How would YOU get the UK out of recession?

#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
nigegilb said:
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.
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)

11. SORT THE F*CKING TAX SYSTEM OUT!!!!
 
#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
Plastic Yank said:
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)

11. SORT THE F*CKING TAX SYSTEM OUT!!!!

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.
 
#12
Mr_Deputy said:
To support British industry:
Research what we can make, who wants it, how, when etc and get on and make it and deliver it.
I don't mean huge expensive research projects I mean a few sensible meetings and a lot of real questions which will be listened to. Do that rather than chucking money down the drain. Try and use the findings to give contracts to companies in trouble. Give them the ideas and support rather than just cash to bail them out short term.


Maybe get Universities to engage more fully with the real world and get students to work on projects which would make the country some money? Not stitching mail bags but cerebral research work which would help us go in the right direction.

Get unemployed into cheap but productive jobs. This is a resourse lost. National Workshops for example like the poor houses of old. Get them stitching mail bags at least rather than vegitationg at home! Some would rather work and with a potential 3 million workforce there must be a fair percentage who WILL turn up and will stitch some t shirts together to sell in Primark or clean up/maintain public property etc

I would like to say pull out of Iraq and afghanistan as well by the way. Personal view. Govt make out like it's not a big expense but it is.

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
jagman said:
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
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....
 
#16
The following would hold good, recession or not... the bottom line is that we need to be more productive, too many people doing SFA ! It needs a sotr of war-national mobilisation attitude. Problem is that none of our politicians has the ability to run with it. ( maybe Boris ?)

Move the economy towards actually making stuff instead of the froth and bubbles of "services". Renewable energy kit and insulation would be a start, affordable housing would be another.

Programme of moving people from Govt non-jobs into productive work.

Without starting a protectionist scramble look to see what kit we currently import could be developed here - with better machines/robots could we produce the chinese/phillipine labour intensive or the japanese hi-tech stuff here ?

Govt spending on infrastructure, especially rail. A project to shift trunk freight off the roads and onto rail - only local distribution by truck if possible. the old favourites of schools, roads and hospitals.

Ditto IT and Comms - Fibre up as much of the country as possible, encourage home-working, small companies, local businesses.

Tax holidays or write-downs for business start-ups.

Get a grip of our insanse social security system and move as many people as possible back into some form of productive work, even if its only picking up litter.

More effort to get our Yooff out of the shopping malls and into sport.

Major Psyops effort to break the "uneducated yob" culture, adult education etc - How many of our social underclass are actually illiterate and therefore unemployable ?
 
#17
We go for total Protectionism and isolate ourselves from the excessively bad world economy. Re-arm, build ships (warships - lots of them). The rest of the world can go hang while we sort ourselves out. Then we start expanding into resource-rich economies and rebuild the British Empire which will last EINE TOUSAND JAHRE!

Don't think it'll catch on though.
 
#18
Place an emphasis on supporting small- and medium-scale businesses i.e. those that can't hold the nation to ransom with threats to outsource or move abroad. Manufacturing can be made profitable in Britain again, provided we don't try to compete with (far cheaper) bulk production in the FE. We need to concentrate on high-end niche markets, high-tech cutting edge research and small scale local stuff that can't be brought around the globe more cheaply than from down the road. Limits our option I know but market forces aren't some impersonal law of nature, they're shaped by human behaviour and conscious choice. We just need to shape them for the benefit of the many, not the few.

Oh, and make key individuals personally financially responsible for the effects of the decisions they make. Stifle initiative? Good. It's meant to. The country can do with less risk taking until the knobs in charge of certain key businesses learn a bit of self-restraint.
 
#19
Mr_Deputy said:
R.e : Work Houses having been phased out.

I do know that. But the idea is not fundamentaly bad...surely 100 / 200 years later we can find a way of using cheap labour/teach basic skills and keep the cost of doing this down and perhaps even turn a profit.
Forget the minimum wage, maybe give tax breaks, give food vouchers, aid accomodation perhaps, give a share of profits ..whatever. There are ways and the model isn't such a bad idea. You get some dissused warehouses, provide jobs in them (like I say - eg stitching t shirts, assembling something, you provide transport (buses to and from residential areas) and you have yourself a cheap business which benefits people and gives some hope and pride.

I can find fault with it of course but it has merits. So many people are inactive its unreal. People could be making things. They in fact bl00dy well should be. Suddenly you have a potential 3 million strong workforce who could do the jobs we get immigrants to do (I'm not suggesting this is about immigration its just pathetic that we let influxes of people in to do things we should do ourselves rather than sit in front of Trisha/Kyle.)
Yes i do a gree with you on that matter yet it is the migrant wokers who are willing to do the meinal hard labour jobs young people of my generation are too scared to to as its hard manual labour. It can be argued that the immigrants are keeping our economy up at the minutet as if they all left then there would be a huge bust as no one would want these jobs. Also imigrents aslo tend to work a lot harder than the british workers they are far more productive than us. Im not defending the imigrant here i am just pointing out the truth. My dad used employ many polish imigrants as part of the work force he used to be a employer for. I have witnessed our workers being lazy and not working hard and not coming to work because they have a "cold" yet all the imigrants turned up to work regardless of a little sniffle. I do have sympathy for all those people aout of work and those who have lost their jobs due to recession(i also lost my job as i used to work part time for wollies). There has always been large numbers of unemployment but because of compainies making people redundent then it just brings the numbers up and unemployment to attention, which in some respects does affect the economy. I am sorry for this turning into a rant its just my opinion based on my experiences and what ive seen.
 
#20
Mr_Deputy said:
Caz - alot of your generation are slackarrsed wasters and need sorting out. I hope tehy will be and I double hope that in the end its themselves that sort themselves out. They need to get a grip and get on and work.
I do agree with you there as my cousins the same age of me who left education are prime examples. I miss having my job as im having to live off money I was saving for uni in sept. Yet its come at a good time for me as it means I have more time to focus on revision for my Alevel exams and focus on my course work. After which I will look for anysort of work possible even if it means working all hours underthe sun i will do it. There may not be anything but i hope there will be.
 

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