PM vows economic upturn by 2010

1984ReturnsForReal_2

http://news.bbc.co.uk/1/hi/uk/8324491.stm

Gordon Brown has promised the economy will return to growth by the turn of the year, in his first reaction to news that the UK is still in recession. His podcast was released on the Number 10 website a day after official figures showed the economy was still shrinking.

Now, there is only 1 way Mr Brown can know this.


& that is information from VAT returns.

They must have had an increase in payments in September.

Mr Brown should be commended for his grasp on the ecomony & the wealth of experience he has achieved in No 11.

Its a shame it took him over 12 years to set up a bank account used solely for VAT returns instead of chucking in with all the other Government Revenue & waiting for reports to be done some 2-3 months later.

Genius...

treliac

1984ReturnsForReal wrote: »

http://news.bbc.co.uk/1/hi/uk/8324491.stm




Now, there is only 1 way Mr Brown can know this.


& that is information from VAT returns.

They must have had an increase in payments in September.

Mr Brown should be commended for his grasp on the ecomony & the wealth of experience he has achieved in No 11.

Its a shame it took him over 12 years to set up a bank account used solely for VAT returns instead of chucking in with all the other Government Revenue & waiting for reports to be done some 2-3 months later.

Genius...

Doesn't his life just depend on it? Like all Labour's other false promises!

amcluesent

Well you can't print £175,000,000,000 and not have SOME effect. Expect loads of "goods news" stories to magically appear in the two weeks before 6th May election date.

The banks have started to draw down the reserves created by QE -



and used these funds to relax the mortgage drought...to pump up house prices...



That bubble will have to burst when the Tories get in, we'll have the direct and indirect taxation burden shooting up, price rises on imported goods from the collapse in the £ and a forced increase in interest rates as the spivs short GPB to test the Tories on 'sound' money.

##Things can only get better...again!###

worldtraveller

"PM vows economic upturn by 2010"

Very probably correct, but, after that..... _pale_

We're doomed Mr. Mannering, doomed I tell you. Dooooooommmmmmmmed! :shhh:

michaels

I was quietly confident we would see growth in Q4 but now Clown has forecast it all bets are off :eek:

JP45

Gordon Brown has promised the economy will return to growth by the turn of the year, in his first reaction to news that the UK is still in recession.

Isn't this the man who claimed we were uniquely well-placed to weather the storm?

As the article below from the Telegraph makes clear, the truth is we were in many ways less well-placed to weather the storm than many other nations.

There was little doubt at the start of this recession that, contrary to Gordon Brown's insistence, Britain was uniquely vulnerable to an extremely painful slowdown.

Its reliance on the City for large chunks of economic growth, the worrying state of the housing market, the excessive levels of debt held by consumers around the country were worrying enough, and that was before you started to consider the terrifying budget deficit. But it is only now, more than a year and a half into what many leading economists are classifying as a depression, that such concerns have been borne out in cold, hard statistical evidence.

Yesterday’s gross domestic product figures may well be revised in the coming months, but the pattern is clear: whereas all the other major economies are gradually dragging themselves out of recession, Britain is still mired in what has now become its longest period of continuous contraction since comparable records began (and, most likely, since the 1930s). It has been a shock, not just for the Treasury, whose experts now privately admit they will have to cut their economic forecasts for this year come the Pre-Budget Report later this autumn, but also for most of the City’s economists.

The broad assumption had been that although the UK had had a tough recession, it would emerge from it and start growing at a relatively solid pace UK by the middle of the year. But yesterday’s figures proved such conclusions disasastrously wrong. The falls in economic activity were not merely isolated to the City, but across the entire economy, from the manufacturing sector to the services sector - from hotels and restaurants to construction. That there are so few rays of light was perhaps the most astonishing thing about the official figures: after all the Bank of England has pumped an unprecedented amount of cash into the economy and slashed interest rates to the lowest level in history; the Government has cut VAT and offered car buyers big tax breaks.

However, such incentives are of little use when an economy is facing the twin pressures of an immense financial crisis and onerous levels of personal debt. Earlier this month, the International Monetary Fund released a little-noticed piece of research which showed that the scale of the credit crunch was greater in the UK than in any other Western nation. In other words the gap between what people need to borrow in order to satisfy their living standards and what banks are willing and able to lend is, at £215 billion, far bigger than anywhere else in the developed world.

It is this that helps explain the scale of the recession. Even those who still have their jobs (and lest we forget unemployment tends to keep rising well after the recession is over) are unable to borrow in order to plan for the future. It is a sobering experience, but is a necessary one: Britain has lived beyond its means for too long. If it takes the humiliating prospect of being overtaken by Italy to bring this to light, so be it.

http://www.telegraph.co.uk/finance/financetopics/recession/6417921/Britains-economic-vulnerability-was-always-clear.html

CLAPTON

this article is almost completely wrong

it's simply part of the telegraph 'pre election ' campaign where every day it has a lead article saying things are even worse that 'previously expected' (by whom one might ask..the telegraph?.. why didn't they get the forecast right)

most economists expected UK to be hit hardest because of the size of our banking industry... and that's what broadly has happened.

the emphasis of government policy has to be to maintain employment as much as possible

it's a complete nonsense to say the 215billion is gap is about people trying to maintain their living standard, rather its about the government/BoE trying to pursuade people to continue spending so even more jobs aren't lost.

and I dont see what's humiliating about being over taken by Italy.. what exactly is wrong with the Italians?

Graham_Devon

To promise it is a bit bold!

Any predcitions are now out! Brown could do literally anything to make sure his promise is carried through.

Cleaver

CLAPTON wrote: »

and I dont see what's humiliating about being over taken by Italy.. what exactly is wrong with the Italians?

Italian men seem to wear some pretty awful motorcycle jackets. And they have boring, defensive football teams.

However, they have a beautiful country, beautiful women (and men too I guess), great food, Alfa Romeos, they invented pizza, a comedy Prime Minister, the best coffee, pretty buildings and they have a sleep most afternoons.

So based on my comprehensive and scientific research, there are more pros than cons to Italy.

1984ReturnsForReal_2

Cleaver wrote: »

Italian men seem to wear some pretty awful motorcycle jackets. And they have boring, defensive football teams.

However, they have a beautiful country, beautiful women (and men too I guess), great food, Alfa Romeos, they invented pizza, a comedy Prime Minister, the best coffee, pretty buildings and they have a sleep most afternoons.

So based on my comprehensive and scientific research, there are more pros than cons to Italy.

Dont forget the ice-cream....

kabayiri

I would argue even Italy has a more balanced economy than UK.

When are we going to face the truth...the Financial sector is NOT the 'real economy'.

We need to support industry. Why is it that the Googles, Amazons, Oracles, Microsofts of this world all originate from overseas? What does that say about our intrinsic belief in our own talents?

I'm waiting for someone to explain to me how some really talented hard working bankers will drag us out of mediocrity and back onto the top table again.