Jump to content

BREXIT is fuelling Britain's cost of living crisis, according to the former Deputy Governor at the Bank of England


Recommended Posts

Posted
11 minutes ago, kwilco said:

We've lost tens of thousands of doctors and nurses from the NHS alone. - and of course truck drivers, carers lots of labourers, the tourist and catering industries.... to name but a few.UK is in th unusual situation of having job vacancies with no=one to fill them and a shrinking economy.

Unlikely to get replacements from the EU as they have the same issues since Covid people are more focused on quality of life rather than working for a pittance with terrible working conditions, unsocial hours and zero job security

https://www.socialeurope.eu/not-so-much-a-shortage-of-skills-as-a-shortage-of-pay

The EU recently published a report listing the Top 10 shortages occupations and the Top 10 surpluses occupations

https://www.ela.europa.eu/en/news/labour-shortages-europe-labour-market-tightening

  • Thumbs Up 1
Posted
1 hour ago, vinny41 said:

Unlikely to get replacements from the EU as they have the same issues since Covid people are more focused on quality of life rather than working for a pittance with terrible working conditions, unsocial hours and zero job security

https://www.socialeurope.eu/not-so-much-a-shortage-of-skills-as-a-shortage-of-pay

The EU recently published a report listing the Top 10 shortages occupations and the Top 10 surpluses occupations

https://www.ela.europa.eu/en/news/labour-shortages-europe-labour-market-tightening

not the conclusion I would have come to.

It isn't the salary and conditions, it's the fact they can no longer live and work in the UK without copious documentation etc after freedom of movement was e=nded.

Of course it applies to UK workers who want to move abroad too

  • Like 1
  • Haha 1
Posted (edited)
52 minutes ago, vinny41 said:

Problem is not everyone received furlough payments some workers were just told sorry we have to shut 

Some Airline tried to rehire staff that they let go during Covid but some bright spark in the airlines suggested why don't we pay them less,  and provide contracts with reduced  terms and conditions 

Some people that did receive furlough payments took the opportunity improved their education and skill set so they wouldn't have to accept a low paying job with no job security and terrible working conditions

There is no way your suggestions account for hundreds of thousands missing for the workforce - where did they "improve their education and skill sets" - the online courses  did in no way increase the number of people studying - it went right down!

 

When people lose a job they get another one - but because they went home to EU they can't or don't want to come back

 

THe lying UK PM and his government tied to claim that many people decided "to stop working" which is just a fairy-tale.

Edited by kwilco
  • Like 1
  • Haha 1
Posted (edited)
1 hour ago, youreavinalaff said:

t was quite easy for those that were here prior to Brexit to stay.

 

Just needed to apply for settlement.

You have absolutely no idea.

"it was quite easy" - that's half the point - those already here had an opportunity to sign up to j=keep their job - that's not how it works - you want to be a fluid part of the work force and not worry about immigration status etc every time you move.

 

what if you lose your job? Have a family to look after? - Foreign people are just not welcome in the UK anymore

 

I worked in UK and Europe at the same time - it is now impossible for my job to exist. THe paperwork is a MASSIVE barrier to freedom of movement - that's why we have lost such a huge chunk from out work force. If you want to work in a country your really  don't need all the paperowork - just look at THailand how insecure working here can be and how full of red tape.

Edited by kwilco
  • Like 1
  • Haha 1
Posted (edited)
On 6/23/2023 at 12:35 PM, Kwasaki said:

Yes for sure anyone thinking it would be easy leaving the mafia club would be disappointed.

Especially when you are going back to the original Mafia ????

 

As I am watching from the sidelines , not being a Brit. I am astounded by some of the comments and concepts. 

   1) We don't need to be in a Union ????.. What do you think the U in the UK stands for? Its just a smaller union.

   2) we don't need to be represented by faceless bureaucrats  in  Brussels!! 

Why so that you can be represented by faceless bureaucrats  in London? 

The answer is usually "Yes but they are  our faceless bureaucrats " Something that I am sure the Scots and other would disagree with. 

