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Does new economic data show that austerity does not work?

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Does new economic data show that austerity does not work?

Post by Stox 16 on Tue Feb 14, 2012 2:12 am

First topic message reminder :

Adding in new economic data shows that the so-called Austerity economic policy alone does not work. It's clear too me that its totally unsustainable as it destroys countries competiveness while draining confidence within business while driving down not only living standers that in turn shrinks demand. Do you believe the Tories will stick with there only economic policy up-to the next GE? if they do, I happen to believe most people will call time on the Tory party.





Growth Forecast downgraded for the Fifth time by (OBR in November 2011
Growth forecast Downgraded for 2nd Time by Bank of England 1.4% August 2011
Growth forecast Downgraded for 3rd Time to 1.7% (Budget 2011)
Growth forecast Downgraded for 3rd Time to by Ernst & Young from1.7% to 0.9% Jan 2012
Growth forecast Downgraded for 2nd Time to by CBI to 1.3% July 2011
Growth forecast Downgraded for 4th Time to by CBI to 1.2% Sept 2011
Growth forecast Downgraded for 4th Time to by CBI to 0.9% Feb 2012
Growth forecast Downgraded for 3rd Time to by I.M.F to 1.3% July 2011
Growth forecast Downgraded for 4th Time to by I.M.F to 0.6% Jan 2012
Growth forecast in the Tory budget down for a 3rd time to 1.7% (Budget 2011
Growth forecast in the City as low as 1.2% 2011
Disposable income has seen its Sharpest fall in 30 years or 1980s (ONS)
Annual Earnings Growth remains at 1.9% in February 2012
GDP The last cycle of robust growth in potential output of 2.9% was 1997 to 2006 (OBR & Oxford Economic)
GDP when the Tory-Liberal coalition come to power ,the UK was growing at an annual rate of 4% (OBR)
GDP sluggish at just 0.5% for April 2011 (OBR)
GDP City Growth forecast for 2012 are 0.3% to 0.4% (FT Sept 2011)
GDP Growth for forecast set by bank of England at 2.0% 2010
GDP Contracted by 0.5% in the Q4 in 2010 (OBR)
GDP is 0.8% lower than in November 2010 (OBR)
GDP IS 0.2% lower than MARCH 2011 (OBR)
GDP Growth Contracted by 0.5% Q4 2010 (OBR)
GDP Growth April 2011 was Q1 0.5% (OBR)
GDP Growth July 2011 was just Q2 0.2% (OBR)
GDP Growth starts Jan Q1 2012 at just 0.2% (OBR)
GDP Growth December 2011 Contracted by 0.2% Q4 (OBR)
GDP April's figures have just clawed back last years 0.5% contraction in 2010 (OBR)
GDP is 1.1% lower than the OBR thought it would be in Sept 2010 (OBR)
GDP Growth is now lower than 1930s, 1970s, 1980s 1990s (OBR)
GDP UK is 3.6% blow its pre-financial crisis 2008 (H.M.Trasury)
National Debt hits £1.03 Trillion for the first Time Jan 2012 (OBR)
National Debt actual debt after repurchase by Bank of England is £650 Billion (Guardian on B of E figures)
National Debt Coalition & Bank of England QE for 2011 was £75 billion (OBR/Bank of England)
National Debt Coalition & Bank of England QE for 2012 was £50 billion (OBR/Bank of England)
National Debt total Quantitative Easing is £325 Billion in February 2012 (OBR/Bank of England)
National Debt private + public sector debt totals some 500% 2011 (OBR & Oxford Economic)
National Debt Tory Party forecast National debt will fall by just £54 Billion by 2015 (Tory party website)
UK Economic Decline is two and half times that of the entire Euro zone (ONS & H.M.Trasury) 2011
UK Economic Decline is 77% of the EU’s decline for 2011 (H.M.Trasury)
UK Economy shrank by 5.0% in 2009 the biggest calendar year fall since 1921 ( NIE)
UK Economy shrank by 6.3% in 2011 the biggest calendar year fall on record by October 2011 ( NIE)
UK Pound exchange rate has fallen by 21.0% against the Dollar 2011 (H.M.Trasury)
UK lose market share accelerated from 2008 to 2010. (Oxford Economic )
Government Borrowing Tory-Liberal coalition come to power stated an additional £111 Billion 2009 (OBR)
Government Borrowing Net borrowing was just £7.3 Billion in 2010 (H.M.Trasury)
Government Borrowing forecast up by £54 Billion (Budget 2011)
Government Borrowing overshot in Q4 by £127 Billion (OBR)
Government Borrowing overshot in Jan 2012 by £157 Billion (ONS)
Government Borrowing topped the £10 billion by just Feb 2011 (OBR)
Government Borrowing to be £10 billion higher every year from 2012 (OBR)
Government Borrowing in Jan 2012 was £13.7 billion for December 2011 overshooting (OBR)
Private Pension deficit up from £24.5 Billion to £31.7 Billion by Sept 2011 (ONS)
Private Pension Deficit £158 billion December 2011 (ONS)
Private Pension deficit £255.2 form £222 billion in Jan 2012 (N.M.A & ONS)
UK 10 Year bonds, the Historical high of 12.84% set in April 1990 (H.M.Trasury)
UK 10 year Bonds, Record low of 1.97% set in Jan 2012 (H.M.Trasury)
UK 10 Year Bonds, Yields decline by 1.47% from 1989 to 2012 (H.M.Trasury)
UK 10 Year Bonds, averaged 6.28% (H.M.Trasury)
Unemployment up to record 17 year high (ONS)
Unemployment record was set in 1981 at 2.6 million or 9.8% of the Workforce
Unemployment for woman rose for the 10th month in a row March 2011 (ONS)
Unemployment increased by 20,000 the highest three month figure since Jan 1997 (ONS)
Unemployment is now 7.7% of economically active population March 2011 (ONS)
Unemployment forecast in the budget set to rise to 8.1% in 2012 (Budget 2011)
Unemployment is was2.6 million in March 2011 (ONS)
Unemployment is now 2.8 million in December 2011 (ONS)
Unemployment Claimants increased by 12,400 in March 2011 to April 2011 (ONS)
Unemployment Woman Claimants increased by 9,300 to 474,400 in March 2011 (ONS)
Unemployment Men Claimants increased by 3,100 to 994,200 in March 2011 (ONS)
Unemployment 16-24 hit 1.043 million in Q3, the highest since records began in 1992. 2011 (ONS)
Unemployment benefit payments rose by 1,200 to 1.6 million by December 2012 (ONS)
Unemployment benefit payments up to 1980s levels (ONS)
Business failures in 2010 was 23,000 (ONS)
Business failures in 2011 was 20,900 or 6.5% (ONS)
Bankers Bonus for £14 billion for 2011 (FT & Guardian & BBC)
Manufacturing was flat Feb 2011 (ONS)
Manufacturing production out put 1.5% decline in April 2011 (ONS)
Manufacturing touted as the engine of the economy fall by 0.3% in July 2011 (ONS)
Manufacturing jobless in Q4 2011 to Jan 2012 was up to 395,000
Manufacturing production Cable & Wireless Communication slumped nearly 17% in 2011 (FT)
BDOs output index dropped from Decembers 91.4% to February 2012 to 91.2%
Exports fell in Jan 2011 (HMCR)
Exports Vs Imports increased by 14.7% in October 2011 (HMCR)
Factory gate prices rose 0.9% between February & March 2011 (ONS)
Factory gate prices rose at an annual rate of 5.3% in May 2011 (ONS)
Factory gate prices in December 2011 to 4.8% (ONS)
Factory gate prices fell in January 2012 to 4.1% (ONS)
Factory gate Producers input price inflation in January 2012 is 7% (ONS)
Mortgage & Credit card debt will soar to £2,126 billion by 2015 (ONS)
Mortgage debt now accounts is around £21,000 per person April 2011 (ONS)
Home repossessions peak set in 1991 at 19,000 homes (council of mortgage lenders)
Home repossession forecast to rise to 45,000 in 2012 (council of mortgage lenders )
Construction industry suffered a 0.5% fall in output from November to January 2012 (ONS)
North sea Oil Tax up by £2 Billion for 2011, with HMCR taking 88% in Tax (ONS)
The Worst squeeze on living standards for 90 years
Consumer spending accounts for 65% of the UK economy April 2011 (OMS)
Consumer spending shows the biggest fell in total sales since the survey began in 1995 (KPMG)
Consumer spending has fallen by 1.7% for four consecutive Q in 2011. (ONS)
Personal Spending shows it first drop in personal spending power since the Thatcher slump in 1980s (KMPG)
Petrol down by 1p with VAT up by 2% in the Budget 2011
Petrol prices average increased by 52% up to March 2010
Food Prices rose 7.4% in the biggest rise since 2009 (ONS)
Food Prices rising at 4.9% rising faster than any other OECD in Jan 2012 member (UBS & OECD)
CPI Inflation increase to 3.3% December 2010 (OBR & Oxford Economic)
CPI has put the cost of living double its target from 4% in Jan 2011 to 4.4% in April 2011 (OBR & Oxford Economic)
CPI September 2011 rises by 5.2% (ONS)
CPI October 2011 fall by just 0.2% to 5.0% (ONS)
CPI January 2012 fell to 4.8% from 5.0% (Bank of England)
RPI has gone from 5.1% to 5.5% the highest since 1991 (ONS)
RPI Jan 2011 leapt to CPI 4% from 3.7% with Market Oracle putting real inflation at 6.6% 2012 .
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Re: Does new economic data show that austerity does not work?

