IMF Warning!

[Good old]

You've been watching too much Starmer on the Conference show. She'es only just got started.
Remember the banking crisis? It was never Brown's fault. It was because of a "World economic banking crisis". Never his fault.
Labour won't give that sort of grace to the Tories when the world economy is in self imposed meltdown after Covid and wars popping up everywhere.

When were Labour ever given any grace regarding the banking crisis? It was the basis the Tories built their great con on, that has now turned into the great disaster that has been Tory rule. Only recently has it been accepted by some that the banking crisis was not in fact Labours fault, and that only because , Covid, and the broader inflation problem , needed explaining away. Why should you have it both ways.? Politically Labour we're fair game, what makes a failing Tory government different.?
What the Tories can not explain away is the breakdown of our services due to cuts to severe for purpose, when you starve the horse that draws the cart , then the horse becomes to weak to draw the cart, and that's where we are. Whilst borrowing was consistently far to high. Which has only made present difficulties harder. The present problem is completely and utterly self made. It's laughable that the other choice for leader would not have stepped in this particular pile of shite, though they had enough on their plates regardless it only goes to show how far down the drain they actually are.

[cromwell]

You've been watching too much Starmer on the Conference show. She'es only just got started.
Remember the banking crisis? It was never Brown's fault. It was because of a "World economic banking crisis". Never his fault.
Labour won't give that sort of grace to the Tories when the world economy is in self imposed meltdown after Covid and wars popping up everywhere.

Wouldn't waste my time.

[Barry]

Liz has popped out in to downing st to say she's had to make controversial and difficult decisions and as pm she is prepared to do that.

I thing she should make a decision that's easy on the rest of us and resign now before she destroys the place.

You've been watching too much Starmer on the Conference show. She'es only just got started.
Remember the banking crisis? It was never Brown's fault. It was because of a "World economic banking crisis". Never his fault.
Labour won't give that sort of grace to the Tories when the world economy is in self imposed meltdown after Covid and wars popping up everywhere.

[Streetwalker]

Streetwalker, what happened this week is solely down to the decisions of the Tory Party. Can't blame Putin for this one. Besides, I am not against borrowing for growth. GB energy for example is going to cost a lot and I support it. The difference is where is the growth coming from when you give the rich a bonus and the poor a burden with the impending inflation? It has to justify the 100bn a year its going to cost. Not only that we now pay more for debt than Spain, Italy and Greece. I don't see any growth coming and only more recession given if people can't afford things, businesses collapse. Now contrast that to GB energy which would make us 100% energy self reliant by 2030 and yield in profits from selling energy to us to service that debt.

...NO BRAINER!

I wonder if 'Look after my bills ' will switch me ?

Liz has popped out in to downing st to say she's had to make controversial and difficult decisions and as pm she is prepared to do that.

I thing she should make a decision that's easy on the rest of us and resign now before she destroys the place.

The Conservatives are not just going to fold cromwell in the face of a global . Yes they have it seems made a decision to keep digging the hole and someone needs to tell them to stop digging . 

[cromwell]

Liz has popped out in to downing st to say she's had to make controversial and difficult decisions and as pm she is prepared to do that.

I thing she should make a decision that's easy on the rest of us and resign now before she destroys the place.

[B0ycey]

Oh there has been plenty of warning we were all going to hell in a handcart as soon as Biden took over the US and started printing dollars for fun to rescue its economy after covid . Mortgage rates in the USA are already at 6% , the rest of the world is playing catch up .
Rising interest rates in the US are  pushing up the Dollar and in turn weakening other currencies . Its a world problem not a UK one .(not helped by the war in Ukraine )  Recession looms for us all .

At least we will go down fighting

Streetwalker, what happened this week is solely down to the decisions of the Tory Party. Can't blame Putin for this one. Besides, I am not against borrowing for growth. GB energy for example is going to cost a lot and I support it. The difference is where is the growth coming from when you give the rich a bonus and the poor a burden with the impending inflation? It has to justify the 100bn a year its going to cost. Not only that we now pay more for debt than Spain, Italy and Greece. I don't see any growth coming and only more recession given if people can't afford things, businesses collapse. Now contrast that to GB energy which would make us 100% energy self reliant by 2030 and yield in profits from selling energy to us to service that debt.

