Does new economic data show that austerity does not work?

Mel wrote:With or without a Euro crisis, or a global crisis, or a home deficit, the Tory scum would be enforcing austerity measures. They always do, as it suits their ideology perfectly.

Mel
got a feeling your right...I am sure there is some truth in this is all un-finished business from 1997....sure there is the world banking crisis...but a great deal is ideological from before we won in 1997? you agree Mel?

Stox--- agreed.

What gets my goat is that Cameron and Co are all for privatisation, profits, assiting the big companies to make more profit by purposely creating a mass of cheap labour.
Ironic in a way when we need our manufacturing base given help, which in turn would give us growth and employment. The likes of the big supermarkets and non productive/ invisible earning companies who do nothing but rip off the public are given carte blanch more or less to make huge profits for idle shareholders with no end product manufactured or to be manufactured.
Thatcher chose invisible earnings instead of manufacturing, hense our banking crisis and so much relability upon invisible earnings via the City.

The trend is make as much profit as possible without having to pay skilled labour. Either get cheap labour overseas as many big companies do or fleece the young workforce who have no other choice of earning a decent wage, let alone a job in many thousands of cases.

Thatcher was a long time ago, however the maufacturing rot started with her and has never recovered. I hope she burns in hell.

Mel wrote:Stox--- agreed.

What gets my goat is that Cameron and Co are all for privatisation, profits, assiting the big companies to make more profit by purposely creating a mass of cheap labour.
Ironic in a way when we need our manufacturing base given help, which in turn would give us growth and employment. The likes of the big supermarkets and non productive/ invisible earning companies who do nothing but rip off the public are given carte blanch more or less to make huge profits for idle shareholders with no end product manufactured or to be manufactured.
Thatcher chose invisible earnings instead of manufacturing, hense our banking crisis and so much relability upon invisible earnings via the City.

The trend is make as much profit as possible without having to pay skilled labour. Either get cheap labour overseas as many big companies do or fleece the young workforce who have no other choice of earning a decent wage, let alone a job in many thousands of cases.

Thatcher was a long time ago, however the maufacturing rot started with her and has never recovered. I hope she burns in hell.

Mel....fully agree with all of that.
have you seen this....


So much for the Tory government being committed to UK manufacturing

The U.K. has selected South Korea's Daewoo Shipbuilding & Marine Engineering Co. Ltd. for a GBP452 million contract to build refuelling tankers for the Royal Navy fleet, the BBC reports on its website Wednesday.

Some British companies participated in the tender, but the Ministry of Defence is quoted as saying that none of them submitted a final bid for the contract.

Production will take place in South Korea, but the U.K. has won GBP150 million of associated contracts,.
Fox news & BBC 23 /2/2012

Ha!!!! so much for keeping British manufacturing British.

Instead of this government fannying around with austerity measures, they would do better to put the effort into assisting manufacturing in a big way.

Of course they prefer the austerity path, it suits their real objective, which is to simply transfer wealth from the botttom to the top in a devious and mercinary way. They think we the public are unable to see this, I think they are wrong and sooner or later the public will wake up. Too late then i'm afraid, scortched earth comes to mind.

So the filthy Tory's will get their bungs in Won instead of stirling.

Hello bobby

They care not what currency they grab. Money is their GOD and nothing else matters to them.

Austerity does work, provided it is applied fairly and equally. At the end of World War 2, Britain was exhausted and bankrupted by the war effort, and for several years afterwards there was still food rationing, an emphasis on exporting everything we made, and government restrictions upon new construction. Those who lived through the Labour government's control orders acknowledged the necessity, and really did have a feeling that everyone was in it together.

Nobody could possibly share such a feeling now, under the heel of landowners and foreign-owned Corporations. Somehow the baby has been thrown away with its bathwater.

Somehow the baby has been thrown away with its bathwater.

And as usual, the wet nurse/nanny will get, and have to carry the blame.



Unless of course, she is Norland qualified!

Mel wrote:Ha!!!! so much for keeping British manufacturing British.

Instead of this government fannying around with austerity measures, they would do better to put the effort into assisting manufacturing in a big way.

