Renton 21270 Posted October 5, 2017 Share Posted October 5, 2017 22 minutes ago, Dr Gloom said: there goes the pink paper, talking down brexit again instead of letting the lion roar. ‘Two-thirds’ of Hammond’s £26bn Budget war chest faces wipeout Philip Hammond is facing what officials describe as “a bloodbath” in the public finances in his Budget next month as weak economic forecasts derail the government’s plans. As much as two-thirds of the £26bn of headroom in the public finances that the chancellor created last year as a buffer for the economy through the Brexit period is likely to be wiped out after the government’s fiscal watchdog concludes its forecasts for growth have been too optimistic. The Office for Budget Responsibility will publish on Tuesday a new analysis suggesting it has persistently over-estimated Britain’s productivity over the past seven years and will give a broad hint that it will rectify the situation with a more pessimistic Budget forecast. Slower growth in the forecast will limit deficit reduction and cut the size of the war chest that Mr Hammond put aside to smooth the Brexit transition. This leaves him in an awkward position politically, since he is under increasing pressure to end the austerity cap on public pay, lower the burden of debt on students and build houses. The OBR has already estimated that Brexit will hit the public finances to the tune of £15bn a year by 2020-21. Theresa May’s government, including the Eurosceptic ministers Boris Johnson, David Davis and Liam Fox, has not disputed these estimates. https://www.ft.com/content/768843e8-a839-11e7-93c5-648314d2c72c Wow BAU, eh @Christmas Tree ? Please free to counter with a positive Brexit story. Link to comment Share on other sites More sharing options...
Rayvin 5176 Posted October 5, 2017 Share Posted October 5, 2017 More austerity then. I mean, the Tories have literally nowhere to go here. They have to go for more austerity, which is the prime reason we're leaving the EU anyway. So they'll hammer services, the NHS, the poor and the vulnerable, because it's the only way to make Brexit stick. It's the reckoning that all those who voted for Brexit deserve in some senses. Exactly what they were warned would happen by none other than George fucking Osborne. This will inevitably mean Labour will get in. Link to comment Share on other sites More sharing options...
Renton 21270 Posted October 5, 2017 Share Posted October 5, 2017 5 minutes ago, Rayvin said: More austerity then. I mean, the Tories have literally nowhere to go here. They have to go for more austerity, which is the prime reason we're leaving the EU anyway. So they'll hammer services, the NHS, the poor and the vulnerable, because it's the only way to make Brexit stick. It's the reckoning that all those who voted for Brexit deserve in some senses. Exactly what they were warned would happen by none other than George fucking Osborne. This will inevitably mean Labour will get in. It'll be a pyrrhic victory at this rate, they'll inherit ruins. Link to comment Share on other sites More sharing options...
Dr Gloom 21809 Posted October 5, 2017 Share Posted October 5, 2017 not going to be happen. the austerity narrative is over. a decade of cuts has been awful for our productivity and without faster output per hour, the economy won't grow as fast as we would like. that's before you factor in the brexit hit. output per hour is currently at pre-crisis levels ffs - the most pronounced period of productivity stagnation of any G7 country. the productivity puzzle requires investment, not more austerity: investment in training for low skilled workers, more spending on r&d, more support for entrepreneurs from all backgrounds etc. Link to comment Share on other sites More sharing options...
Rayvin 5176 Posted October 5, 2017 Share Posted October 5, 2017 Just now, Renton said: It'll be a pyrrhic victory at this rate, they'll inherit ruins. Fully agree - there'll be nothing left for Labour to save. Fucking Tories. Incompetent and Irresponsible. We'll have years of slowly slogging ourselves back to the point we just abandoned, while the world moves on and evolves around us. It is so infuriating... Link to comment Share on other sites More sharing options...
Rayvin 5176 Posted October 5, 2017 Share Posted October 5, 2017 1 minute ago, Dr Gloom said: not going to be happen. the austerity narrative is over. a decade of cuts has been awful for our productivity and without faster output per hour, the economy won't grow as fast as we would like. that's before you factor in the brexit hit. output per hour is currently at pre-crisis levels ffs - the most pronounced period of productivity stagnation of any G7 country. the productivity puzzle requires investment, not more austerity: investment in training for low skilled workers, more spending on r&d, more support for entrepreneurs from all backgrounds etc. What are they going to do then? How are they going to balance this? They're actively choosing to generate less state income by pursuing Brexit, so surely the only option left is to save? Or to go full Corbyn and borrow to invest. Link to comment Share on other sites More sharing options...
