Saturday, Nov 07, 2009

Bleak assessment by Telegraph's Liam Halligan

Telegraph: This financial mess isn't even the end of the beginning for UK wealth

Depressing and weird to be watching such economic suicide by Labour. The media are not parroting the return to growth line, just the reality that the UK is going to be a really bleak place to live and work for the next decade or more. New Labour won't even manage to drag things out to the election.

Posted by stillthinking @ 09:17 PM (2096 views)
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1. Tpbeta said...

I see Liam has stopped bothering with even improperly reasoned arguments to back up his Cassandra visions.

Saturday, November 7, 2009 10:16PM Report Comment

2. alan said...

@ stillthinking
"New Labour won't even manage to drag things out to the election".

Gordon Brown has shown fiendish ingenuity in keeping up the pretence that NuLabour is doing well. "Just when you think he's dead, he claws his way out of the fire", said one MEP.

Alas, bankruptcies, redundancy and repossession numbers are getting larger. Threats of extra bank taxes could finally kill off the financial sector in London if he tries hard enough. As we devalue the pound, our food, oil and gold get dearer.

Parking fines and speed cameras won't bring in the lost revenues of VAT from high street shops, not to mention the banking tax losses. Forcing low interest rates to reinflate the house price bubble just means less tax earned from interest accounts.

Just how long can Gordo & NuLabour keep up appearances? He seems determined to put off an election for the next 3 months at least ... can it last, I wonder?

Saturday, November 7, 2009 10:43PM Report Comment

3. hpwatcher said...

So terrible was Gordon Brown's economic stewardship during his decade as Chancellor from 1997, and so huge has been his "fiscal stimulus" since, that the UK now has the biggest structural deficit of any major country.

amen to that.

Sunday, November 8, 2009 06:44AM Report Comment

4. drewster said...

"I fear we have reached, merely, the end of the beginning of an extremely difficult period in our history, when living standards plunge, our public finances deteriorate further and enterprise stagnates."

That's the key point. If we don't sort out this mess, our standards of living will plunge. British plumbers will be working in Poland. Food will cost more. Primark clothes will cost more. Gas bills will be higher. Unemployment will almost certainly continue to rise - youth unemployment in particular - and the devil finds work for idle hands.

Sunday, November 8, 2009 10:47AM Report Comment

5. will said...

...and this website could become UK CRASH.

Sunday, November 8, 2009 11:31AM Report Comment

6. letthemfall said...

Quite heavy on rhetoric: "the economics of Zimbabwe and the Weimar Republic" (not so), "ignoring centuries of accumulated wisdom" (which is what exactly?)

LH also doesn't mention the role of banks in boosting the deficit, or the years of underspending on services (leaky school roofs, for example). I don't think he adds anything to the debate, although he is probably right about the future.

Sunday, November 8, 2009 11:45AM Report Comment

7. crunchy said...

This financial mess isn't even the end of the beginning for UK wealth
"This isn't the end. It isn't the beginning of the end. But it is, perhaps, the end of the beginning".

Now that's how it's done boyz....... Love it!

Sunday, November 8, 2009 12:48PM Report Comment

8. braindeed said...

It's interesting that Edvard mentions the boyz - I wonder what anyone is prepared to do about the digital mass that's been accumulated by same - when the muzac finally stops, they will stop being playerz....but be left them with enough money to live like kings for generations.
It's becoming clear, to even the most committed 'free-market' commentators, that the game was rigged and that they (commentators) are at the same diminishing return table as the Hoi-Paloi.
I can almost smell the panic - mind you Aldi are always on the lookout for entrepreneurial 'manager' types.......they'll be ok.

Sunday, November 8, 2009 01:23PM Report Comment

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