Post by Stox 16 on Mon Jul 02, 2012 12:23 am

Mel wrote:
European leaders worked through last night to put together a deal to bail out Spain's troubled banks.
Following 13 hours of talks that ended at 5am. They agreed to allow Spanish financial institutions direct access to EU bailout funds without adding to its government’s debts.
120billion euros will be taken from EU Stability Mechanism (ESM) . The austerity loving Angela Merkel was forced to give way on this issue.

At that point the powerless Cameron left the meeting at 1am probably because he now stands more or less alone on the thoughts that austerity works.
The EU leaders agreed to create a single supervisory body for eurozone banks.
This leaves the governments so called bank regulatory measures in isolotion
from the EU banking supervisory body. which could be damaging to the UK's banking sector.
If Cameron had done his duty and stayed on at the meeting he may have been able to have had the UK included withing this supervisory body. I expect he was tired and probably pissed up on wine as usual and buggered off to his Brussels hotel to sleep it off.

Hiya Mel
What a very good post and well put too my friend. You know I cannot fully understand Cameron's actions on about 80% of what he does. as all 80% of his actions are economic madness in my view. but to add to this above. we today have a PM who believes is far more important to make a speech about EU and some in or out vote in 2016? than a deceitful manipulation or even possible fraudulent manipulation the Libor rate within our own banking system. what's is wrong with the man? he has to just be some sort of political moron? as bar from a small group of UKIP nutters who cares about a dam vote over EU in 2016?

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Re: Does new economic data show that austerity does not work?

Post by Stox 16 on Thu Jul 05, 2012 11:36 pm

Public sector net borrowing, excluding financial interventions, such as bank bailouts, was £17.9 billion in May, up from £15.2 billion the previous year, the Office for National Statistics (ONS) UK net borrowing up to June 2012 after bank bailouts is now £354 Billion with one City of London forecasting Net Government UP on Borrowing for 2012 is now up from £158 Billion to £175 Billion. Vicky Redwood, chief UK economist at Capital Economics, said borrowing is on course to overshoot "significantly" the official full-year forecast of £120 billion.
She said:
The main problem remains a sharp slowdown in tax receipts. And with the economy probably still in recession, receipts are likely to remain weak.
The combination of worsening public finances and renewed recession is likely to intensify calls for the Government to change tack on its austerity programme.

I thought you would all be interested in a economic up-date to see how well this Government is running your economy on our behalf. what you may not is that Net Government Borrowing after bank bail outs is overshooting while investments are falling in line with Tax receipts. this is the net result of trying to cut your way out of debt while still not having a national Growth policy for the UK. Its my companies view that the bank of England will do around £50 billion more QE in July 2012. this is on top of the £80 billion that Gideon and the Bank of England have set-aside for small business loans. QE will be get close to the £375 billion mark by the end of 2012. we still have cheap Government borrowing due to government bonds However, instead of using this money to inject into the General economy its still only being used for Banks.