  Then when Brexit is failing, it is not because brexit is faulty but because it was mishandled by the damn bureaucrats  in london  ????

 IMO it will go down in history as the biggest self inflicted injury in British history. Can you think of a bigger one? I can't. 

IMO the whole thing is a matter of hubris and pride, and some smart political players who used that national pride to wrestle power back from the EU and into their hands, 

You were played.

I know you all  don't want to admit it,If I was played I would not want to admit it either, and would find all short mental constructs to rationalise the situation. But I think you all have  to rise above such pride, admit you were played, and move forward in a rational manner for the country you all love. 

 

 

Edited by sirineou
  • Love It 1
  • Haha 1
Posted
56 minutes ago, kwilco said:

There is no way your suggestions account for hundreds of thousands missing for the workforce

In case you didn't notice, the UK economy was closed for 2 years due to an allegedly nasty coronavirus/cold.   

Choosing to ignore that and continue to harp on about a vote almost 8 years ago is disingenuous at best.

 

Did you (and any of the other remoaners reading)  also warn everyone about how lockdowns and business closures would damage the UK economy and cause massive job losses?  

 

Exactly.  Thought not : )

 

 

  • Thanks 1
Posted
53 minutes ago, sirineou said:

As I am watching from the sidelines , not being a Brit.

Brits already have to pay for our own lying scumbag politicians so why pay for 2 sets?

It's not as if they're gonna make anything better is it? or are you saying that Europeans are better politicians than Brit ones?

 

The UK was ALWAYS a net contributor to the EU so please don't blame us for bailing  out.

Think about it, if you had a 'mate' who always expected you to pay more than your share EVERY SINGLE TIME you went for a meal or drink wouldn't you ditch them too?

 

PS.  If you're from one of the handout wanting countries I don't blame you for hating on Brexit but it's dishonest imho and you should be  upfront about your motivations for sticking your oar in

Posted (edited)
14 minutes ago, ICU Kid said:

Brits already have to pay for our own lying scumbag politicians so why pay for 2 sets?

Perhaps because for vatiouse arguable reasons it was to their advantage.

 

14 minutes ago, ICU Kid said:

It's not as if they're gonna make anything better is it? or are you saying that Europeans are better politicians than Brit ones?

Not saying that at all, what I think is that "A rising tide lifts all boats"  and that there are more fish in the ocean. But if you want play in your little  pond?As the Thais say "Up to you"

 

14 minutes ago, ICU Kid said:

The UK was ALWAYS a net contributor to the EU so please don't blame us for bailing  out.

So I guess you must be doing better then? Don't cut your nose to spite your face my mom always told me, 

14 minutes ago, ICU Kid said:

Think about it, if you had a 'mate' who always expected you to pay more than your share EVERY SINGLE TIME you went for a meal or drink wouldn't you ditch them too?

Not if I got more out of the relationship. 

14 minutes ago, ICU Kid said:

If you're from one of the handout wanting countries I don't blame you for hating on Brexit

US

14 minutes ago, ICU Kid said:

you should be  upfront about your motivations for sticking your oar in

Most brits I know are very nice people, I hate to see them suffer, My only motivation if your well being. 

Edited by sirineou
Posted
2 hours ago, youreavinalaff said:

It was quite easy for those that were here prior to Brexit to stay.

 

Just needed to apply for settlement.

 

Of vourse there were requirements such as having paid tax and NI of salaries received. That's why may left.

 

Every EU worker that I've met, that stayed, have told me how easy it was to stay so long as they were legit.

 

It's not that difficult to come now but there are rules some don't wish to adhere too. Never mind. 

I don't know how easy it was for EU nationals to get settled status, but it is not that straightforward for EU nationals to now immigrate to the UK, especially when you consider that pre-Brexit, the process was basically 1) buy flight/ Eurostar ticket 2) Remember to take ID card/ passport.

https://www.gov.uk/guidance/the-uks-points-based-immigration-system-information-for-eu-citizens

  • Like 1
Posted
52 minutes ago, RayC said:

I don't know how easy it was for EU nationals to get settled status, but it is not that straightforward for EU nationals to now immigrate to the UK, especially when you consider that pre-Brexit, the process was basically 1) buy flight/ Eurostar ticket 2) Remember to take ID card/ passport.

https://www.gov.uk/guidance/the-uks-points-based-immigration-system-information-for-eu-citizens

Same goes for claiming benefits too 

 

1 hour ago, sirineou said:

My only motivation if your well being. 