...NO BRAINER!

[B0ycey]

No it didn't.

It was not only once at the top, it was once clear from everyone one...

https://en.m.wikipedia.org/wiki/Industrial_Revolution

But since WW2, the UK and German economy was so closely matched they pegged their currencies to one another. One took the industry route, the other the financial route. One kept their industry, the other shipped it out. Now one seems to weather economic turmoil well and the other bails their bankers and bonus them up to keep the industry to stop our collapse. Finance isn't actually worth much, only superficial as proven during Covid.

[Streetwalker]

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?

Oh there has been plenty of warning we were all going to hell in a handcart as soon as Biden took over the US and started printing dollars for fun to rescue its economy after covid . Mortgage rates in the USA are already at 6% , the rest of the world is playing catch up .
Rising interest rates in the US are  pushing up the Dollar and in turn weakening other currencies . Its a world problem not a UK one .(not helped by the war in Ukraine )  Recession looms for us all .

At least we will go down fighting 

[papasmurf]

No it didn't.

Nick I am afraid your ignorance of a wide range of issues is getting boring.

https://www.smpsecurity.co.uk/smp-news/decline-of-u-k-manufacturing/#:~:text=U.K.%20manufacturing%20fell%20by%20more,U.K.%20has%20steadily%20fallen%20behind.

THE DECLINE OF U.K MANUFACTURING

20th July 2022



U.K. manufacturing fell by more than 0.4 per cent per year over the last 55 years, twice that of Italy and Spain. Whilst other countries have been thriving; the U.K. has steadily fallen behind. There have been several reasons why this has been the case. One of these reasons is that politicians believed it was vital to pump more money into other sectors, primarily financial.
This has not worked in their favour as these sectors have faced hurdle after hurdle and allowed U.K. manufacturing to fall aside. Therefore, there has been a fall in jobs and transferable skills. The most evident effect of this was in the wave of a Thatcherite government, there was a faith that new industries would emerge to fill the gaps, but this did not happen as a result of many contributing factors such as profound changes in leadership, recessions, ever-changing political climates, e.g. Brexit.
The Government has forgotten about the U.K. manufacturing sector. This has hit many areas of the country harder than others. In industry-heavy parts of the U.K., such as Northern Ireland and the Midlands, company after company has fallen to despair. This means those once who had jobs have moved into other, usually underpaid, positions and have taken those skills with them.

[Nick]

Nick it is, Britain used to be near the top.

No it didn't. 

[papasmurf]

No it's not.

Nick it is, Britain used to be near the top.

[Nick]

9th is a massive decline.

No it's not. 

[papasmurf]

Well you seem to have painted yourself into a corner!!
If you're saying it is assembly and not manufacturing then your predictions about imports of parts (JIT for example) must be way off. See below.

Below is an overview of UK Manufacturing Statistics. Despite the decline since the 1970s, when manufacturing contributed 25% of UK GDP, the UK is currently the ninth largest manufacturing nation in the world.


https://www.themanufacturer.com/uk-manufacturing-statistics/


Overall, the UK's industrial sector has increased by 1.4% a year since 1948, according to a recent report from the Office for National Statistics (ONS).

9th is a massive decline.

[Nick]

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.

Well you seem to have painted yourself into a corner!!
If you're saying it is assembly and not manufacturing then your predictions about imports of parts (JIT for example) must be way off. See below.

Below is an overview of UK Manufacturing Statistics. Despite the decline since the 1970s, when manufacturing contributed 25% of UK GDP, the UK is currently the ninth largest manufacturing nation in the world.


https://www.themanufacturer.com/uk-manufacturing-statistics/


Overall, the UK's industrial sector has increased by 1.4% a year since 1948, according to a recent report from the Office for National Statistics (ONS).

[Sheepy]

Having a bit of a crisis are we?