Total UK Receipts £592 billion and Total UK expenditure £638 billion. Deficit of £46 billion -(Budget 2012)
Gross Domestic Product -0.3% (Q4 2011)
Growth Forecast downgraded for the Sixth time by (OBR in November 2011
Growth forecast Downgraded for 2nd Time by Bank of England 1.4% August 2011
Growth forecast Downgraded for 3rd Time to 1.7% (Budget 2011)
Growth forecast Downgraded for 3rd Time to by Ernst & Young from1.7% to 0.9% Jan 2012
Growth forecast Downgraded for 2nd Time to by CBI to 1.3% July 2011
Growth forecast Downgraded for 4th Time to by CBI to 1.2% Sept 2011
Growth forecast Downgraded for 4th Time to by CBI to 0.9% Feb 2012
Growth forecast Downgraded for 3rd Time to by I.M.F to 1.3% July 2011
Growth forecast Downgraded for 4th Time to by I.M.F to 0.6% Jan 2012
Growth forecast in the Tory budget down for a 3rd time to 1.7% (Budget 2011
Growth forecast in the Tory budget down for a 4th time (Budget 2012
Growth forecast in the City as low as 1.2% 2011
Disposable income has seen its Sharpest fall in 30 years or 1980s (ONS)
Annual Earnings Growth remains at 1.9% in February 2012
GDP Growth for forecast set by bank of England at 2.0% 2010
GDP The last cycle of robust growth in potential output of 2.9% was 1997 to 2006 (OBR & Oxford Economic)
GDP when the Tory-Liberal coalition come to power ,the UK was growing at an annual rate of 4% (OBR)
GDP April's 2011 figures have just clawed back last years 0.5% contraction in 2010 (OBR)
GDP is 1.1% lower than the OBR thought it would be in Sept 2010 (OBR)
GDP Growth is now lower than 1930s, 1970s, 1980s 1990s (OBR)
GDP UK is 3.6% blow its pre-financial crisis 2008 (H.M.Trasury)
GDP City Growth forecast for 2012 are 0.3% to 0.4% (FT Sept 2011)
GDP Contracted by 0.5% in the Q4 in 2010 (OBR)
GDP is 0.8% lower than in November 2010 (OBR)
GDP IS 0.2% lower than MARCH 2011 (OBR)
GDP Growth December 2011 Contracted by 0.2% Q4 (OBR)
GDP Growth Contracted by 0.5% Q4 2010 (OBR)
GDP Growth July 2011 was just Q2 0.2% (OBR)
GDP Growth starts Jan Q1 2012 at just 0.2% (OBR)
GDP Growth April 2011 was Q1 0.5% (OBR)
GDP Growth April 2012 was Q1 0.3% (BCC and ORB)
GDP Growth April 2012 is -0.2% (BBC & ONS) Setting a new 100 year Record in low growth
Public Sector Net Debt excluding financial interventions £995.0 billion (February 2012)
Public Sector Net Debt excluding financial interventions £877.3 billion at the end of February 2011
Public Sector Net Borrowing March 2011 £16 Billion (OBR)
Public Sector Net Borrowing March 2012 £ 18.02 Billion (OBR)
Public Sector Net Borrowing in May 2011 £15.9 Billion (OBR)
Public Sector Net Borrowing in May 2012 17.9 Billion (OBR)
National Debt hits £1.03 Trillion for the first Time Jan 2012 (OBR)
National Debt actual debt after repurchase by Bank of England is £650 Billion (Guardian on B of E figures)
National Debt Coalition & Bank of England QE for 2011 was £75 billion (OBR/Bank of England)
National Debt Coalition & Bank of England QE for 2012 was £50 billion (OBR/Bank of England)
National Debt Coalition & Bank of England QE for july 2012 up by £50 billion (OBR/Bank of England)
National Debt total Quantitative Easing is £325 Billion in total by February 2012 (OBR/Bank of England)
National Debt total Quantitative Easing is £375 Billion in total by July 2012 (OBR/Bank of England)
National Debt private + public sector debt totals some 500% 2011 (OBR & Oxford Economic)
National Debt Tory Party forecast National debt will fall by just £54 Billion by 2015 (Tory party website)
UK Economic Decline is two and half times that of the entire Euro zone (ONS & H.M.Trasury) 2011
UK Economic Decline is 77% of the EU’s decline for 2011 (H.M.Trasury)
UK Economy shrank by 5.0% in 2009 the biggest calendar year fall since 1921 ( NIE)
UK Economy shrank by 6.3% in 2011 the biggest calendar year fall on record by October 2011 ( NIE)
UK Pound exchange rate has fallen by 21.0% against the Dollar 2011 (H.M.Trasury)
UK lose market share accelerated from 2008 to 2010. (Oxford Economic )
Government Borrowing Tory-Liberal coalition come to power stated an additional £111 Billion 2009 (OBR)
Government Borrowing Net borrowing was just £7.3 Billion in 2010 (H.M.Trasury)
Government Borrowing forecast up by £54 Billion (Budget 2011)
Government Borrowing overshot in Q4 by £127 Billion (OBR)
Government Borrowing overshot in Jan 2012 by £157 Billion (ONS)
Government Borrowing Income Vs Expenditure deficit for 2011/2012 is £46 billions (OBR/ Budget 2012)
Government Borrowing topped the £10 billion by just Feb 2011 (OBR)
Government Borrowing to be £10 billion higher every year from 2012 (OBR)
Government Borrowing in Jan 2012 was £13.7 billion for December 2011 overshooting (OBR)
Private Pension deficit up from £24.5 Billion to £31.7 Billion by Sept 2011 (ONS)
Private Pension Deficit £158 billion December 2011 (ONS)
Private Pension deficit £255.2 form £222 billion in Jan 2012 (N.M.A & ONS)
Pensioners 2.66 million claimants of Pension Credit (3.25 million including partners) 2012 (DWP)
UK 10 Year bonds, the Historical high of 12.84% set in April 1990 (H.M.Trasury)
UK 10 year Bonds, Record low of 1.97% set in Jan 2012 (H.M.Trasury)
UK 10 Year Bonds, Yields decline by 1.47% from 1989 to 2012 (H.M.Trasury)
UK 10 Year Bonds, averaged 6.28% (H.M.Trasury)
Unemployment up to record 17 year high (ONS)
Unemployment record was set in 1981 at 2.6 million or 9.8% of the Workforce
Unemployment record was set in 1981 was past at 2.67 million or 8.4% of the Workforce January 2012 (ONS)
Unemployment for woman rose for the 10th month in a row March 2011 (ONS)
Unemployment increased by 20,000 the highest three month figure since Jan 1997 (ONS)
Unemployment increased by 16,000 for the last tree months of 2011. January 2012 (ONS)
Unemployment is now 7.7% of economically active population March 2011 (ONS)