Of course they prefer the austerity path, it suits their real objective, which is to simply transfer wealth from the botttom to the top in a devious and mercinary way. They think we the public are unable to see this, I think they are wrong and sooner or later the public will wake up. Too late then i'm afraid, scortched earth comes to mind.

Hi Mel and Bobby
how can anyone not agree with both of you..here we are mucking around killing our Growth on a policy that no country has yet to show that will ever work...while we stand bye and export more jobs and possible growth to South Korea...could you see Germany, Japan..France or even Turkey doing this? as i cannot...only the Tory Party would do such a utterly stupid thing as this...God help us all

astra wrote:

Somehow the baby has been thrown away with its bathwater.

And as usual, the wet nurse/nanny will get, and have to carry the blame.



Unless of course, she is Norland qualified!

Hi astra
The whole thing is just utterly stupid....but that is the Tory party for you...yet some crazy people still think they are doing a good job...cannot show any data to back this up mind you...god help us all...

Quantitative easing is borne of absolute desperation......and is tantamount to legitimised counterfeiting/forgery. When a country resorts to QE it is the beginning of the end.

How does fabricating £50billion out of nothing to pump into a failing economy equate to being austere? The BoE latest measure - no doubt with government backing.

In one fell swoop this puts paid to any notions that austerity is working, or even exists.

This is all an excuse to race the wages of the majority down the scale so we are competitive in a global economy and the minority at the top can maintain their profits, bonuses, and lavish lifestyles. Austerity is only being forced on the poor in order to feed the greed of the rich.

1. Work expands to fill the time which is available for its completion.

2. Quantitave easing serves only to increase the price of goods which are purchased in consequence.

Well thought it was high time we had a good look at how well Gideon is doing with our economy. plus up-date after his Granny budget of 2012. you will also note i have added some data on Housing benefit that are facts from DWP. also some interesting new data on Unemployment for 2012. However, if your like me, I think you will note that Gideon's vain hopes of running the UK economy are an utter failure from top to bottom.

Q1 Do you believe he has any real hope of turning this dead economy around?
Q2 what impact have to seen yourself of an economy that has utterly failed?
Q3 total Q.E with I.M.F banking sector bail outs now stands at £350 billion, is this money well spent?
Q4 Total UK borrowing on top of banking Sector Tax payers State funding has added £159 billion? is this good?

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)
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
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 total by 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)
IMF loan is £40 billion in total for 2012 (IMF) data 2012
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

Stox 16 wrote:Well thought it was high time we had a good look at how well Gideon is doing with our economy. plus up-date after his Granny budget of 2012. you will also note i have added some data on Housing benefit that are facts from DWP. also some interesting new data on Unemployment for 2012. However, if your like me, I think you will note that Gideon's vain hopes of running the UK economy are an utter failure from top to bottom.

Q1 Do you believe he has any real hope of turning this dead economy around?
Q2 what impact have to seen yourself of an economy that has utterly failed?
Q3 total Q.E with I.M.F banking sector bail outs now stands at £350 billion, is this money well spent?
Q4 Total UK borrowing on top of banking Sector Tax payers State funding has added £159 billion? is this good?

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)
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
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 total by 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)
IMF loan is £40 billion in total for 2012 (IMF) data 2012
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

OMG readying this is so very bad. God what are they playing at? I Had no true idea how bad things have got. its taken be aback a bit. as economic is not my subject but thanks Stox xxx

Stox 16. Thanks for the above. We have no chance of improvement under this Coalition. I understand their fortune teller has proved to be a fraud, and they're desperately seeking another. I'll tell you another thing. It'll soon be cheaper to buy the UK than buy a Premier League team. Still, with their record, this government would soon be out.

Whatever your (not personal) leanings surely any other Government could do better than this shower. People of the people, who understand real life, not a make-believe world this government dream of, and live in. Deprived of their wealth these people would be lost.

Must stop and calm down.