OK boomer.

 

In case you didn't notice, the UK economy was closed for 2 years due to an allegedly nasty coronavirus/cold.   

Choosing to ignore that and continue to harp on about a vote almost 8 years ago is disingenuous at best.

 

Question to you:

Did you also warn everyone about how lockdowns and business closures would cause massive job losses and inflation/cost of living crisis?  

Posted
55 minutes ago, ICU Kid said:

In case you didn't notice, the UK economy was closed for 2 years due to an allegedly nasty coronavirus/cold. 

as opposed to other countries who did not have corona viruse?

 

57 minutes ago, ICU Kid said:

Question to you:

Did you also warn everyone about how lockdowns and business closures would cause massive job losses and inflation/cost of living crisis? 

 again all these things affected everyone equally and are not unique to the UK

Posted (edited)

I'm not really sure this should be categorised as a "crisis", but instead is the new norm.

 

Europe, with the UK, has been in a sustained relative decline to the United States. In 2008 Europe was larger than United States and today United States is 1/3 larger than Europe, around six trillion dollars.

 

All the indicators suggest this will continue. Europe simply cannot compete. It's only hope of fairly cheap energy was Russia, and we can see will be presumably gone for years. Without that energy, German manufacturing will move to the United States as it has been doing. Terminal decline is the new norm.

 

In the meantime, the UK working classes will suffer to an unusually heavy extent. One of the major aims of the EU was to take power from the ruling classes of the individual countries and regionalize it. It also had a very intense social regulatory programme to make the working classes lives better.

 

Even when in EU, the UK ruling elite ensured that the UK opted out of these regulations, pushing zero contract hours. The idea today continues in plans to make the UK the Singapore of Europe. In fact this today is really the UK's only hope. But there's a lack of bravery in the government to commit to it. It is also largely a fantasy since for it to happen you need an extremely educated population and the UK has a famously poorly educated population for a developed country, below the small but highly regarded elite strata.

 

The British working class are also notoriously troublesome (the image in Victorian paintings of the gin-soaked masses rings true even today) while Singapore relies on an extremely docile populous.

 

I see nothing but pain and suffering. The population will increasingly vote far right. Criminality will increase. Wealthy foreigners will exit, as they have been doing for the last 5 years. The UK will fade into irrelevancy. And the growing populations of Africa, owing to climate change, will gradually but inevitably take over.

Edited by Gaccha
Posted
36 minutes ago, Gaccha said:

I'm not really sure this should be categorised as a "crisis", but instead is the new norm.

 

Europe, with the UK, has been in a sustained relative decline to the United States. In 2008 Europe was larger than United States and today United States is 1/3 larger than Europe, around six trillion dollars.

Agreed.  Europe is cutting off it's nose to spite it's own face as a warning to other countries: "Don't you dare leave us"

 

36 minutes ago, Gaccha said:

All the indicators suggest this will continue. Europe simply cannot compete. It's only hope of fairly cheap energy was Russia, and we can see will be presumably gone for years. Without that energy, German manufacturing will move to the United States as it has been doing. Terminal decline is the new norm.

Hence the US led proxy war in Ukraine.

The US also did a number on Europe by destabilising the middle east (Kalerghi Plan anyone?)

36 minutes ago, Gaccha said:

 

In the meantime, the UK working classes will suffer to an unusually heavy extent.

No change there then

 

36 minutes ago, Gaccha said:

 

 

One of the major aims of the EU was to take power from the ruling classes of the individual countries and regionalize it. It also had a very intense social regulatory programme to make the working classes lives better.

Nonsense.  The EU is ruled by an unelected commission & an unaudited central bank.

