Tuesday, Jan 15, 2008
Hard times ahead for UK economy
MoneyWeek: The good times have come to an end
The past decade has been a golden one for the UK consumer. But the British public is not yet fully aware of how hard things are going to get. Overall, things are going to be tough for the Brits, whose lifestyle quality has already deteriorated for reasons unconnected with the economy – bossy but often incompetent bureaucrats, regulatory and red-tape mania, extensive social breakdown in many areas of major cities, poor public services and a bloated welfare system riddled with fraud.
Posted by mary @ 02:00 PM (1482 views) Add Comment
9 Comments
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1. confused76 said...
I totally disagree with the section on London and the pound. Both grossly over rated and over priced.
2. hpwatcher said...
I'm not sure the optimism is well founded.
3. drewster said...
@confused: I agree on your London comment. Some of you may have missed a story I posted in the early hours of this morning, about how the rich are leaving London:
Telegraph: Is London losing its lustre?
"Last year, London was in the middle of a full-throttle, moneyed, golden age. But suddenly the super-rich are showing signs of having had enough. The have-yachts are sailing away. London is beginning to lose its appeal. The Greek shipping families recently held a meeting to discuss re-locating to Cyprus. German fund managers are considering Geneva, as are various French entrepreneurs. American hedge fund managers want to cash in their real estate in Kensington and return to Connecticut where their children can have a pool in their backyard. "The weather is dire, the streets are dirty, the rubbish is rarely collected, the transport is dire." It will be back to the late 1970s when London was a dreary place with rising crime, terrible food and dowdily dressed women."
Posted by drewster @ 12:09 AM 13 Comments
More and more people are seeing the drawbacks of London. Dubai has better weather and lower taxes; Geneva has better scenery and lower crime; Connecticut has nicer houses and cheaper schools; Hong Kong and Singapore are closer to the new-found riches of China and south-east Asia. The real surprise is that London has been so popular for so long.
4. japanese uncle said...
Mice running from the sinking ship, scared the sh-- out of the run on N/R which also scared the sh-- of the brigade of amateur forex investors joined by Mrs. Watanabes in Tokyo, each with 300,000 pounds or so minimal portfolio, but there are tens of thousands of them. As far as they are concerned GBP is nothing short of a carry trade currency.
5. maddison said...
London has the best shopping, schools, transport links, services, culture than just about any city.... but wait for it. IF YOU ARE RICH hence they like it.
6. hpwatcher said...
@maddison
''London has the best shopping, schools, transport links, services, culture than just about any city.... ''
And it's a lot easier to get stabbed/shot, never more than 20 meters away from a rat, drinking water that will make your children hit puberty at 3...it's got the lot!!
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8. mrmickey said...
If things start getting a bit grim in London imagine what the rest of the country will be like. The rest of the country relys on the crumbs falling from London's table, we have a very unbalanced economy weighted towards the South East. Most towns here in the west country have had the heart ripped out of them all the farmer's markets have gone and any industry they might have had has long been wound up.
9. it_is_going_with_a_bang said...
Why is it that anyone with any money thats anything near to normal doesn't want to be in this country let alone a Sh*thole like London.
It not 'London' they like. It's the 'idea' that it's a great place to be. Like the 'new' pub that opens up in town.
One day that "we" want to be there feeling will disappear.
London is just 'hype' and nothing else.