IMF Warning!

[papasmurf]

£395 billion a year in exports (2020 a covid year)  would suggest otherwise

Check how much was actually made in Britain compared to how much was assembled in Britain and how much was just services.

[papasmurf]

Absolute rubbish, there are literally thousands of OEM's in the U.K. Yet another throwaway comment with no substance.

Not rubbish at all, Britain does a lot of assembling but manufacturing has been in decline for decades. It was declining since the 1960s and the decline accelerated rapidly after Thatcher turned Britain away from manufacture to services.


More at link:-

https://www.investmentmonitor.ai/manufacturing/who-killed-british-manufacturing

24 November, 2020updated 12 Aug 2022 10:31


Reports of the death of British manufacturing may have been greatly exaggerated, but obituaries written about the sector have been commonplace over the past 50 years as the UK has moved through various eras. Having adjusted to survive union-led strikes in the 1970s, =EEC Holdings, Inc."]EEC and then EU membership, the political leaderships of Margaret Thatcher and Tony Blair, advancements in tech, and competition from cheaper labour in developing countries, the 2016 vote to leave the EU raised the question whether the sector has another adaptation left in it. For some, UK manufacturing has been in decline for some time, and is now less about making things and more about integrating supply chains.

[B0ycey]

Strange that the IMF didnt get all twitchy or the EU start sulking from 89- 2010 when the top rate was 40% .  I reckon someones getting frightened the UK will be too competitive for them

The whole point of borrowing is for growth. Pay today collect tomorrow in a laymen term. The cost of Trussnomics is 100bn+ each year and the "growth" depends on the debunked trickle down effect. There is also a matter of inflation superseding the tax cut for the poor. It isn't really that surprising the IMF gave out a warning. It wasn't just the IMF actually. The US and Germany also gave a rebuke to Trussnomics. So I guess there lies the difference.

As for the IMF, they don't have a dog in this fight. They are a UN, not UK or EU institution. I expect they would rather not bail out the UK if they had the choice and gave out a warning early before it was too late. But I wonder, if Truss continues down the destruction and the economy does indeed collapse or inflation becomes unsustainable, are you going to hold your hands up to the policy you defend or cry like a baby by claiming there was no warning?

[Streetwalker]

Britain doesn't make anything anymore to try and compete with them.

£395 billion a year in exports (2020 a covid year)  would suggest otherwise 

[Nick]

Britain doesn't make anything anymore to try and compete with them.

Absolute rubbish, there are literally thousands of OEM's in the U.K. Yet another throwaway comment with no substance. 

[papasmurf]

I reckon someones getting frightened the UK will be too competitive for them

Britain doesn't make anything anymore to try and compete with them.

[Streetwalker]

What nonsense, the ONLY reason I voted remain is because I knew the Tory government were going to cock-up Brexit big time, and they have.

They have and yes we knew they would feck it up. The constant undermining of it by remoaners hasnt helped either .

Well that is a comment from a true Brexiteer. If a benefit of Brexit is to f**k up the economy than give me that damn red passport ASAP.

It should be said though that in or out of the EU, Trussnomics could have f**ked up our economy either way. If the EU was involved in the top rate of tax, the base value would have been significantly more than 45p given the taxation in the continent is generally more fairer than ours.

Strange that the IMF didnt get all twitchy or the EU start sulking from 89- 2010 when the top rate was 40% .  I reckon someones getting frightened the UK will be too competitive for them 

[B0ycey]

Ah! The fabled remain majority rears its head again. The voters have only told the government 4 or 5 times to leave the EU. Isn't that enough for you, B0ycey.
On the bright side for you, B0ycey, the powers that be are trying all they can to re-join the fold, whilst doing their best to not make it look too obvious.

To be honest Barry, we have left, I have accepted it and now Brexit is only in my thoughts when it is in the news, or when businesses can't deal with the red-tape or there are hold ups in Calais etc. Even Starmer has said we have to move on so the misnomer Labour are going to return us back to the chosen land is over too. But I refuse to not post about how shit BoJos over ready deal is. We STILL haven't even sorted out the protocol if you haven't forgotten and I have lost count the amount of times a Brexiteer has complained on here about Brexit not being Brexit despite Brexiteers clear lies on what independence could offer not being possible.

[Barry]

I believe there is a small remain (return) majority today Borky. 