The EU project is ALL about the centralisation of power,

 

36 minutes ago, Gaccha said:

 

Even when in EU, the UK ruling elite ensured that the UK opted out of these regulations, pushing zero contract hours. The idea today continues in plans to make the UK the Singapore of Europe. In fact this today is really the UK's only hope. But there's a lack of bravery in the government to commit to it.

The 2 PMs allegedly *for* brexit were both done away with via Palace coups.

Nusack & 'Hunt the [deleted]' are globalist placeholders who were foisted onto the UK public ahead of the globalist CFR member Sir Kier Staliner (whose top adviser Mandelson was close friends with Jeff Epstien)

 

36 minutes ago, Gaccha said:

 

It is also largely a fantasy since for it to happen you need an extremely educated population and the UK has a famously poorly educated population for a developed country, below the small but highly regarded elite strata.

Wouldn't say they were 'famously poorly educated'. 

Where are you from btw?

 

 

36 minutes ago, Gaccha said:

 

The British working class are also notoriously troublesome (the image in Victorian paintings of the gin-soaked masses rings true even today) while Singapore relies on an extremely docile populous.

If only we could be more like the French eh?

They never cause any trouble.

But to be fair, there is still a fair % of UK citizens who have the balls to push back when needed

 

36 minutes ago, Gaccha said:

 

I see nothing but pain and suffering.

aka the norm for most people everywhere

 

36 minutes ago, Gaccha said:

The population will increasingly vote far right.

As they will all over the west as a reaction to woke cultural marxist nonsense being served up by WEF 'Young Global Leaders' types who have infiltrated and taken over western governments

 

36 minutes ago, Gaccha said:

Criminality will increase.

Standard

 

36 minutes ago, Gaccha said:

Wealthy foreigners will exit, as they have been doing for the last 5 years.

 

36 minutes ago, Gaccha said:

Yes, due to our unelected 'leaders' tax policies

36 minutes ago, Gaccha said:

 

The UK will fade into irrelevancy.

Maybe in your dreams.  Where are you from again?

 

36 minutes ago, Gaccha said:

 

And the growing populations of Africa, owing to climate change, will gradually but inevitably take over.

That's the (Kalerghi) plan at least - divide and conquer.

 

Only time will tell if your dreams come true.  The UK is under siege but Thailand is not exactly perfect and I wouldn't bet on it being a better option than the UK long term,

 

Where's better? the US is being divided into <deleted> & Trumptards by cultural marxist 'culture wars' and is 'led' by a corrupt geriatric (his son had a laptop you know), France is on fire right now and the EU has just entered recession.

 

It's reassuring to know that foreign nationals still care so much about the UK.

 

I can assure you that, if Germany, Holland, Greece (or wherever you come from) left the EU, us Brits would NOT be whinging about it 8 years later. 

  • Thumbs Up 1
  • Thanks 1
Posted

Back to the OP: 

For anyone genuinely interested in the cause of the UK 'cost of living crisis':

 

Prominent figures such as Lord King of Lothbury, one of the Bank of England’s former governors, have accused it of fuelling price rises with excessive quantitative easing (aka money printing).

 

Now a group of economic thinkers – including Geoff Blanning, a former investment manager at Schroders, Dr Eamonn Butler, the director of the Adam Smith Institute, and Mark Littlewood, the director general of the Institute of Economic Affairs – has written to the Chancellor demanding a shake-up of the Bank.

In their letter, the coalition said: “We are living through an overwhelming cost of living squeeze, and millennials are likely to be the first generation since before the Industrial Revolution to be poorer than their parents.

“This is in large part because since the financial crash of 2008, the Bank of England has been creating new money out of thin air to fund the Government’s promises.

“Since March 2009, the money supply has surged by over 50 per cent from the Bank’s actions alone, and half of this – £400 billion – took place in 2020-21 to fund lockdowns.”

The letter accused the Government and the Bank of being “jointly complicit” in a “debt explosion”.

 

“More money in the system, without more goods and services being produced, leads to rising prices which hurts those on low incomes the most – especially young people and pensioners,” it said.