Unemployment is now 8.4%% of economically active population 2012 (ONS)
Unemployment rate 8.3% of economically active population (December 2011-February 2012)
Unemployment forecast in the budget set to rise to 8.1% in 2012 (Budget 2011)
Unemployment is was2.6 million in March 2011 (ONS)
Unemployment is now 2.6 million in December 2011 (ONS)
Unemployment is up to 2.67 million in January 2012 (ONS)
Unemployment Fell by 35,000 from Dec 2011 to Feb 2012. With 2.5 million now out of work (ONS)
Unemployment Claimants increased by 12,400 in March 2011 to April 2011 (ONS)
Unemployment Claimants increased 11 month in a row by 6,900 to a total of 1.6 million January 2012 (ONS)
Unemployment Woman Claimants increased by 9,300 to 474,400 in March 2011 (ONS)
Unemployed women increased by 41,000 in Q4 2011 to reach 1.06 million, a figure not reached since 1988
Unemployment Men Claimants increased by 3,100 to 994,200 in March 2011 (ONS)
Unemployment 16-24 hit 1.043 million in Q3, the highest since records began in 1992. 2011 (ONS)
Unemployment 16-24 hit 1.35 million in Q1 Up 22,000 January 2012 (ONS)
Unemployment benefit payments rose by 1,200 to 1.6 million by December 2012 (ONS)
Unemployment benefits spending in UK £147.77 Billion up by 7% on 2008/09 (OBR/Budget 2012)
Unemployment benefit payments up to 1980s levels (ONS)
Unemployment Workless households 3.88 million (April-June 2011) (ONS)
Unemployment with Income Support lone parents (ISLP) early estimate was 580,000. 2012 (DWP)
Unemployment with a Children in workless households 1.8 million (April-June 2011) (ONS) & (DWP)
Housing Benefit was 4.98 million, with 5.90 million claiming Council Tax Benefit. 2012 (DWP)
Housing Benefit award is £86.86 per week, and for Council Tax Benefit recipients. 2012 (DWP)
Housing Benefit overall average award was £15.69 per week. 2012 (DWP)
Housing Benefit recipients were single, with almost two-thirds of these being female. Of the 1.71 million recipients with
Housing Benefit with least one child dependent, 1.16 million of these were single. 2012 (DWP)
Housing Benefit recipients were 3.69 million aged under 65, representing almost three quarters of all Housing Benefit
Business investment growth slashed to just 0.7% from 7.7% predicted in November 2011 (OBR)
Business failures in 2010 was 23,000 (ONS)
Business failures in 2011 was 20,900 or 6.5% (ONS)
Bankers Bonus for £14 billion for 2011 (FT & Guardian & BBC)
Manufacturing Exports forecast in Tory Budget is set at £11 Trillion by 2020 (OBR Budget)
Manufacturing was flat Feb 2011 (ONS)
Manufacturing production out put 1.5% decline in April 2011 (ONS)
Manufacturing touted as the engine of the economy fall by 0.3% in July 2011 (ONS)
Manufacturing jobless in Q4 2011 to Jan 2012 was up to 395,000
Manufacturing production Cable & Wireless Communication slumped nearly 17% in 2011 (FT)
Manufacturing/Business investment growth of just 0.7% in March 2012 (OBR / Budget )
Trade in goods and services -£2.5bn in January 2012
Trade in goods and services -£3.4bn (February 2012) compared with -£2.5bn in January 2012
BDOs output index dropped from Decembers 91.4% to February 2012 to 91.2%
Exports fell in Jan 2011 (HMCR)
Exports Vs Imports increased by 14.7% in October 2011 (HMCR)
Factory gate prices rose 0.9% between February & March 2011 (ONS)
Factory gate prices rose at an annual rate of 5.3% in May 2011 (ONS)
Factory gate prices in December 2011 to 4.8% (ONS)
Factory gate prices fell in January 2012 to 4.1% (ONS)
Factory gate Producers input price inflation in January 2012 is 7% (ONS)
Mortgage & Credit card debt will soar to £2,126 billion by 2015 (ONS)
Tax Credits /Housing benefit cut and only reaped £5.8 billion of the expected £11Billion (ORB Budget 2012)
Mortgage debt now accounts is around £21,000 per person April 2011 (ONS)
Home repossessions peak set in 1991 at 19,000 homes (council of mortgage lenders)
Home repossession forecast to rise to 45,000 in 2012 (council of mortgage lenders )
Construction industry suffered a 0.5% fall in output from November to January 2012 (ONS)
North sea Oil Tax up by £2 Billion for 2011, with HMCR taking 88% in Tax (ONS)
The Worst squeeze on living standards for 90 years
Consumer spending accounts for 65% of the UK economy April 2011 (OMS)
Consumer spending shows the biggest fell in total sales since the survey began in 1995 (KPMG)
Consumer spending has fallen by 1.7% for four consecutive Q in 2011. (ONS)
Consumer spending has rose by 1.9% Q1 January 2012 (ONS)
Producer Price Index: Output Price 3.6% (March 2012) index stands at 177.6, a rise of 5.8% in the year to March 2
Personal Spending shows it first drop in personal spending power since the Thatcher slump in 1980s (KMPG)
Petrol down by 1p with VAT up by 2% in the Budget 2011
Petrol prices average increased by 52% up to March 2010
Food Prices rose 7.4% in the biggest rise since 2009 (ONS)
Food Prices rising at 4.9% rising faster than any other OECD in Jan 2012 member (UBS & OECD)
CPI Inflation increase to 3.3% December 2010 (OBR & Oxford Economic)
CPI annual inflation stands at 3.5 per cent in March, up from 3.4 per cent in February
CPI has put the cost of living double its target from 4% in Jan 2011 to 4.4% in April 2011 (OBR & Oxford Economic)
CPI September 2011 rises by 5.2% (ONS)
CPI October 2011 fall by just 0.2% to 5.0% (ONS)
CPI January 2012 fell to 4.8% from 5.0% (Bank of England)
RPI has gone from 5.1% to 5.5% the highest since 1991 (ONS)
RPI Jan 2011 leapt to CPI 4% from 3.7% with Market Oracle putting real inflation at 6.6% 2012
RPI annual inflation stands at 3.6 per cent in March, down from 3.7 per cent in February 2012
Prices, Inflation and Productivity
Consumer Prices Index 3.5% (March 2012)
CPI annual inflation stands at 3.5 per cent in March, up from 3.4 per cent in February (Ad-hoc), England. Last updated: 17 April 2012