I'm no economist. Just a simple man, but not stupid. Let's hope all simple men/women are not stupid at the next General Election. Out with them.

trevorw2539 wrote:Stox 16. Thanks for the above. We have no chance of improvement under this Coalition. I understand their fortune teller has proved to be a fraud, and they're desperately seeking another. I'll tell you another thing. It'll soon be cheaper to buy the UK than buy a Premier League team. Still, with their record, this government would soon be out.

Whatever your (not personal) leanings surely any other Government could do better than this shower. People of the people, who understand real life, not a make-believe world this government dream of, and live in. Deprived of their wealth these people would be lost.

Must stop and calm down.

I'm no economist. Just a simple man, but not stupid. Let's hope all simple men/women are not stupid at the next General Election. Out with them.

I am with you Trevor on this 100% of the way. I no very little about economic but from what both you and Stox has said. my mum and my cat could do a better job than this lot

these two fact are outrages

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

The tories have a time machine and are taking us back to victorian times and have nought to offer 'cept lashings and lashings of social inequality.

does-new-economic-data-show-that-austerity-does-not-work?

New economic data shows that Gideon Osborne has staked £10billion of our money on recovery of the Euro.

I hope no-one tells Greece, Spain and Italy that there's new money in the Pot.

What irritates me 'Chip, is the knowledge that the Good Ship UK is rudderless

We had figures out last week that 160,000 British people lost their jobs, and by some governmental munificence, 160,000 immigrants were given employment. Say what you like about me bringing this up, but it would NOT happen in Germany!

Victorian Times? Hell's Teeth we are going back longer than that!!

Please look up Dr. John Sharp, of Bamburgh Castle - 1757 - 1781.
This man on his own set up a Welfare State - feeding the poor and tending illnesses. He also started the Bamburgh Coastguard, for aiding shipping caught in the Farne Islands. Grace Darling and the Forfarshire were well after this man's time in charge.

It seems to me that the benifecence provided by Dr Sharp would be too much for the Tories to stomach!

http://www.bamburghcastle.com/history.php

oftenwrong wrote:does-new-economic-data-show-that-austerity-does-not-work?

New economic data shows that Gideon Osborne has staked £10billion of our money on recovery of the Euro.

I hope no-one tells Greece, Spain and Italy that there's new money in the Pot.

Hi Oftenwrong
I will try and explain this in an easy way that everyone can understand and without my Red hat on my head ha ha

Does Austerity work? In Short No?

Well is not a very big question on paper but a very large question to in fact answer?

Let start by removing the question of political parties for this issue as this does nothing to help. If you like we can come back to them later on?

Why does Austerity not Work?

Well if this was your own household income and spending it would work. As there are two main reasons. One you have a very good idea what your income will be each month and at years end. Two you know what you can do without or lets say cut back on. This however does not work with government at all.

Why does this not work in Government if it works at home for me?

Well once more there are very big differences which a more structural than at home. Let me try to explain why. Government has two main problems it faces each year. 1st it has no real idea what its end of year income will be at years end. As income is made up of three main areas (A) GDP from exports (B) Income Tax. ( C) government bonds or Borrowing if you like, not that this should be seen as income like it is today. However, government expenditure is paid out every month or in some cases every three months. So in short all government world wide have it run and overdraft due to there income gap and not knowing what there end of year income will be. while facing monthly expenditure at the same time.


How should Austerity work?

Well if you was running your own home and you wish to say bring down your overdraft.. you would cut your spending and in time it should met your income. All sound very easy yes? yet in government its not

So why is Austerity not working now?

The main reason is there is no real GDP or income. or should I say its far to small to cover monthly expenditure. (2) As the government cut back on its expenditure it weakens its only other real income Tax. As the end of year tax returns are smaller and added to no GDP you are left with a budget deficit. This left us with the following for 2011

Total UK Receipts £592 billion and Total UK expenditure £638 billion. Deficit of £46 billion -(Budget 2012)

So what has the government got wrong over Austerity?