Alex 34821 Posted October 5, 2017 Share Posted October 5, 2017 Get foreigners to heavily invest in the UK so we're in hock to China and the Middle East to protect our freedom. Or something. Link to comment Share on other sites More sharing options...
Meenzer 15391 Posted October 5, 2017 Share Posted October 5, 2017 But The Sun told us it was our Independence Day Link to comment Share on other sites More sharing options...
Alex 34821 Posted October 5, 2017 Share Posted October 5, 2017 Because the bloke who owns The Sun is a proud Brit Link to comment Share on other sites More sharing options...
Meenzer 15391 Posted October 5, 2017 Share Posted October 5, 2017 Link to comment Share on other sites More sharing options...
Dr Gloom 21809 Posted October 5, 2017 Share Posted October 5, 2017 3 hours ago, Renton said: Wow BAU, eh @Christmas Tree ? Please free to counter with a positive Brexit story. this line is a belter like The OBR has already estimated that Brexit will hit the public finances to the tune of £15bn a year by 2020-21. Theresa May’s government, including the Eurosceptic ministers Boris Johnson, David Davis and Liam Fox, has not disputed these estimates. Link to comment Share on other sites More sharing options...
Dr Gloom 21809 Posted October 5, 2017 Share Posted October 5, 2017 40 minutes ago, Meenzer said: just more BAUMF Link to comment Share on other sites More sharing options...
Isegrim 9732 Posted October 5, 2017 Share Posted October 5, 2017 1 hour ago, Meenzer said: But The Sun told us it was our Independence Day It is the Emmerich version where everything gets blown apart first... bloody Jormans eh. Link to comment Share on other sites More sharing options...
Renton 21270 Posted October 5, 2017 Share Posted October 5, 2017 Oh dear. It seems importing food may not be as straightforward as hoped. Not just the US shafting us, commonwealth too. http://www.politico.eu/article/us-rounds-on-britain-over-food-quotas-as-post-brexit-trade-woes-deepen/ Hey CT, got any good Brexit news yet? Link to comment Share on other sites More sharing options...
Renton 21270 Posted October 5, 2017 Share Posted October 5, 2017 Hey CT, you said this WTO malarkey wasn't an issue yesterday, didn't you? http://www.independent.co.uk/news/uk/politics/britain-wto-schedule-argentina-spain-brexit-latest-a7468766.html Rule Brittania! Link to comment Share on other sites More sharing options...
Howmanheyman 32715 Posted October 5, 2017 Share Posted October 5, 2017 On 03/10/2017 at 11:49 PM, Gemmill said: What is it about "some sort of special status" that you lads don't understand?! Link to comment Share on other sites More sharing options...
Christmas Tree 4685 Posted October 5, 2017 Author Share Posted October 5, 2017 40 minutes ago, Renton said: Hey CT, you said this WTO malarkey wasn't an issue yesterday, didn't you? http://www.independent.co.uk/news/uk/politics/britain-wto-schedule-argentina-spain-brexit-latest-a7468766.html Rule Brittania! Dear Lord youre quoting year old articles hinting at us having to give up the Falklands and Gibralter. There are lots of deals and negotiations going on and various people staking out positions. Tbh, your hysteria now reminds me of the similar hysteria in 2010/11 when you were adamant the Tory plans were going to lead to millions more unemployed. Lots of bad news stories were copied and pasted but the opposite happened. Millions of jobs were created leading record employment. Yet again you are grabbing at tit bits of bargaining points in trade talks and he said she said stuff. We are still the number one destination for inward European investment and achieved record levels over the last 12 months. We are one of the worlds biggest economies and all the world wants to sell into us. I hope you don’t play poker. Link to comment Share on other sites More sharing options...