Sorry folks I did point out that QE would go up in July by £50 billion more to £375 billion more. its because Gideon has our economy running so well that he has managed to replace GDP Growth with QE Growth in Borrowing. I am sure that most UK people will be just over the moon that we have backed our banks with £50 billion more. Mind you it does help us all too pay of any Libor debt and the odd mis-selling of the odd other thing coming our way. Still never mind we have Gideon working for us all. As we are all in this together you know Gideon and Dave said. its just that some of us are more in it, than others that is all. but then... where would we all be if we did not have Big Bob Diamond and the investment bankers gang backing us all up? But thank God Gideon has given the banks this extra £50 billion. as the investment bankers will need there 2012 bank bonus come the end of the year.
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Re: Does new economic data show that austerity does not work?

Post by Stox 16 on Thu Jul 05, 2012 11:54 pm

A wee anecdotal Observation in a sweet way.

Can I just say. its a bit odd to put public sector borrowing with austerity in the same economic topic. as there quite different economic animals.
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Re: Does new economic data show that austerity does not work?

Post by oftenwrong on Fri Jul 06, 2012 10:07 am

"Paradox" is the word for that. Much of the Coalition's financial effort has been devoted to giving with one hand what they take away with the other.

Most Chancellors have done that at one stage or another of their careers.
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Re: Does new economic data show that austerity does not work?

Post by Stox 16 on Sun Jul 08, 2012 4:57 am

This is very true OW. but I cannot quite remember one who spends so much time going around in economic circles can you?
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Re: Does new economic data show that austerity does not work?

Post by oftenwrong on Sun Jul 08, 2012 10:58 am

Ooh! Painful analogy there, Stox. The British taxpayer is the prey being stalked by Gideon's encirclement tactics.
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Re: Does new economic data show that austerity does not work?

Post by Stox 16 on Mon Jul 09, 2012 3:52 am

oftenwrong wrote:Ooh! Painful analogy there, Stox. The British taxpayer is the prey being stalked by Gideon's encirclement tactics.

This is very true OW as what is rational and normal to the likes of you and me is not too Gideon. But the fact of the matter is OW... if Gideon was to of run the Kamikaze. they would miss the boat 100 times out of 100 mate. ha hA HA

His self deluding and lack of any real ability is killing us. as hopes in economics are no substitute for economic reality OW. i just wish someone would point this out to him OW.
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Re: Does new economic data show that austerity does not work?

Post by oftenwrong on Mon Jul 09, 2012 9:56 am

Cameron is perfectly happy to have a flawed Chancellor alongside him on the Front Bench to distract public attention away from his own shortcomings.
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Re: Does new economic data show that austerity does not work?

Post by Red Cat Woman on Tue Jul 10, 2012 1:57 pm

I agree with that for now.
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Re: Does new economic data show that austerity does not work?

Post by oftenwrong on Thu Jul 12, 2012 7:28 pm

Red Cat Woman wrote:I agree with that for now.

That's good of you to say, but unless a bit more political commentary can be generated on this forum, it's going to become a 24/7 Bible Study.


Perhaps I'm just reading the wrong threads.
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Re: Does new economic data show that austerity does not work?

Post by blueturando on Thu Jul 19, 2012 1:33 am

It could be that many of you here are out of touch with public opinion....I hope the Labour party take your stance in the next GE, it will make things easier for the Tories Smile

A Labour group has warned Ed Miliband that the public do not support the party's spending priorities and will not vote for higher taxes to pay for them.

The Labour-affiliated Fabian Society has sounded the alarm that the party risks being out of step with public opinion on the crucial issue of tax and spending at the 2015 general election. It suggests that voters have become more "small c-conservative" in the age of austerity.

Its warning, based on extensive opinion research, is a reminder to the Labour leadership that its eight to 10-point lead in the polls could melt away in the heat of an election campaign.

The Fabians found that fewer than one in five people accepts the need for higher taxes to fund more public spending in four core areas seen as a priority for Labour – job schemes; nurseries and childcare; higher education and public housing. Twice as many people want cuts as support increases in subsidised housing.

http://www.independent.co.uk/news/uk/politics/voters-will-reject-tax-rises-labour-think-tank-warns-ed-miliband-7953494.html?tw_p=twt

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Re: Does new economic data show that austerity does not work?

Post by Mel on Thu Jul 19, 2012 7:59 am

Hello blue, do not get your hopes up too soon as the unpopular Tory measures greatly outweigh the alleged Labour proposals and by the time of the next election, sleaze alone will be the downfall of the existing tyrants.
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Re: Does new economic data show that austerity does not work?

Post by oftenwrong on Thu Jul 19, 2012 10:46 am

blueturando wrote:It could be that many of you here are out of touch with public opinion....I hope the Labour party take your stance in the next GE, it will make things easier for the Tories Smile

A Labour group has warned Ed Miliband that the public do not support the party's spending priorities and will not vote for higher taxes to pay for them.

