Wednesday, Dec 02, 2009

The economy appears to have turned

Reuters: BoE's Dale says UK economy appears to have turned

Britain appears to be emerging from recession and, although headwinds remain, policymakers need to be wary of driving up asset prices with loose policy, Bank of England Chief Economist Spencer Dale said on Wednesday.

Posted by mrflibble @ 10:13 AM (1875 views)
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23 Comments

1. crunchy said...

It's all one big sham now. Simples!

Wednesday, December 2, 2009 10:25AM Report Comment
 

2. crunchy said...

'I saw through the hollowness, the sham, the silliness, of the empty pageant'

Oscar Wilde.

Wednesday, December 2, 2009 10:31AM Report Comment
 

3. bystander said...

"BoE's Dale says UK economy appears to have turned".................into a sociocapitalist haven for banksters and benefit scroungers at the detriment of generations of hard working tax payers. Discuss.

Wednesday, December 2, 2009 10:40AM Report Comment
 

4. alan said...

Can't see what new things he's telling us. Did I miss something that hasn't been commented on by reporters over the last week or so?

Most people on this site could have said the same thing..... Is this technique called drip feeding?

Wednesday, December 2, 2009 10:44AM Report Comment
 

5. tyrellcorporation said...

...turned into what though?

The private sector has been decimated and the vast state machine largley untouched. Most people I know who work for private companies are desperately trying to get jobs in the public sector - sadly that gate is now shut.

I wish someone had told me when I was 16 that the best career move I could ever make in Britain was to simply join the Council. I'd now be on good money, have great work flexibility, great holiday entitlement and could look forward to an outrageously comfortable retirement.

Ahhh, hindsight is a wonderful thing!

Wednesday, December 2, 2009 10:56AM Report Comment
 

6. mark said...

in other words we have no money left to pump into the system and we have to protect the credit rating of UK at all cost..

wait until the election has been and gone, things will change.............

Wednesday, December 2, 2009 11:04AM Report Comment
 

7. timmy t said...

Bystander - discuss what? You said it all!

Wednesday, December 2, 2009 11:10AM Report Comment
 

8. mark wadsworth said...

"...policymakers need to be wary of driving up asset prices with loose policy, Bank of England Chief Economist Spencer Dale said on Wednesday."

Does not compute. Shouldn't that read:

"... policymakers need to focus on driving up house prices with loose policy, Bank of England Chief Economist Spencer Dale said on Wednesday."?

Wednesday, December 2, 2009 11:26AM Report Comment
 

9. alan said...

The whole Banking house of cards could fall over anytime. Dubai just bumped the table and the cards are stil dropping.

Brown thinks the best way to approach the election is by pretending there is a pain free alternative to getting Britain moving forward again, with no chance of any positive moves till he's toppled!

To the Scottish CBI on 4th Sept 08 Brown said:
"At root our economy is better placed to weather any global economic storm than it was the 70s, 80s or early 90s". He seems to continue with this delusion !

NB: Gold at $1210, now.

Wednesday, December 2, 2009 11:28AM Report Comment
 

10. crunchy said...

5. tyrellcorporation said...Most people I know who work for private companies are desperately trying to get jobs in the public sector - sadly that gate is now shut.

Not for too long. The question will be, are you prepared or 'desperate' enough to take the open vacancy? Moral Hazard indeed!

X pinhead, badge kissing, non persona, mindless, autocratic, security guards are welcome!

Wednesday, December 2, 2009 11:32AM Report Comment
 

11. nobby1963 said...

Boys dont forget that the police have now got to save £500 million over the next 5 years - they are now being told they will have to work on there own on the streets and not in pairs anymore - interesting times ahead ??

Wednesday, December 2, 2009 11:39AM Report Comment
 

12. Peter said...

I wouldn't take anything those jokers say seriously.

They didn't see the crash coming, and everything they've done since then has made things worse.

It will require an even sharper future recession to restore the balance.

Wednesday, December 2, 2009 12:01PM Report Comment
 

13. Dpmiller83 said...

"I wish someone had told me when I was 16 that the best career move I could ever make in Britain was to simply join the Council. I'd now be on good money, have great work flexibility, great holiday entitlement and could look forward to an outrageously comfortable retirement."

My old man (who has been self-employed all his life) always told me to 'Marry a teacher and work for the state...'. Needless to say, i didnt follow his advice...

Wednesday, December 2, 2009 12:04PM Report Comment
 

14. mken said...

5. tyrellcorporation said...Most people I know who work for private companies are desperately trying to get jobs in the public sector - sadly that gate is now shut.

Is there still a public/private divide? Public tasks have been hived of to the private sector - and if you wait long enough your company will become state owned too.