Renton 21270 Posted October 5, 2017 Share Posted October 5, 2017 (edited) 23 minutes ago, Christmas Tree said: Dear Lord youre quoting year old articles hinting at us having to give up the Falklands and Gibralter. There are lots of deals and negotiations going on and various people staking out positions. Tbh, your hysteria now reminds me of the similar hysteria in 2010/11 when you were adamant the Tory plans were going to lead to millions more unemployed. Lots of bad news stories were copied and pasted but the opposite happened. Millions of jobs were created leading record employment. Yet again you are grabbing at tit bits of bargaining points in trade talks and he said she said stuff. We are still the number one destination for inward European investment and achieved record levels over the last 12 months. We are one of the worlds biggest economies and all the world wants to sell into us. I hope you don’t play poker. True, unemployment didn't go up. What has happened though is that in the last decade people's wages in this country have gone down 10.4% on average, matched only by Greece. Bar Portugal every other developed countries wages have increased. France by 10%, Germany by 14%. That's right, german wages have increased relative to ours by 24%. Do you really believe the economy is doing well under your government's watch? Virtually everything predicted bar unemployment came to light, austerity strangled our economy. And guess what, we still have a deficit, our credit rating has been dropped successively, and the national debt is off the charts. Great job. http://www.independent.co.uk/news/business/news/uk-wages-drop-10-tuc-greece-recession-financial-crisis-brexit-a7157681.html Today it was announced car sales are down 9%, in contrast to EU countries where they have risen across the board. Astrazeneca have confirmed they are looking to move. Financial services are getting increasingly twitchy and need transition deal sorted by Christmas. Etc. And you are unable to provide one single positive to come out this mess. Edited October 5, 2017 by Renton Link to comment Share on other sites More sharing options...
PaddockLad 17076 Posted October 6, 2017 Share Posted October 6, 2017 Happy Friday everyone! Link to comment Share on other sites More sharing options...
Renton 21270 Posted October 6, 2017 Share Posted October 6, 2017 It's okay, I'm sure CT will be along with good news and evidence of a cracking deal any moment now. Link to comment Share on other sites More sharing options...
Dr Gloom 21809 Posted October 6, 2017 Share Posted October 6, 2017 The unemployment line is so misleading. The Tories can only bleat about it for so long when the types of jobs being created are so shit, when wage growth and living standards are stagnating, when nurses are forced to use food banks - zero hour contracts, zero investment in skills, and the productivity puzzle are of far greater concern. The bulge of people at at the bottom matters for social mobility and productivity. Whether pay drives productivity or productivity drIves pay, they go hand in hand. It's going to shaft the economy - all the more so amid Brexit uncertainty - and the Tories have no clue what to do about it, as Chris Giles pointed out in the FT yesterday. Still as long as we embrace the spirit of Agincourt, Waterloo etc and let the lion roar, everything will be fine, right? Link to comment Share on other sites More sharing options...
Dr Gloom 21809 Posted October 6, 2017 Share Posted October 6, 2017 (edited) 2 hours ago, PaddockLad said: Happy Friday everyone! That is, of course, an opinion piece and exactly the thing BoJo was whinging about, despite the fact most broadsheets, including the FT, have given space to brexiteers on their oped pages. Not that a failure to cheerlead by distinguished commentators makes any of those scenarios less plausible. I'm still waiting for all those good Brexit news stories the MSM is deliberately ignoring to surface. Edited October 6, 2017 by Dr Gloom Link to comment Share on other sites More sharing options...
Alex 34821 Posted October 6, 2017 Share Posted October 6, 2017 Another thing is when they keep banging on about more doctors and nurses when what they actually mean is creating posts they know they can't fill Link to comment Share on other sites More sharing options...
Dr Gloom 21809 Posted October 6, 2017 Share Posted October 6, 2017 (edited) I genuinely believe the third outcome is the most desirable, even if it means we've pissed away billions only to lose the rebate. It's still preferable to the first two humiliations. The problem is they'll be uproar at home. The people will only accept it if there's a second referendum after we realise how shit our options are. And the way things are going, you never know. At least people have got more of a clue about what's at stake now, unlike with the first referendum. And what would be left with? We may have avoided economic catastrophe but otherwise it would be massive bill for nothing, a divided nation and our global reputation in tatters. Thanks, Dave. Edited October 6, 2017 by Dr Gloom Link to comment Share on other sites More sharing options...
Christmas Tree 4685 Posted October 6, 2017 Author Share Posted October 6, 2017 1 hour ago, Renton said: It's okay, I'm sure CT will be along with good news and evidence of a cracking deal any moment now. I gave you lots yesterday regarding how the world is continuing to choose the UK for inward investment into Europe, but you keep weeding out negatives if it pleases you. It will soon become clear which way the negotiations are going after Christmas. Link to comment Share on other sites More sharing options...
Recommended Posts
Create an account or sign in to comment
You need to be a member in order to leave a comment
Create an account
Sign up for a new account in our community. It's easy!
Register a new accountSign in
Already have an account? Sign in here.
Sign In Now