Attention: Please take a moment to consider our terms and conditions before posting.
Options

UK loses AAA credit rating

2

Comments

  • Options

    Canada would be my preference.

    Unfortunately they've closed the door with a foot firmly against it.
    Try the online application form.
    Like in many countries it depends on your job.

    I know. As of July last year they have temporarily stopped the skilled worker programme.
    Try the form, it's interesting. I qualified as an entrepreneur, my wife's a teacher, we have family there blah blah blah but still couldn't get in.....yet.
  • Options
    edited February 2013
    We needed a government in 2010 that a) realised that cuts have to be made but b) realised also that if people are scared for their jobs or have lost their jobs or haven't had a pay rise in years and life's essentials are costing more and more- they are not going to spend and if they don't spend there is less revenue coming in, so whilst you are paying less for public services, you are paying more to service your debts and on welfare.

    Unfortunately, this government spoke a language the British public could relate to at the last election. The message was, when you have less money, you have to spend less. That is what we all know we must do when our outgoings outstrip our in-comings. But of course there is always the option to us of getting another job and bringing more money in. Then you can spend more and be in less debt. The Government had the option of bringing more money in by doing more to promote growth. That means cutting according to the country's ability to withstand them but not forgetting the need to cut.

    The Government policy could have worked but external factors meant that it needed to do more to stimulate growth, but because its colours were so nailed to the cutting mast, it couldn't without losing all credibility with the markets. When the Coalition took over the economy was growing, the minute it took over it started shrinking. We are getting deeper and deeper into debt whilst people are losing their jobs left right and centre! Yes our country is F***ed and not sure i'd relish the chance of having to try and fix it.

    But the first thing I would do is bring the utilities under public control on the basis of past profiteering and poor practices. The target would then be brake even but bring value to the customers - making a profit and shareholders would have no influence. Then I'd lower VAT to stimulate spending.

    The next thing would be to get local authorities to change the way the charge rents to shops and bring in a system based on a percentage of profits. This would in the long run encourage new buisness and create city centres people want to shop in rather the charity shop ghost towns we now see.

    And finally, I'd understand that there is no point cutting jobs if the people you are cutting go on to benefits. Also that a pound spent gets spent again and again! You save from one pot and pay from another if you blindly cut. My cuts will be made as the recovering economy has the ability to absorb them. Basically, my ship would have a rudder unlike HMS Coalition!

  • Options
    Rodney and others on the up, I'm pleased for you. My situation is that after a period of patchy employment I have now got a permanent job. I am now paid per month slightly more than I have in the past been paid per week. I am not complaining though - that's the way it is. I can live on the money and have a decent holiday.

    The flaw I see in the government's policy of printing more money (Quantative Easing) is that it has predictably lead to the value of the pound being devalued. As we no longer actually make anything, that means that goods will go up. Add to that the rising price of fuel and we have to face the fact that we will all eventually have to accept a lower standard of living.
  • Options
    Some good points Muttley. I mentioned above that this coalition dug themselves a hole when they came in, with their Plan A only route. It was the only thing that could "save" our Triple A rating. Well, we've lost it now and the deficit hasn't been cut at all.

    There's a lot of pain to come, when we finally do get round to cutting it. People will see more high street stores going and businesses elsewhere and will re-trench themselves. It becomes a vicious circle.

    Your notes on VAT and High St rates have been mentioned elsewhere, but are very valid. Both would help, but I wonder how rates could be policed if based on profits. Rents, unfortunately, are in the hands of the property owners who are not often the local councils.

    What should be changed though, is the practice of only having rent payable in quarters. The sooner this is mandatorily changed to monthly, the better. It should help with cash flow for businesses, but obviously needs controlling.

  • Options
    edited February 2013
    Yes, longer term we have to find a way of getting the British people to support the British brand. There was a time, not that long ago, when it was a factor for everybody who brought anything. It is a subtle form of protectionism but if people understand if they buy British when they have a choice they are making their own lives better, well we could go back there. I'd bring in a Gold, Silver and Blue union Jack brand that manufacturers can dispaly on their products, depening on the percentageness of Britishness in the product - gold being 100%, Silver 75% and Blue 50% for example.

    The Germans will always buy German when they can. The french overall favour French products. We couldn't give a fig!
  • Options
    I was lucky enough to find a job over here in Canada, who sponsored me to become a permanent resident and have been over here on or off for five years or so now.

