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Recovery still five years away, Mervyn King warns
Comments
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The Coalition are borrowing more !
Working well is it not ?
you can not go on blaming Labour, when this lot have made it worse.
The Brits just wont take austerity when it effects them or thier pet causes.
We have not had austerity, at best we've had austerity lite.
We're all far too greedy to cut back. Heaven forbid a rich GP from a priveleged backgroun taking a minor adjustment to a world beating pension for example. Greed is rife.0 -
The idea that we can continue to spend £5 for every £4 taken in taxes indefinitely is pure fantasy, the results of which can be seen in Greece.
The idea that you can cut your way out of a recession and have the deficit shrinking is pure fantasy. The results of which can be seen in this months revenue figures.
The economy is shrinking, tax revenues are falling, welfare payments are increasing. And the deficit is now growing again, with a worse position than last year so far.
Without growth there can be no balancing of budgets, because revenue falls faster than you can cut.“The great enemy of the truth is very often not the lie – deliberate, contrived, and dishonest – but the myth, persistent, persuasive, and unrealistic.
Belief in myths allows the comfort of opinion without the discomfort of thought.”
-- President John F. Kennedy”0 -
HAMISH_MCTAVISH wrote: »Without growth there can be no balancing of budgets, because revenue falls faster than you can cut.
Surely that is a decision to be made, not a matter of fact.0 -
Surely that is a decision to be made, not a matter of fact.
Ah, quite right. Let me re-phrase.
Revenue falls faster than politicians can cut and still stay in power.“The great enemy of the truth is very often not the lie – deliberate, contrived, and dishonest – but the myth, persistent, persuasive, and unrealistic.
Belief in myths allows the comfort of opinion without the discomfort of thought.”
-- President John F. Kennedy”0 -
HAMISH_MCTAVISH wrote: »Ah, quite right. Let me re-phrase.
Revenue falls faster than politicians can cut and still stay in power.
I wonder, I believe there is quite an appetite amongst ordinary working people to stop seeing the !!!!less having cash chucked at them.0 -
I wonder, I believe there is quite an appetite amongst ordinary working people to stop seeing the !!!!less having cash chucked at them.
What do you think the consequences would be if say the government reduced spending by 20% tomorrow?
And by consequences, I mean to the real economy and ordinary working families, not the vanishingly small amount of money (by comparison) thrown at the f e c k less in benefits.“The great enemy of the truth is very often not the lie – deliberate, contrived, and dishonest – but the myth, persistent, persuasive, and unrealistic.
Belief in myths allows the comfort of opinion without the discomfort of thought.”
-- President John F. Kennedy”0 -
HAMISH_MCTAVISH wrote: »What do you think the consequences would be if say the government reduced spending by 20% tomorrow?
And by consequences, I mean to the real economy and ordinary working families, not the vanishingly small amount of money (by comparison) thrown at the f e c k less in benefits.
It may be worth a try.0 -
Ooh goody. We can have more cuts.
That will put the recovery back another few years, so then we can have even more cuts.
Tory heaven!
What is the other option? I mean they have abused the currency more than it can take already. Any more QE and there is no way they can hold interest rates down another year. It is debatable if this last hundreds of billion of pounds added to the supply will not push up inflation/interest rates more than can be controlled.0 -
and how come these people are always so wrong?
"Sir Mervyn King’s comments, which extended his previous prediction for a fully-fledged recovery by three years, reflected the scale of problems in the eurozone as well as his fears for the global recovery."
He was wrong to say recovery in 3yrs and he will be wrong with his 5yr prediction.
There will be no recovery this decade, because this is the worst global financial crisis the world has ever seen. Everything they do to kick the can is just making the problems worse for the future0 -
Would that not just take us back to spending levels of around 10 years ago?HAMISH_MCTAVISH wrote: »What do you think the consequences would be if say the government reduced spending by 20% tomorrow?
.0
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