Labour's Legacy to us all .....
23 July 2010, 09:50 PM
#1
Scooby Regular
Thread Starter
Labour's Legacy to us all .....
The UK economy grew by a faster-than-expected 1.1% in the second quarter of the year, according to official data.
The figure - a preliminary estimate from the Office for National Statistics (ONS) - was almost double the 0.6% growth rate expected by economists.
It was the fastest quarterly expansion since 2006, and marked a sharp pick-up in pace from the 0.3% growth of the first three months of the year.
Much of the growth came from the key services sector.
Within the services sector, which accounts for about three-quarters of the UK economy, business and finance posted its strongest rise in almost three years, rising by 1.3% over the quarter
Seems that Labour got it absolutely right!
Get ready for things to get worse now that the Tories are at the healm!
The figure - a preliminary estimate from the Office for National Statistics (ONS) - was almost double the 0.6% growth rate expected by economists.
It was the fastest quarterly expansion since 2006, and marked a sharp pick-up in pace from the 0.3% growth of the first three months of the year.
Much of the growth came from the key services sector.
Within the services sector, which accounts for about three-quarters of the UK economy, business and finance posted its strongest rise in almost three years, rising by 1.3% over the quarter
Seems that Labour got it absolutely right!
Get ready for things to get worse now that the Tories are at the healm!
24 July 2010, 01:14 AM
#4
Scooby Regular
Join Date: Sep 2003
Location: Langley, Berkshire
Posts: 187
Likes: 0
Received 0 Likes
on
0 Posts
Strange then that they could not achieve this before the General election...
Or, was it that the country was brimming with confidence, once it became obvious that we were going to end up with a new government.
Or, was it that the country was brimming with confidence, once it became obvious that we were going to end up with a new government.
24 July 2010, 09:09 AM
#5
Scooby Regular
Join Date: Aug 2002
Posts: 39,877
Likes: 0
Received 0 Likes
on
0 Posts
The only way for the economy from where NL left it was up, it was about as far down as it could go before we joined Greece.
Now that we have a Conservative government the increased confidence from the rest of the world is beginning to show results.
Les
Now that we have a Conservative government the increased confidence from the rest of the world is beginning to show results.
Les
Trending Topics
24 July 2010, 12:15 PM
#11
Scooby Regular
Join Date: Aug 2003
Location: Sheffield; Rome of the North
Posts: 17,582
Likes: 0
Received 0 Likes
on
0 Posts
The UK economy grew by a faster-than-expected 1.1% in the second quarter of the year, according to official data.
The figure - a preliminary estimate from the Office for National Statistics (ONS) - was almost double the 0.6% growth rate expected by economists.
It was the fastest quarterly expansion since 2006, and marked a sharp pick-up in pace from the 0.3% growth of the first three months of the year.
Much of the growth came from the key services sector.
Within the services sector, which accounts for about three-quarters of the UK economy, business and finance posted its strongest rise in almost three years, rising by 1.3% over the quarter
Seems that Labour got it absolutely right!
Get ready for things to get worse now that the Tories are at the healm!
The figure - a preliminary estimate from the Office for National Statistics (ONS) - was almost double the 0.6% growth rate expected by economists.
It was the fastest quarterly expansion since 2006, and marked a sharp pick-up in pace from the 0.3% growth of the first three months of the year.
Much of the growth came from the key services sector.
Within the services sector, which accounts for about three-quarters of the UK economy, business and finance posted its strongest rise in almost three years, rising by 1.3% over the quarter
Seems that Labour got it absolutely right!
Get ready for things to get worse now that the Tories are at the healm!
25 July 2010, 05:56 PM
#16
Scooby Regular
iTrader: (9)
Join Date: Mar 2004
Location: .
Posts: 20,035
Likes: 0
Received 0 Likes
on
0 Posts
We haven't got a Conservative government, we have a coalition government and I doubt the city places too much confidence in that.
The 1.1% is a blip and we will not see growth again like that this year.
Will that be down to the Conservatives or as it's bad news will that be Labour's fault again?
No party really has a clue and we will all ultimnately suffer no matter what direction they take as they really have no idea what to do.
25 July 2010, 07:33 PM
#18
Scooby Regular
posters attitude to DEBT/borrowing shows such a massive lack of understanding of how the world/finance/economy works no wonder 99% of them whirl in a ball of confusion
Last edited by hodgy0_2; 25 July 2010 at 07:34 PM.
25 July 2010, 07:45 PM
#19
Scooby Regular
LOL, that is almost as mad thinking in the oppposite direction as Pete's original post.
We haven't got a Conservative government, we have a coalition government and I doubt the city places too much confidence in that.
