It's ok, this mornings Times front page announces how these poor fund managers will be helped by the post brexit benefits.
Highlights include....
remove environmental protections
lowering data protections rights (even further)
increase nimbiysm
roll back restrictions on the financial sector brought in after 2008
Although it’s an opinion piece in a traditionally anti Tory paper, will Hutton has hit the nail on the head here. The govt are fundamentally incompetent in a way that is deeply damaging to the country and it’s people.
https://www.theguardian.com/commentisfree/2022/may/08/the-economy-is-collapsing-yet-i-cant-recall-a-government-so-devoid-of-a-plan?CMP=Share_iOSApp_Other
I’d love to see more comparisons with similar European countries to what is going on in the U.K. from the press and broadcasters.
Well, one (rich) man's red-tape is another (poor) man's protection.
But that's what 'we' voted for...
roll back restrictions on the financial sector brought in after 2008
Yep Rees-Mogg is very keen on this to release money from the financial sector,sounds all the makings of another financial crash with no recriminations for the bankers.
Reality must prevail about where economic opportunity lies. Modern economies are densely interrelated, with supply chains that cross borders. Britain has too few corporate “primes” that lead their sector, but it does have lots of medium-size companies whose business is being part of a wider supply chain.
Presumably you’d be happy to sit on a panel opposite Posen and debate this?
The BoE on economic outlook?
Yep I would debate him.
Every half decent economist can support post-pandemic supply chain issues.
Brexit is a factor but not 80%.
And they knew Brexit was coming so why not have something in place before then?
Why did they wait so late? Why are they adjusting interest rates to solve a supply chain issue?
It's crud.
,
so Brexit is behind much of the UK’s enhanced supply chain problems.
No way you can extrapolate a percentage of 80% from that with all the other things going off.
Behind European supply chains will be Asian supply chains etc.
Tosh.
^^^
Spoken like a true Brexiteer.
👍
^^^
Spoken like a true Brexiteer.
👍
That's just ridiculous.
I'm a remainer.
Take it up with pro-EU economists Richard Murphy, James Meadway, Danny Blanchflower, Mark Blyth etc.
Just not ex-central bankers - idiots.
Brexit is a factor just not 80%.
Why is UK inflation higher than Germany's despite the latter's much publicised dependence on Russian gas?
To work out the impact of Brexit a reasonable formula might be to take German inflation, knock off a couple of percent and note the difference. Under this rationale you get to something like 40-60% due to Brexit. And don't forget that this compounds. German inflation will level off sooner as it is a one-off shock that can be mitigated to an admittedly higher price, but it will roughly stay there. Constant drag on flows of goods through ports will continue to dog the UK economy for long after.
Good luck with that debate, though. 😅
To work out the impact of Brexit a reasonable formula might be to take German inflation, knock off a couple of percent and note the difference. Under this rationale you get to something like 40-60% due to Brexit
You think you can just knock off a couple of percent and model a complex economic metric with overlapping circumstances.
Don’t mention Brexit! Supply side inflation is all “international”, and nothing to do with goods no longer being traded, or increased costs (including delays) on those still traded. Same goes for reduction in choice and availability. Nothing to do with segmenting our market into its own little special zone.
Anyway, looks like the Met are issuing more fixed penalties today, this time for a Christmas Party in 2020. I’d post a link to a story… but they all seem to have managed to get “Kier Starmer” into their headlines/sub, even though I strongly suspect he wasn’t invited.
^^^
Not really, but your argument is the same as the government's about covid death rates.
We are doing shit, compared to countries A-X, but we can't compare ourselves to A because blah blah.....and we can't compare ourselves to X because blah blah blah.
Which leaves us with Y and Z, who we are doing better than, so job jobbed.
What is the obvious, totally avoidable and unnecessary drag on our economy that distinguishes us from the rest of Europe, I wonder...
Also Germany's current inflation rate is around 7.3%? UK was 7% to March.
The Eurozone like with the pandemic is going to ebb and flow with inflation.
However the ECB is not hiking interest rates like BoE currently.
So your original point is not holding true.
Don’t mention Brexit! Supply side inflation is all “international”, and nothing to do with goods no longer being traded, or increased costs (including delays) on those still traded.
No one said that. Of course Brexit is involved. Just not 80%
But we went through a Pandemic yes.
