Well I'm surprised Jonty I never had you as wistful for the Thatcher years! :)
If the GDP takes a hammering as a result of the EUs attack on Brexit we may have no choice but to pay some dedt down. 85% of current GDP as debt is a bit higher than I would want and if GDP takes a bashing thanks to the EU then we need to juggle the finances a bit. There is also no slack left in the system for the next crisis.
Furlough has to be paid for and people understand that and are prepared for that at this moment in time taxationwise. It can be a slow rachet up year on year on taxation but there has to be a route map to a better debt position whether that is because of greater CPTPP trade turnover or worse EU trade.
I think the EU is nuts cutting off its own nose to spite its face as they will hurt themselves. They will need some serious plastic surgery to overcome the self inflicted disfigurement. Teaching the UK a lesson could hurt them more than us time will tell.
Cameron's Government forcefed a decade of life-sapping austerity on the British population, as recompense for his friends in finance recklessly crippling the country's economy (for which they were all handsomely rewarded), with a pathological determination to decrease the debt. It increased threefold.
This has nothing to do with the EU. The UK left. Get over it.
Hi James, you are quite right the 2008 collapse was not good, the banks had to be saved. Austerity was required after the banks were saved to improve the economic position. I believe it was George Osbornes hope that he could show Wolfgang Scheuble that he could align with the EU Fiscal Compact Treaty and its 5 rules without being in it. There are tables in the Treaty document showing UK performance against the 5 rules and all the other 27 EU countries. We were not in it but measured against it.
Secondly if there was suddenly a need he could switch effortlessly into the Euro. It was an option I believe he kept open, only he knows how much the option was his preference.
Why did the banks have to be saved though? What happened to the philosophy of the free market? Perhaps if the banks had collapsed - the market 'righting itself' - we would be on the other side by now with a more egalitarian economy? We'll never know because the repeated failings of capitalism (South Sea bubble, numerous famines in the 19th & 20th centuries, Wall Street crash, Oil crises in the 70s, Black Monday...) must never be laid bare lest the great unwashed start to wonder what other options are available.
Hi James precedent was set back in the Thatcher years when the Bank of England parachuted 2 Barclay senior executives to save Midland Bank until it could be sold to HSBC. The aim was always to just save ordinary peoples bank accounts & savings (the clearing banks and building societies). Sadly the banks got wise to this and decided to make their businesses too difficult to separate investment from current account banking. So yes letting these businesses go bankrupt would be easier but did you do anything wrong to find your clearing bank had stopped trading & you could no longer pay your bills?
Certainly the economy would not be in such a bad way if we had let the banks crash in 2008.
Well I'm surprised Jonty I never had you as wistful for the Thatcher years! :)
If the GDP takes a hammering as a result of the EUs attack on Brexit we may have no choice but to pay some dedt down. 85% of current GDP as debt is a bit higher than I would want and if GDP takes a bashing thanks to the EU then we need to juggle the finances a bit. There is also no slack left in the system for the next crisis.
Furlough has to be paid for and people understand that and are prepared for that at this moment in time taxationwise. It can be a slow rachet up year on year on taxation but there has to be a route map to a better debt position whether that is because of greater CPTPP trade turnover or worse EU trade.
I think the EU is nuts cutting off its own nose to spite its face as they will hurt themselves. They will need some serious plastic surgery to overcome the self inflicted disfigurement. Teaching the UK a lesson could hurt them more than us time will tell.
Cameron's Government forcefed a decade of life-sapping austerity on the British population, as recompense for his friends in finance recklessly crippling the country's economy (for which they were all handsomely rewarded), with a pathological determination to decrease the debt. It increased threefold.
This has nothing to do with the EU. The UK left. Get over it.
Hi James, you are quite right the 2008 collapse was not good, the banks had to be saved. Austerity was required after the banks were saved to improve the economic position. I believe it was George Osbornes hope that he could show Wolfgang Scheuble that he could align with the EU Fiscal Compact Treaty and its 5 rules without being in it. There are tables in the Treaty document showing UK performance against the 5 rules and all the other 27 EU countries. We were not in it but measured against it.
Secondly if there was suddenly a need he could switch effortlessly into the Euro. It was an option I believe he kept open, only he knows how much the option was his preference.
Why did the banks have to be saved though? What happened to the philosophy of the free market? Perhaps if the banks had collapsed - the market 'righting itself' - we would be on the other side by now with a more egalitarian economy? We'll never know because the repeated failings of capitalism (South Sea bubble, numerous famines in the 19th & 20th centuries, Wall Street crash, Oil crises in the 70s, Black Monday...) must never be laid bare lest the great unwashed start to wonder what other options are available.
Hi James precedent was set back in the Thatcher years when the Bank of England parachuted 2 Barclay senior executives to save Midland Bank until it could be sold to HSBC. The aim was always to just save ordinary peoples bank accounts & savings (the clearing banks and building societies). Sadly the banks got wise to this and decided to make their businesses too difficult to separate investment from current account banking. So yes letting these businesses go bankrupt would be easier but did you do anything wrong to find your clearing bank had stopped trading & you could no longer pay your bills?
Certainly the economy would not be in such a bad way if we had let the banks crash in 2008.