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Only 20 Years More Of Austerity Ahead, Says Top Civil Servant

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Twenty years of austerity ahead, says Sir Jeremy Heywood

Britain is in a “20 year generational battle” to rebalance the economy and return the country to financial health, according to Britain’s most senior civil servant. .....Despite his gloomy assessment, Sir Jeremy said that for Mark Carney, the new Bank of England Governor, it was a “good time to join”.

Describing the Canadian as “the world’s most impressive central banker”, he said that it showed Britain’s “self confidence” that it could have a “foreigner come to work in such an important symbol of the country as its central bank.

He added: “We will give him every support he needs.” http://www.telegraph.co.uk/news/politics/10156170/Twenty-years-of-austerity-ahead-says-Sir-Jeremy-Heywood.html

Are they building up to something regarding policy? Will I like it? I fear not.

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Only on account of holding up the status quo, ie bankers bonuses, high house prices and jobs for the boyz in the civil service. Meantime, low paid civil service workers, nhs workers etc will take the brunt along with the rest of us in the private sector (less than exec level that is). Just like Japan they will never let go of the corupt practices that led us into this shiite.

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Are they building up to something regarding policy? Will I like it? I fear not.

Just setting expectations low, to match the dismal performance so far and anticipate similar in future.

"...he said that it showed Britain’s “self confidence” that it could have a “foreigner come to work in such an important symbol of the country as its central bank. " Or it shows a lack of confidence in our home-grown talent. Take your pick.

"...rebalancing the economy away from financial services and more in favour of manufacturing was “much easier said than done”. " It certainly is if there is no real will to put in the hard graft needed to achieve this, just exhortations and rhetoric.

“This is not a two-year project or a five-year project. This is a 10-year project, a 20-year generational battle to beef up the economy in ways that we have not seen for many, many decades.” If only the electoral cycle was also a 10- or 20-year one.

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“This is not a two-year project or a five-year project. This is a 10-year project, a 20-year generational battle to beef up the economy in ways that we have not seen for many, many decades.”

Vacuous drivel.

Anyway, why is a civil servant talking about these things?

Edited by oldsport

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There are so many things that need facing up to that the TPTB seem to just be hoping if they ignore them for long enough they will just vanish.

We are 6 years in and they have fixed nothing, if anything things are much worse. It ends in collapse; There simply is no other way.

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What utter drivel.

Overpaid civil servant with a gong from rentier monarch tells the proles they've got to get poorer for the rest of their lives.

Tax these feckers until their eyes pop out, raise wages and slash their pensions.

Sorted.

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Twenty years to fix economy

Britain is in a “20 year generational battle” to rebalance the economy and return the country to financial health, according to Britain’s most senior civil servant.

Whaaaat - only another 20 years.

Pull the other one it's got bells on.

They've been saying stuff like that since Noah built his Ark. Give it another 20 years and there'll be another one coming along saying "it'll take 20 years to fix the economy" - again.

20 years to "rebalance the economy" and to "return the country to financial health" - extraordinary can kicking to help the government do its own share of can kicking upto the next general election.

Edited by billybong

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Don't know about fixing the UK economy - I wait on the dge of my seat wonder how Carney is going to convert all the 16 hours tax credit people into high yielding export machines. Just using monetary policy.

I explain what happened as a 5 year period (2002-2007) where the UK spent 20 years of money - public and private sector.

We're 10 years in. Only 10 years to go. And the interest to pay - another 5 to 10 years.

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Vacuous drivel.

Anyway, why is a civil servant talking about these things?

I think this intervention is one of those times when a (quasi) independent civil servant tries to inject some sanity into election promises made by the various parties. It is probably designed to send a message to Labour as they start to write their 2015 manifesto 'You can't make unreasonable promises - the economic situation is dire'.

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So basically they are anticipating the Japanese style outcome then?

Perhaps if they let the economic purge happen with the overindebted going bankrupt etc... we might have a quicker recovery and balance could be restored. However as this would require the uber rich taking losses that won't be allowed to happen.

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Fair enough. We'll have regime change and all the stolen land back then.

And by regime change I don't mean the faux LabourTory dog and pony show every four years. Bored with that rubbish.

Edited by Secure Tenant

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Event the Soviet Union only had five-year plans!

But the question remains. Is it twenty years of real austerity, or twenty years of the pretend austerity we've had ever since the Coalition got in (ie, more spending rather than less).

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  • 239 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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