The 1.1% is a blip and we will not see growth again like that this year.
Will that be down to the Conservatives or as it's bad news will that be Labour's fault again?
No party really has a clue and we will all ultimnately suffer no matter what direction they take as they really have no idea what to do.
We haven't got a Conservative government, we have a coalition government and I doubt the city places too much confidence in that.
The 1.1% is a blip and we will not see growth again like that this year.
Will that be down to the Conservatives or as it's bad news will that be Labour's fault again?
No party really has a clue and we will all ultimnately suffer no matter what direction they take as they really have no idea what to do.
25 July 2010, 09:28 PM
#20
Scooby Regular
Join Date: Aug 2003
Location: Epsom
Posts: 5,832
Likes: 0
Received 0 Likes
on
0 Posts
26 July 2010, 02:27 AM
#21
Seems to be the in word at the mo 'Debt'
When Labour took over (leaking school roofs, hospital wards closed etc etc) they inherited a 1T deficit
13 years later after improving education (my mrs is a lecturer) and the hospitals (she worked in one whilst gaining degree) the banks went under and the gov bailed them out, which what looked like due to media but probably not so and then the ConDems came in with a deficit of 1.5T and thats with the county in recession and bailing out banks
the country went through fantastic period in 2002-2006, house prices especially, lots and lots of work despite more people living in the country (which Im not the happiest about TBH)
The country has a AAA financial rating which is as good as it can get
its all media hype
the world is in recession mainly down to US banks
I believe the country is in better hands under a labour gov
the cons are hoity toity lardy dahs who are not in your average jo's world
thats you and me
the head teacher earning 270k or whatever, he earned 100k for his main job and the rest outside that, that is up to him and those that pay him, just like footballers and those who pay them
have an opinion by all means but do not repeat words printed in the media (I used to work for a national newspaper!)
The worst thing about the country in my eyes is Respect for others
it does not exist and this is the main thing the country needs as a starter
When Labour took over (leaking school roofs, hospital wards closed etc etc) they inherited a 1T deficit
13 years later after improving education (my mrs is a lecturer) and the hospitals (she worked in one whilst gaining degree) the banks went under and the gov bailed them out, which what looked like due to media but probably not so and then the ConDems came in with a deficit of 1.5T and thats with the county in recession and bailing out banks
the country went through fantastic period in 2002-2006, house prices especially, lots and lots of work despite more people living in the country (which Im not the happiest about TBH)
The country has a AAA financial rating which is as good as it can get
its all media hype
the world is in recession mainly down to US banks
I believe the country is in better hands under a labour gov
the cons are hoity toity lardy dahs who are not in your average jo's world
thats you and me
the head teacher earning 270k or whatever, he earned 100k for his main job and the rest outside that, that is up to him and those that pay him, just like footballers and those who pay them
have an opinion by all means but do not repeat words printed in the media (I used to work for a national newspaper!)
The worst thing about the country in my eyes is Respect for others
it does not exist and this is the main thing the country needs as a starter
Last edited by LeeMac; 26 July 2010 at 02:36 AM.
26 July 2010, 09:30 AM
#22
Scooby Regular
Seems to be the in word at the mo 'Debt'
When Labour took over (leaking school roofs, hospital wards closed etc etc) they inherited a 1T deficit
13 years later after improving education (my mrs is a lecturer) and the hospitals (she worked in one whilst gaining degree) the banks went under and the gov bailed them out, which what looked like due to media but probably not so and then the ConDems came in with a deficit of 1.5T and thats with the county in recession and bailing out banks
the country went through fantastic period in 2002-2006, house prices especially, lots and lots of work despite more people living in the country (which Im not the happiest about TBH)
The country has a AAA financial rating which is as good as it can get
its all media hype
the world is in recession mainly down to US banks
I believe the country is in better hands under a labour gov
the cons are hoity toity lardy dahs who are not in your average jo's world
thats you and me
the head teacher earning 270k or whatever, he earned 100k for his main job and the rest outside that, that is up to him and those that pay him, just like footballers and those who pay them
have an opinion by all means but do not repeat words printed in the media (I used to work for a national newspaper!)
The worst thing about the country in my eyes is Respect for others
it does not exist and this is the main thing the country needs as a starter
When Labour took over (leaking school roofs, hospital wards closed etc etc) they inherited a 1T deficit
13 years later after improving education (my mrs is a lecturer) and the hospitals (she worked in one whilst gaining degree) the banks went under and the gov bailed them out, which what looked like due to media but probably not so and then the ConDems came in with a deficit of 1.5T and thats with the county in recession and bailing out banks
the country went through fantastic period in 2002-2006, house prices especially, lots and lots of work despite more people living in the country (which Im not the happiest about TBH)
The country has a AAA financial rating which is as good as it can get
its all media hype
the world is in recession mainly down to US banks
I believe the country is in better hands under a labour gov
the cons are hoity toity lardy dahs who are not in your average jo's world
thats you and me
the head teacher earning 270k or whatever, he earned 100k for his main job and the rest outside that, that is up to him and those that pay him, just like footballers and those who pay them
have an opinion by all means but do not repeat words printed in the media (I used to work for a national newspaper!)
