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Hooraahhh! The economy is booming! Austerity is working! More benefit cuts please and more families out in the street to make room for the richest 1%.

This is only going to make the agony longer. The earlier the pound collapses, the better.

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Hooraahhh! The economy is booming! Austerity is working! More benefit cuts please and more families out in the street to make room for the richest 1%.

This is only going to make the agony longer. The earlier the pound collapses, the better.

This news seems to have strengthened the pound. :o

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Rather relieved even though we like bad new on here. The fact is that we are teetering on a plan B solution, well with a deficit stuck at 120 billion we are on plan B. However we may have got Ball's bankruptcy plan B+ being put into operation.

Edited by crashmonitor

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Yeh, but don't forget that 'services' include;

  • Debt Management companies
  • IVA factories
  • Corporate Insolvency services
  • Bankruptcy services
  • PPI companies
  • Baillifs

:lol:

Edited by Reck B

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America's GDP is up 3%...however, they have also altered the algorithm.

I'm sure that has happened here as well. Just fanciful numbers to save more embarrassment to our government.

On the Today programme(today) an economist said that if we used the US accounting system we would be around 1% per annum higher for the past year.

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On the Today programme(today) an economist said that if we used the US accounting system we would be around 1% per annum higher for the past year.

That helps to explain why the US is "the home of capitalism" ;)

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On the Today programme(today) an economist said that if we used the US accounting system we would be around 1% per annum higher for the past year.

Maybe so. GDP means nothing to the man on the street anyway. More info here:

U.S. Government Invents New Way Of Calculating GDP

In March 2013, the U.S. government invented a new way of calculating GDP. The Financial Times reported that starting from July 2013, U.S. GDP would become 3% bigger due to a change in statistics. As this adjustment in GDP calculation is pretty significant, I will discuss the new items in the U.S. GDP, what the consequences are and how investors should act on this revision in statistics.

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Rather relieved even though we like bad new on here. The fact is that we are teetering on a plan B solution, well with a deficit stuck at 120 billion we are on plan B. However we may have got Ball's bankruptcy plan B+ being put into operation.

Plan A : Government repeatedly cuts and privatizes. Rising unemployment and falling consumer demand offset any effect of cuts, with reduced tax revenue and higher benefit bills, so the deficit remains high. Eventually, the country goes effectively bankrupt (real debt writeoffs) through a deflationary spiral.

Plan B : Government borrows more for a series of major infrastructure projects. This contains unemployment and hikes nominal consumer demand, although the deficit remains and borrowing goes up. Eventually, the country goes effectively bankrupt (debt/savings inflated away) through an inflationary spiral.

Plan ? : Deficit is shrunk. Robust growth.

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It appears that just like in the United States our statisticians are keen to meddle with and manipulate the numbers.

Remember the GDP calculations were “improved”

Thse who follow my financial lexicon will be on at least amber alert at the use of the word “improved” by an official statistical body. What happened here is that the usually higher Retail Price Index was replaced by the usually lower Consumer Price Index for approximately 24% of the calculations. Thus at the stroke of a statistician’s pen we have higher GDP. Magic isn’t it?! Shame about reality but there you go…. I covered this subject in detail here.

http://notayesmanseconomics.wordpress.com/2012/10/25/why-was-the-calculation-of-uk-gdp-changed-lower-recorded-inflation-so-higher-growth/

http://www.mindfulmoney.co.uk/wp/shaun-richards/the-uk/

So we meddle with the numbers but the last two quarters have gone -0.3% and now 0.3% so in spite of it we are going nowhere.

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  • 242 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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