Wednesday, December 2, 2009 12:08PM Report Comment
 

15. tyrellcorporation said...

'and if you wait long enough your company will become state owned too.'

Ahh, if only... I'm waiting for that call.

Dear Mr, Corporation,

We'd like to make you an offer for your marvellous 3D animation company. I'm sorry to say though that you'd have to take every Friday afternoon off and go from one week's holiday a year to 7. Also, your pay might rise a bit and on top of this inconvenience, you'll have to work flexi-time and not be allowed to do your customary 10 hour days and weekends. Oh and subsidised canteen meals are also compulsory. The final fly in the ointment though is your pitiful excuse of a pension will be replaced by one which is gold plated and paid for by other people - hope that's ok with you. As a sweatener though we're offering a facility whereby if you're a bit stuck on a project or can't really be arsed, we can get in outside consultants to do the job for you. This has the added benefit of if the project doesn't go as planned up they pick up the pieces and you walk away smelling of roses.

I look forward to your reply.

PS. Did I mention the fact that you'll be able to retire early too?

Wednesday, December 2, 2009 12:35PM Report Comment
 

16. hpwatcher said...

Dale can't be that confident if he has to tell everyone......

Wednesday, December 2, 2009 12:47PM Report Comment
 

17. str 2007 said...

Oh how you boys share my sentiments about the generally useless and overpaid, overholidayed, overpensioned council workers.

And don't get me onto grumbling school teachers and their even bigger holidays, apparently significant parent input is now required to educate my child. - so I suppose that will be my fault when the ever fiddled results start to unfiddle themselves.

Wednesday, December 2, 2009 12:48PM Report Comment
 

18. stillthinking said...

Unless the government intend to put all the fiscal retrenchment onto taxation, its all looking rather too late. I haven't read of any secret advance plans to cut the state, and if you accept that dramatic cuts in state expenditure take some advance planning, then even post-election, when they are announced, won't be in time. Drib drabs that only start to take effect in late 2010 won't do.
The problem that the central bankers seem to ignore is that the environment they model is about to fundamentally change. If we could carry on as we are, possibly the economy would be turned, but we can't. Labour and the BoE are peddling fiction.
Dale's comments come at a time when the rest of the world is discussing the date of our collapse. Since 2007, the only response of the UK government has been to massively increase debt and QE. Thats it. That isn't a policy response. If you lose your job then starting to spend on your credit card isn't a solution.

Wednesday, December 2, 2009 01:17PM Report Comment
 

19. crunchy said...

12. mken said...'and if you wait long enough your company will become state owned too.'

I was under the illusion that UKplc, now Ltd was the employer, with Darling as the boss controlling the franchised subdivisions.

I guess I can't be right all of the time.

Wednesday, December 2, 2009 01:30PM Report Comment
 

20. brickormortis said...

@str2007: Teaching is not an exclusive profession, you too can get six grand for a year to train and then work your way up from £20,000 and enjoy the holidays as well. One thing, if it is such a good deal, why is there a shortage in many areas and why don't you become one?

But I agree totally when you mention the fiddled results - exams are gettign easier, no question, and even if they are not, the exam boards set the pass rates, so of course they always go up!

Wednesday, December 2, 2009 01:35PM Report Comment
 

21. crunchy said...

I have two young relatives that have now ventured into teaching straight from Uni. No hanging about in call centres or dole queues, good pay and prospects. Hey if they cohabit with another public sector worker they may even be able to buy a house. How's that for success?

Wednesday, December 2, 2009 02:08PM Report Comment
 

22. str 2007 said...

brickomortis

Ah, you're a teacher - sorry no offence meant,

Wednesday, December 2, 2009 05:24PM Report Comment
 

23. krustyatemyhamster said...

str2007
My wife's a teacher. She works at least ten hours every day - which is therefore an extra 10 hours minimum beyond a standard 40 hour working week. This means she's doing the equivalent of greater than 10 weeks overtime unpaid each year, which I think makes up for the six weeks off in the Summer. She was punched by a pupil just two days ago (albeit accidentally as she tried to intervene between two fighting pupils) and has previously been assaulted in the classroom by a parent (not accidentally), as well as the never ending list of abuse from the precious darlings she teaches. I earn almost exactly the same as her in my private sector job, but wouldn't swap my job for hers for twice the pay, quite frankly. There's nothing to stop you from becoming a teacher if you want (or me) - you'll need to spend at least three to four years doing a degree/post-grad training, so no salary, tuiition fees to pay and no pension contributions during that time.

Wednesday, December 2, 2009 06:07PM Report Comment
 

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