Tuesday, Jan 22, 2008
Ed Balls: UK economy is "robust" ;-)
Telegraph: Asian shares tumble as market rout deepens
Watching breakfast news this morning and seeing various markets and then behold Ed Balls: "The UK economy is robust, inflation low, economy is in good shape". Looks like BBC couldn't get a current treasury spokesperson on so they got a former treasury man in there. Since he is now in education, perhaps he ought to drop propoaganda from the syllabus. We've spent out money earnt in the last 10 years, credit and bankruptcies are soaring, banks are at bursting point, there are more walking dead than Michael Jacksons Thriller vid, the RICS see a tough year, mortgage lending is drastically down in the last months of 2007. Clearly Gordon and the Brown Noses are recruiting all the ministers they can to comfort us into thinking the UK is immune from all this and recent gloom is just a dream.
12 Comments
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1. Growler said...
I wonder if a section from http://business.timesonline.co.uk/tol/business/economics/article3229659.ece has anythign to do with messages about UK economy. At the bottom of this article is a list of market collapses. Top of the list of the biggest falls for the FTSE 100 or its equivalent since 1935:
11.4% Oct 20, 1987 Fears over UK economic outlook
Sort of puts Balls' comments into context
2. techieman said...
I think you have made a spelling mistake growler - surely he said "bust" not "robust" ;-).
3. george monsoon said...
and FTSE is down over 1000 base points since Jan 1st.
A hicup? I think this is more like choking...
4. jack c said...
Ed Balls on BBC news 24 this morning - "sound economics, low inflation, scope to cut interest rates, UK no longer the sick man of Europe" - sorry Ed but it takes more than a repeat of the same old sentences to keep UK PLC running profitably and efficiently - looks to me like the Gov't have more than a potemtial House Price Crash on their hands.
5. hpwatcher said...
''sound economics, low inflation, scope to cut interest rates, UK no longer the sick man of Europe''
crap, is the word that springs to mind.
6. Stevie Dee said...
I saw this guy this morning, he reminded me of Alan Bast@rd's assistant... or Baldrick.. would not look out of place with a triangle..
7. happyrenter said...
time for desperate measures - perhaps send the PM off with a begging bowl to some economies still growing like China and India and while he's travelling see if he can chat up someone to take a Northern Millstone off his hands?
8. barb777 said...
Current headline from 'The Australian' - Panic as London stocks lose $110b - is that the definition of robust?
9. Debtfree said...
''sound economics, low inflation, scope to cut interest rates, UK no longer the sick man of Europe'' what utter rubbish, the man should be shot.
sound economics = 1st run on a bank in 150 years .... really sound hey.
low inflation = housing unaffordable, petrol £1+ litre, energy bills rising 15%+ and gold breaking all time record... low inflation...what is he on ?
scopt to cut interest rates = if they were above the long term average then yes, but they are NOT !! any lower and it creates more inflation at already low rates. what a nutjob.
UK no longer the sick man of Europe = thats right, we are at full health loaded up to the brim on billions of debt. bit like a drunk man at the party who still has to wake up in the morning. all seems ok at the time, next day, 'oh no, what have i done'
10. Ian said...
Ed Balls has an unfortunate but curiously appropriate name. His remarks about the UK economy are complete balls. New Labour has spent 10 years trashing the UK economy and the chickens are coming home to roost.
Does Ed Balls expect us to take him seriously? Or is he just insulting our intelligence?
11. Colutd1 said...
This bloke is talking edward, talking of edward its my turn. has any body stated that a put on the big 4 football clubs ie bet on them to loose may be a good call .the moneymen in football all made their money from houses. now they are peer gint . colchesters rise is like gold. they aint gone up the rest have gone down. so look at bit u right about liverpool houses , now their yankee owners are up the duff. manchester owned by u s a . chelsea 1 rich sugar daddy could go. which leaves a r s e nal . small in numbers compared to sunderland. if we had to go back to the town u come from u play for . would make newcastle , sunderland and other teams like them a lot bigger. petrol so dear no away fans..unemployment rife no season tickets sold ,. . look what home advantage meant between the 2 wars. i ve been preditcting a lot of footy tems to go bust. since i been reading your blogs. 1st time out of norwich for 3 months. guess what go to footy , get there match flooded off lol gl
12. handle_it said...
I too looked on in disbelief whilst eating my rapidly inflating breakfast. Mr Balls sure has some huh ? I honestly wouldn't expect anything less from him but the BBC cut his comments into a nice little soundbite to play back again and again.... Shameful.