The Labour-affiliated Fabian Society has sounded the alarm that the party risks being out of step with public opinion ....

The Fabians found that fewer than one in five people accepts the need for higher taxes to fund more public spending in four core areas seen as a priority for Labour – job schemes; nurseries and childcare; higher education and public housing. Twice as many people want cuts as support increases in subsidised housing.

http://www.independent.co.uk/news/uk/politics/voters-will-reject-tax-rises-labour-think-tank-warns-ed-miliband-7953494.html?tw_p=twt

Ain't it de troof? People want good deeds to be adequately financed - but at someone else's expense.

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Re: Does new economic data show that austerity does not work?

Post by astradt1 on Thu Jul 19, 2012 4:28 pm

IMF Warns UK Austerity Measures Aren't Working In Fresh Blow To George Osborne

The International Monetary Fund has warned that George Osborne's austerity measures may need to be rethought.

A report on the UK economy, published on Thursday, said: “The planned pace of structural fiscal tightening will need to slow if the recovery fails to take off even after additional monetary stimulus and strong credit easing measures.”

This will come as a blow to David Cameron, who on Thursday told The Daily Telegraph that austerity could in fact last until 2020.

It is also bad news for George Osborne, who two years ago, in reference to whether there was any alternative to tightening the purse strings, said “there is no plan B”.

The IMF recently stated that the Coalition's austerity measures were the right course of action, but it doesn't appear to think so any more.

The report said: “Recovery has stalled. Post-crisis repair and rebalancing of the UK economy is likely to be more prolonged than initially envisaged.

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Re: Does new economic data show that austerity does not work?

Post by Mel on Thu Jul 19, 2012 6:35 pm

Even with all this quantitative easing stimulus being pumped into the economy along with all the misery created for many including unemployment, loss of homes, privatisation of everything in sight, tax cuts for the rich and VAT hiked, the buggers still make no progress.

When will they learn that growth is the only way forward? even if it means more borrowing to build our infrastucture to get us kick started. For Gods sake they are borrowing more than the last government in any case.
USELESS!!!!!1


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Re: Does new economic data show that austerity does not work?

Post by oftenwrong on Thu Jul 19, 2012 7:49 pm

Lots of things aren't working. Redundancies in the Border Control Service have now been challenged in the traditional way by the Trade Union involved calling a strike at Heathrow on the day prior to the Olympics, in a last-ditch effort to persuade the government to discuss the matter.

Theresa May seems to regard herself as carrying the Union-bashing torch lit by Thatcher, but the world has rotated a few times since the 1980s. Perhaps she'll ask the Police to fill-in. Oh, but they're suffering cut-backs too. Anyone got a Scout Troop in reserve?

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Re: Does new economic data show that austerity does not work?

Post by blueturando on Thu Jul 19, 2012 10:10 pm

Good to see the Unions in their true colours once again...It's a timely reminder for the voting public of the good work Thatcher did in curbing the damage they do to this country......A nice own goal and a big thank you from the Tory party Very Happy

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Re: Does new economic data show that austerity does not work?

Post by astradt1 on Thu Jul 19, 2012 11:13 pm

Surely the CPS Union going on strike, at the busiest time, will show the government that by cutting the number of boarder staff, as their cuts will do, will make it harder for visitors to enter the country and therefore less likely to visit.......

Now if the strike was purely about more pay, the Tories would have something to complain about but it's more about have the right number of people to do the job properly, but then again the Tories are not bothered if the job is done properly, it only matter to them that it is done cheaply.......

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Re: Does new economic data show that austerity does not work?

Post by Mel on Fri Jul 20, 2012 9:08 am

That's it blue, praise those who take away workers (the majority of the population) rights of decent pay and conditions.
As astradt1 has quite rightly said, pay is not the issue here, common sense is. Your Tory lot have very little of that quality it seems.

Thatcher damaged this country and forced the people to become full of greed and selfishnes. She is ninety odd now, only the good die young.
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Re: Does new economic data show that austerity does not work?

Post by oftenwrong on Fri Jul 20, 2012 9:52 am

I wonder if Francis Maude is going to launch into another knee-jerk tirade of Union-bashing again, as he did for the petrol-strike-that-never-was?

Tory dreams of legalised slavery never go away.

"Keep a worker in your coal-shed for emergencies"
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Re: Does new economic data show that austerity does not work?

Post by blueturando on Fri Jul 20, 2012 1:49 pm

Very strange attitude we have in this country these days. Back in 70's when I was a kid and before the national minimum wage, I remember people working as waiters/waitresses, seasonal staff, traffic wardens, shop staff...etc etc etc.
Now 9 out of 10 new jobs go to migrant workers who have a higher moral attitude to work than many of our native population. Successive Governments have been to soft and have now created the benefits culture that blights our society today...But, more any more working and middle class people have had enough of this ' You owe me' society. Times are a changing my friends...just wait and see.


As for the strike? Well I agree that the cuts were too deep at the border agency and I agree with a persons right to strike, but the timing is political and I fear that the strikers will get very little sympathy from the general public because of this...As I said before, an own goal...so thank you Mark.

Funny how Union bosses like Mark Serwotka suddenly get all active when the Tories are in Government, but say and do nothing when cuts are made during a Labour administration? I wonder why that is???
Still it's a great reminder to the voting public on how selfish, arrogant and corrupt the Unions are. And people like me must keep reminding people that these same unions are the Labour party paymasters.

It just goes to prove that the Tories are the only party who have the national interests at heart and Labour are not fit to govern a village fete


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Re: Does new economic data show that austerity does not work?

Post by oftenwrong on Fri Jul 20, 2012 2:16 pm

Tne "National Interests" by definition include everyone in the Nation, not just those of the Tory Party. A cursory research into the exploitation of workers by Factory-owners in the 19th. C shows precisely why Trade Unions were formed, to redress the balance between wealthy and powerful Employers as against their wage-slaves.

