Originally posted by Sartor Resartus The main reason why the value of the pound has sunk so low is Brown's reckless spending spree over the last decade.
Actually in the first four years of the New Labour government the public debt as a percentage of GDP dropped from almost 45% to below 30%.
Originally posted by KazetNagorra Actually in the first four years of the New Labour government the public debt as a percentage of GDP dropped from almost 45% to below 30%.
Yes, Broon was busy milking our pension funds, wrecking profitable industries with 'windfall' taxes, and flogging off our gold reserves at a rock bottom price in those days. Having run out of these options he then went on to borrow like crazy, and to encourage the banks to lend to anyone so as to create the illusion of national prosperity.
Edit: I should stick to studying physics in the Netherlands if I were you.
Originally posted by Sartor Resartus Yes, Broon was busy milking our pension funds, wrecking profitable industries with 'windfall' taxes, and flogging off our gold reserves at a rock bottom price in those days. Having run out of these options he then went on to borrow like crazy, and to encourage the banks to lend to anyone so as to create the illusion of national prosperity.
Edit: I should stick to studying physics in the Netherlands if I were you.
What would happen if I studied it elsewhere?
Anyway, it's not possible to go on a "reckless spending spree" and pay off debt. But at least we can all agree that one of the fundamental problems of the UK economy is that the rich pay too little taxes.
I don't think the pound falling v euros means the UK has done badly, more that the Eurozone is more resilient to financial trouble. If a company finds itself in difficulty in the UK then it has no easy places to turn . in the Eurozone you have 16 other markets to go to. I think this is why its still seeing growth through unstable times whilst the UK dipped into recession (albeit only slightly)
tbh i don't understand the link between currency value & growth in GDP
The route to the British people accepting the Euro as national currency is nothing to do with pure economics, if it were it would have happened ages ago.
We almost still live in a democracy despite the undemocratic election of Euro MPs and the devolution of our civil rights and laws to the continent.
Nothing will happen to the pound until Elizabeth 2nd dies and the level of continual inconvenience to the UK voter of the weak pound and not having enough sweets in their bag erodes the sense of monetary independence heritage.
I find it depressing to be honest; I value national, economic and personal independence over fiscal expediency and level shopping centre floors!
Originally posted by KazetNagorra What would happen if I studied it elsewhere?
Anyway, it's not possible to go on a "reckless spending spree" and pay off debt. But at least we can all agree that one of the fundamental problems of the UK economy is that the rich pay too little taxes.
Nonsense. The last Labour mob, described as a government, under the aegis of the late unlamented H Wilson followed by J Callaghan raised the final slice of income tax to 86% and still managed to bankrupt the UK in 1978/9 when they had to go begging for a loan from the IMF.
Originally posted by Sartor Resartus Nonsense. The last Labour mob, described as a government, under the aegis of the late unlamented H Wilson followed by J Callaghan raised the final slice of income tax to 86% and still managed to bankrupt the UK in 1978/9 when they had to go begging for a loan from the IMF.
What do you think about the role of the 1973 oil crisis and the 1979 energy crisis in the U.K.'s woes at that time? Which developed countries *didn't* have high inflation at that time? I am curious as to whether you think the cause of the U.K.'s problems were all internal (i.e. "Labour" ) or whether you recognize the global economic factors and the international context.
Originally posted by FMF What do you think about the role of the 1973 oil crisis and the 1979 energy crisis in the U.K.'s woes at that time? Which developed countries *didn't* have high inflation at that time? I am curious as to whether you think the cause of the U.K.'s problems were all internal (i.e. "Labour" ) or whether you recognize the global economic factors and the international context.
You again from farflung Indonesia, tell me which 'developed Countries' had inflation = or > 24% in that period?
Originally posted by Sartor Resartus You again from farflung Indonesia, tell me which 'developed Countries' had inflation = or > 24% in that period?
Well I am know some thing regard U.Kingdom, sir. The inflation rate wasn't 24% over any prolonged amount of time. It was a peak. The general rate of inflation 1977-81 was much the same as it was in the U.S. and elsewhere in the developed world - indeed, anywhere affected by the two huge energy crises of the 70s. Or do you tend to think they weren't a factor in the U.K. economy?
Originally posted by Sartor Resartus Nonsense. The last Labour mob, described as a government, under the aegis of the late unlamented H Wilson followed by J Callaghan raised the final slice of income tax to 86% and still managed to bankrupt the UK in 1978/9 when they had to go begging for a loan from the IMF.
Originally posted by FMF Well I am know some thing regard U.Kingdom, sir. The inflation rate wasn't 24% over any prolonged amount of time. It was a peak. The general rate of inflation 1977-81 was much the same as it was in the U.S. and elsewhere in the developed world - indeed, anywhere affected by the two huge energy crises of the 70s. Or do you tend to think they weren't a factor in the U.K. economy?
Again you just waffle instead of replying to the question put to you.
You are just a windbag as many others on this forum have discerned, and a pompous ass to boot.
Originally posted by Sartor Resartus Again you just waffle instead of replying to the question put to you.
You are just a windbag as many others on this forum have discerned, and a pompous ass to boot.
The general rate of inflation 1977-81 was much the same in the U.K. as it was in the U.S. and elsewhere in the developed world. This is pretty much the case everywhere that was affected by the two huge energy crises of the 70s - 1973 and 1979. There I have answered your question. Now, do you tend to think that these energy crises were *not* a factor contributing to the U.K.'s woeful economic troubles in the late 70s and early 80s?
19 Dec '09 10:01
UK to join the Euro!
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