Labour's Economic Record May Have To Be Revised

[Realistbear]

http://news.independent.co.uk/uk/politics/article2964441.ece

15 September 2007 16:40

Credit crisis: Labour's economic record may have to be revised

By Nigel "Nige" Morris

Published: 15 September 2007

Gordon Brown built his formidable political reputation over a decade on his prudent stewardship of the economy as Chancellor.

...../

There is, however, a more fundamental question of why Gordon Brown allowed the creation over ten years of an economy built on debt,

with consumer borrowing trebled and the largest budget deficit in Europe, in a way that threatens the broader stability of the economy. I have always said stability should come first."

Michael Fallon, a Tory member of the Treasury select committee, added: "It's his [Mr Brown's] credit boom and it looks as if he has failed to regulate it properly."

Lord Oakeshott of Seagrove Bay, a Liberal Democrat treasury spokesman, accused the banks of reckless lending. He said: "Brown has been in denial as debt got out of hand. Now millions of families will see real mortgage pain."

Amazing it has taken this long to ask the question as to what, exactly, Gordon Brown's miracle was. Just a debt bubble. Siomple really.

IMO it is too late for the politicians to be pointing a finger now. They should have stood up against the abuse years ago but as they were probably all VIs with their noses in the trough no one spoke up. May they lose much in Great Crash 2.

[skomer]

http://news.independent.co.uk/uk/politics/article2964441.ece

15 September 2007 16:40

Credit crisis: Labour's economic record may have to be revised

By Nigel "Nige" Morris

Published: 15 September 2007

Gordon Brown built his formidable political reputation over a decade on his prudent stewardship of the economy as Chancellor.

...../

There is, however, a more fundamental question of why Gordon Brown allowed the creation over ten years of an economy built on debt,

with consumer borrowing trebled and the largest budget deficit in Europe, in a way that threatens the broader stability of the economy. I have always said stability should come first."

IMO it is too late for the politicians to be pointing a finger now. They should have stood up against the abuse years ago but as they were probably all VIs with their noses in the trough no one spoke up. May they lose much in Great Crash 2.

What are the odds now on a snap-election this Autumn?

[0q0]

I've counted a good few media interviewed pundits these past few days saying "UK had a boom on the back of debt and borrowing."

I've also heard people say our economy is very strong and we have lots of manufacturing jobs. Could someone please tell me where these manufacturing jobs are, and also why people say we're so strong as an economy. I see plenty of jobless. I also see plenty on benefits (and those who are entitled, that's fine with me) and I see shops doing trade on plastic primarily, jammed roads (so why aren't they at work, or are they all commercial travellers?) and more and more bookies and gambling and discarded scratchcards on the pavement.

On the other hand, the tubes are full of commuters, so people are working.

It's all contradictory, makes little sense to me!

Edited September 15, 2007 by The Last Bear

[Dames]

Amazing it has taken this long to ask the question as to what, exactly, Gordon Brown's miracle was. Just a debt bubble. Siomple really.

Thats because your average joe won't listen to a ( an opposition ) politician until it is actually happening to them personally.

Once people realise house prices can also fall in value it will be game over for Nu-Laborious.

Too late by then of course.

Same old cycle.

D

[South Lorne]

....it's funny how politically correct the media really are.....many people were aware of this years ago....for the so called 'media for intellectuals' to slap this on the blackboard now .....sorry you missed the train ..years ago....go brush off the chalk dust...

[OnlyMe]

I've also heard people say our economy is very strong and we have lots of manufacturing jobs

Manufacturing jobs have been falling by about 100,000 a year.

[IP Newcomer]

What are the odds now on a snap-election this Autumn?

If this is over by mid week then it's still on. After all they'll go on about economic competency. Sods.

[@contradevian]

If this is over by mid week then it's still on. After all they'll go on about economic competency. Sods.

I agree, and I reckon thats why Northern Rock were bailed out. It can only get worse.

[0q0]

I've also heard people say our economy is very strong and we have lots of manufacturing jobs

Manufacturing jobs have been falling by about 100,000 a year.

Yes, I was under a similar impression, so why do these people come on the news and say that manufacturing jobs are so strong here?

Are they from a parallel universe??

[@contradevian]

Yes, I was under a similar impression, so why do these people come on the news and say that manufacturing jobs are so strong here?

Are they from a parallel universe??

There was some news that manufacturing was doing rather well a few weeks back. UK manufacturing is more specialised but order books were claimed to be good. Its more efficient (its has to be). However I think over a 1000 more jobs losses were announced this week on this site alone. Pfizer cuts 420 jobs as last UK plant closes in Sandwich, Kent, and I think Sir Talbot Avenger commented his factory was closing.

[Cogs]

I've counted a good few media interviewed pundits these past few days saying "UK had a boom on the back of debt and borrowing."

I've also heard people say our economy is very strong and we have lots of manufacturing jobs. Could someone please tell me where these manufacturing jobs are, and also why people say we're so strong as an economy. I see plenty of jobless. I also see plenty on benefits (and those who are entitled, that's fine with me) and I see shops doing trade on plastic primarily, jammed roads (so why aren't they at work, or are they all commercial travellers?) and more and more bookies and gambling and discarded scratchcards on the pavement.

On the other hand, the tubes are full of commuters, so people are working.

