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Uk Set To Overhaul Accounts After 15 Years

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Stats, what a profession. :lol:

UK Set to Overhaul Accounts after 15 Years

08 Apr 2014

http://www.thisdaylive.com/articles/uk-set-to-overhaul-accounts-after-15-years/175651/

FG targets 20% revenue to GDP

Steve Omanufeme and James Emejo

The United Kingdom is set to embark on a radical overhaul of its national accounts for the first time in 15 years this autumn, which will double the country’s official measure of household savings, reports the Financial Times.

This is coming just after Nigeria rebased its national accounts, which made it the 26th largest economy in the world.

The UK’s new figures would essentially be beneficial to savings as most of the changes would focus more on how savings are measured.

Specifically, the exercise is expected to present Britons as a nation of unexpected prudence and undercutting their widely held reputation for profligacy.

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£75bn in additional growth but how much more in additional debt? Is the figure included in the ~£120bn upward revision that's being made to the national debt this September?

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Specifically, the exercise is expected to present Britons as a nation of unexpected prudence and undercutting their widely held reputation for profligacy.

Is this a comedy article? From 'The Onion' or something?

Edited by Errol

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The title of the thread should point out that they're using 'imputed' pension payments.Scandalous but no doubt bringing us into line with a wider fraud accounting standards

http://www.telegraph...-of-savers.html

'The ONS will also count future pension rights as if they were present income.'

Comedy gold,

'With Britain boasting a large funded defined-benefit pension scheme, the move will raise measured household incomes and the savings ratio.'

What'll happen if the stock market slumps and we get some pension funds in deficit?

Edited by Sancho Panza

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Why don't we include money earned from drugs and prostitution like Greece did to get into the EU ?

Also I've got this diamond which I've valued at £500M, can we include that ?

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..an independent pensions expert, said: “For once, this is something that must be right. There is a legal obligation to make a payment and what the individual is doing is taking a lower salary today in return for a pension tomorrow.”

So how will that effect tomorrow's GDP. It sounds as if they're going to count it both today and tomorrow.

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Why don't we include money earned from drugs and prostitution like Greece did to get into the EU ?

Also I've got this diamond which I've valued at £500M, can we include that ?

and ye jest....

http://www.mindfulmo...r-in-september/

'Also in the arenas and forums where I have been involved in discussions about this the change highlighted below invariably provokes interest and indeed not a little mirth.

Blue Book 2014 will also include estimates for smuggling of drugs, which are all assumed to be consumed by households and for home grown production of cannabis. It will also include estimates for prostitution in line with Eurostat guidance'

Edited by Sancho Panza

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Why don't we include money earned from drugs and prostitution like Greece did to get into the EU ?

Also I've got this diamond which I've valued at £500M, can we include that ?

Actually it looks as though we will be.

Also in the arenas and forums where I have been involved in discussions about this the change highlighted below invariably provokes interest and indeed not a little mirth.

Blue Book 2014 will also include estimates for smuggling of drugs, which are all assumed to be consumed by households and for home grown production of cannabis. It will also include estimates for prostitution in line with Eurostat guidance.

I guess that there will be a fair degree of competition at the Office for National Statistics for the jobs checking and researching this particular area.

http://www.mindfulmoney.co.uk/wp/shaun-richards/the-uk-plans-to-revise-its-gross-domestic-product-much-higher-in-september/

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The title of the thread should point out that they're using 'imputed' pension payments.Scandalous but no doubt bringing us into line with a wider fraud accounting standards

http://www.telegraph...-of-savers.html

'The ONS will also count future pension rights as if they were present income.'

Comedy gold,

'With Britain boasting a large funded defined-benefit pension scheme, the move will raise measured household incomes and the savings ratio.'

What'll happen if the stock market slumps and we get some pension funds in deficit?

Printy printy, of course. The daddy of imputed wealth creation.

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:lol:

This is a joke, right?

Right?

Oh........

:angry:

Can I just restate my household accounts valuing future contributions from the children in millions and borrow on the strength of that then?

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Can I just restate my household accounts valuing future contributions from the children in millions and borrow on the strength of that then?

The government have already done that for you. And spent it.

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:lol:

This is a joke, right?

Right?

Oh........

:angry:

Can I just restate my household accounts valuing future contributions from the children in millions and borrow on the strength of that then?

http://www.mindfulmoney.co.uk/wp/shaun-richards/the-uk-plans-to-revise-its-gross-domestic-product-much-higher-in-september/

Shaun Richards has a good blog on this today

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link

Official statisticians are preparing wholesale changes to the way they measure the UK economy that will boost readings for growth in years gone by and double the rate of household saving.

The Office for National Statistics claimed the overhaul, due in September, would bring the UK into line with other major economies in the US, Canada and Australia but critics said the changes were 'creating a fiction'.

One of the most startling outcomes of the changes will be to double the official measure for household saving.

...

Aldermore, the bank, said the changes were 'creating a fiction'. Simon Healy, its managing director for savings, said: 'Survey after survey continues to show that Britons aren’t saving enough for a rainy day, let alone a retirement.

Oh well. There are plenty of people out there who are saving and are going to feast off of the apathy come stupidity of the non-savers.

And once again your elected representatives prove that they are indeed working against your well being for their self betterment.

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So the savings ratio will double - through the inclusion of pension savings (mainly final salary pensions).

But aren't most final salary pensions in the public sector - and bar the local government and a couple of other schemes operated on a pay as you go basis without any of the contributions being invested. So therefore the savings aren't real - they are reliant on future taxpayers paying the costs aren't they?

Or am I missing something?

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So the savings ratio will double - through the inclusion of pension savings (mainly final salary pensions).

But aren't most final salary pensions in the public sector - and bar the local government and a couple of other schemes operated on a pay as you go basis without any of the contributions being invested. So therefore the savings aren't real - they are reliant on future taxpayers paying the costs aren't they?

Or am I missing something?

Perhaps they are 'imputed' savings?

Maybe the delusional madness is spreading:

http://www.housepricecrash.co.uk/forum/index.php?showtopic=183261

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Specifically, the exercise is expected to present Britons as a nation of unexpected prudence and undercutting their widely held reputation for profligacy.

...sounds like a 'lets juggle the data' exercise and as for :

Specifically, the exercise is expected to present Britons as a nation of unexpected prudence and undercutting their widely held reputation for profligacy.

...well..... :rolleyes:

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It makes sense now. The UK govt was told two years ago that to conform with EU accounting practices it would need to formally change the classification of Network Rail and stop treating the RBS/Lloyds stakes and bailout funds as liquid assets. These changes are due to be implemented in September. An unfortunate consequence is that an additional £100+bn will be added to the national debt overnight. Osborne clearly can't have a deterioration in the public accounts on that scale six months away from the GE - hence today's sleight of hand, planned to coincide with the former in September. Debt up... but GDP up too. In the nick of time, Osborne saves the Potemkin.

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