Labour isn't working - Thread 21

[TheNuthatch]

A chat thread for those who don't like this Labour government. 💙

We are bracing for the budget 😬

The problem with socialism is that you eventually run out of other people's money.

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I mean, full declaration, I was mostly thinking of a sunny retirement in Italy when I voted to remain, so I can't claim any high ground on my vote in Brexit.

I think some political amnesia is forecast for this week.

How? DS went to the EU with his dad in the summer and so wished he could just pack up and move.

His company have offices in the EU.

No. Is this a thing? Sounds great. I'm too in the middle of nowhere for interesting stuff like that.

Undoubtedly

I’m sure the top comms team in number 10 are polishing their cradle to the grave ww2 patriotic rhetoric as we speak….

"Top comms team" 🤣🤣🤣 So not the DfE team then 😄

Yes, she is an inveterate liar.

As I said he went to Uni there, and now works and lives in Europe.
People still move to European countries from the UK, its just more difficult.

They need to be reminded of this everywhere.

The opening speaker (missed her name) at the CBI conference is taking aim at Reeves in no uncertain terms. Worth watching for those who are able.

Ah yes. Sorry haha.

Plus incompetent. Heady combo.

The OBR are set to downgrade all growth forecasts that they made this spring immediately after Reeves announces her budget on Wednesday.

Call me picky but surely that's the kind of pivotal information which is required to make an informed decision on the budget? Still though, I expect it will have maximum pissing on chips potential.

Or willing puppet?

Yeh that’s going to tank with everyone. Plus it sets to the same problem with the next budget, as depressing as that thought is.

From an economist's view was austerity post 2010 the UK shooting itself in the foot?

Here’s the CBI speech it’s pretty good. All plans whilst hammering growth.

https://www.cbi.org.uk/media-centre/articles/rain-newton-smith-address-to-cbi-annual-conference-2025/

Google is your friend: www.prospectmagazine.co.uk/politics/austerity/60925/was-austerity-worth-it-we-asked-two-economic-heavyweights

I was up to my eyeballs with babies in 2010 but iirc, it had the effect of bringing in necessary stability to the deficit and the pound following the global crash.

Our mortgage went temporarily through the fucking roof and I thought that we would be done for, along with a whole raft of other people with negative equality and mega payments, but the austerity measures brought some functioning calm which people forget.

The cuts that were on welfare and department spending then won't be the half of what is coming when the bond markets lose patience with us. It was a stitch in time, as painful as it may have been.

People just say it ruined the economy forever due to underinvestment

Well, people will have to come along and demonstrate what was possible with the situation which presented at the time. Which included record repossessions.

The people you’re looking for are probably on other threads

I'm not an economist, but its worth pointing out that it wasn't just the conservatives who saw the need for 'austerity'. Labour saw it too, but they tried to hide it in order to win the election.

https://www.theguardian.com/politics/2010/mar/25/alistair-darling-cut-deeper-margaret-thatcher#:~:text=Asked%20by%20the%20BBC%20tonight,act%20will%20hit%20families%20hard.%22

‘Austerity’ is another line that has just been accepted. I look at Germany’s fiscal restraint and think yeh that is sensible. No huge debt servicing and a buffer if something comes up.

The IMF have warned we have no buffer for another major economic shock. We got through the last pandemic by spending, the next that wouldn’t be possible if it’s soon.