A modern example ocurred with the 2008 credit-crunch, where the entire work-force of a well-known British company were told there was no longer any work for them. Whereupon the Chairman of the Company repaired to his holiday home in the Caribbean. (He has others he could have chosen).

It has not been disclosed what his concept of the national interest is.

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Re: Does new economic data show that austerity does not work?

Post by astradt1 on Fri Jul 20, 2012 2:27 pm

Who are the pay masters of the Tory party?.....

Oh yes, those big companies which are demanding curtailment of workers rights.....

The wealthy who the Tories claim are wealth creators but seem to just spend their time, even after being given tax brakes, looking at ways to reduce their taxes and then hold pay such low wages that many of their employees have to rely on tax credits........

But then again just being a 'kid' in the 1970's, a bit like 'Silly' Billy Vague, you can be excused from having a good memory the political situation of that time.......
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Re: Does new economic data show that austerity does not work?

Post by Mel on Fri Jul 20, 2012 2:55 pm

My God blue, I thought you had left your blue shell, well at least most of it when on one or two rare occasions you actually showed some disapproval of some of this governments measures. Now you really sound like an uncaring true blue with what you have said.

"Now 9 out of 10 new jobs go to migrant workers who have a higher moral attitude to work than many of our native population. "
No, it is the fact that these migrant workers have lived under Tory type ruling with no union protection in their own country and are prepared to work for peanuts which are riches compared with what they have been used to. Cheap labour again produced for the rich employers along with the forced unemployment in the public sector with knock on effects on many small private firms forcing them to lay off staff.

The whole issue stinks of Tory ideology. I might just add that there are many thousands who would like to work if they could find any and there are many too handicapped and ill to be able to work. Yes there is abuse of the system, that is inevitable, however, those abusing the system are in the minority and it is shameful that the genuine ones are being made to suffer.
"a great reminder to the voting public on how selfish, arrogant and corrupt the Unions are."
I think you will find to your displeasure that those comments the voting public will recognise as exactly being appropriate in discribing this Tory dominated Coalition.
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Re: Does new economic data show that austerity does not work?

Post by blueturando on Fri Jul 20, 2012 3:59 pm

Sorry guys.....Just trying to stimulate some political debate, it was all going a bit flat on Cutting edge Very Happy

I am right on the timing of the unions decision though...not very well thought out if they're looking for wider support for their issues.....As for the rest of what I said...just trying wake you all up and get some posting going on here

Have a fab weekend people

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Re: Does new economic data show that austerity does not work?

Post by tlttf on Fri Jul 20, 2012 4:24 pm

I'm a member of the PCS union and approx 3 month ago the top people (who were working for members interests) were replaced by the screaming left. As always it wasn't that they won a majority rather that members didn't vote against them. Now 3 month down the line they don't want to negotiate they want to play politics. Welcome to the future if labour ever get back in power.

Before the abuse begins, let me say I'm not over enamoured with coalition decisions being made, yet know in my heart that the worst they can accomplish is better than the best of the labour party!!!

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Re: Does new economic data show that austerity does not work?

Post by astra on Fri Jul 20, 2012 4:27 pm

Blue,

I suppose you will have something disparaging to say about the Remploy workers going on strike!

These INVALIDS have been working for years with this company, and only due to the Tory Gubmint lifting the carpets, is it to close - NO other reason.

So now the machines at Remploy are silent!

The North East has the HIGHEST unemployment in the country, yet these INVALIDS are put on the dole! Ah SO! you say, they went on strike, how dare they. How else could they raise their protest? How else could they plead their case? No matter what you say, all has been tried since May 2010 and has anyone listened? Nice little INVALIDS, keep working and MOST OF ALL, keep quiet, "We are all in this together!"

When a job comes up in this area, there are ALWAYS OVER 500 applicants in the queue outside the door. Who is going to employ a blind person, a deaf-mute, who is going to employ a deaf person with diabetes - are you aware that there are move afoot NOW to revoke the driving licences of ALL diabetics?)

3 jobs were recently posted at Nissan and over 3,000 applications were recieved! It was YOUR beloved immigrants who got the jobs!
Do you think the foreigners were better qualified than the 'real people' who applied?
Do you think their lack of English Language is not an hindrance to the employer?

These people ONLY got the jobs because this Government PAYS nissan a grant for each foreigner they employ.
Your figures show more and more foreigners getting jobs in England, and you immediately jump on the band wagon that the British People are lazy (I would like to make that a slanderous statement!)
The truth is that the employers are getting this backhander through the back door, MAKING THEM CHEAPER TO EMPLOY, AGAIN,- - - - - - - - - MAKING THEM CHEAPER TO EMPLOY!
THEY ARE PAYED NO LESS THAN THE STANDARD WORKER.

You Blue are an employer, who are you going to employ? Joe off the street, or Ahmed from the bazaar for which you recieve a blessing from government?


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Re: Does new economic data show that austerity does not work?

Post by blueturando on Fri Jul 20, 2012 4:29 pm

Before the abuse begins, let me say I'm not over enamoured with coalition decisions being made, yet know in my heart that the worst they can accomplish is better than the best of the labour party!!!.

100% agree.......Spain, Italy and Greece come to mind

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Re: Does new economic data show that austerity does not work?

Post by blueturando on Fri Jul 20, 2012 4:33 pm

Blue,

I suppose you will have something disparaging to say about the Remploy workers going on strike!

No, not at all...I am fully behind them and I think it was a terrible mistake to close these factories...Very short sighted of the coalition. I hope they change their mind on this one

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Re: Does new economic data show that austerity does not work?

Post by tlttf on Fri Jul 20, 2012 4:34 pm

Sorry astra, your totally wrong to think that Nissan gets grants to employ foreigners. They get grants for numerous reasons but that isn't one of them. Ask yourself why a company would rather employ a foreigner firstly and you'll find it has more to do with the work ethic instilled in them. This is down to the substandard and indifferent education fobbed off onto our kids. We need to start at the beginning.

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Re: Does new economic data show that austerity does not work?

Post by blueturando on Fri Jul 20, 2012 4:40 pm

3 jobs were recently posted at Nissan and over 3,000 applications were recieved! It was YOUR beloved immigrants who got the jobs!
Do you think the foreigners were better qualified than the 'real people' who applied?
Do you think their lack of English Language is not an hindrance to the employer?

