Grendel
Well-Known Member
No I’m not I’m saying it’s a likely outcome
So In 2019 you admit we should have voted for Boris Johnson? Good stuff.
So you agree everyone should vote Labour. Good stuff.
You seem to have missed the without support for those effected part of what I said.This is all the orthodoxy that the former BoE understander of macroeconomics shadow chancellor is trained in. She has never once disputed that the rates should go up just that the government should mitigate against it.
Is it time to remove the 'independence' and put the government of the day back in control and make them fully accountable given how much interest rates affect people?
Frankly the who is going to vote for who and why argument is boring now. Labour are barring a miracle going to win quite comfortably next year.
What concerns me is the fact that the government and BoE are purposefully pushing the economy in to recession (by removing disposable income from the economy, that's what rate hikes are designed to do) and they are doing it without any plan or support to help people.
It's absolute madness
yes, there are fiscal methods that can and should be looked at but the government don't want to do this as they seem to think it would be a sign od economic weakness.It's the old, if the only tool you've got is a hammer, every problem looks like a nail, thing.
If the government really wants to take money out of the economy then I suspect there are fairer and quicker mechanisms than raising interest rates (which have an inbuilt lag on inflation reduction anyway, I believe).
Maybe a penny or two on the higher rates of income tax, higher VAT on non-essential items, government backed high interest rate savings accounts.
A quicker way to drive down cost-push inflation, which is really where this started, might be price control on utilities - those who can't bear to see their dividends cut if profits are reduced can always hand their business back to the country.
All mho of course, but there has to be a better way than simply driving the country back into recession and austerity.
No I’m not I’m saying it’s a likely outcome
So In 2019 you admit we should have voted for Boris Johnson? Good stuff.
It's the old, if the only tool you've got is a hammer, every problem looks like a nail, thing.
If the government really wants to take money out of the economy then I suspect there are fairer and quicker mechanisms than raising interest rates (which have an inbuilt lag on inflation reduction anyway, I believe).
Maybe a penny or two on the higher rates of income tax, higher VAT on non-essential items, government backed high interest rate savings accounts.
A quicker way to drive down cost-push inflation, which is really where this started, might be price control on utilities - those who can't bear to see their dividends cut if profits are reduced can always hand their business back to the country.
All mho of course, but there has to be a better way than simply driving the country back into recession and austerity.
Sunak is allergic to raising taxes though, and even if he wasn’t the backbenchers would eat him alive.
But yeah, would be better to target restrictions on those who can afford it rather than making average wage people lose their house.
Sunak is allergic to raising taxes though, and even if he wasn’t the backbenchers would eat him alive.
But yeah, would be better to target restrictions on those who can afford it rather than making average wage people lose their house.
I could imagine the national uproar if he raised personal taxes in the middle of a cost of living crisis though ! Remember after NI was rightly increased to pay for social care.
Agree with Duffer that the problem with rate rises is the lag. It’s not just aimed at mortgages though, it businesses and people looking to borrow etc. It should ultimately cool the economy, however, I personally think they’ve ended up going too far now due to them trying to make up for previous mistakes and raising rates too slowly to begin with
It’s national bank group think. They’ve all edged up even though our inflation is different to USAs inflation. We know there’s a lag so they should’ve raised rates higher more quickly ? On top of the fact that they shouldn’t have carried on printing during and after a supply side shock (pandemic/ lockdowns) and should’ve raised rates/stopped QE sooner. Andy Haldine (former chief economist at BoE) advised this back in June 2021 !
There was nothing right about that at all. The only reason it was broken was because of the failed Tory policy of austerity, Boris was then elected on a manifesto that had a plan (allegedly) to fix it hand in hand with a pledge to not raise taxes or NI.Remember after NI was rightly increased to pay for social care.
There was nothing right about that at all. The only reason it was broken was because of the failed Tory policy of austerity, Boris was then elected on a manifesto that had a plan (allegedly) to fix it hand in hand with a pledge to not raise taxes or NI.
But that wasn’t the platform they were elected on, they had a costed plan apparently.We need more cash for social care as we’re living longer, ultimately this should probably come from either income tax or NI. I think NI gets capped in which case they should amend this. Nobody wants to make tough decisions anymore so we just constantly kick the can
But that wasn’t the platform they were elected on, they had a costed plan apparently.
That's been a cultural shift over a (relatively!) recent period, though. Two world wars focussed peoples' minds over what was important, then we had a shift with no such thing as society etc.We live in a country where most people just aren’t willing to pay more tax though, even if it’s for the greater good
So hard not to just shout racists to the first 2 cos that’s what they areHaha!!
Clearly the bloke who did the flashing around my chimney about 10 years ago must have been French or German. I didn’t detect an accent but having heard the evidence it’s the only possible explanation.Haha!!
Indeed, fuck them. If they are intending on "improving the economy" I'm sure reducing the spending power of millions of people is the right way to go about it.Fuck Labour
Indeed, fuck them. If they are intending on "improving the economy" I'm sure reducing the spending power of millions of people is the right way to go about it.
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It’s an odd strategy to piss off huge chunks of your core vote while saying you would do nothing different to the current disaster of a governmentFuck Labour
The real story is different to what that tweet says. No one has said they will not give 6.5% or any other % increase. All they have said is that they will not just automatically rubbered stamp anything which is fair to me.It’s an odd strategy to piss off huge chunks of your core vote while saying you would do nothing different to the current disaster of a government
The real story is different to what that tweet says. No one has said they will not give 6.5% or any other % increase.
Doesn’t exactly sound like a resounding yes to meWhen asked whether she would support a 6.5% rise for teachers, Reeves said:
“No… I’m not going to pre-empt that”
It’s not though is it. Teachers pay has gone down in real terms for years and years.The real story is different to what that tweet says. No one has said they will not give 6.5% or any other % increase. All they have said is that they will not just automatically rubbered stamp anything which is fair to me.
But that's a not a snappy tweet
But it's pointless arguing with the morons who are so entrenched in their views they will post tweets without actually looking into the full story
All she had to say was that she'd accept an independent pay review body, she didn't. She said exactly the same thing that Sunak did.The real story is different to what that tweet says. No one has said they will not give 6.5% or any other % increase. All they have said is that they will not just automatically rubbered stamp anything which is fair to me.
But that's a not a snappy tweet
But it's pointless arguing with the morons who are so entrenched in their views they will post tweets without actually looking into the full story
Nandy was on the Keunsberg show this morning and admitted she thought that the interest rise was the right thing to do to stem inflation - it’s strange for an opposition whose clearly going to win to not have alternate and at least a bit radical outlook
Course they want to change things bloody hellNot if they don't intend actually changing anything.
Course they want to change things bloody hell
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