Is the situation in the UK really that bad?
Oct 15th 2013, 3:35 pm
#976
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Re: Is the situation in the UK really that bad?
Small anecdote. My brother in the UK is a mad keen Socialist Party activist who thinks everyone should more or less get everything for free. He lives next door to a mother with 4 kids living entirely on benefits, and admitted to 'coming over a bit Daily Mail' when he found out she was spending 100 pounds a month on cable TV. It's funny if you know him 
Now I don't want to come over all Daily Mail but ... oh god, that would be terrible ...
Oct 15th 2013, 3:57 pm
#978
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Oct 15th 2013, 5:26 pm
#979
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Re: Is the situation in the UK really that bad?
That doesn't cover the increase in long-term unemployed. It's currently very easy when finding yourself unemployed to still be in that position 6, 12, 18 months later - the UK is in the middle of what really is a depression, with still many years expected to go before unemployment gets to a good level.
It really isn't a depression right now. It's a painfully slow recovery - especially in terms of unemployment - out of a fiscal crisis. Unemployment is currently 7.7%, which is lower than majority of the 80's. And of course way lower than the Great Depression of the '30's. Obviously the economic situation is problematic, but it really isn't as bad as you try and paint it.
Oct 15th 2013, 5:29 pm
#980
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Re: Is the situation in the UK really that bad?
The UK has a generous safety net in terms of payment of mortgage interest and rent for the unemployed. Couple this with prudent financial management and many will be able to see out a long period of unemployment relatively unscathed. Some won't, of course.
It really isn't a depression right now. It's a painfully slow recovery - especially in terms of unemployment - out of a fiscal crisis. Unemployment is currently 7.7%, which is lower than majority of the 80's. And of course way lower than the Great Depression of the '30's. Obviously the economic situation is problematic, but it really isn't as bad as you try and paint it.
It really isn't a depression right now. It's a painfully slow recovery - especially in terms of unemployment - out of a fiscal crisis. Unemployment is currently 7.7%, which is lower than majority of the 80's. And of course way lower than the Great Depression of the '30's. Obviously the economic situation is problematic, but it really isn't as bad as you try and paint it.
Oct 15th 2013, 9:30 pm
#981
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Re: Is the situation in the UK really that bad?
Here is a more recent one, within it states "The National Institute for Economic and Social Research said while the UK was now no longer in a recession it remained in a depression and would do so until 2015"
Oct 15th 2013, 9:34 pm
#982
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Re: Is the situation in the UK really that bad?
I don't try and "paint it" in any way - I have referred to statistics and views of more qualified people. For example, the MPC of the Bank of England doesn't expect unemployment to get down to 7% for 2-3 years - 7% is still a high figure. I am certainly not the only person to use the word depression to refer to the UK - example article (and there are others if you look).
Here is a more recent one, within it states "The National Institute for Economic and Social Research said while the UK was now no longer in a recession it remained in a depression and would do so until 2015"
Here is a more recent one, within it states "The National Institute for Economic and Social Research said while the UK was now no longer in a recession it remained in a depression and would do so until 2015"
Oct 15th 2013, 9:42 pm
#983
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Re: Is the situation in the UK really that bad?
I don't try and "paint it" in any way - I have referred to statistics and views of more qualified people. For example, the MPC of the Bank of England doesn't expect unemployment to get down to 7% for 2-3 years - 7% is still a high figure. I am certainly not the only person to use the word depression to refer to the UK - example article (and there are others if you look).
Here is a more recent one, within it states "The National Institute for Economic and Social Research said while the UK was now no longer in a recession it remained in a depression and would do so until 2015"
Here is a more recent one, within it states "The National Institute for Economic and Social Research said while the UK was now no longer in a recession it remained in a depression and would do so until 2015"
Oct 15th 2013, 9:46 pm
#984
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Re: Is the situation in the UK really that bad?
I don't know who the NIESR is (although I'm guessing from its funding that its left-leaning), but that comment makes absolutely no sense at all from any rational economic definition of a depression. Even when western economies were in free fall in early '09, there was consensus amongst economists that we weren't in a depression. Now, had what happened then continued, we may very well have had the Great Depression 2 as opposed to the Great Recession. As I said before, we are in the midst of a painfully slow recovery from a fiscal crisis. A depression it ain't:- that would be what Greece is suffering through.
Oct 15th 2013, 9:52 pm
#985
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Re: Is the situation in the UK really that bad?
A good read which completely contradicts the opinion of some 'experts'.
http://www.express.co.uk/news/uk/426...ubles-for-2013
http://www.express.co.uk/news/uk/426...ubles-for-2013
Oct 15th 2013, 10:44 pm
#986
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Re: Is the situation in the UK really that bad?
Oct 15th 2013, 10:59 pm
#987
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Re: Is the situation in the UK really that bad?
Then look it up - "The Institute is independent of all party political interests. We receive no core funding from government and are not affiliated to any single university, although our staff regularly undertake projects in collaboration with leading academic institutions."
Edit:
I did find this link when I searched for "depression" on their website:
http://niesr.ac.uk/blog/recessions-a...e#.Ul3KadJQZEM
"The chart shows that this "depression" - defined, admittedly somewhat arbitrarily, as the time period during which output remains below its previous peak..."
So the NIESR even says that their definition is "somewhat arbitrary".
Check out the comments below the article for some interesting opinions on this too.
Last edited by Giantaxe; Oct 15th 2013 at 11:11 pm.
Oct 15th 2013, 11:33 pm
#988
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Re: Is the situation in the UK really that bad?
Then look it up - "The Institute is independent of all party political interests. We receive no core funding from government and are not affiliated to any single university, although our staff regularly undertake projects in collaboration with leading academic institutions."
Can't be much clearer than that - I was pointing you in the direction of finding out what NIESR is.
Oct 16th 2013, 12:12 am
#989
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Re: Is the situation in the UK really that bad?
How I miss all of them! Downstairs Zargof put up the Fish Called Wanda segment with Michael Palin trying to assassinate the old lady but each time getting the dogs! It is hysterically funny!
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