These people ONLY got the jobs because this Government PAYS nissan a grant for each foreigner they employ.

No Astra, I think this is terrible and this is a situation where if you had the same law as we have in Jersey, these problems would not arise.
I have explained it before, but here in the private sector each company is given licences to employ people who have not lived her for 5 years or more (up to a maximum of 10% of staffing level) and even then that company has to demonstrate to the government department (regulations and undertakings) that they have actively tried to recruit from the local population before using one of these licences.

The UK could have something like this in place, but not while you are hampered by unfair EU legislation

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Re: Does new economic data show that austerity does not work?

Post by astra on Fri Jul 20, 2012 4:49 pm

Land, I disagree.
You ARE correct in the fact that since Ted Heath in the 70s, EVERY government since has fiddled and f-cked with the Education of our youngsters. (how often have th French played with the Baccarat? or whitever it's called)
I know I keep coming back to nissan, but they are the only large employer about here for 100s of miles! Edinburgh over 100, Barrow in Furness, over 100 miles, Doncaster over 100 miles.
The Renault part of Nissan/renault is oft missed out. People are coming from all over the world to here, South Korea, Morocco, Slovenia and Hngary to name a few! I do not know what is going on, but iffin yer British an' white, do not apply for a job at nissan.
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Re: Does new economic data show that austerity does not work?

Post by oftenwrong on Fri Jul 20, 2012 5:24 pm

tlttf wrote:I'm a member of the PCS union and approx 3 month ago the top people (who were working for members interests) were replaced by the screaming left. As always it wasn't that they won a majority rather that members didn't vote against them.....

Traditionally, the way to seize power within an organisation is to make sure you attend all the meetings, and that you vote whenever there is a motion. It's typical of members who leave all the boring stuff to others to complain when "their" organisation has been hijacked. As the Tories hijacked the last General Election.
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Re: Does new economic data show that austerity does not work?

Post by astra on Fri Jul 20, 2012 6:00 pm

Let's hope this does not spread here!

http://news.sky.com/story/962702/india-boss-beaten-and-burned-alive-by-workers

India: Boss Beaten And Burned Alive By WorkersIndustrial unrest is on the rise in India as staff do more hours for effectively less pay - and this row spiralled out of control.
Maruti Suzuki Who'd a thort it!
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Re: Does new economic data show that austerity does not work?

Post by Mel on Sat Jul 21, 2012 8:48 am

"Sorry guys.....Just trying to stimulate some political debate, it was all going a bit flat on Cutting edge "

Good man blue. Enjoy your weekend too. cheers

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Re: Does new economic data show that austerity does not work?

Post by oftenwrong on Wed Jul 25, 2012 10:48 am

David Prosser wrote in The Independent:

The government has acknowledged the problems many small businesses faced and promised to prioritise their concerns. One of its most high-profile pledges was a "one-in, one-out" rule for red tape – that ministers would introduce no more business regulation without first abolishing an existing rule.

This promise hasn't been kept. A new analysis from the British Chambers of Commerce reveals that 50 per cent of regulation introduced over the past year has been deemed "out of the scope" of the one-in, one-out regime. In other words, ministers have decided they do not have to abolish existing regulations to accommodate these new ones.

Those figures should be a huge embarrassment to the Department for Business. Ministers appear to be fiddling their own system.


http://www.independent.co.uk/news/business/analysis-and-features/small-talk-the-new-tax-break-for-small-firms-that-may-go-begging-7965179.html?origin=internalSearch

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Re: Does new economic data show that austerity does not work?

Post by Phil Hornby on Wed Jul 25, 2012 11:20 am

Yet another example of the complete and utter bollocks which Tory Ministers regularly spout. If all else fails - and with them it inevitably does - they trot out the usual parrot cries of 'bureaucracy' and 'red tape'( and, of course, 'Europe').

It means nothing in terms of action taken, even if they beilieved their propaganda in the first place. It should come as no surprise that a Tory politician can be characterised as a manipulative, sneaky liar of the worst kind and that no untruth or distortion is too big to leave their lips if it diverts attention from their true nature and the wickedness of their policies.

If we haven't learnt this by now we must be stupendously naive -or Tories ourselves... Shocked
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Re: Does new economic data show that austerity does not work?

Post by astradt1 on Wed Jul 25, 2012 1:11 pm

I am looking forward to the big fall in the number of serious work place injuries reported to the Health & Safety Executive which will take place next year......

It will be a well done to the government for their hard work in creating a big leap forward in workplace Health and Safety........ Wink
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Re: Does new economic data show that austerity does not work?

Post by Phil Hornby on Wed Jul 25, 2012 2:14 pm

How odd that the British Chambers of Commerce only find the ONS recession statistics flawed when they paint a picture which is unhelpful to the Tories. Anyone would think that they had a political agenda of some description.

And another thing : how strange that none of the politicians who appears to be the subject of alleged phone hacking by the News of the World is a Conservative. What can have happened...?

Finally , those farmers : do I detect a deafening government silence about the road-blocking that their protests are causing? Were it the public service unions taking such disruptive action , Tory MPs would be waving their Daily Mails in high indignation...

Is there no end to the hypocrisy...? Evil or Very Mad


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Re: Does new economic data show that austerity does not work?

Post by blueturando on Wed Jul 25, 2012 2:56 pm

Managed to get that off your chest Phil?.....Now relaaaxxxxxx Smile

Welcome to Conspiracy theories .com....all are welcome to make it up as they go along

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Re: Does new economic data show that austerity does not work?

Post by oftenwrong on Wed Jul 25, 2012 5:17 pm

Now even MSN are involved in Tory Conspiracy Theories, blue.

http://news.uk.msn.com/uk/articles.aspx?cp-documentid=250675573

"Chancellor George Osborne has come under fresh pressure to ease his austerity measures after shock figures revealed the economy suffered a worse-than-expected 0.7% decline between April and June."

You can't describe it as paranoia if everyone really DOES hate you!!
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Re: Does new economic data show that austerity does not work?

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