George Osborne (still scare mongering) versus Sajid Javid (we can make this work)(11 Posts)
Is anyone else enraged by George Osborne's doom mongering today? I run an export business and I am furious with him. Despite the fact that the markets have rallied brilliantly this morning he is still painting a scary picture of the future for the UK.
Meanwhile Sajid Javid is getting on with business and saying "I’m confident we can turn today’s challenges into tomorrow’s opportunities. Together, we can make this work."
Have a look at their CVs before they came into politics. Who would you believe on the economy?
Early life and education
George Osborne was born in Paddington, London, as Gideon Oliver; he changed his name to George when he was 13. In an interview in July 2005, Osborne said: "It was my small act of rebellion. I never liked it. When I finally told my mother she said, 'Nor do I'. So I decided to be George after my grandfather, who was a war hero. Life was easier as a George; it was a straightforward name." He is the eldest of four boys. His father, Sir Peter Osborne, 17th Baronet, co-founded the firm of fabric and wallpapers designers Osborne & Little. His mother is Felicity Alexandra Loxton-Peacock, the daughter of artist Clarisse Loxton-Peacock.
Osborne was educated at independent schools: Norland Place School, Colet Court and St Paul's School. In 1990 he was awarded a demyship at Magdalen College, Oxford, where in 1993 he received a 2:1 bachelor's degree in Modern History. While there he was a member of the Bullingdon Club. He also attended Davidson College in North Carolina for a semester as a Dean Rusk Scholar.
In 1993, Osborne intended to pursue a career in journalism. He was shortlisted for but failed to gain a place on The Times trainee scheme, and instead did freelance work on the Peterborough diary column of The Daily Telegraph. Some time later an Oxford friend of his, journalist George Bridges, alerted Osborne to a research vacancy at Conservative Central Office.
Javid was born in Rochdale, Lancashire, one of five sons of parents of Pakistani descent. His father was a bus driver. His family moved from Lancashire to Stapleton Road, Bristol.
Javid was educated from 1981 to 1986 at Downend School, a state comprehensive near Bristol, followed by Filton Technical College from 1986 to 1988, and finally the University of Exeter from 1988 to 1991. At Exeter he studied economics and politics and became a member of the Conservative Party.
When he was twenty, Javid attended his first Conservative Party Conference and campaigned against the Thatcher government's decision in that year to join the European Exchange Rate Mechanism (ERM), calling it a "fatal mistake".
Javid joined Chase Manhattan Bank in New York immediately after university, working mostly in South America. Aged 25, he became the youngest vice-president in the history of the bank. He returned to London in 1997, and later joined Deutsche Bank as a director in 2000. In 2004 he became a managing director at Deutsche Bank and, one year later, global head of Emerging Markets Structuring.
In 2007 he relocated to Singapore as head of Deutsche Bank's credit trading, equity convertibles, commodities and private equity businesses in Asia, and was appointed a board member of Deutsche Bank International Limited. He left Deutsche Bank in 2009 to pursue a career in politics. His earnings at Deutsche Bank would have been roughly £3m a year at the time he left.
Javid is a trustee of the London Early Years Foundation, was a governor of Normand Croft Community School, and has led an expedition to the summit of Mount Kilimanjaro, the highest mountain in Africa, to show his support of Help The Aged.
Really interesting stuff, I had no idea. Thanks for posting.
Milly - have you seen any benefit from the falling £ ? Have s couple of friends with export businesses and they've seen sharp increases in inquiries and orders.
There are many benefits to a weaker pound, the UK has a massive trade deficit so exports will boom with a weak pound, the downside is going abroad & buying in products costs more. George Osborne just can't accept he lost what we need now is for remain MP's to support Brexit & get the best deal like Sajid has done
We run a business that imports so a weak pound is a nightmare to us.
Yes I have seen a benefit to the falling pound already. It is a massive opportunity for British exporters.
Of course it is hard for businesses which have to import lots of goods from overseas. I hope that they will have made contingency plans. You can buy foreign currency in advance. Of course, there will be losers from this big change and I do not take any pleasure from that. It is tough.
Looking again at George Osborne's CV it seems that this is literally the only real job he held before starting a career in the Conservative party: "freelance work on the Peterborough diary column of The Daily Telegraph."
Yes we did buy foreign currency in advance but that will only go so far.
Our biggest worry is the renegotiating of the trade agreements.
At least the foreign currency we could do something short term about but we have no control long term over the trade agreements.
The other worry is that a lot of the UK companies we supply with our imports have orders and business coming in from countries within the EU long term.
They lose those orders and business and we lose ours.
Thunderblunder. This period of uncertainty is really tough. I hope it's short and I hope we get some positivity and sense from Javid's business summit tomorrow.
UK has to import many raw materials for what little we manufacture, too.
Volatility is worse for exports/imports than a weak pound.
I agree that volitility is not good. But it is pretty normal. The weak pound is a pain for many, but it will be a boost for lots of exporters and should help our trade deficit.
I would like stabiliity sooner rather than later though! So I appreciate Javid's attitude at this time: "Looking forward to meeting with CEOs & industry leaders today to discuss working together on #euref next steps"
what little we manufacture That's a bit scathing. According to this list we are sixth in the world (don't know how reliable it is - but manufacturing includes stuff like biotech/pharma/digital I guess - not just steel.
scathing? It's not a personal insult to state a country doesn't manufacture much.
UK manufacturing was 15% of EU total (compare to UK being 13% of EU population). 13.6% of the USA value (UK has about 20% of population that USA has. We're not really punching above our population/GDP size for manufacturing output. UK manuf. is 11% of UK net GDP (2014). Good to have some manuf. for balanced economy, or course.
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