The government made so very silly assumption. First it has know real policy for GDP growth nor did they believe they as the government should have one. As they made a rather silly mistake in believing that the economy is best left to run by itself. (2) that the UK national debt had to be cut fast as it was costing us far too much, yet most people in the know will tell you as long as you have around about 2.6% of GDP this
is not such a big problem. As there is in fact enough income to met you expenditure and slowly pay off your national debt at the same time. In fact they come into office with GDP at around this very mark 2.5% GDP. Yet by putting up both VAT and cut for too fast they slowed the economy down while killing of growth. (3) They also made the assumption that business would pick up the high levels of unemployment from the public sector. While over looking that business was facing a fall in its own income while facing outside pressure it had no control over. Business also fears a second banking crisis so is sitting on very large amounts of capital. Much as the banking sector, in fact far worse in the finance sector as they no longer trust each other at all. (4) inadequate tax take will lead us into new financial crisis and consequent recession all aggravated when taxes are cut later during this parliament and higher benefit payments kick in

So in short Austerity is not an economic policy by its self

So the bottom line is that Austerity is only one small tool and has to be matched with a fiscal growth policy. In other word you have to spend money to make money. This is a old saying but a very true saying even today. Something every business man and woman knows, yet this government forgot. So what we all face is more a government structural incomes problem or how we do business of paying for our services. Or put it way. Is like you cutting your own expenditure while not have either any income or not knowing what its likely to be.

So Firstly, some facts which blow apart the fallacy that the present economic crisis is the result of excessive spending leading to unsustainable debt:
 
Average annual spending and taxation were both lower as a proportion of GDP under the last 3 Labour Governments (38% and 35.4%) than under the 4 Conservative governments which preceded them (40% and 35.5%). all (ONS Data)

National debt was lower as a proportion of GDP at the start of the financial crisis in 2008 (36%) than in 1997, the last year of John Major’s Conservative government (42%).(ONS Data)

In 2010, the UK’s national debt as a proportion of GDP (52%) was the second lowest of the G7 countries (ONS Data)

SO LET ME ADD THIS. WITH MY READ HAT ON IF I MAY.

Isn’t cutting public services the only way to cut the deficit?

No – the deficit is not caused by too much government spending, but a long term shrinking of government income. Therefore, the most important thing is that the economy returns to strong growth as quickly as possible.
Maintaining public spending is therefore a necessary investment for the long-term recovery of our economy. Government income could be increased by nearly £40 billion through overhauling the tax system to make it fairer, with no negative effects for ordinary working people.
Details:

As the economy grows, tax receipts will naturally increase, so the most important thing to ensure is that the economy returns to strong growth as quickly as possible.
Maintaining public spending now is a necessary investment to ensure our economy recovers in the future. It is also important to remember that deficit is the result of a two-sided equation and therefore can also be reduced by increasing government income. And government income could be massively increased without any negative effects for ordinary working people through fairer tax.

For example:
A higher rate of income tax at 50% for incomes above £100,000 would raise £2.3bn a year.

Getting rid of the upper limit for National Insurance (currently a regressive tax), would raise £9.1bn a year.
Increasing the main rate of Corporation Tax from 28% back to 30% and the small firms rate back to 20% would raise £1.4bn.

Raising the Capital Gains Tax rate from 18% to the recipient’s highest income tax rate would raise £1bn.
Reform of inheritance tax, so that the level of taxation depends on the wealth of the recipient rather than that of the deceased, would raise £3bn by 2013.

A tax relief cap would raise £10 billion.
Creating an empty property tax would raise £5 billion.

And cracking down on tax dodging, with a general anti-avoidance principle, would raise £1 billion.

lets just end by saying that these are my ideas for getting us moving once more. i believe they can work and would not hurt us in any real way. sorry its so long but it has too be my friend

STOX 16

Wheres my Gladius. I feel a fall coming on.

Stox16. Thanks for the above. Seems quite simple to get things right, doesn't it .



by bobby Today at 9:23 am




Wheres my Gladius. I feel a fall coming on
Bobby. Cyanide is less painful

Bobby. Cyanide is less painful

Trevor, I sincerely hope you dont know this by personal experience.

My 'cure' was always - 3 bottles of Barley Wine and Half a Bottle of good Malt. Arbeg, Clynelish or some such.


Never cured the problem, but it DID make it disappear for a while!!