    I'm not very politically in tune, so I apologize if any of this sounds ignorant. But from what I can gather, over here, there is a lot more regulation with the banks and there wasn't the free for all as far as lending goes. So Canada, compared to the yanks down South, has emerged relatively unscathed from the financial crisis. It "helps" that they have huge amounts of natural resources to mine in an economic sense - although the Albertan tar sands and the new proposed pipe line through pristine rainforest here in BC have attracted lots of negative views.

    Canada is a great place to live, but I'm single mid 30's with no kids. If that changes and I have kids in the near future, I'm not sure whether I would stay here or move back to Blighty. For everything that is supposedly wrong with the place, it is still home and I can't imagine my kids not growing up close to family, grandparents, cousins etc.

    But for now, it's a pretty awesome place to live!

  • Options
    Things will get better at some point. Maybe, we'll all find a new way. The British people have lots of qualities and we have been badly let down by our leaders from all the major parties.
  • Options

    Things will get better at some point. Maybe, we'll all find a new way. The British people have lots of qualities and we have been badly let down by our leaders from all the major parties.

    The future powerhouses of the world are now China, India and Brazil. Add to that the insular USA and what will become the cheap labour sites of the world in the Far East and its hard to see what GB will continue to offer. Service industry can only take us so far and the financial sector is based in London. I really don't know what GB can do to make a comeback. Leaving the EU which could happen would I fear haste our demise.

  • Options
    edited February 2013
    I agree - and competing with the slave labour economies won't work - we have to find a new way. But our culture will have to change - it will all need to get to an even lower point, then we will regroup as a nation.

    Everything worth making we used to make. First jet liner, Great car industry, pioneers of everything worthwhile. Now we are happy to make cars for the Japanese and Germans. Our rail companies and utilities are largely foreign owned. We need to change our mindset and have a bit of pride and loyalty in what our country is about.
  • Options
    Don't think there's much chance of us poor hardworking tax payers getting much respite from this mess any time soon. Not when we've got a Prime Minister and a chancellor who were Bullingdon Club members.

    You know, that band of oiks who, as part of an initiation ceremony, would burn fifty pound notes in the faces of this nations homeless.
  • Sponsored links:


  • Options
    Someone's been reading two jags in the mirror today...
  • Options
    This is the most freightening statistic I read in the article Peanuts posted.

    'Consider, also, that this gargantuan £1,600bn public debt doesn’t include public-sector pension obligations of another £1,200bn or so – the bulk of which will be paid, over time, directly from future taxation – or other multi-billion pound hidden government liabilities, not least those related to the disgraceful private finance initiative.'

    So our debt is really 75% higher when you take into consideration the final salary scheme pensions we all have to finance for the public sector workers.

    I would like to see a party at the next election commit to forcing public sector workers to contribute much more to their own pensions in order to reduce the burden on future tax payers, inheritance tax and tax on unearned income should be significantly increased in order to redress the wealth inequality that has grown significantly over the last 30 odd years, a new tax rate of 60% on any income over £150,000 and significant tax incentives for individuals and corporations who take risks to start job creating businesses. Bankers and premiership footballers would object but since they contribute exactly zero to the economy they can fuck off to another country if they don't like it.

    This is not too different to what Obama was proposing in the last US election in order to address exactly the same problems of out-of-control national debt that we have, i.e. 'reduce expenditure and increase revenues'.

    I would have loved to see the Labour party commit to these policies but unfortunately it won't happen because it was the public sector unions that imposed Ed Miliband as opposed to Dave Miliband as the next leader of the Labour party.
  • Options

    Someone's been reading two jags in the mirror today...

    lol I may have done mate but come on, even without Big John's influence, you can't tell me that it is good for the country to be run by a cabinet of millionaires. These people have never done a days proper graft in their lives. Nor, if you believe many stories, do they seem to have any respect for those that have. It just pisses me off that I've played by the rules all my life and I just get treated like a mug.
  • Options
    Sorry guys but we don't just have service businesses. We have world class manufacturing/engineering businesses here in the Uk!

    The thing is that they are not on 50's built industrial estates and blackened faced men do not emerge from black smoke belching factories at the end of each working day.

    My son work's for a UK business that has people in Ulster, London, New York, Toronto, Vancouver, Sydney, Melbourne which is currently doubling their workforce with the lion's share being created here in the UK.

    The difference between now and our past glories is that these places of work are hidden from view in offices and leafy commercial business parks and the work force wear smart Evans and chinos.

    Us ol gits think we are going to hell in a handcart but in reality the UK is likely to outperform the rest of Europe this year in the growth stakes and only Germany and Canada have retained their AAA rating out of all of the larger global economies.

    In reality our perceptions are moulded by the media and our most 'trusted' outlet the BBC are motivated politically to avoid any good news which will show this present government in a good light.

