UK Economy

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Iron
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UK economy is healing, says Chancellor George Osborne - http://www.telegraph.co.uk/finance/econ ... borne.html

"We are getting on top of the deficit," the Chancellor told the BBC's Andrew Marr Show. “They are difficult times for the British economy; it’s a difficult time for the world economy, but our economy is healing."

Who's he trying to kid? Us or himself? :evil:

Jeff
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superfrank
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must be an attempted confidence trick. either that or he's going mad.

the deficit is not shrinking and the total debt still rising fast while we are paying £46Bn a year in debt interest - 46 THOUSAND MILLION POUNDS A YEAR down the pan.
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superfrank
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UK public sector net borrowing was £14.4bn in August, the Office for National Statistics has said, the biggest deficit for the month since records began.
http://www.bbc.co.uk/news/business-19672660
Excluding the one-off benefits of the Royal Mail pension assets transfer, government borrowing was up nearly 22% in the financial year to date compared to the same period last year.
no comment.
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superfrank
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i think Ed Balls has had a bang on the head...

Labour pledges 'ruthless' post-election spending review
http://www.bbc.co.uk/news/uk-politics-19750556

it all bolux obviously. if they get in again they'll just spend even more (although tbf that's what the current lot are doing anyway).

the population (and govts and the BoE) have got to get it into their thick heads that there is not going to be any real growth for many many years (growth since about 2000 was entirely due to the credit bubble) and that the country needs to cut its cloth. but nobody wants to hear that, so they all continue on in denial racking up ever more debt for future generations to service.
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Euler
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I see France is doing it's bit to lift inward investment to the Uk economy.

http://www.bbc.co.uk/news/world-europe-19754016

Has anybody told them there is a Tunnel between us where people can quite easily commute to London or Paris in two hours?
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superfrank
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Euler wrote:I see France is doing it's bit to lift inward investment to the Uk economy.

http://www.bbc.co.uk/news/world-europe-19754016

Has anybody told them there is a Tunnel between us where people can quite easily commute to London or Paris in two hours?
agree. plenty of French in London these days and plenty who come here to set up up businesses cos there's far less red tape.
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superfrank
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Spring petrol sales decline despite lower forecourt prices
http://www.bbc.co.uk/news/business-19810276
AA president Edmund King said: "A 10.6% fall in petrol sales this past quarter is a huge drop.

"While we welcome the fact that new cars have become more fuel-efficient, this goes nowhere near to accounting for the crash in demand over the past three months, and the past five years.
i suspect that the contraction in economic activity is greater than the official GDP figures would have us believe.
in 3rd world countries economists look at things like electricity consumption to gauge economic activity because they can't trust the official GDP figures.

oh well, at least we'll hit the greenhouse gas emission targets!
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Euler
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I think the extremely high price of fuel has just forced people to change habits. You need a second mortgage to fill up a car nowadays.
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superfrank
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another consequence of a weak currency (the UK is now a net importer of oil due to the decline in North Sea oil production).
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superfrank
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Economic recovery may bypass low and middle earners
http://www.bbc.co.uk/news/business-20138393
...income per head, taking inflation into account, had fallen by more than 13% since the start of 2008.
that is a pretty big decline in real pay.

Shoppers facing 'new economic reality' change behaviour
http://www.bbc.co.uk/news/business-20142143
In a blog posting, Tesco chief executive Philip Clarke said that more than half of visits to the company's website were by people checking prices.
andyfuller
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Program on BBC4 now called 'The year the town hall shrank'. 3 part program following the cuts in council funding at Stoke Council. Worth a watch.
luckystar
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well at least our government is more cautious/responsible than our eurozone partners or the USA - the quantitative easing programme in the UK has just been halted.
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superfrank
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has it? i must have missed that news. no chance of it stopping imho.
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superfrank
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Earnings rise less than inflation
http://www.bbc.co.uk/news/business-20442666
The average annual earnings of full-time workers in the UK rose by 1.4% to £26,500 in the year to April 2012, less than the 3.5% rise in inflation.
The ONS survey found that the average weekly pay of staff in the public sector was still noticeably higher than for staff in private sector employment, despite the government pay freeze on most employees in the public sector.
that's the real problem (created by Labour). madness that a country pays it's state workers more than they can get in the private sector (and they have far more job security and guaranteed, taxpayer funded, indexed-linked pensions).
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superfrank
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UK 'could face austerity until 2018'
http://www.bbc.co.uk/news/business-20470864

the way the BBC likes to report it, Britain is "suffering" austerity the same as the PIIGS.

all absolute bolux. the govt is still spending £120Bn more each year than it receives in revenue. that's not austerity, it's the reverse.
UK-budget-deficit-and-par-009.jpg
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