The Economy

Discussion in 'Current Affairs, News and Analysis' started by whitecity, Oct 29, 2009.

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  1. Q2 / 2009 GDP growth (contraction) results:

    + 0.2 US
    + 2.0 China (approx)
    + 0.6 Japan
    + 0.3 Germany
    + 0.3 France
    - 0.7 UK

    Q3 / 2009 GDP growth (contraction) results:

    + 0.9 US
    + 2.0 China (approx)
    + ?.? Japan (forecast positive)
    + ?.? Germany (forecast positive)
    + 0.3 France (forecast)
    - 0.4 UK

    What is the problem with the UK economy?

    Is it because HMG/New Labour, despite their numerous and vociferous protestations to the contrary, have NOT applied the most effective remedies?

    Or is it because the UK economy was structually far weaker than its major competitors in the first place - due to 12 years of HMG/New Labour economic policies, perhaps?

    Or is it because....?
  2. It's so that we have more reason to believe we need to integrate more heavily into the EU...
  3. Yes.
    Plus the IMF said months ago we would be the last industrialised country to come out of recession....I foresee Spring 2010 as being the turnaround and that is what Mervyn King said last year I believe.
  4. I am not trained in the financial aspects that many can boast,But I can have a shot in the dark about a few of the reasons.

    Massive Welfare state....meaning a big drain on resources.

    Huge civil service list.....or non-jobs if you prefer....huge drain.

    Uk has lost its manufacturing capabilty as such,we do not really produce much anymore.

    High tax burden and general high cost of living,people not spending because of this....lower tax income for government.

    A lot og unregistered,illegal,immigrant,cash in hand work being tax income for government.

    The governments approach over the last decade to good financial decisions and planning for a rainy day being the equivalent of a sailor hitting his first port in over two years at sea......spend it all at the first floozy who flashes her eyelashes.
  5. seems like inaccurate figures to be honest. the US for example has just announced a growth of 3.5%GDP for the 3rd quarter of 2009.

    27% of GDP is from manufacturing? not as big as yesteryear of course but thats what happened when thatcher dragged us to a service economy.
  6. 5 posts on the topic of today's economy before someone blames Maggie Thatcher.

    Is that a record?
  7. I blame bloody "Thatcher the Milk Snatcher"
  8. Maybe so. But the problem with that is that most of what is manufactured in the UK is first imported as raw materials; which as a result of the weak pound is costing some 25% more than it did 3-4 years ago.

    As mentioned by another poster. The drain on the public purse by the Public Sector and the Welfare Sector is just to large.

    In the last 12 years Labour have added another 800,000 to the public sector pay roll, that's another 800,000 jobs that don't make money or pay real term taxes. It's like using one credit card to pay another cards monthly bill. Unsustainable.
  9. The answer to both questions above: GORDON BROWN and his dogma
  10. They broke into the "Piggy Bank" in 97,and spent all the "Rainy Day" money. All the other countries saved theirs! It's called basic economics. :wink:

    A bit simplistic I'll grant you,and I don't have a degree,but I've watched two Jock prats,bring this country to its knees,by implementing their pet ideas,with my money!

    I don,t think they will have a hand in the recovery,thank god! :roll:
  11. I hope you are right.
  12. Fronty

    Fronty Old-Salt Book Reviewer

    Hang on a second! Didn't Labour pledge to reduce the bloated public sector and force it to become streamlined and effective at the last election?

    I can't believe that they would say such a thing and then not carry through on it.
  13. Found as a comment on Guido Fawkes site:

    Sung to the tune of the Monster Mash!

    Gordon Brown’s Monster Crash

    I was working in the bunker late one night
    When my eyes beheld an eerie sight
    For my monster debt by from spending began to rise
    And suddenly to my surprise

    The economy did the Crash
    It did the Monster Crash
    The Monster Crash
    It was an off balance sheet smash
    I made a terrible hash
    It caught on fire in a flash
    It burnt to ash
    I made the mother of all crash

    From my twitterings about the middle east
    To the master baiter where the brain dead feast
    The trolls all typed from their humble abodes
    To try and get a jolt before my electoral implode

    They did the hash
    They did the old rehash
    That I was Flash
    That I had a secret stash
    A stash of cash
    A stash of golden cash
    But they did the math
    And found there was no cash

    Out from his coffin, Mandys voice did ring
    Seems he was troubled by just one thing
    He opened the lid and looked from his lair
    And said, “dump this loser, bring back Tony Blair!”

    My ratings really did crash
    Polls say.. a monster crash
    A Wall Street crash
    The FSA, was really trash
    The banking smash
    It caught on fire in a flash
    I was rash
    And now we’re all poor white trash.
    I was rash, And now we’re all poor white trash.
    Its so unfair,
    I blame Tony Blair
    He left me the Crash
    And now my teeth I Gnash
    In the Crash

    repeat to fade into oblivion around May 2010

    Edited to add the following link:
  14. The septics report their figures on an annualised basis whereas most of the other major economies report growth for the quarter in question i.e. 3.5% is 4 X 0.9% give or take.
  15. 0.9% is EXACTLY the figure reported for Q3. See my original post at the top of the thread.