Maybe you can tell me why Germany's inflation rate is currently on a peg with the UK then?
That's his original point.
The lack of evidence to support the point of 80% of UK inflation being attributed to Brexit is baffling.
I think your both right… it’s a complex model but the gov will use this as a smokescreen to hide the lack of having a plan.
(Although I think the plan was to let the market sort itself, so tough luck if Brexit impacted your business, and could you quietly go out of business so people don’t notice).
And on another prime example of out of touch, joined up government thinking:
BBC News - Final year medical students 'can't afford to pay rent'
https://www.bbc.co.uk/news/uk-england-61302377
Why, then, is Germany’s inflation (despite their dependence on Russian gas) around 2-3% lower than the UK?
It's not.
Germany 7.3% UK 7%. To March.
Obviously all lagging.
Take the position that Brexit is bad and clearly a mess but we operate in a global economy that was shut down for the best part of 18months on and off.
Meanwhile the very clever and correct Adam Posen says 80% of UK inflation can be attributed to Brexit.
That this impacts predominantly on the drooling imbeciles who voted for it in the first place, I'm not hugely sympathetic.
The BoE and it's crew are equally culpable in wrecking our finances by stinging the lowest earners to solve an inflationary problem casues by other forces.
It's funny that their mandate was 2% inflation but they didn't really have a clue how to keep it there.
They talk shit.
Without political consent from no10/11, what do you think the BofE can do? Monetary policy levers can’t fix supply side issues, whether global or self imposed.
Without political consent from no10/11, what do you think the BofE can do? Monitory levers can’t fix supply side issues, whether global or self imposed.
Agreed.
But then maybe they can stop pretending they can?
"We set monetary policy to achieve the Government’s target of keeping inflation at 2%. Our Monetary Policy CommitteeOpens in a new window (MPC) decides what policy action we should take to reach that target"
I'm thinking that Posen is a bit of a bogeyman for the Corbynite left as he also openly drew conclusions about the racial element of the Leave vote, especially in the 'Red Wall'.
🙂
And they knew Brexit was coming so why not have something in place before then?
Andy Haldane agrees with you this morning...
The finance expert, who left the Bank of England in June 2021, said he wished more had been done sooner to ease the cost of living crisis, and said he had advocated for action last year.
Asked by Nick if inflation could hit 10% or higher by the end of 2022, he said: "I think it could. I fear it might.
"This isn't a new thing, even this time last year... I was worried that price pressures were bubbling up. As it's turned out things have even surpassed my worst expectations.
...
He called for action in June, as Nick asked why the Bank of England had been "tardy" in taking steps to reduce inflation.
...
"Do I wish we'd done a little bit more a little bit sooner to tighten things up so there wasn't quite as much money chasing quite as many goods, which of course is what brings about rises in inflation in the first place? Yes, I do wish there had been slightly more prompt action."
I still think it's all hot air though. The BofE can't do much to mitigate the damage, because they are due to political, practical and legal barriers, not issues of money supply or industrial or consumer demand. Squeezing the public and/or companies isn't going to free up the restraints or reduce the costs placed on businesses.
Scrapping "red tape" tends to make me irrationally angry. It's not "red tape", it's our consumer protections; our environment; our employment rights; and even our human rights in this case.
The EU didn't put any regulations in place to deliberately stifle trade or growth within the bloc, and I really wish the opposition could make it clear that these changes are not about scrapping red tape, but in fact scrapping hard-won rights of the British public that were enshrined in law until this week.
****ing Brexiteers.
Although the addition of "Patels Law" for protesters seems to be the particular lowlight in the headlines, I'd like to see a list if scrapped EU regs to see what's being removed, anyone find a convenient and easy to understand list?
I really wish the opposition could make it clear that these changes are not about scrapping red tape, but in fact scrapping hard-won rights of the British public that were enshrined in law until this week.
The Great British Public have been indoctrinated over years and years of media coverage to be of the opinion that Health & Safety is a all a waste of time and effort, that "red tape" is all bureaucratic nonsense.
Once again, the public voted for this shit. In this case it is very much turkeys voting for Christmas and I doubt the penny will drop even when half of them are fired with no comebacks or have their wages and working conditions slashed or are moved onto zero-hours contracts.
