News from Sir Merv

[pacharan]

He is doing good training that does not require computer connected to the Net

Offering him longer term contract now ...

Chetty?

[AtW]

It's not working in my case; money I'm earning from contracting seems to be being exactly offset by losses on my shares. It's like running on a treadmill

You are spending too much on cleaners dude

[KentPhilip]

The lesson is to get rich.

Post less tulip on CUK and do more billing hours.

HTH

It's not working in my case; money I'm earning from contracting seems to be being exactly offset by losses on my shares. It's like running on a treadmill

[BrilloPad]

He actually said that possibility of UK joining euro in the future should not be ruled out.

That still makes him a muppet. Soon a country will leave the Euro.

[AtW]

Incidentally, the idiot Blair said in an interview over the weekend that he still thinks the UK should join the Euro. WTF?

He actually said that possibility of UK joining euro in the future should not be ruled out.

[Doggy Styles]

Thanks for reporting current developments AtW, but UK's economy is in a bad situation, has been for a few years, and will be for more years yet.

Incidentally, the idiot Blair said in an interview over the weekend that he still thinks the UK should join the Euro. WTF?

[AtW]

How is your "expensive" contractor doing? Is he up to his first 1000 posts yet?

He is doing good training that does not require computer connected to the Net

Offering him longer term contract now ...

[DodgyAgent]

The lesson is to get rich.

Post less tulip on CUK and do more billing hours.

HTH

How is your "expensive" contractor doing? Is he up to his first 1000 posts yet?

[TimberWolf]

The lesson is to get rich.

Post less tulip on CUK and do more billing hours.

HTH

The lesson is to get rich.

Post less tulip on CUK and do more billing hours.

[AtW]

The rich aren't.

The lesson is to get rich.

Post less tulip on CUK and do more billing hours.

HTH

[TimberWolf]

We're all getting poorer that's for sure.

The rich aren't.

[Lockhouse]

It's pretty obvious what is coming next, printy printy.

At least house prices will go up sharply, so we'll all better off in the end.

Nope. They'll pretty much stay the same and devalue in real terms. We're all getting poorer that's for sure.

[DimPrawn]

It's pretty obvious what is coming next, printy printy.

At least house prices will go up sharply, so we'll all better off in the end.

[AtW]

Mervyn King: UK outlook has worsened due to eurozone debt crisis

The news came as the country's public sector net borrowing rose much more than expected in May on a 7.3pc fall in income tax receipts.

"In the last six weeks... I am very struck by how much has changed since we produced our May Inflation Report," Mr King told parliament's Treasury Committee.

"I am pessimistic [about the eurozone outlook]. I am particularly concerned because over two years now we have seen the situation in the euro area get worse and the problem being pushed down the road," he said.

His views came as public sector net borrowing increased by £17.9bn in May compared with a rise of £15.2bn in the same month one year earlier, the Office for National Statistics said in a statement. Analysts had forecast a borrowing rise of £15.7bn.

"The main problem remains a sharp slowdown in tax receipts," said Vicky Redwood, chief UK economist at Capital Economics research group. "The combination of worsening public finances and renewed recession is likely to intensify calls for the government to change tack on its austerity programme."

Howard Archer, chief UK and European economist at IHS Global Insight, added: "The May public finances make pretty bleak reading for the Chancellor. Only two months into the fiscal year, it is evident that Mr Osborne is facing a major battle to meet his fiscal targets for 2012/13 and is in grave danger of losing it.

"While expenditure can fluctuate appreciably from month to month, it does suggest that the government is having trouble imposing its spending cuts. And if the spending cuts are yet to bite, the impact of this on the economy is yet to be felt, which is worrying for growth prospects."

Britain's economy slipped into its second recession since the start of the financial crisis around the turn of the year and fears of a longer slump have been rising as companies hold back investment and exports suffer from the eurozone crisis.

The central bank's Monetary Policy Committee voted 5-4 against buying more government bonds with newly created money to boost the economy, but most economists expect another round of quantitative easing in July. (AtW's comment: see now that Govt needs to borrow more they will print money, otherwise yields on bonds will be 6-7%)

The government and the central bank announced two schemes on June 14 get credit flowing through the economy by lowering banks' funding costs.

Policymakers Ben Broadbent and Spencer Dale - who both voted against more stimulus in June - as well as David Miles all indentified the eurozone debt crisis as the main threat to Britain's economy in their annual reports to parliament.

Source: Mervyn King: UK outlook has worsened due to eurozone debt crisis - Telegraph

DOOOOOOOOOOOOOOMED!