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The revised data comes after a series of disappointing figures including inflation rising at its fastest pace for eight months and the economy unexpectedly shrinking in October.
One of the UK's leading business groups, the CBI, said its latest company survey suggested "the economy is headed for the worst of all worlds".
https://www.bbc.co.uk/news/articles/c78631e4gygo
Didn't take them long, no covid, no Brexit, just plain old waste it as quick as we can on public sector pay rises.Quote:
Originally Posted by Wales-Bales
One thing that is definitely in a recession is the number of people posting on here when there is bad data nowadays.
Pretty certain this kind of news got lots of commentary a few months ago!
This country is becoming poor as they take the ambition away from those who want betterQuote:
Originally Posted by JamesWales
It's all part of the plan.Quote:
Originally Posted by goats
handing over the baton from Sunak to Starmer have just speeded up the processQuote:
Originally Posted by Wales-Bales
what a shower from the 'Uniparty'
Those ITK know :thumbup:Quote:
Originally Posted by MOZZER2
So you’re saying that a budget in October caused flatlining growth in July, August and September.
Dull as dishwater mun.
LolQuote:
Originally Posted by ninian opinian
Also the cbi cite 'tepid demand' as a key factor as if that is a surprise. Id like to circle us back to the 'the median worker is completely ****ing broke in the uk' data that I have posted a few times now. It's almost like big companies don't realise that if a shit load of the workforce earn near minimum wage (which is less than it costs to lead a decent life) then nobody will have any money to spend.
Do you get tired of just posting the same boring baity shit in every thread and then scuttling off when challenged? I'd say the vast majority on here are pretty critical of this government but you are so tied up in who sits in which political box to actually notice it.Quote:
Originally Posted by JamesWales
I thought it was a moderately humorous and pretty accurate play on the word recession actually Eric. Seemed like it touched a nerve, so maybe there is some truth in it?Quote:
Originally Posted by Eric Cartman
Also I replied, so consider me a very poor scuttler!
There are of course a multitude of reasons for these things. Anyone who lays it all at the governments door is wrong and anyone who things the previous government would be delivering better growth may well be wrong too, as we were actually in a recession -albeit very mild - not so long ago. There's also numerous countries with quarterly falls in GDP so lots going on.Quote:
Originally Posted by ninian opinian
But, I do think the current govt lost a lot of goodwill early and nipped in the bud any hope of an optimistic bounce esp in respect of how they talked up the harshness of the coming budget. They probably realise that themselves.
No one likes spin but confidence is a difficult feeling to pinpoint and they removed most of it shortly after coming to power - they will say they had to of course given what they inherited.
I hope it's fixing the roof whilst the sunshines but the problem is the sun isn't shining much
No petrol or diesel cars being made from 2030, just five years, that’s the funniest one yet…..because electric are just so affordable and useable in the uk at the moment
Applying Occam's razor, if it looks like an attempt to destroy the middle class then that is exactly what they are trying to do.
Aren’t they the ones that keep the country going?Quote:
Originally Posted by Wales-Bales
effectively known as stakeholder capitalismQuote:
Originally Posted by Wales-Bales
Wasn't that a Ballon d-Or winning conspiracy theory?Quote:
Originally Posted by MOZZER2
Borrowing costs highest since 2008 and higher than after Truss' budget.
That "crashed the economy" apparently so I'm not sure what this counts as?
What's worse than a crash?
I'm starting to get a bit worried about things like unemployment ticking up. Spoke to a couple of people recently who have talked about lay offs at places and I haven't heard that for some time.
The differences are summarised quite well here:Quote:
Originally Posted by JamesWales
https://news.sky.com/story/plenty-of...oment-13285470
Of course it isn't, due to the sudden nature of that crisis. But it was still labelled as "crashing the economy" due not to the panic bit due to rising govt debt costs..which are now greater than they were.Quote:
Originally Posted by Eric Cartman
It explains why it's different.Quote:
Originally Posted by JamesWales
Yeah, under Truss we did the equivalent of conceding 2 goals in 2 minutes, before pulling one back. It was a massive error, a total misjudgment and a dangerous time. She rightly ultimately lost her job.Quote:
Originally Posted by Eric Cartman
It didn't crash the economy though. Maybe it came close and would have without intervention, but it didn't crash it.
It now seems we've conceded three goals over the course of 60 minutes, and it's not clear we've even pulled one back.
My point is, the impact is less instantaneous (thankfully!) but if Truss "crashed the economy" then isn't Reeves doing even worse?
I think debt costs have risen in many countries during the latest increase - whereas Truss crashing the economy was very much a UK only effect.Quote:
Originally Posted by JamesWales
The government will need to do something to increase growth however, which remains stubbornly absent.
I was watching chinese TV the other day and they were announcing a range of initiatives to reignite their growth post-covid - we are probably going to need something similar - major infrastructure development
Good luck with that, we can’t even build a 100 mile railway line between our 2 biggest cities.Quote:
Originally Posted by Rjk
We are likely to be borrowing to pay for things that don't generate growth, that is primarily why we are seen as a poor bet and that is where the similarity between truss/kwarteng and Starmer/reeves begins and ends. I have long been calling for labour to shut up about Liz Truss because it lets the preceding 10 or so years off the hook.Quote:
Originally Posted by JamesWales
I don't claim to be able to put all the jigsaw pieces together but in 2010 and 2015 we were continually told a) labour didn't 'fix the roof while the sun was shining' and b) the government would clear the deficit and start paying down debt. B didn't happen for a variety of reasons and basically the Tories have done exactly what they accused labour of doing in (a). Then COVID hit and the national debt ballooned out of control. If you look back over the last few years I have been saying how ****ed we are, personally (through priority bills rising, stagnant wages and ridiculous housing costs) and quite often you have been saying that's too negative. The time for radical policies was ages ago, labour are now in a position where anything they do won't fix it and they seem to just be managing the inevitable decline. The reality is the British public have been living on hot air for years.
Labour will go one of two ways, try and spend their way out of it (which possibly can work if the money goes to things that create impetus) or cut. My feeling of Reeves has always been that she will opt for the tried, tested and failed option of austerity (probably through the backdoor).