The worst thing about the country in my eyes is Respect for others
it does not exist and this is the main thing the country needs as a starter
That 'fantastic period' you talked about wasn't real. People suddenly started speculating with houses because of terrible government monetary policies and lending standards. The worst thing is that people actually want that to come back... thinking it was a good thing. Who knows though, house prices might stay the same or rise over the next few years, but I think only in nominal terms, so nothings really rising, but of course the value of our money is falling. So anyone that's responsible, does the right thing and saves their wealth sees it pissed up the wall by people thinking spending is the key to growth.
Also, the AAA ratings: well there was a large proportion of sub-prime mortgages rated at the highest rating, so what do they know.
Bailing out the banks was the worst thing Labour could have done. It looks good now because we've had some temporary superficial GDP growth, but really under the surface they've done more bad than good.
Last edited by GlesgaKiss; 26 July 2010 at 09:32 AM.
26 July 2010, 09:54 AM
#23
Scooby Regular
Join Date: Aug 2002
Posts: 39,877
Likes: 0
Received 0 Likes
on
0 Posts
LOL, that is almost as mad thinking in the oppposite direction as Pete's original post.
We haven't got a Conservative government, we have a coalition government and I doubt the city places too much confidence in that.
The 1.1% is a blip and we will not see growth again like that this year.
Will that be down to the Conservatives or as it's bad news will that be Labour's fault again?
No party really has a clue and we will all ultimnately suffer no matter what direction they take as they really have no idea what to do.
We haven't got a Conservative government, we have a coalition government and I doubt the city places too much confidence in that.
The 1.1% is a blip and we will not see growth again like that this year.
Will that be down to the Conservatives or as it's bad news will that be Labour's fault again?
No party really has a clue and we will all ultimnately suffer no matter what direction they take as they really have no idea what to do.
I suppose it would have been more accurate not to say a Conservative government so much as NL not being our governing party now-thank goodness!
At least the ruling parties are taking positive action to reduce the borrowing which we desperately need to do instead of pissing the cash against the wall!
Les
26 July 2010, 02:43 PM
#27
Scooby Regular
iTrader: (9)
Join Date: Mar 2004
Location: .
Posts: 20,035
Likes: 0
Received 0 Likes
on
0 Posts
Well seeing as you asked there are many things we could do that go a lot further than what is being done now.
There are 2 major ways to help the economy right now - reduce spending and stimulate economic productivity.
On the first point and just as a for instance how about we -
- cancel all foreign aid and pull our tropps out of Afghanisatn and Iraq - money that if we had it (and we don't) we could be spending at home.
- drastically cut the benefits system and I mean drastically to the bear minumum
- all those who are able bodied and haven't had a job for 3 months or more can do work in the comunity - earn their benefit. No work, no pay.
- cut child benefit altogether - if you can't afford one don't have one.
On the second point we could -
- incentivise business start ups by leaning on the banks we now partly own, giving tax benefits for new businesses, guaranteed loan rates etc. etc.
- make it attractive for manufacturing companies to set up here again, cheap land, removal of red tape, fix minimum wage for next 10 years and give guaranteed wage structures (surely people would rather work than not even if they don't go on strike every year for a 10% pay rise) etc etc.
- charge different rates of VAT for goods made in the UK to those made outside
- spend what money we do have on sensible housing, NHS and education system projects overseen by business focused cost conscious companies ensuring that the best value for money is obtained and jobs created as a result
- do away with any form of grants or loans for students wanting to study non essential subjects such as theology or the hstory of art and ply money and effort into making courses on relevant subjects the world's best.
- get people from successful UK businesses into government circles to act as advisors to the treasury and other governement departments on how to go out to the people and stimulate business and industrial growth etc.
There is a lot more we could be doing as a country and a lot of it is very painful, but if we are to come out of this stronger and better then the pain is needed.
There are 2 major ways to help the economy right now - reduce spending and stimulate economic productivity.
On the first point and just as a for instance how about we -
- cancel all foreign aid and pull our tropps out of Afghanisatn and Iraq - money that if we had it (and we don't) we could be spending at home.
- drastically cut the benefits system and I mean drastically to the bear minumum
- all those who are able bodied and haven't had a job for 3 months or more can do work in the comunity - earn their benefit. No work, no pay.