It's all contradictory, makes little sense to me!

You expect to see lots of manufacturing jobs in central London? I have no idea of the strength or otherwise of Uk industry and I apologise if I'm being unfair, but I'm just a teensy weensy bit irritated with people from London constantly insisting there isn't any manufacturing industry in this country. Try Derby or somewhere like that.

[rentboy]

that link display this "java.lang.NullPointerException" for me.

maybe the labour press office have had it pulled.

[OnlyMe]

Yes, I was under a similar impression, so why do these people come on the news and say that manufacturing jobs are so strong here?

Are they from a parallel universe??

Beats me.

http://www.eef.org.uk/UK/mediacentre/media...ase16032005.htm

Manufacturers issue Budget plea as job losses set to hit 1 million mark

EEF, the manufacturers' organisation has urged the Chancellor to use today’s Budget address the rising costs faced by industry and accelerate positive plans to transform the environment for doing business in areas such as skills and innovation.

The plea comes ahead of figures to be published today (Wednesday) which are likely to show the number of jobs lost in manufacturing since 1997 passing the 1 million mark

[elalamein]

An economic miracle built on debt and a strong pound !

A credit crunch coupled with a steep fall in sterling will see the walls come crashing in.

Stormy seas ahead.

[Wait & See]

http://news.independent.co.uk/uk/politics/article2964441.ece

15 September 2007 16:40

Credit crisis: Labour's economic record may have to be revised

By Nigel "Nige" Morris

Published: 15 September 2007

Gordon Brown built his formidable political reputation over a decade on his prudent stewardship of the economy as Chancellor.

...../

There is, however, a more fundamental question of why Gordon Brown allowed the creation over ten years of an economy built on debt,

with consumer borrowing trebled and the largest budget deficit in Europe, in a way that threatens the broader stability of the economy. I have always said stability should come first."

Michael Fallon, a Tory member of the Treasury select committee, added: "It's his [Mr Brown's] credit boom and it looks as if he has failed to regulate it properly."

Lord Oakeshott of Seagrove Bay, a Liberal Democrat treasury spokesman, accused the banks of reckless lending. He said: "Brown has been in denial as debt got out of hand. Now millions of families will see real mortgage pain."

Amazing it has taken this long to ask the question as to what, exactly, Gordon Brown's miracle was. Just a debt bubble. Siomple really.

IMO it is too late for the politicians to be pointing a finger now. They should have stood up against the abuse years ago but as they were probably all VIs with their noses in the trough no one spoke up. May they lose much in Great Crash 2.

May they lose everythin in Great Crash 2. Jobs, homes and BTL portfolios. Fu*king corruption is always the destroyer of miracles, that and stupid bloody people.

F*CK 'EM!!!!

Edited September 15, 2007 by Wait & See

[0q0]

OnlyMe, Rover and all others as mystified as me - I really don't know what they're talking about with this strong manufacturing talk. Are they just copying what they heard someone else say and taking it as read (or even red!)?

Reminds me of the Spitting Image sketches in the 1980s when they parodied Alastair Burnett's weekly or daily job loss/creation summary on News At Ten with small dots on the map graphic for the 10,000 redundancies here and 6,000 going there - and huge planet-sized spheres for inclusions like 14 jobs created in Dorking at a dog food warehouse and 2 new jobs at a roadside cafe in Bracknell.

Edited September 15, 2007 by The Last Bear

[Cogs]

OnlyMe, Rover and all others as mystified as me - I really don't know what they're talking about with this strong manufacturing talk. Are they just copying what they heard someone else say and taking it as read (or even red!)?

Reminds me of the Spitting Image sketches in the 1980s when they parodied Alastair Burnett's weekly or daily job loss/creation summary on News At Ten with small dots on the map graphic for the 10,000 redundancies here and 6,000 going there - and huge planet-sized spheres for inclusions like 14 jobs created in Dorking at a dog food warehouse and 2 new jobs at a roadside cafe in Bracknell.

Published this month:

Factory orders and output strengthened to the highest since 1995 in the third quarter, according to an index published by EEF, an engineering lobby, and Grant Thornton LLP today. The measure was based on a survey of 828 companies.

Data from CIPS (Chartered Institute of Purchasing & Supply)and NTC Economics signalled that conditions in the UK manufacturing sector continued to strengthen in August. Production rose at its fastest pace since October 1994, underpinned by robust domestic market conditions and accelerated growth of new export orders...Continuing the trend observed since the start of 2007, the level of UK manufacturing employment increased for the thirty-ninth month with the seasonally adjusted Employment Index recording a reading 52.5. Growth was linked to rising levels of production and incoming new work.

I'm not claiming it means much but there you go, there is no need to be actively mystified.

I have no great economic insight but I teach engineering and this summer has been the best graduate recruitment round we've had in years.

This may of course be because there are fewer engineering graduates around (?) but certainly more of them are getting "proper" jobs than in previous years. Anecdotal I know.

[@contradevian]

Published this month:

I'm not claiming it means much but there you go, there is no need to be actively mystified.

I have no great economic insight but I teach engineering and this summer has been the best graduate recruitment round we've had in years.

I'm very glad to hear that.

[0q0]

Thanks Cogs, et al.

Previously I'd thought the only "manufacturing" jobs were posts created such as Burger Assembler and Sandwich Technician.