Bank Of England Says People Need To Accept They Are Poorer

[Chekhov]

Bank of England economist says people need to accept they are poorer

 

Absolutely, partly Brexit and partly Ukraine, but, possibly even more significantly, we cannot just pay up to 11 million people to sit unproductively on their ****e at home for months on end and think we are just going to go back to where we were before.

We spent  between £310 and 410 Billion during the pandemic, though that does not include the money lost individually by many people and businesses, nor the reduction in the output of the economy either. Nor does it include any allowance for people's loss of enjoyment, a subjective thing but still of value.

 

We are indeed significantly poorer, and if people don't just accept it will take years to get over this then we will end up in even deeper economic misery.

 

Edited April 26, 2023 by Chekhov

[Delayed]

1 minute ago, Chekhov said:

We spent between £310 and 410 Billion during the pandemic, though that does not include the money lost individually by many people and businesses, nor the reduction in the output of the economy either. Nor does it include any allowance for people's loss of enjoyment, a subjective thing but still of value.

 

Yes well it happened so unless you have a time travelling Delorian then you need to accept that the money was spent.

 

You keeping your shop open will help the economy. Bringing COVID and the pandenic onto multiple threads on a forum isn't helping the economy.

 

So what are you doing about it?

[Mister M]

8 minutes ago, Chekhov said:

Bank of England economist says people need to accept they are poorer

 

Absolutely, partly Brexit and partly Ukraine, but, possibly even more significantly, we cannot just pay up to 11 million people to sit unproductively on their ****e at home for months on end and think we are just going to go back to where we were before.

We spent  between £310 and 410 Billion during the pandemic, though that does not include the money lost individually by many people and businesses, nor the reduction in the output of the economy either. Nor does it include any allowance for people's loss of enjoyment, a subjective thing but still of value.

 

We are indeed significantly poorer, and if people don't just accept it will take years to get over this then we will end up in even deeper economic misery.

 

Most advanced economies had some form of furlough scheme, and were affected by Covid. 

The Russian war against Ukraine affects all countries.

 

Brexit has cost this country an estimated 4 - 5.5% of its GDP.

 

I agree with what the head of the BoE said.

 

The question of how we get out of it can't just be more of the same as we've had for the last 13 years, because there has been low growth in the UK in that time period.

 

Edited April 26, 2023 by Mister M

[Janus]

We have to cut our cloth to....

Edited April 26, 2023 by Janus

[Jack Grey]

The people who supported lockdowns should accept they're poorer

 

The people who never wanted them to end because they wanted to work from home forever are the ones who complain the most about the current state of our economy 

[Chekhov]

21 minutes ago, Jack Grey said:

The people who supported lockdowns should accept they're poorer

 

The people who never wanted them to end because they wanted to work from home forever are the ones who complain the most about the current state of our economy 

It is patently unfair that people who never supported lockdowns are suffering economically as much as those who did.

Having said that I would agree that things are even worse than they would have been due to Brexit and the Ukraine war.

However, the $64,000 point is that the country is going to have ot suffer, and people chasing pay rises to keep up with inflation, are just going to prolong the issue. It is also very unfair that workers with industrial muscle and a willinglness to use it are teh ones who will suffer the least. 

 

1 hour ago, Mister M said:

Most advanced economies had some form of furlough scheme, and were affected by Covid. 

The Russian war against Ukraine affects all countries.

 

Brexit has cost this country an estimated 4 - 5.5% of its GDP.

 

I agree with what the head of the BoE said.

 

The question of how we get out of it can't just be more of the same as we've had for the last 13 years, because there has been low growth in the UK in that time period.

 

I agreed with the Furlough scheme at first but slowly changed my mind. It was encouraging people to support ongoing lockdowns which just made Covid even more economically damaging. I am willing to bet you, or anyone else, that, had they not had a furlough sheme, they'd have abandoned lockdowns much sooner, it is even possible they might not have bothered with them at all.

Well, the bill is in now.

Edited April 26, 2023 by Chekhov

[Mister M]

58 minutes ago, Chekhov said:

It is patently unfair that people who never supported lockdowns are suffering economically as much as those who did.

Having said that I would agree that things are even worse than they would have been due to Brexit and the Ukraine war.

However, the $64,000 point is that the country is going to have ot suffer, and people chasing pay rises to keep up with inflation, are just going to prolong the issue. It is also very unfair that workers with industrial muscle and a willinglness to use it are teh ones who will suffer the least. 

 

I agreed with the Furlough scheme at first but slowly changed my mind. It was encouraging people to support ongoing lockdowns which just made Covid even more economically damaging. I am willing to bet you, or anyone else, that, had they not had a furlough sheme, they'd have abandoned lockdowns much sooner, it is even possible they might not have bothered with them at all.

Well, the bill is in now.

Which is exactly why the furlough scheme was a good idea, so even more people potentially didn't get very ill and die from the virus.

 

Edited April 26, 2023 by Mister M

[Guest]

3 hours ago, Chekhov said:

Bank of England economist says people need to accept they are poorer

 

Absolutely, partly Brexit and partly Ukraine, but, possibly even more significantly, we cannot just pay up to 11 million people to sit unproductively on their ****e at home for months on end and think we are just going to go back to where we were before.

We spent  between £310 and 410 Billion during the pandemic, though that does not include the money lost individually by many people and businesses, nor the reduction in the output of the economy either. Nor does it include any allowance for people's loss of enjoyment, a subjective thing but still of value.

 

We are indeed significantly poorer, and if people don't just accept it will take years to get over this then we will end up in even deeper economic misery.

 

I'm quite sure that the people who are hungry and cold have already accepted that they are poorer.

 

What he really means is "people should stop moaning about it"

 

When they are warm again,  and their bellies are full, they probably will

 

Don't know what it's got to do with him though.

[Jack Grey]

9 minutes ago, Organgrinder said:

I'm quite sure that the people who are hungry and cold have already accepted that they are poorer.

 

What he really means is "people should stop moaning about it"

 

When they are warm again,  and their bellies are full, they probably will

 

Don't know what it's got to do with him though.

No one in the UK is starving 

[PRESLEY]

9 minutes ago, Organgrinder said:

I'm quite sure that the people who are hungry and cold have already accepted that they are poorer.

 

What he really means is "people should stop moaning about it"

 

When they are warm again,  and their bellies are full, they probably will

 

Don't know what it's got to do with him though.

Sounds like a case of I'm alright jack.

Just now, Jack Grey said:

No one in the UK is starving 

I am,  can't wait till tea time.