    As far as I'm concerned I only wish to live in a country whereby I can watch CAFC live at least 30 times a season even when we are experiencing a long spell in tier 3 when we are winning deck all games.
  • Options
    JonnyK said:



    In reality our perceptions are moulded by the media and our most 'trusted' outlet the BBC are motivated politically to avoid any good news which will show this present government in a good light.

    In your opinion. I don't think that is true myself.
  • Options

    Canada would be my preference.

    Unfortunately they've closed the door with a foot firmly against it.
    Try the online application form.
    Like in many countries it depends on your job.

    I know. As of July last year they have temporarily stopped the skilled worker programme.
    Try the form, it's interesting. I qualified as an entrepreneur, my wife's a teacher, we have family there blah blah blah but still couldn't get in.....yet.
    Didn't know that - not sure why we/they would do that - plenty of space & a horrendous labour shortage here in Alberta

    Seems like every other police officer in Calgary is a Brit. Company I work with here has just had a big recruitment drive from the UK to try & fill jobs, bringing people across on work contracts with a route to permanent residence - mind you most of the Brits they have recruited are Polish!!!
  • Options
    Oakster said:

    Canada would be my preference.

    Unfortunately they've closed the door with a foot firmly against it.
    Try the online application form.
    Like in many countries it depends on your job.

    I know. As of July last year they have temporarily stopped the skilled worker programme.
    Try the form, it's interesting. I qualified as an entrepreneur, my wife's a teacher, we have family there blah blah blah but still couldn't get in.....yet.
    Didn't know that - not sure why we/they would do that - plenty of space & a horrendous labour shortage here in Alberta

    Seems like every other police officer in Calgary is a Brit. Company I work with here has just had a big recruitment drive from the UK to try & fill jobs, bringing people across on work contracts with a route to permanent residence - mind you most of the Brits they have recruited are Polish!!!
    My brother-in-law in Calgary tells me that the turmoil in the middle east and the economic woes of Spain, Greece etc has led to a huge amount of applications.
  • Options

    Oakster said:

    Canada would be my preference.

    Unfortunately they've closed the door with a foot firmly against it.
    Try the online application form.
    Like in many countries it depends on your job.

    I know. As of July last year they have temporarily stopped the skilled worker programme.
    Try the form, it's interesting. I qualified as an entrepreneur, my wife's a teacher, we have family there blah blah blah but still couldn't get in.....yet.
    Didn't know that - not sure why we/they would do that - plenty of space & a horrendous labour shortage here in Alberta

    Seems like every other police officer in Calgary is a Brit. Company I work with here has just had a big recruitment drive from the UK to try & fill jobs, bringing people across on work contracts with a route to permanent residence - mind you most of the Brits they have recruited are Polish!!!
    My brother-in-law in Calgary tells me that the turmoil in the middle east and the economic woes of Spain, Greece etc has led to a huge amount of applications.

    Oakster said:

    Canada would be my preference.

    Unfortunately they've closed the door with a foot firmly against it.
    Try the online application form.
    Like in many countries it depends on your job.

    I know. As of July last year they have temporarily stopped the skilled worker programme.
    Try the form, it's interesting. I qualified as an entrepreneur, my wife's a teacher, we have family there blah blah blah but still couldn't get in.....yet.
    Didn't know that - not sure why we/they would do that - plenty of space & a horrendous labour shortage here in Alberta

    Seems like every other police officer in Calgary is a Brit. Company I work with here has just had a big recruitment drive from the UK to try & fill jobs, bringing people across on work contracts with a route to permanent residence - mind you most of the Brits they have recruited are Polish!!!
    My brother-in-law in Calgary tells me that the turmoil in the middle east and the economic woes of Spain, Greece etc has led to a huge amount of applications.
    Looks like you can apply again in May 2013 - we used a good lawyer, really helped the whole thing go relatively smoothly...
  • Options
    Yes Algarve it is my opinion but Pattern has also coughed up that the Corporation has a left wing bias.
  • Options
    JonnyK said:

    Yes Algarve it is my opinion but Pattern has also coughed up that the Corporation has a left wing bias.