My head hurts thinking about it

I did try barley wine and dark rum once - - - - - just once

Two leaders of the English speaking world who have absolutely nothing in common when it comes to economics and how to handle recession, of course I am talking about Barack Obama and David Cameron.

When the world-wide financial crisis and recession hit, amongst the worst affected areas were the industrial mid-western states of Ohio and Michigan.
In the motor manufacturing state of Michigan, unemployment peaked at just over 14%, and unemployment hit double digits in Arizona, Florida, Nevada and North Carolina.

Amazingly, not only has unemployment halved in some of these states, but the recovery is speeding up, the race away from recession is accelerating.
Even in the bleakest of industrial blackspots, unemployment is now falling, the economy is moving and growing.

With inflation at just over two and a half percent, the trade deficit narrowing, annual growth estimated to be between 2.5 and 3%, these are the kind of figures that George Osborne can only dream about.

The coalitian here are waiting anxiously for the latest growth figures, to see just how close we came to tipping back into recession, dismal figures caused by a dismal economic plan from an incompetent chancelor who cannot understand that too much austerity kills growth.

Well done to Barack Obama, by following a careful and balanced economic plan, the United States is now back on track to full recovery, and as opinion polls are showing, he is on track to continue on with the good work.

witchfinder. You are absolutely correct re the difference between Barack Obama and Herr Cameron.

Barack Obama wants to cure his Country of its ills, whereas Herr Cameron doesn't give a fig for the economy or the Country, he just wants to put his ideological plans on to the statute books, never to be reversed.

I don't disagree with any of the above.

As an expert economic idiot I ask this question. Is there not a slight difference in the fact that USA seems to have a large industrial base and larger internal market than the UK. It also has companies with large overseas investments, Walmart, McDonalds, GM etc.etc.etc. ad infinitum and therefore a larger worldwide market. Accepted we have Europe, but the recession there limits our markets. Thus Camer-cons jaunt to drum up business.

I accept that Obama seems to have the right approach, and good luck to him.

As Bobby says, on the one hand we have someone who cares for the people of his nation, and one who cares only about his own clique.

Your thoughts are welcome. I'm still learning economics.

Back later.

I wonder how close we now are to hearing large numbers of the population saying : " Do you remember the good old days when Gordon Brown was Chancellor...?"

trevorw2539

A good way of describing the present situation would be to make an analogy using a credit card.

Mr Britain and Mr America both face hard times, both have the use of a credit card which they can use if necessary, but caution and common sense should prevail.

There is never a problem using a credit cart providing you can pay it back, and if your going through a rough patch, then borrowing a bit more than normal to keep your family going is a good idea, especialy if you have regular income coming in to sort it out later.

The problem for for some is quite different, Mr Greece for example used his credit card and accumulated too much credit without the income to pay it off, this is not the situation with Mr Britain who has a good and long track record of increasing debt and then paying it back.

Just like Mr America, Mr Britain has used his credit card to help the family through the rough patch and is now paying the credit card debts back, but as we all know there are different ways of paying credit cards.

Some people, like Mr Britain choose to pay the debt back as quickly as possible, even though this is not necessary and not obligatory; Others, like Mr America choose the option to pay back the debt in smaller installments, leaving his family a bit more money to play with than Mr Britain.

The international credit rating agencies do not realy care how debt is paid back just so long as there is a credible and sustainable plan to deal with it.

The fact that America has chosen to deal with its debt at a slower pace than Britain has meant that America has more money left over, and that money is been used to sustain the economy of America, helping companies, infrastructure, road building and house building, pushing down unemployment, increasing economic activity and growth.

In Britain however, because the debt is been paid off as quickly as possible, there is nothing left over to help the economy, therefore there is virtualy no economic activity and hardly any growth, its basicly a case of cutting off your nose to spite your face.

The Obama plan is basicly the same plan as formulated by Gordon Brown and Alistair Darling, and it is the same plan that Nick Clegg and Vince Cable endorsed until they changed their minds.

There is absolutely no fun for the Tories in implementing any plan which does not involve kicking the sh*t out of Joe Ordinary...