Originally posted by SimonMac
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This is the state of the UK when Thatcher came into power.
We were no better off than the likes of Greece are now. Due to Thatchers policies though (which Blair embraced) look at where we are now (we were the 6th largest global economy up to last year).By Robert Winnett, Deputy Political Editor7:30AM GMT 10 Feb 2010Comments
JP Morgan, said that in “many” ways “the UK’s fiscal position is currently worse than observed around the IMF loan in 1976”.
The bank warns that Government debts, when compared to the total size of the economy, are higher than during the 1970s crisis.
It adds that there could be a “marked fall” in the value of the pound as international investors re-assess the health of the British economy.
The intervention from JP Morgan is likely to add to the pressure on Gordon Brown and Alistair Darling to set out how they intend to cut Britain’s deficit. JP Morgan is one of the biggest banks in the world with assets of more than $2 trillion – almost as big as the entire British economy. Tony Blair is a consultant to the firm.
The Conservatives have warned that Britain faces bankruptcy if public spending is not cut.
In 1976, Britain was forced to turn to the International Monetary Fund (IMF) for a £2.3 billion bailout. In return for the funds, the IMF insisted on reforms to the British economy including public spending cuts. The period was regarded as one of the most humiliating in the history of the British economy.
In a research note entitled “UK Fiscal Policy: some lessons from the 1976 crisis”, JP Morgan said: “On many metrics, the UK’s fiscal position is currently worse than observed around the IMF loan in 1976…The size of the current budget deficit suggests that the UK is leaning heavily on the credibility it has built up since the mid-1970s.”
The bank’s “central forecast” is that Britain will “muddle through” the crisis. However, JP Morgan added: “The possibility that markets could take a more severe view of the fiscal position is clear, and the 1976 experience demonstrated that the situation can change quickly and unpredictably.
“Officials fretted over the possibility of a marked fall in the currency well before the crisis. Looking back at 1976, one can argue that as the crisis broke, the underlying situation had actually begun to improve (growth had begun to recover and current account deficits had begun to fall).”
There are growing fears about the high level of Government borrowing which is causing turmoil on financial markets in this country and throughout Europe. The value of the pound has recently fallen sharply against the dollar.
European leaders will meet later this week to discuss the financial crisis in Greece. Greek public debts are crippling the economy and have prompted concerns over the euro as wealthier European countries may be forced to bail-out the beleaguered nation.
Britain has now been branded one of the “STUPID” countries – Spain, Turkey, United Kingdom, Portugal, Italy and Denmark – whose “excessive” Government borrowing is now threatening the economy. Total Government borrowing in this country is due to top £1 trillion in the next few years.
Mr Brown insists that increased borrowing has allowed the Government to invest during the recession and stop unemployment rising as fast as feared. Ministers have pledged to cut the deficit in half over the next four years but have yet to spell out exactly how this will be achieved.
Britain's economy now as bad as 1970s, JP Morgan warns - Telegraph
Anyone who thinks that isn't down to Thatcher embracing the free market can **** off back to North Korea.Leave a comment:
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Even her children can't stand her. Dodgy, why didn't you pop around?
The Iron Lady, Margaret Thatcher, ignored by her children again this Christmas | Mail OnlineLeave a comment:
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That I agree - taxation levels make anything but high margin enterprise in this country very hard to do especially if real stuff is involved, ie shifting materials etc.Originally posted by DodgyAgent View Post
The Tories wrongly think they can change that by makin g it easier to fire people, so far I don't think their policies much different from that of Labour if they remained in power. Next year it will be too late to change anything, so I reckon Labour will be back in - in which case Thatcher probably won't get state funeral!Leave a comment:
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You are probably right in that there are not so many "production line" jobs any more. It is never going to get any better whilst we have such high taxes and expensive employment laws. They may as well teach Polish in the schools and they can go and work there!Originally posted by AtW View PostLeave a comment:
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People who "make it" from your type of background are loathed by the leftie liberals in our society. They like to see that their "look at me I am virtuous" by "hating" Thatcher is vindicated by a perpetual existence of a working class who will always be there to be "grateful" to their liberal protectors. Thanks to Thatcher we no longer have a working class because people like you are now firmly planted as property owning middle classes. Her greatest achievement was probably to show the working classes that they did'nt have to live in a council flat owned by someone else all of their lives.Originally posted by sbakoola View Post
The liberals have countered this with howls of "greed and selfishness" instead of reflecting the truth which is that Thatcher enabled a whole generation of the less well off to become individuals and take responsibility for themselves and to aspire to whatever they wish. She also freed up the nationalised Industries to free workers to create their own businesses and to take their skills to the markets.. The emergence of the so called Essex boy traders and IT contractors were two such shining examples of her achievements.
The working class has been replaced by the underclass and by immigrants (who the liberals then go and "dump" in the working class areas of the country). Having lost their precious working classes they can now purge their guilt by pretending to "care" about their latest creation - the underclass.
The reason why labour have no policy is because it suits them to have a dependency class. if however they could shake off their self serving bigotry they could step up to the challenge and get the poor off welfare by giving them proper education and training, and persuade them to aspire to success that is largely held by those educated and brought up outside the state system.Leave a comment:
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Having been raised in England in single parent family on a council estate I was given an opportunity to be relatively rich and have all the material things I could possibly want having worked hard to proceed through University and into investment banking.
Had a Labour government been in power during the 1980s and the early 1990s that would not have been possible, under them the scenario would have lead to my disposable income ravaged by high taxes and me taking an average pay in reduced free market economy labour markets.
Thatcher created the "conditions" to succeed in attaining what people wanted in life, the pity of it is that not everyone could achieve this. I am not saying that she created anything approaching a Eutopia but the alternative would have been a sinking from which Britain would never have been able to pull itself out of evidenced by the Labour governments efforts 1997 - 2010 (yes it was that long). Tony Blair was the slipperiest devil to ever grace the position of Prime Minister in this country and I and so many others feel hoodwinked by this man who let down the country in so many ways and got away with it scott free.
I think that she should be given a State funeral, I for one would buy flowers for her funeral if its local.
In fact just looking it up in the internet it looks like she will be having a state funeral....
Lady Thatcher to be honoured with State funeral | Mail OnlineLeave a comment:
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