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Hip to be bear

Are You Angry Mr Brown? So Are We.

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I would have more respect for Brown if he could occasionally tell the truth, admit that mistakes were made, ditch the spin and party political short termism. Todays party piece has nearly pushed me over the edge and I am tempted to buy a gun and shoot the prat myself :angry: :angry: :angry:

Thanks to a prompt from Twatmangle on another post I had a look at his Mansion House speech from 2006, and it has got me thinking about his stance on a few aspects of the current crisis.

The things that have been getting on my wick (amongst many others)are:

How well placed we were to weather this global financial storm.

His anger at the banks for having lent recklessly in the good times when he was sitting in No 11 and was in charge of the economy and the city.

His refusal to admit that any activity in the UK is responsible for our current mess, since it started in America and it is a global problem.

His inability to see / admit that without the highly profitable (and taxpaying) banking sector, his reckless public spending is screwing us completely for a long long time.

He was delighted to take the credit in the good times but now it is all somebody elses fault.

Below are a few edited highlights from his speech in 2006:

Financial services are now 7 per cent of our economy. Financial and business services as much as 10 per cent. A larger share of our economy than they are in any other major economy, contributing £19 billion of net exports to our balance of payments, a success all the more remarkable because while New York and Tokyo rely for business on their large domestic base, London's international ranking is founded on a large and expanding global market.

London now the home and natural location for 20 per cent of all cross border lending: 30 per cent of world foreign exchange turnover, 40 per cent of over-the-counter derivatives trades, 70 per cent of the global secondary bond market.

Now although the New York Stock Exchange has slightly more foreign companies than the London Stock Exchange, the weight of world trading activity favours London - with, today, 50 per cent more foreign equity trading than New York.

People talk of China as the future manufacturing workshop of the world, they call India the future office of the world - I believe that London, like New York, is already the capital marketplace of the world.

The message London's success sends out to the whole British economy is that we will succeed if like London we think globally. Move forward if we are not closed but open to competition and to new ideas. Progress if we invest in and nurture the skills of the future, advance with light touch regulation, a competitive tax environment and flexibility. Grow even stronger if this is founded on a strong domestic market built on the foundation of stability.

What I said when I made the Bank of England independent remains even more true today, I said that our new monetary and fiscal regime was founded on stability first, foremost and always, stability yesterday, today and tomorrow.

And I mean not just stability by securing low inflation but stability in our industrial relations, stability through a stable and competitive tax regime, and stability through a predictable and light touch regulatory environment a stability founded on our strength to make the right long term decisions

Tosser! :angry:

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What I said when I made the Bank of England independent remains even more true today, I said that our new monetary and fiscal regime was founded on stability first, foremost and always, stability yesterday, today and tomorrow.

This is the best stability ever achieved by any PM.

He really did know what he was doing......

Agree he's a tosser.

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  • 284 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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