Reply to: David Davis will tell the European Union: you can't

[tarbera]

More on David Davis

https://www.google.co.uk/amp/www.sta...086.html%3Famp

[scooterscot]

Sometimes old processes are not scalable, unreliable, or difficult to maintain.

Typical thick remoaner.

That's why new more efficient competitive ones are made.

Typical thick Brexit snowflake.

[PurpleGorilla]

When I was on work permit my savings rate was 50%+: £1k per month into savings account sharpish, no exceptions. My salary was above average too, so what the feck can one save with 1.7% savings rate on average salary???

QED

[AtW]

According to new figures from the Office for National Statistics, 1.7 per cent of income was left unspent in the first quarter of 2017, the lowest savings ratio since comparable records began in 1963.

When I was on work permit my savings rate was 50%+: £1k per month into savings account sharpish, no exceptions. My salary was above average too, so what the feck can one save with 1.7% savings rate on average salary???

[BrilloPad]

I don't doubt it. The UK needs a kick up the @rse.

https://www.ft.com/content/effd72cc-...8-8055f264aa8b

For those who have not registered: -

30th June 2017
UK households have responded to a tight squeeze on incomes from rising inflation, taxes and falling wages by saving less than at any time in at least 50 years.

According to new figures from the Office for National Statistics, 1.7 per cent of income was left unspent in the first quarter of 2017, the lowest savings ratio since comparable records began in 1963.

UK consumers have kept on borrowing and spending since the Brexit vote and the economy has continued to grow as a result. But as the savings ratio falls, economists and policymakers will worry about how much consumer spending can contribute to growth in the months ahead.

Presenting the quarterly national accounts on Friday, the ONS confirmed that in the first quarter of 2017 growth was 0.2 per cent, with reasonable 0.4 per cent growth in household consumption and 0.6 per cent growth in business investment offset by imports growing faster than exports.

The savings ratio has averaged 9.2 per cent of disposable income over the past 54 years, but has been on a precipitous decline in the past year as households have kept on spending while their incomes have been squeezed.

In the first quarter of 2016, the savings ratio was 6.1 per cent, already below the long-term average, and it fell to 3.3 per cent by the fourth quarter of the year.

The ONS said the fall was mostly caused by a rise in taxes on incomes and wealth, which led to a fall in household disposable incomes that was not matched by a corresponding drop in spending.

Part of the rise in taxes was temporary, the ONS said, resulting from high tax payments in early 2017 on dividends paid a year earlier, but it added that not all of the drop was explained by temporary factors.

“The underlying trend is for a continued fall in the savings ratio,” according to Darren Morgan, head of gross domestic product statistics at the ONS.

The savings ratio can be volatile and a low ratio is not automatically a sign of excessive consumption. Households would seek to save less if they were confident about their future incomes.

The question now is whether the ratio has fallen because households are correct in thinking the squeeze on their incomes is temporary or whether they will subsequently find they have spent too much.

Scott Bowman of Capital Economics, which generally has a positive view of the economic outlook, said some of the details of the official data “might call into question the sustainability of even this [0.2 per cent] rate of growth”, but he remained optimistic. “Growth in 2017 as a whole will be similar to 2016’s 1.8 per cent rate,” he said.

Samuel Tombs of Pantheon Macroeconomics, which has a more gloomy organisational view, said the data showed that consumer spending was unsustainable.

[PurpleGorilla]

David Davis will tell the European Union: you can't

I can move tomorrow, where as most people in this country lack savings to manage few months out of work.

I don't doubt it. The UK needs a kick up the @rse.

https://www.ft.com/content/effd72cc-...8-8055f264aa8b

[BrilloPad]

I can move tomorrow, where as most people in this country lack savings to manage few months out of work.

I wish you f**king well would.

Though if you move by car you will probably get no further than the nearest wall.....

[AtW]

Adapt or die.

I can move tomorrow, where as most people in this country lack savings to manage few months out of work.

[PurpleGorilla]

China follows it - they own low and middle end goods, what does UK produce for poor people in Asia and Africa, Range Rovers and real estate in Kensington & Chelsea?

Adapt or die.

[AtW]

Follow the growth...

China follows it - they own low and middle end goods, what does UK produce for poor people in Asia and Africa, Range Rovers and real estate in Kensington & Chelsea?

[darmstadt]

I'm not, but thank you for the links.

Neither of them "dictate laws which we have to implement with no say".

Yes they do..."Paragraph 4, Subsection 2 - Brexit Handbook"

[PurpleGorilla]

Brilliant idea - let's sell them stuff like legal services where hourly rate is higher than annual wage there.

Follow the growth...

[meridian]

Do not confuse the Court of Justice of the European Union https://en.wikipedia.org/wiki/Court_...European_Union with the ECJ https://en.wikipedia.org/wiki/European_Court_of_Justice

I'm not, but thank you for the links.

Neither of them "dictate laws which we have to implement with no say".

[AtW]

So then we look at Asia, and Africa, and South America and all the other areas of the world who are growing and developing.

Brilliant idea - let's sell them stuff like legal services where hourly rate is higher than annual wage there.

[meridian]

By not wanting to be under the jurisdiction is basically because the UK government wishes to flout the rules and behave like an untrustworthy "Banana Republic".

in that case bye bye financial services.

I wouldn't go quite that far - the UK high/supreme courts are still seen as independent arbiters not subject to government coercion, we're not quite a banana republic yet! . The problem is one of jurisdiction and agreeing which courts any arbitration can be appealed to and which legislation takes precedence as primary law.