Saturday, February 9, 2008

If by ‘good’ you mean bloody awful

Darling Says British Inflation Outlook Is 'Good'

U.K. Chancellor of the Exchequer Alistair Darling said he believes the Bank of England and the government can 'keep inflation down,' giving Prime Minister Gordon Brown 'room to maneuver' on spurring the economy. The BoE reduced the key rate to 5.25%, the second reduction in three months. Darling today reiterated that Britain remains in a 'strong position,' and able to weather the economic downturn. He said unemployment and government debt levels are 'historically low.' The Labour government has run up deficits totalling £169.4B since 2003, erasing three years of surpluses after it took office in 1997. The Institute for Fiscal Studies said Darling needs to raise taxes by £8billion to meet deficit targets, a move that would constrain rather than stimulate growth

Posted by little professor @ 08:07 PM (1177 views)
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17 thoughts on “If by ‘good’ you mean bloody awful

  • Government debt levels are historically low?

    Our trade deficit is the largest its EVER been.

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  • Having read this and other similar articles recently the outlook on the economy as a whole together with the prospect of rising inflation appears to me to be anything but “good”.

    ———————“The Institute for Fiscal Studies in an annual assessment completed a month before the chancellor’s budget statement, said public finances will continue a deterioration that started in 2001” – this Government conveniently seem to forget they have been in power since 1997 !!!

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  • Easy, just include house prices in the inflation figures…. Boom inflation will only run at 0.5% due to the massive drop in housign costs.

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  • I thought deception was illegal. Perhaps we have a mis-quote here. Surely this is the Darling from Blackadder.

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  • Why is it that, apart from on this site, these ludicrous statements get reported without challenge? Is the whole world going mad?????

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  • housing carbuncle says:

    “Is the whole world going mad?????”

    Unfortunately the rest of the world is too trusting of the rubbishy statistics that this shoddy government produces. In reality the most disturbing thing about Britains’ economy now is the number (percentage) of individuals who appear to be free lunching, i.e. either just given money by the government to do a job or just given money by the government to do nothing economically productive. The illusion of wealth is reinforced by high house prices (via a cheap credit machine) which in reality just makes people poorer because it just increases personal debt. The magnitude of the scam is bewildering.

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  • dohousescrashinthewoods says:

    I completely agree with the sentiments above. Surely something can be done when a government is bare-faced misreporting the facts. That has got to be actionable in law. My wife requests to sue for libel – for insult to her intelligence.

    This is extremely serious – the Mugabe parallels are stark: outright lies, failing economic policy, tough talk and police state laws (loss of Habeas corpus for a start). Many cite to me that things are not nearly that bad here – and I say “NO!”. You can make excuses about “not being there”, but the simple fact is, if you’re facing that way and walking, you’ll still be making those excuses when you get there. We have got to stop our insipid decay. Take it a step further and we’re into the territory of “if you tell a lie, tell a big one, pretty soon people will believe you”.

    I nearly choked when I read “historically low” – Paul, absolutely. Furthermore, didn’t the ONS bring Northern Rock onto the government’s books? That means Mr Brown’s remarkably flexible golden rule has been broken. Even his elastic definition couldn’t withstand such a nuclear strike. NR is more than the total defence budget – it’s a huge debt.

    Which brings us full circle, to Wiltshire’s comment: is it more worrying that the government denies reality, or that the press print it verbatim? Which is worse, the “information market” regulator, (the press) asleep on the job, much like the FSA, or the regulator being complicit in such market manipulation?

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  • I’m not allowed to use the word cn*t.

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  • Landofconfusion says:

    > 5. dohousescrashinthewoods said…
    >
    > NR is more than the total defence budget – it’s a huge debt.

    Well don’t worry the government is going to put all that debt into government bonds and ‘sell’ it off. Oh, wait a minuite… Interest rates… Oh dear…

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  • With regard to the media not challenging any figures from the Govt. Just take a look at a handfull of daily newspapers these days, the exact same stories (more or less word for word) will be printed in each paper, page after page! Proper investigative journalism is long gone, the press is no longer free, it just prints whatever is required by it’s political masters/advertisers to avoid rocking the boat.

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  • dohousescrashinthewoods says:

    I once mistyped “can’t” and got a bit of a shock 🙂

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  • Always easy to keep inflation down when you exclude all those irrelevant volatile items – everything that’s going up.

    We’ve seen this kind of behaviour from politicians before, eg. Wilson and the pound in your pocket; Lamont and his desperate efforts to avoid devaluation. The volume of flannel rises and rises until the inevitable happens, which ends in resignations and ultimately a change in govt. It’s not just that they’re not as clever as their educational backgrounds and colleagues’ backslapping suggests; they believe in their own boasts built up during calm periods, and cannot bear to admit any errors because that would mean an automatic end to office.

    We can take solace in that all their puff will in the end be for nought. The downside is the added pain of delay.

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  • wiltshire said:
    >>Why is it that, apart from on this site, these ludicrous statements get reported without challenge? Is the whole world going mad?????

    Just apathetic I think. So long as Joe Public can see some HPI which allows him to MEW, in order to buy a 4WD or an old BMW and thus feel important then Joe Public sadly doesn’t really care. I do believe that at some point Joe Public will rise from his slumber and bite back, most probably at the point where the cash machine i.e HPI dry up.

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  • planning4acrash says:

    Has the world gone mad? Yes. Should these statements be questioned? The opposition parties are not doing a good job. Maybe use of freedom of info act cld be used4 some seminal journalism here. What are the other options?

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  • Denzil is right. The proles are firmly under big brother, x-factor and deal or no deal. I look forward to this country being brought to it’s knees as it is turning into the poor man of europe rapidly. Albania is going to look appealing after Nulaboe has finished with the UK.

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  • I think the UK is seperated in to two groups of people. First group are the people out working trying to pays mortgages, taxes etc who are too tired or busy to really see whats going on out there and the other group who are on the dole, invalid benefits etc who are happy as long as they have trash tv and cheap Chinese junk. This is why you don’t see government officials being burnt at the stake, well not yet anyway.

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  • I can see a time in the future when another powerful tyrant will rise and imprison all Lawyers to save the world from destruction.

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