- cut child benefit altogether - if you can't afford one don't have one.
On the second point we could -
- incentivise business start ups by leaning on the banks we now partly own, giving tax benefits for new businesses, guaranteed loan rates etc. etc.
- make it attractive for manufacturing companies to set up here again, cheap land, removal of red tape, fix minimum wage for next 10 years and give guaranteed wage structures (surely people would rather work than not even if they don't go on strike every year for a 10% pay rise) etc etc.
- charge different rates of VAT for goods made in the UK to those made outside
- spend what money we do have on sensible housing, NHS and education system projects overseen by business focused cost conscious companies ensuring that the best value for money is obtained and jobs created as a result
- do away with any form of grants or loans for students wanting to study non essential subjects such as theology or the hstory of art and ply money and effort into making courses on relevant subjects the world's best.
- get people from successful UK businesses into government circles to act as advisors to the treasury and other governement departments on how to go out to the people and stimulate business and industrial growth etc.
There is a lot more we could be doing as a country and a lot of it is very painful, but if we are to come out of this stronger and better then the pain is needed.
26 July 2010, 05:55 PM
#29
Scooby Regular
Join Date: Feb 2005
Posts: 634
Likes: 0
Received 0 Likes
on
0 Posts
Well seeing as you asked there are many things we could do that go a lot further than what is being done now.
There are 2 major ways to help the economy right now - reduce spending and stimulate economic productivity.
On the first point and just as a for instance how about we -
- cancel all foreign aid and pull our tropps out of Afghanisatn and Iraq - money that if we had it (and we don't) we could be spending at home.
- drastically cut the benefits system and I mean drastically to the bear minumum
- all those who are able bodied and haven't had a job for 3 months or more can do work in the comunity - earn their benefit. No work, no pay.
- cut child benefit altogether - if you can't afford one don't have one.
On the second point we could -
- incentivise business start ups by leaning on the banks we now partly own, giving tax benefits for new businesses, guaranteed loan rates etc. etc.
- make it attractive for manufacturing companies to set up here again, cheap land, removal of red tape, fix minimum wage for next 10 years and give guaranteed wage structures (surely people would rather work than not even if they don't go on strike every year for a 10% pay rise) etc etc.
- charge different rates of VAT for goods made in the UK to those made outside
- spend what money we do have on sensible housing, NHS and education system projects overseen by business focused cost conscious companies ensuring that the best value for money is obtained and jobs created as a result
- do away with any form of grants or loans for students wanting to study non essential subjects such as theology or the hstory of art and ply money and effort into making courses on relevant subjects the world's best.
- get people from successful UK businesses into government circles to act as advisors to the treasury and other governement departments on how to go out to the people and stimulate business and industrial growth etc.
There is a lot more we could be doing as a country and a lot of it is very painful, but if we are to come out of this stronger and better then the pain is needed.
There are 2 major ways to help the economy right now - reduce spending and stimulate economic productivity.
On the first point and just as a for instance how about we -
- cancel all foreign aid and pull our tropps out of Afghanisatn and Iraq - money that if we had it (and we don't) we could be spending at home.
- drastically cut the benefits system and I mean drastically to the bear minumum
- all those who are able bodied and haven't had a job for 3 months or more can do work in the comunity - earn their benefit. No work, no pay.
- cut child benefit altogether - if you can't afford one don't have one.
On the second point we could -
- incentivise business start ups by leaning on the banks we now partly own, giving tax benefits for new businesses, guaranteed loan rates etc. etc.
- make it attractive for manufacturing companies to set up here again, cheap land, removal of red tape, fix minimum wage for next 10 years and give guaranteed wage structures (surely people would rather work than not even if they don't go on strike every year for a 10% pay rise) etc etc.
- charge different rates of VAT for goods made in the UK to those made outside
- spend what money we do have on sensible housing, NHS and education system projects overseen by business focused cost conscious companies ensuring that the best value for money is obtained and jobs created as a result
- do away with any form of grants or loans for students wanting to study non essential subjects such as theology or the hstory of art and ply money and effort into making courses on relevant subjects the world's best.
- get people from successful UK businesses into government circles to act as advisors to the treasury and other governement departments on how to go out to the people and stimulate business and industrial growth etc.
There is a lot more we could be doing as a country and a lot of it is very painful, but if we are to come out of this stronger and better then the pain is needed.
You got my vote!!
28 July 2010, 05:30 PM
#30
Scooby Regular
Join Date: Aug 2002
Posts: 39,877
Likes: 0
Received 0 Likes
on
0 Posts
If that ever did happen, I doubt you would be too happy about it.
Les