Ah! The fabled remain majority rears its head again. The voters have only told the government 4 or 5 times to leave the EU. Isn't that enough for you, B0ycey.
On the bright side for you, B0ycey, the powers that be are trying all they can to re-join the fold, whilst doing their best to not make it look too obvious.

[B0ycey]

The way I see it, a remainer is not entitled to an opinion, a vote or even to remain in the UK. They are traitors and the sooner they are packed off to worship at the feet of the Brussels Bumboys the better.

That said, I suspect that this thread is missing the point.

This the fifth currency crisis in as many decades, yet the country has not ground to a halt, unemployment is restricted to those layabouts who don't want to work and one way and another we will do bumble along until the next non crisis.

We need a better gauge of national prosperity than the value of the pound.

I believe there is a small remain (return) majority today Borky. And of course there is 48% of us in any case. So the way I see it we should pack the Leavers to North Korea given they like to be economically isolated and let this island work with the rest of this continent to sort out the Tories mess. But it maybe the Union breaks up and we part ways that way Borky. You never know.

As for Trussnomics, do you have faith in it like you had with Johnson remaining in office I wonder? You owe me a score remember. I expect it is a question of if not when the 45p tax rate is reversed actually and it wouldn't surprise me if they announce a windfall tax right in time for the election in 2 years. Truss must know she has f**ked up but she must make out that it was for a reason she u-turned other than she f**ked up big last Friday. I expect she will raise the rate to pay for something like nurses or our gas bills next year.

[papasmurf]

The way I see it, a remainer is not entitled to an opinion, a vote or even to remain in the UK. 

What nonsense, the ONLY reason I voted remain is because I knew the Tory government were going to cock-up Brexit big time, and they have.

[Borchester]

Well that is a comment from a true Brexiteer. If a benefit of Brexit is to f**k up the economy than give me that damn red passport ASAP.

The way I see it, a remainer is not entitled to an opinion, a vote or even to remain in the UK. They are traitors and the sooner they are packed off to worship at the feet of the Brussels Bumboys the better.

That said, I suspect that this thread is missing the point.

This the fifth currency crisis in as many decades, yet the country has not ground to a halt, unemployment is restricted to those layabouts who don't want to work and one way and another we will do bumble along until the next non crisis.

We need a better gauge of national prosperity than the value of the pound.

[B0ycey]

Indeed , good to see the UK (for better or worse) making their own decisions .  The IMF doesnt like anything off piste  ,when they see a well worn track they will wind their necks in

Well that is a comment from a true Brexiteer. If a benefit of Brexit is to F@@@ up the economy than give me that damn red passport ASAP.

It should be said though that in or out of the EU, Trussnomics could have fucked up our economy either way. If the EU was involved in the top rate of tax, the base value would have been significantly more than 45p given the taxation in the continent is generally more fairer than ours.

[B0ycey]

The IMF really do need to mind their own business, it's not like they are in cohorts with the WEF and the rest of the globalists, is it.
I bet the phone lines are hot in Downing Street, feathers have been ruffled.

I expect the IMF mates are the very bankers that Dizzy Lizzy gave a tax cut and bonus increase to actually.

But to answer the quote more directly, the IMF got involved because the UK is going to be borrowing at high levels, higher than Spain, Italy and Greece, that it is at the tune of around 100bn each year and the borrowing is going into the pockets or the rich not growth. They also had to get involved because it will also expand the wealth divide. I doubt the IMF care who is in power so if that isn't confidents to you that this isn't political and most definitely economical, then you must really be a believer in Trussnomics.

[Borchester]

When it comes to economics and finance, conventional approaches are safest. It's chancers and wild speculation that are more likely to cause bankruptcies and pain to clients.

Look at Argentina, Iceland, Venezuela among others. They tried unconventional economics...

That is right.

Keep taxes and corruption down and things should work themselves out in the end.

What with the economy going arse over tea kettle this is clearly the best time for a small flutter, but I can't think on what.

When we bought the rural slum there was a small workshop at the bottom of the garden. It was lovely. Forge, beam press, belt lathe and all the rest. Unfortunately all the rest consisted of enough asbestos to give Herself a fit of the vapours and me almost terminal earache. So it had to go. Still, I would like to start something like that again.

Stuff Liz Truss and the IMF. I would not hire any of them as tea boys, although I rather fancy hiring Suella Braverman as a Nautch girl for the Christmas parties. But as to the rest, I want a chance to be at least half my own man.