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Chancellor May Reset Economic Policy

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http://www.bbc.co.uk/news/business-36864099

The new Chancellor of the Exchequer has said he may use the Autumn Statement to "reset" Britain's economic policy.

At the start of a trip to China to strengthen post-Brexit business ties, Philip Hammond said he would review economic data over the coming months.

He added that the Treasury will act "if we deem it necessary to do so".

Before becoming Prime Minister, Theresa May had said that the government would no longer seek to reach a surplus by 2020.

Could mean pretty much anything I suppose, but I noticed this on the BBC business page as well:

http://www.bbc.co.uk/news/business-36835450

Housing sector leaders are urging government to divert billions earmarked for home ownership schemes into social and affordable rented housing to counter an expected post-Brexit downturn.

Housing associations are arguing that they be allowed to use some of the £7bn set aside for government discounted starter homes and shared ownership schemes to build affordable homes to rent or buy.

This, they argue, will keep Britain building during the construction downturn.

So, bung the 2020 target out the window, borrow shit loads, end HTB and embark on a massive construction program to boost the economy?

Nah, couldn't be.

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http://www.bbc.co.uk/news/business-36864099

Could mean pretty much anything I suppose, but I noticed this on the BBC business page as well:

http://www.bbc.co.uk/news/business-36835450

So, bung the 2020 target out the window, borrow shit loads, end HTB and embark on a massive construction program to boost the economy?

Nah, couldn't be.

Could be.

But wont be.

Still odd that Persimmon gave themselves a 600M bonus just in the nick of time.

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Well the deficit is already predicted to be £90Bn for 2016/2017 - that's UP from this year's predicted deficit. source:

http://www.telegraph.co.uk/business/2016/07/21/how-george-obsornes-dream-of-balancing-the-books-was-left-in-tat/

By 2020, population up by 2,000,000 more - with more immigrants requiring free food at the buffet, meanwhile the British tax payer is stuck with the interest repayment bill of circa £1.4Bn a week on interest alone on the £1.725Tn (and counting) national deficit.

It's all looking highly sustainable.

Edited by canbuywontbuy

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Austerity in a consumer consumer economy. Who'd thought it wouldn't work.

Once need was replaced with wants, all hell broke loose, and now they want Pandora's box closed?!?

Edited by PopGun

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Exactly by 2020 we will need at least 5,000,000 more immigrants and then as a % of GDP the debt and the deficit will be quite small. It is not the debt that is growing too quickly it is the population and GDP that are growing too slowly, the more holes dug and filled in the better.

We need GDP growth, that is all that matters growth GROWTH GROWTH.

edit to add, Hammond has aready said borrowing is really cheap so what better way to boost GDP, borrow vast amounts and spend it = increase GDP

If Hammond plans to borrow & spend (note no linky or source referenced), we can forget about any near term base rate rise.....

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