AIBU in thinking JC should resign?

[QuiteLikely5]

He's made a mockery of the Labour Party and won votes by creating a manifesto that the country could not afford to deliver!!!

Resign JC !!!

what was that note Liam Bryne from Labour left when the coalition came into Government

a banal running joke between treasury secretaries. The Tories just leaked this one.

As for Danand - how did labour cause the fall of northern rock and the US sub prime mortgage crisis

Speaking of my role in the crash, I'm pretty sure it was Labour's fault.

• Alan Greenspan

Frankie on whether increasing the single person allowance to £12,500 helps the less well off or those better off remember a lot of people don't get any single person allowance at all which is why upper tax rate for people I think it is just voer £100k pay about 62% effective rate of tax - some with 9% graduate tax on top of that. 72% upper rate is quite a bit of money when you have £30k a year childcare bills and London rent and mortgages. it then dips down to 45% tax and 2% NI - 47% on your upper earnings.

The Tories and Labour on the thread will disagree over things but the bottom line is Labour did not make it and the Conservatives are in charge.

Brext is complex as plenty of Tory and Labour supporters were and are against it but the silly citizens of the UK decided they wanted it - but that's democracy for you. We have to live with it now. It is not easy for either Labour or the Tories to deal with it.

Brown didn't cause the US position. But he should have seen it coming and taken steps before he did - e.g. he should have made the banks create a bail-out fund that would have curtailed the lending and would have been there when NR ran into difficulty. Also he ignored advice from the FSA before it happened that could have prevented it (we'll never know the answer to that, but we know that ignoring it wasn't the right thing to do).

In my dirtiest dreams Idris Elba turns up offering me a personal allowance .

Funny, because both the bank of england and the Tories claimed that it wasn't the fault of Brown, or the Labour government. Looks like you're on the myth bus there Dandan

oh right. So who was the chancellor at the time when it should have been obvious what was coming?

You're priceless, dawn.

Funny, I feel the same way about you, shall we run off into the sunset together!

But he should have seen it coming and taken steps before he did

Er now you really are on cloud cuckoo land. Seen it coming how exactly?

You really think the subprime mortgage position and popping of the housing bubble weren't predictable? A look at the papers would have told him about the states. My DF called it months before it happened and he retired from banking years before. NR were lending at over 100% of value FFS!

Dawn - one of us will be wrong about JC's policies. But it's undeniable that a sunset will be better on a Cayman Island beach!

Speaking of my role in the crash, I'm pretty sure it was Labour's fault

Hahahahaha bollocks. The only question mark on labour was about the regulation of the banks. I don't remember the Tories coming out with any alternatives at the time

As I will repeat, austerity has fucked our economy over post worldwide economic crash.

7 years. Wasted.

You really think the subprime mortgage position and popping of the housing bubble weren't predictable?

If it was predictable then it wouldn't have happened. He called it "months" before did he?

Hindsight is a wonderful thing.

Oh dandan we can't do this, I'd far rather the Norwegian Fjords!

And actually, again many pundits stated that it wasn't predictable.
With regard to NR, many other mortgage lenders were doing similar.
Even the people that went in and cleared up NRs mess stated that it couldn't have been predicted.

Osborne in legal challenge to European Commission over financial transaction tax

www.independent.co.uk/news/uk/politics/osborne-in-legal-challenge-to-european-commission-over-financial-transaction-tax-8581165.html

The proposed EU financial transaction tax would insure them against the costs of any future bailouts.

God still arguing that all our woes are due to a government over 7 years ago

Inflation is up btw

It's not right to pretend no one was calling the crisis beforehand. There were regular people threads on MN, with a great woman who (patiently) explained her concerns.

I can't believe MN was the Only Place On Earth to have concerns .

In fact Gordon Brown himself had some worries - I must be one of the only five people in the world to have read his book! Me, his agent, his editor, Sarah, Ed Balls!

I thought it was understood that Gordon Brown did see it coming and did what he could to lessen the blow. Hence the much maligned gold sale.

Oh he explains at (considerable) length how the crisis was predictable and possibly unavoidable.

Sorry inevitable not unavoidable.

Get I wasn't pretending, I honestly thought that was the case. I apologise, and maybe I will read the book. (ASC person who generally doesn't do non-fiction)!
However, I do know that the people that went in to NR to clean up said they hadn't expected it to be as it was, the bigger crashes came afterwards though, didn't they.

dawn I didn't mean you specifically.

Just that this has now become party line.

TBF GB doesn't say 'I knew exactly what was going to happen, I was telling everyone' .
It was more a general certainty that globalisation was outpacing national interests which would lead to problems in line with the Asian crisis.

He tip toes an interesting line; on the one hand he doesn't want to admit responsibility for lack of regulation, but he still wants to be seen as someone who wouldn't get caught out by the banks' behaviour.

His views on what needs to happen going forward are interesting.

Yes, inflation is 2.9% ( mind you in the 70s I remember 3 years of about 20% - we had 60% in 3 years; my mother's 1975 diary says food prices had DOUBLED in one year - not at all easy as wages obviously had not doubled - under Harold Wilson Labour not that it is really fair to blame the PMs for these things - it is much more complex than that).

Amusingly my mother's diary said she was paying £1.50 for 3 hours for a cleaner (she had her for just another year) and how very very expensive it now was. 50p an hour. 1975.

Inflation has been sky high for years. When I'm told inflation is below 5% I laugh because my barometer is beyond their basket of goods. Their basket of goods doesn't include housing. Include that and it's more like 7-9%. Childcare is also up for me.

Inflation has been in single digits for years.

That is low. But it's been like that for so long that people,e have forgotten what it was like. From 1971-80, the lowest inflation rate was 9% (and possible, as pp suggests, that was under-reported too) reaching 18%. The last time it was as high as 7% was 1991.

I doubt people who have not lived through it realise what high inflation actually is.