Darth Vader Posted October 9, 2012 Share Posted October 9, 2012 http://www.thisismoney.co.uk/money/markets/article-2214814/IMF-warns-risks-global-recovery--hands-UK-biggest-downgrade-leading-economies.html?ito=feeds-newsxml On the back of yesterday's announcement, that 10bn is going to be saved from benefits, and there is to be no mansion tax. The 10bn saving from benefits is cutting MORE than any other economy. It seems only Cameron and Osborne fail to see that hitting the poor masses, whilst the super rich amass even more wealth and are still unaffected by the recession cannot possibly lead to growth. The super rich just put it in their offshore bank accounts to lie dormant, the poor NEED to spend it. How much longer are they going to keep plunging the UK deeper in to the abyss? Link to comment Share on other sites More sharing options...
harestone Posted October 9, 2012 Share Posted October 9, 2012 These things don't affect the decision makers, hence the decision, imo. Link to comment Share on other sites More sharing options...
Rupert_Baehr Posted October 9, 2012 Share Posted October 9, 2012 On the back of yesterday's announcement, that 10bn is going to be saved from benefits, and there is to be no mansion tax. Don't forget the bit about how the workers aren't prepared to accept shares in the companies they work for. If the workers don't trust UK companies, why should other investors? Link to comment Share on other sites More sharing options...
Darth Vader Posted October 9, 2012 Author Share Posted October 9, 2012 Don't forget the bit about how the workers aren't prepared to accept shares in the companies they work for. If the workers don't trust UK companies, why should other investors? Perhaps it's less about a lack of faith in the company, and more about a lack of faith in our future economy. There are getting fewer people with cash to buy anything. Do you think Osborne's latest announcements are a strategy for growth, Rupert? Link to comment Share on other sites More sharing options...
Rupert_Baehr Posted October 9, 2012 Share Posted October 9, 2012 He may be heading in the right direction - but I think he's out of his depth. I did study economics (at Post-grad level) but I would hardly class myself as an economist. There are probably some good post-grad economists, a few really good PhD economists, but surely the UK could produce one or two exceptional economists to vie for the post of Chancellor of the Exchequer? There are quite a few really smart people in the UK. As I've said (so many times you must all be bored with hearing it by now) I detest 'party politics'. Given that there is no shortage of intellectual ability in the UK, why the hell can't the country forget about parties and elect (or appoint -cabinet ministers are appointed, not elected [vide Lord Mandelbrot]) the best people to do the job? Link to comment Share on other sites More sharing options...
mossdog Posted October 9, 2012 Share Posted October 9, 2012 Perhaps it's less about a lack of faith in the company, and more about a lack of faith in our future economy. There are getting fewer people with cash to buy anything. Do you think Osborne's latest announcements are a strategy for growth, Rupert? Growth like money does not grow on trees.Some people seem to think that if only the Torys did this or Labour did that,growth is magically waiting to appear from around a mystical corner!.........well it isn't and not for a long time.We have had years of supposed growth through cheap credit that has caused a huge housing bubble and a financial crash,and make no mistake we are nearly all guilty participants. The party is now over and the bills have to be paid by all.Yes some have more means than others to pay,but that has always been the same since time began. The economy always goes in cycles and we have been skint before.I knew nothing of the prosperity bandied around today when I was a kid,and do not be foolish to beleive we cannot revisit those times in some form or other.This current down cycle will be with us for a few years yet whoever is in power.My income has been slashed by 50% the last few years with so sign of it returning,but i am not going to moan about Cameron or Milliband as it is out of their hands! Link to comment Share on other sites More sharing options...
maxmaximus Posted October 9, 2012 Share Posted October 9, 2012 Growth like money does not grow on trees.Some people seem to think that if only the Torys did this or Labour did that,growth is magically waiting to appear from around a mystical corner!.........well it isn't and not for a long time.We have had years of supposed growth through cheap credit that has caused a huge housing bubble and a financial crash,and make no mistake we are nearly all guilty participants. The party is now over and the bills have to be paid by all.Yes some have more means than others to pay,but that has always been the same since time began. The economy always goes in cycles and we have been skint before.I knew nothing of the prosperity bandied around today when I was a kid,and do not be foolish to beleive we cannot revisit those times in some form or other.This current down cycle will be with us for a few years yet whoever is in power.My income has been slashed by 50% the last few years with so sign of it returning,but i am not going to moan about Cameron or Milliband as it is out of their hands! I agree, I’m not sure why anyone would expect the economy to grow at a time when people are paying back the money they borrowed which caused the previous decades growth, unsustainable debt and growth caused the problems and more of the same won’t solve the problem. Link to comment Share on other sites More sharing options...
PeteMorris Posted October 9, 2012 Share Posted October 9, 2012 I agree, I’m not sure why anyone would expect the economy to grow at a time when people are paying back the money they borrowed which caused the previous decades growth, unsustainable debt and growth caused the problems and more of the same won’t solve the problem. This ideology that 'we' all had a hand in the borrowing of huge amounts of money, so 'we're all in it together', I'm afraid doesn't wash with me. I didn't borrow money during the 'boom' years. I'm not paying back money borrowed during that time. I didn't cause the banks to almost go bust. I didn't falsify earnings to get a mortgage, and end up becoming a toxic mortgage holder. That's what annoys me about this 'mantra' of all being in it together and working together to get out of it. I, and I daresay the majority of Britons didn't cause it! (Ok...deep breath....rant over) Link to comment Share on other sites More sharing options...
Obelix Posted October 9, 2012 Share Posted October 9, 2012 http://www.thisismoney.co.uk/money/markets/article-2214814/IMF-warns-risks-global-recovery--hands-UK-biggest-downgrade-leading-economies.html?ito=feeds-newsxml On the back of yesterday's announcement, that 10bn is going to be saved from benefits, and there is to be no mansion tax. The 10bn saving from benefits is cutting MORE than any other economy. It seems only Cameron and Osborne fail to see that hitting the poor masses, whilst the super rich amass even more wealth and are still unaffected by the recession cannot possibly lead to growth. The super rich just put it in their offshore bank accounts to lie dormant, the poor NEED to spend it. How much longer are they going to keep plunging the UK deeper in to the abyss? You complain about a report that says we are not going far enough and that's the reason for the downgrade, and then complain that we are doing what is needed, according to the report, to stave off the fall? Link to comment Share on other sites More sharing options...
L00b Posted October 9, 2012 Share Posted October 9, 2012 This ideology that 'we' all had a hand in the borrowing of huge amounts of money, so 'we're all in it together', I'm afraid doesn't wash with me. I didn't borrow money during the 'boom' years. You are a British subject living within the British society, are you not? So, all blameless that you are, you're in it just the same, and it is in your interest to get out of it just the same. Alternatively, feel free to buy and go live on your own island I, and I daresay the majority of Britons didn't cause it!And I daresay this generalisation is wrong Having been in the exact same position as you (blameless ), yet plenty observant, I have a distinct feeling that there was only a small majority not upgrading the car/multi-holidaying/house-improving/stuffing the house with gadgets, on the pump or through 'equity release', every year or so It gives you and me a "right" to moan (as you have), but does not absolve us of our social responsibility. Else we may as well have anarchy or go back to feudalism. Link to comment Share on other sites More sharing options...
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