Has Labour crashed the economy ?

[Dbank]

With recent news on GDP and job vacancies, do you think Labour's actions are about to trigger a recession?

Not if they nationalise industries and focus on the public sector...
I'm not saying they should totally ignore the interests of private businesses, just that I'm glad to see that hasn't been their priority as it was the priority if the tories and I think actually it's run down the country quite alot
Trickle down economics is absolute bullshit isn't it?

The Conservatives had already crashed the economy by the time Labour got in.

"Crashed" is too strong a statement.

A slow steady economic decline over the next 5 years with a worrying increase in debt would be fairer.

For me the biggest criticism of Labour is their inability to see the secondary consequences of their policies for example:

VAT on private school fees that mean over the next 5 years the number of and subsequent cost of declining private school pupils and increased state school pupils will mean that the policy will cost more to taxpayers than it raises or

The WFA cut unless you are on pension credits meaning more signing up for pension credits and the additional costs of that outweighing the savings from cutting WFA

A commitment to build 1.5 million new houses but this being an impossible target without the necessary construction workers or

A net zero commitment by 2030 being an impossible target because the grid couldn't connect that many new renewable energy projects or

Stopping illegal immigration by "smashing the gangs" when any people smuggling gang that is "smashed" will simply be replaced by another in some kind of whack a mole.

I could go on...

Oh for goodness sake. This country IS like any other business. Money in, money out.
No shareholders to please, no massive profits to be expected but the books DO need to balance. How EXACTLY do you think the crisis is public services will or should be paid for?
The public sector needs massive reform in a way that no major party has the stomach for. And being “glad” the current government knows nothing about business is like being glad you are a turkey at Christmas.
I can say categorically, you’ve never run a business.

How do you think the government will pay for services if they don’t raise money…

Raising taxes means less money to spend, so businesses make less, less jobs as a result, less jobs means less income tax is paid. Also the very rich leave, lowering tax and VAT receipts to the treasury. The government do need to treat running the country like a business so that we don’t go completely bust!

Which specific policies do you refer to that are pathetic?

I’m really happy with the start they’ve made in Education - it’s exactly on the right track and well-researched. Investment and intervention in early years is exactly what’s needed to enable greater achievement. So many of the cabinet are state school educated and are incredibly ambitious for what the education system can do for our children.

Lots of the pensioners I know felt the fuel allowance not being means-tested was inefficient and ‘watching pensioners freeze’ sounds like GB news hyperbole.

Farage and co are certainly trying their best to create division and whip up anti-immigration hate in traditional Labour areas that have been left to rot for the last 14 years of Tories; hopefully, they’ll realise the true impact of Farage’s Brexit lies and that Reform Leaders are nothing more than self-serving public schoolboys millionaires with zero interest in actually improving things in working class communities.

Personally, we will have to pay more tax due to the budget and do you know, we’re ok with that because more money into public services benefits everyone in society.

I expect we read different news sources, but honestly, Starmer could negotiate world peace and the rightwing MSM would be dominated with headlines saying his victory speech was too dull.

Has everyone forgotten what they did last time they were in
and the note that was left in the treasury office
saying there’s nothing left!
unfortunately, Post Boris and his bs
and there’s nobody else strong enough to get a vote, what the government we have now seems to misunderstand is in order to have a healthy economy you need to support small businesses, large businesses et cetera et cetera they seem determined to do the opposite
short term thinking long-term pain we’re in for a rocky old time

the note that was left in the treasury office
saying there’s nothing left

It was a joke 🙄

As a business leader in the creative industry yes. Fucked it up massively, as a person who's used care facilities like a hospice, yes big time. Every which way I turn I'm shafted by them.

I equally despised the conservative government as well, but this labour government had a chance to shine and they have just fucked up on global scale.

Oh ha ha so funny

Yes, the people who voted for it. It was a referendum and MPs on both the main 2 parties were for and against.

No but Brexit has fucked us up forever

I agree and now we've had 2 periods of negative numbers. RR talked our economy down, borrowed lots of money to spent and put up taxes on employers then seemed surprised we are heading for a recession. I dread to think what she'll do in April.

Has everyone forgotten what they did last time they were in and the note that was left in the treasury office saying there’s nothing left!

Did the joke go over your head? Have you missed everything that has happened in the 14 years since? Labour haven't crashed the economy, the Tories ruined the country. Fucking wrecked it on multiple levels, including economically.

There's no cheap or easy way of getting out of this mess.

The Tories are entirely responsible. Cameron got into a pissing contest with one wing of his party, pledged to make it legally binding, never thought it might actually happen and wandered off into the sunset leaving the catastrophe behind him.

Successive Tory governments went for a hard line, no deal Brexit and buggered us even further.

In June our economy was growing the fastest in the G7. That is a fact. Less than 6 months of Labour and we've had 2 periods of negative numbers. We're on the brink of a recession and RR put up NI on businesses so now instead of hiring they will be firing.

I blame Nigel Farage and Liz Truss. He was the pied piper for Brexit which prevented recovery from the 2007 financial crisis. Liz truss was a natural disaster shark-nada to the economy. Farage & his far right Reformers are now capitalising on the chaos he caused because he hasn’t fucked the country hard enough yet.

As I said, there's no cheap or easy way of getting out of this mess. An entrenched, multi-level balls up that's been 14 years in the making.

You want to pretend it all started in July this year, fill your boots. I can't compete with that level of denial.

It was only “growing the fastest” because it was recovering slower than everyone else post Covid so our GDP was lower than it should have been. It is easier for GDP to grow by 0.5% vs 0.4% when you’re only just hitting the home sprint while everyone else is doing leisurely victory laps.

Worried

This is one thing that really concerns me, especially in respect of small and micro businesses. Employing staff is already a minefield and I've always, always felt passionate about the fact that Joe Bloggs of Down The Road has been duty-bound to the same rules as those companies who make millions - it's not as if there's a sliding scale in any of it.

Labour is another terminal illness to this country. They came to fuck the economy up further. We have a very high income that now goes very quickly in taxes and bills. We have not motivation to stay here and have seen London go from bad to worse with Sadiq Khan. You need to be ultra wealthy to be able to enjoy the city. That if you do not get mugged or knife when out.

Indeed, and the economy won't grow and businesses will not thrive unless the fundamentals like public services are sorted out.

Under Rishi Sunak’s government in June we were the fastest growing economy in the G7. Now we are having negative growth.

Perhaps you've forgotten a world wide pandemic - Furlough. And the Ukraine war.....