are about to take a hammering.
  3. What nigegilb said - with the proviso that we don't throw the baby out with the bathwater in any civil service cuts.
  4. let see...

    1. cap on unskilled immigration

    2. cut social welfare budget by 20% and cut welfare benefits - remove "to sick to work" generation of welfare cheats and tie benefit payments to social work projects

    3. cap civil service pay rises (in line with private sector)

    4. implement major project spending, including MOD contracts (and secure building in UK under national security/projects as France does).

    5. implement building of next generation of power stations (including nuclear) and secure UK contractors under national security (like France does)

    6. creation of "toxic bank" with mortgage guaranttee subsidary to hold mortgages in arrears (providing payment holidays for those who loose jobs without making them homeless - and then onto state welfare)

    7. change emphasis away from university for every muppet and re-introduce sensible apprenticeship program with support to manufactoring sector.

    8. Implement international development with nations that have resources (in exchange - like China does)

    9. re-negotiate terms of EU membership to ensure all of the above is legal (like France and Germany are threatening to do).

    10. remove punitive taxation on Pension Funds (Gordo's first f*ck up, much forgotten by people)

  5. How about:

    1. Review benefits system top to bottom.
    2. Review MPs benefits and pensions.
    3. Remove emphasis and pressure on all Children going to University.
    4. Regulate Mortgage market to realistic individual borrowing levels.
    5. Encourage resurgance of a manufacturing base.
    6. Develop and implement renewable energy sources.
    7. Restrict green belt developments and concentrate on inner city development.
    8. Nurture our Farmers and rural economies, so we can produce in the UK.
    9. Restrict non EU immigration.
  6. i would of done absolutely bugger all.

    let the banks and businesses not needed fall and let it even itself out without borrowing silly money

  7. Hmm. I do like The last two . All your ideas are good but as for university and apprenticeship program with support to manufactoring sector very unlikely that will happen. All our manufactoring since the 1980's has been slowly moving abroud as its much cheaper to produce over seas. Manufactoring in the UK is a dying industry and will take more than apprenticeships to revive it.
  8. Bring back the pre-December VAT rate - current rate is doing more harm then good.

    With regards to unskilled immigration - a cap on foreign labour - need a bit of protectionism in the labour sector to safeguard worker's income.
  9. Will come back to this later after sleep (night shift)
    But for starters-

    Stop all foreign aid, today, no more paying for the Indian space program

    Cease EU contributions, today. Initially those in the UK who recieve an EU subsidy will get it direct from the treasury while a review takes place

    All NHS budgets reduced by 5% with more cuts to come.

    Social security budget cut by 10% as from today.

    The £100 billion worth of quango's (such as RDA's etc) Binned within the week.

    Orders placed with British shipyards to restore the RN to proper strength.

    All those unemployed over 3 months will work for benefits, even if it is simply sorting re-cycling
    Tax threshold raised and tax credits binned

    Migrant workers get no more grants, not to buy a car, home furnishings etc, nothing.

    Serious investment in energy, nationalised if necessary

    I have a whole raft more which I will add later
  10. THe NHS needs a complete top to bottom overhaul. The waste is unbelievable, chronically overstaffed, ridiculous "business units". Return of strict disipline (required throughout society) and authority.

    Start high end quality manufacturing again, as France Germany and even Italy still do.

    Financial services is a key industry, we were good at it, but needs proper regulation this time around.

    Not sure about the underclass - suspect mass imprisonment may be the answer and steralisation.

    Harsh measures but TOTAL REFORM is required. Probably can't be acheived under the current electoral system. I would suggest a 20 year military/police dictatorship.
  11. in_the_cheapseats

    in_the_cheapseats LE Moderator

    Sack Brown.....

  12. They got rid of the Work houses as they were no longer effective in dealing with the problem of poverty which was part of the poor law and poor law ammendment act. They abolished these s they cost too much to maintain and were not useful for helping the economy.
  13. Invest in coal

    Invest in South Atlantic oil, money in the bank for the future.

    Bin nonsense green initiatives, they only get the go ahead if the numbers add up.

    Asylum seekers only accepted as a temporary measure, housed in camps. No permanent residency.

    Remove all tax/cost benefits to emploting migrant workers. Level playing field for British workers in cost terms.
  14. PTP,

    The 'solution' to the current ills is non-existant. It's happened. It cannot be reversed.

    So, firstly, a clear undertanding that there are no quick fixes would help. Nobody can wave a magic wand and make recession go away. In fact, whatever solutions are implemented, the quicker the effects the more damaging to UK Plc longterm economic prosperity will result.

    Secondly, it would be helpful if people understood that UK Plc is going to have a worse recession than most due to specifics within the UK economy and personnal choices closer to home. The UK trade balance and HMG income was/is overly dependant upon the banking and finance sector. A sector which has now collapsed globally. In other words, it was dependant upon a failed model that, if we have any sense, will not be repeated.

    A thirdly, globalistaion is not all it's cracked up to be. International trade is a given, but the concept of globalisation as practised over the past 2 decades is damaging and failing. Reliance on global success to support domestic failure is unwise.

    My suggestion therefore, is we simply ignore the current problems and implement policies that build an economy for the future rather than firefighting current problems. In otherwords, stop filling in the potholes as they appear to mask the original shoddy workmanship and current woes, reconstruct the entire road properly.

    A 'solution' to mitigate future downturns would need to take the following into consideration (but not limited to):

    1) Government spending has to be refocussed towards productive outcomes not (black hole) welfare projects.
    2) Strategic manufacturing industries needs to have significant public ownership, support and investment - even though they work in the free market.
    3) Tighter controls on foreign ownership and cross-border business practices need to be introduced.
    4) House prices need to be reduced by 40-50% to better reflect the state of the economy rather than be a source of imaginary wealth.
    5) The Economy needs to be weened off its consumer-spending underpinning.
    6) The consumer has to understand, 'spend, spend, spend' is unhelpful and imaginary wealth is just that: imaginary. The public needs to live within its real means not its imaginary means.

    Unfortunately, policy makers are only looking as far as the next election. So expect a lot of chewing gum, gaffer tape and rubber bands to be applied to problems that urgently demand renewal not bodging.
  15. Now lets see.

    Buy British Campaign? Seek reinvestment from our own sources.

    Expand the manufacturing sector through apprenticeship and tax incentives.

    Put an end to a "Service"sector economy. Selling nothing but "service" will bite you on the arse.

    Benefit payments to those who are able to go to a "Labour Exchange" to earn them. There are obvious caveats.

    Drive down waste within the public sector. Each and every contract the government signs, from Paper Clips to Planes is publicly tendered, and subject to the value for money test. No more £50 resistors that you can buy for 5p!

    HoD in Civil Service given responsibility for their own budget. Sanction for failure to keep within it, Praise / Promotion for staying within it and keeping / improving service.

    Prisons to become places where privileges are earned. Resulting reduction in electricity consumption / heating / clothing should be worth a few bob!

    Just few to be going on with....