Bank Of England Says People Need To Accept They Are Poorer

[Chekhov]

4 hours ago, Mister M said:

All countries were impacted by covid, and all comparable countries to ours had a furlough scheme, so why is it

UK remains only G7 economy to languish below pre-pandemic levels | Financial Times (ft.com)

I would be the first to admit that Brexit has negatively affected the UK economy, it probably magnifies the huge damage done to it by suppressing the economy for months on end. I am assuming you admit that the latter did hugely damage the economy and leave us with a humungous bill ?

[Chekhov]

5 hours ago, Mister M said:

How is it that other countries which also have a free market economy, also have much lower income inequalities:

Britain and the US are poor societies with some very rich people | Financial Times (ft.com)

And according to figures are doing substantially better than us?

Surely it is not income inequalities that matter but the number of people in poverty ? And by poverty I do not mean some arbitrary percentage of average income (which by definition will mean there are always large numbers of people in "poverty") or whatever, I mean people who literally cannot afford to live a life of any quality.

I do not believe we have many of them in the UK.

I speak as someone with a 10 year old car, but I could not care less if some guy down the road has £100 Million, just so long as he pays his taxes obviously.  But tax evasion is a different subject, and I would point out that the more complicated they make the tax system the more opportunities there are to avoid tax..... In my view the UK tax system is far too complicated.

 

4 hours ago, Annie Bynnol said:

    So you make three errors of judgement and rectify them with law breaking trespass, with the potential of injuring yourself and others, delaying and costing other passengers and the railway etc. Four hundred delayed trains a day caused people like you who selfishly/stupidly decide to act as if they know better and trespass on the railway. And you want people to take your advice?

I am more than happy to have this argument as often as you want, though I fear it is a complete waste of everyone's time.

Crossing the vast majority of railway lines is safer than crossing Penistone road opposite B&Q. I would certainly feel far safer doing so.

Edited May 2, 2023 by Chekhov

[El Cid]

4 hours ago, Mister M said:

I understand that, but when the chief economist at the BoE tells us that we should accept that we're poorer as a nation that covers over significant cracks that are an have been causing problems for the economy and wider society as a whole. 

Do you think he was referring to our millionaires/billionaires?

[Jack Grey]

5 minutes ago, El Cid said:

Do you think he was referring to our millionaires/billionaires?

You know what's great about billionaires

 

 

They inspire more people to he billionaires

 

With out billionaires we wouldn't have mortgages, Amazon, Facebook. Instagram, WhatsApp, Oil, SpaceEx, Starlink etc etc 

[Mossway]

4 hours ago, trastrick said:

 

2 plus 2 will always equal 4

 

One of my best friends whom I've known for over 50 years says - 2 and 2 - are you buying or selling ?

[Mister M]

2 hours ago, Chekhov said:

I would be the first to admit that Brexit has negatively affected the UK economy, it probably magnifies the huge damage done to it by suppressing the economy for months on end. I am assuming you admit that the latter did hugely damage the economy and leave us with a humungous bill ?

Of course the cost of furlough, and the shutting down of the economy did damage, I wouldn't dispute that. 

I just wondered why other comparable countries to ours which had fairly similar support schemes have recovered to their pre pandemic levels, but the UK hasn't?

2 hours ago, Chekhov said:

Surely it is not income inequalities that matter but the number of people in poverty ? And by poverty I do not mean some arbitrary percentage of average income (which by definition will mean there are always large numbers of people in "poverty") or whatever, I mean people who literally cannot afford to live a life of any quality.

I do not believe we have many of them in the UK.

I speak as someone with a 10 year old car, but I could not care less if some guy down the road has £100 Million, just so long as he pays his taxes obviously.  But tax evasion is a different subject, and I would point out that the more complicated they make the tax system the more opportunities there are to avoid tax..... In my view the UK tax system is far too complicated.

 

This was the thinking of 'New Labour' Peter Mandelson famously said that the Labour government was ‘intensely relaxed about people getting filthy rich’.

He was referencing the philosophy which holds that it's not longer important how rich those at the top were; what mattered was giving the people at the bottom a leg up so they too could get on in life.

In the last 20 years research from as diverse organisations such as universities, campaigning organisations right through to institutions such as the IMF and the OECD about how income inequality itself is a barrier to economic growth, stability, social mobility, educational attainment, health outcomes etc. 

1 hour ago, El Cid said:

Do you think he was referring to our millionaires/billionaires?

Probably not. And that's part of the problem.

[hackey lad]

6 hours ago, Organgrinder said:

All the world has had Covid and most of them are recovering nicely from it whilst we are not.  The fault is purely and simply, the fault of our governments over the years.

The price of housing, and lost manufacturing  are the same.  We are falling behind whilst other countries are coping with the exact same problems and managing.

The reality of life is that most of those who are better off, like you perhaps,   are actively resisting any help for those at the bottom whilst saying "there will always be poor"

Some are better off bit, NOT the majority and some live in better conditions whilst many millions don't.

You can't eat these so called material goods ad they don't keep you warm and dry either.  You think as long as they've got a telly, they can't be poor.

When you are a frail old man,  you will expect these people you dismiss so lightly ,  to look after you,  keep you warm, dry and comfortable and maybe, wipe your bottom.

You disgust me

 

😂😂😂  Nice rant . No need to get personal though . 

[El Cid]

1 hour ago, Jack Grey said:

You know what's great about billionaires

 

 

They inspire more people to he billionaires

 

With out billionaires we wouldn't have mortgages, Amazon, Facebook. Instagram, WhatsApp, Oil, SpaceEx, Starlink etc etc 

It's the BoE advisor that thinks they will be poorer, I think they will increase their wealth 🤑

[Annie Bynnol]

2 hours ago, Jack Grey said:

You know what's great about billionaires

They inspire more people to he billionaires

With out billionaires we wouldn't have mortgages, Amazon, Facebook. Instagram, WhatsApp, Oil, SpaceEx, Starlink etc etc 

   Millions of people still  have mortgages provided by millions of savers organized through 'mutuals' such as Building Societies etc. There used to be many more 'mutuals' until an opportunistic government saw a chance to buy votes at the same time providing huge profits, bonuses and billions for the City. 

 

 

[Guest]

2 hours ago, Jack Grey said:

You know what's great about billionaires

 

 

They inspire more people to he billionaires

 

With out billionaires we wouldn't have mortgages, Amazon, Facebook. Instagram, WhatsApp, Oil, SpaceEx, Starlink etc etc 

Nothing at all great about millionaires.  They are just ordinary blokes with spare cash and,  if you've got everything you want,  you don't need any more cash.

 

Why do you worship money so much?   You have no idea what's really important in life.

 

Millionaires don't inspire me,  I'm happy to be as I am.

 

Only mortgages on that list that are any real use and I don't have one of those.  The rest, you can easily do without.