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cashinmattress

Brits Are Now Poorer Than The French, Swiss, Belgians, Swedes, Austrians, Aussies And Canadians

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Between 2005 and 2011 British household incomes have tumbled below those of rich-nation counterparts in Switzerland, Australia, Austria, France, Canada, Belgium and Sweden, according to a new analysis from the UK’s Office of National Statistics. Despite some decent recent news on industrial production, the UK economy remains quite weak. And critics lay the blame squarely at the feet of David Cameron’s conservative-led government. When elected in 2010, Cameron became a global standard-bearer for those who argued that what was needed in the aftermath of the financial crisis and Great Recession was belt-tightening rather than the fiscal stimulus of the kind once prescribed by John Maynard Keynes.

Cameron’s experiment with Britain’s economy has not worked. As we’ve said before, growth remains piddling. The IMF forecasts a whopping 0.7% in 2013. And job growth, which has been surprisingly resilient, is also now sagging. Nor is the austerity push delivering on government promises to bring the UK’s deficit and debt under control. The Cameron government has had to admit repeatedly that it will miss its own deadlines for cutting the deficit. As a result, Britain’s debt-to-GDP ratio continues to push higher. It was 79% when Cameron & Co. took over in 2010. It’s expected to be 93% by the end of 2013, according to Moody’s. That’s resulted in a loss of Britain’s triple-A rating. And as the above chart shows, the weak state of the UK economy is really proving to be a problem for the well-being of the average Brit, who is seeing standards of living decline relative to age-old rivals on the continent. Seeing UK incomes fall behind those of Socialist-led France has got to smart.

yanofsky_household-income-oecd_002.png?w=512&h=404

Yay austerity!

Of course this is not valid to folk working in the city, but the rest of us are getting it in the neck.

EDIT: this article is probably just crap, but don't we love graphs and arguing here?

Edited by cashinmattress

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yanofsky_household-income-oecd_002.png?w=512&h=404

Yay austerity!

Of course this is not valid to folk working in the city, but the rest of us are getting it in the neck.

EDIT: this article is probably just crap, but don't we love graphs and arguing here?

That chart claims UK household income is about $26,000 - or about £19,000.

So only about 50% out.... !

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That chart claims UK household income is about $26,000 - or about £19,000.

So only about 50% out.... !

Oopsadaisy, they forgot to convert £ to $!

Still, never mind, it's not something froman official government department that's been published or anything.

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That chart claims UK household income is about $26,000 - or about £19,000.

So only about 50% out.... !

The chart refers to household income per capita. According to the ONS, in 2011 the Regional Gross Disposable Household Income per head in the United Kingdom was £16,034.

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Oopsadaisy, they forgot to convert £ to $!

Still, never mind, it's not something froman official government department that's been published or anything.

Or maybe the politically-motivated hack who wrote the article was so intent on point scoring that he mis-labeled the chart.

I'm not sure what he thinks his chart shows, but the data released by the ONS yesterday concerned Household Actual Disposable Income Per Head.

Edited by taxed_crusader

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Or maybe the politically-motivated hack who wrote the article was so intent on point scoring that he mis-labeled the chart.

I'm not sure what he thinks his chart shows, but the data released by the ONS yesterday concerned Household Actual Disposable Income Per Head.

Have I wandered into a strange alternate universe where Per Capita and Per Head mean different things?

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The chart refers to household income per capita. According to the ONS, in 2011 the Regional Gross Disposable Household Income per head in the United Kingdom was £16,034.

Tbh, I mentally discarded that, as it makes no sense to me - surely you either have household income, or income per capita - what on earth is 'household income per capita' ? Is it household, or is it per capita?

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Oopsadaisy, they forgot to convert £ to $!

Still, never mind, it's not something froman official government department that's been published or anything.

The chart is in US% so the fall in Sterling will account for most of the effect and the chart is probably correct.

The argument attached to it is bulls***.

Edited by Goat

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Surprising that they don't mention the Irish Republic as fairly recently there were reports that households there had significantly better income as well. Doubt the overall cost of living is worse in comparison.

Edited by billybong

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On the plus side Dave says you'll soon be able to buy shares in Royal Bank of Sh1t.

Every cloud

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Britain has always been poorer than those countries (since soon after the end of WW2 anyway). There was a bubble and an overvalued currency that may have made the figures look like we were richer at some point, but anyone visiting those countries could and can see that they have better standards of living and better lifestyles than Britain. I do actually think we have caught up quite a bit in the past 30 or so years. I visited Switzerland in the 70s, and it really seemed like something out of a Sci Fi film at the time. You don't notice the difference quite so much these days.

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Wow, look at the yanks powering ahead...well, 1% of yanks, anyway. Pity the half on food stamps.

Income+Distribution+in+the+Recovery.png

Indeed.

However at least they allowed housing costs to deflate, making low paid jobs for some financially viable. It seems that the UK is only interested in coping the bad bits of US policy.

As for Austerity....

Well of course it was never going to work. You can't undo 30+ years of bad economic policy with 5 years of deficit hysteria.

Edited by PopGun

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  • 277 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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