    And Pattern served in which goverment?
    The BBC isnt as bad as some in the world. I think, we as a nation, tend to have quite centre left views, never wanting to be too radical and this may be bais to you but largely OK with the masses
  • Sponsored links:


  • Options
    Pattern would say that but of course it is true. Go and work there and then say the BBC dosnt have a left wing bias.

    yes "we as a nation are centre left" ha ha its just that we voted inthe Tories as the largest single party

    of course you will be correct soon thats why Labour let in 5 million working people in the hope that they will change the voting pattern for ever. Not a mistake a planned and executed idelogy.
  • Options
    Couldn't agree more Rodders. Trip up town on a weeknight and the streets are thronged with people paying top dollar for drinks and dinners and theatres. I do agree that individually and as a nation UK plc needs to put the brakes on borrowing though. It's a bitter pill and we don't want to do without things, but the countries and people that have the lowest reliance on credit will be the ones that thrive when things get genuinely tight.
  • Options



    yes "we as a nation are centre left" ha ha its just that we voted inthe Tories as the largest single party

    .

    I would imagine them tories to be pretty centre left from where you stand and ultra right wing to others.
    To me they are just the current crop.
  • Options
    I think you are right to a certain extent GH. The mouthiest people are certainly more right wing than left, judging by some of the casually racist links on my facebook page, and the anger which people like yourself sometimes have towards the more reasonably minded socialist leaning people. Add to that the foaming at the mouth right wing vitriol of most of the press, and the numbers in which they sell, as well as a Tory government (as opposed to Tory light, which was the previous government), it would point to a more right wing leaning nation, BUT when it comes to it a lot of people don't vote Conservative. Strange. If the BBC is more left than right, it probably just balances out the newspapers anyway...
  • Options
    I thought I'd add The Economist's Big Mac Index to the discussion. For those that don't know, as the Big Mac is exactly the same product in every country, its price says a lot about whether a country's currency has "fair value" exchange rates or not. As at end-January 2013, with the UK as the base price at £2.69, a Big Mac in Norway would cost you a staggering £4.96, in Switzerland £4.51, Canada £3.41, Australia £3.10 and the Eurozone £3.09. Even in the home of the Big Mac, you'd be shelling out £2.77. From past figures, the index has shown that the £ was over-valued against the US$ between 2000 and 2009 and has been undervalued against the Euro since 2009. Over time, these anomolies do even out despite government interference. So, while the pound is now weakening, I do not expect that to continue for very much longer.
    Conversely, a Big Mac in China is £1.63 and in India £1.06, which shows how much those countries benefit from relatively weak currencies supporting their export-led economies.
  • Options
    "reasonably minded socialists" oxymoron

    yes of course you socialists are so very moral-- unless of course its something that dosnt meet your agenda !
  • Options
    edited February 2013
    Oh, and someone asked who held all the Govt. debt. To add to the answer already given, well oddly the Govt. does. For reasons best known to itself, The Bank of England publishes a cut-down version of its financial accounts known as The Bank Return on a weekly basis.
    As at last week it had assets of £404bn. A lot of these assets will be government and commercial bonds. They will all be earning interest which, after the BoE's relatively modest running costs are taken out, gets paid to the Govt. As at the BoE's last year-end, in February 2012, the BoE paid to HMT some 2.23bn "in lieu of dividend". It will be interesting to see how much is paid accross in the latest year.
    So, to summarise, the Govt issues debt, banks buy it, they sell it to the BoE as part of the quantatitive easing programme, the BoE holds it, in part to back the note issue (as in the "I promise to pay" bit on the notes), the Govt pays interest on it and that is paid back to the Govt.
    Makes a great deal of sense doesn't it!
  • Options
    Are these the same credit rating agencies currently being sued by the US Government over their continued AAA ratings of multiple banks and financial institutions that went bust/were bailed out.

    Frauds and Charlatans the lot of them.
  • Options
    We're supposedly a small country getting by on past glories and reputation. The wonder is that so many are so keen to come and live here. The signs are that at last the UK population is recognising that personal debt is a long term poverty maker. It will take a few years but the UK will thrive and prosper once again. As FDR said: ' we have nothing to fear except fear itself'. What we need to do is encourage a new work ethic amongst young people. From what I see around me this is already starting to take shape, though many of our youngest and brightest have opted to work and study abroad. They will return when the economic climate is better.
    As for the much vaunted AAA mark, who cares what a cadre of Anonymous Alcoholic Arseholes think, or indeed the American Automobile Association.
  • Options
    Dear me, it's suddenly all the BBC's fault, is it? One of the few globally admired institutions we still have left, and whose successful global commercial sales have been restricted both by this and previous governments? And the bullying of the BBC after the suicide of the scientist, which government was that again?

    We are not the worst country in the world, or in Europe, by any stretch, but there are lots of areas where we could do better. The BBC is not one of them. People in the States, Australia, Germany and France are all in awe of its quality and integrity.

    On another point, I just want to say that RCT's first post in this thread was really excellent.
Sign In or Register to comment.

Roland Out Forever!