To be fair, politics has always been about making what you want to do sound like the sensible option. So, yes, if you want to reduce people’s rights you call it cutting red tape.
We had years of governments of all flavours talking about increasing efficiency in the NHS, which sounded great. Then a pandemic hit and we realised that increasing efficiency is just another phrase for removing spare capacity, which is actually quite useful in a health service.
I would be applauding those last 2 posts if I had enough financial backing for my immediate family covering the next 20+yrs. As it is I just nod in agreement and worry like f–k about the future
We're fine, and the kids are all pretty sorted too - but the Tories & their backers are out to remove ALL safety nets (inc. the NHS), and that's a worry for pretty much all of us, even the Professional 'classes'.
Isn't the main part of the queens speech about removing the 'restrictions' placed on the financial services industry after the banking crash?
Along with the freeports stuff, it's just part of the push to turn us into a tax haven for dodgy offshore finance with a sweatshop attached. This was always the plan once out of the EU and it seems they've learnt absolutely nothing from their decades spent enabling Putin and his cronies by laundering their blood-soaked money for them. Not a very stable basis for a national economy, but extremely lucrative for a select few at the top
https://twitter.com/marryhar/status/1523915711139262465?t=KGNvNdbWsWuUKw6iMq-2MA&s=08
Scarecrow festival Norfolk.
Scarecrow or real thing? Can’t tell the difference!
The scarecrow probably has more compassion and empathy, a higher IQ but less inclination to write a racist column in a right wing newspaper and then try and shag anything with a pulse
My Gob, it doesn't cease to amaze me how people can be so insecure and needy of reassurance that they come on here with a little willy wave to tell us how much more they are earning than a garage, how they're so well set up, how smooth life is for them.
If it were true, they wouldn't doing it. But hey, I guess on a normal curve of distribution someone has to be nasty, brutish and short.
I enjoyed the ceremony today, where the future king was sat in his gilded palace with hundreds there to serve him and parliamentarians, to then centre the bills around easing the cost of living and improving the economy 😂
It does make me laugh that politicians are usually told to dress normal, nothing fancy or flash, no expensive watches on show, etc, then we still get this type of ceremony, as is tradition i guess.
how much more they are earning than a garage
Autocorrect delivering again. If you're earning more than a garage, then you clearly have shedloads!
I see that Liz Truss is also on about amending or scrapping the Northern Ireland protocol, good to see that the tories are showing that if the DUP have a tantrum then they'll back them over the majority decisions in NI, i'm sure this'll do wonders for the continued peace over there.
In fairness the DUP did funnel a decent amount of money to the brexit campaign using the special laws designed to keep donors safe from terrorists so deserve some reward for their stupidity/shortsightedness.
didn't want to start a new thread but WTF is Gove doing on BBC Breakfast? He's even doing Harry Enfield type impressions!
didn’t want to start a new thread but WTF is Gove doing on BBC Breakfast?
Came here to ask this very question. He seems somewhat 'animated'.
https://twitter.com/JimMFelton/status/1524300250130882560
Meanwhile, in Suffolk:
🙂
good to see that the tories are showing that if the DUP have a tantrum then they’ll back them over the majority decisions in NI, i’m sure this’ll do wonders for the continued peace over there.
The only hope is that good old Boris does what he always does. Gives them a load of old flannel and then sells them down the river.
They're not a bright bunch, are they? They're like a particularly needy dog that gets repeatedly kicked but keeps coming back for more because he doesn't know what else to do. And after the elections they're even less relevant to him than ever. One day the penny will finally drop that the Tory party in Westminster doesn't give a flying **** about them.
Useful idiots
Another Tory - Lee Anderson - with his finger on the pulse. Apparently there isn't any actual need for food banks in this country. The reason people are struggling as they can't budget and they can't cook properly. He thinks you could survive on 30p a day for food
Last year Lee Anderson claimed £215,000 in expenses
https://twitter.com/PoliticsJOE_UK/status/1524394648831156224?s=20&t=ZHXzTy6W2uq3f8i8pefT0w
UsefulUseless idiots
LMFTFY
How much of those expenses is for food? I'm guessing that amount will cover salaries for staff? If it is just for food then absolutely agree he has no idea about costs for food and living...
Not work safe