“It erodes people’s savings, reduces real terms wages and makes houses increasingly unaffordable for first-time buyers. Meanwhile, inequality increases as those with the most assets – especially financial assets – enjoy undeserved gains.”

The letter claimed that the monetary system is “now out of control and needs reform”, with Mr Hunt urged to “create a fairer system, as well as a faster growing economy with low inflation, by removing the power of the Bank of England to create unlimited quantities of new money”.

To do this, they recommended an amendment to the 1998 Bank of England Act, giving the Bank a single objective to “maintain the value of the Pound in savers’ bank accounts by whatever means necessary”.

 

Currently, the Bank has two goals: to achieve the Government’s target of keeping inflation at two per cent (LOLs), while also supporting “the Government’s economic policy, including its objectives on growth and employment”.

The letter concluded: “The era of magic money creation (quantitative easing) must come to an end if we want to eliminate the risk of chronic or runaway inflation and return this country to an era of confidence and prosperity.”

 

TLDR BoE prints money = CoL Crisis

Brexit my ass!

Posted
3 hours ago, ICU Kid said:

In case you didn't notice, the UK economy was closed for 2 years due to an allegedly nasty coronavirus/cold.   

time and again Brexiteers roll out that cliche - ALL countries in Europe had similar problems only the UK had Brexit which hs exacerbated the problems by 4 to 10%.

It is typical though that Brexiteers can't see further than the border of the country.

  • Like 1
  • Haha 1
Posted
2 minutes ago, kwilco said:

 

It is typical though that Brexiteers can't see further than the border of the country.

Of course we can.

 

It is just remainers who want to believe we can’t.

Posted
2 hours ago, ICU Kid said:

Same goes for claiming benefits too 

Worked both ways. Brits in EU member states were entitled to the same benefits as locals when the UK was an EU member.

 

2 hours ago, ICU Kid said:

 

OK boomer.

 

In case you didn't notice, the UK economy was closed for 2 years due to an allegedly nasty coronavirus/cold.   

Choosing to ignore that and continue to harp on about a vote almost 8 years ago is disingenuous at best.

 

Question to you:

Did you also warn everyone about how lockdowns and business closures would cause massive job losses and inflation/cost of living crisis?  

I can't remember a post from any remainer denying that the Covid lockdowns, or the Ukraine war, has negatively affected the UK economy. However, there are a number of Leavers who - despite the wealth of evidence from reputable sources - continue to refuse to acknowledge that Brexit has had a negative economic effect on the UK economy.

  • Like 1
Posted (edited)
26 minutes ago, RayC said:

Leavers who - despite the wealth of evidence from reputable sources - continue to refuse to acknowledge that Brexit has had a negative economic effect on the UK economy.

 

Yes, Brexit probably cost a little but nothing in comparison to the nu flu nonsense or this Slava Ukraine BS which replaced it as the main tax money laudering/draining scam.

 

Let it go.  If happened almost 8 years ago.  You lot are WAY PAST boring.

 

So please let it go & get a life.  

 

We can all cry about things that didn't go our way years ago but it's not helpful or constructive.

Edited by ICU Kid
Posted
6 hours ago, kwilco said:

I've seen this cliche rolled out before - the fact was tat the EU was a SINGLE market with FREEDOM of movement and the people we have lost used to be able to work wherever they like in the EU and chose UK, because in fact the salaries were comparable with elsewhere.

Do you remember "Auf wiedersehen pet"? -that was before the benefits of EU but when people could move around to make money. UK has opted out of freedom of movement and gone back to a situation where people can earn more by working abroad but now they can't - they are imprisoned in a low wage economy.

I worked in Germany before the creation of the single market my employer took care of all the paperwork I was required to register my place of residence with the local town hall.

I have relatives ( UK Nationals ) currently working in the Republic of Ireland  No visa or work permit required as Ireland part of the CTA

I have friends ( Uk Nationals) are currently working in various part of Europe since the UK left the EU I asked them about work permits or  residence permits they informed me the HR dept of the EU companies they worked for take care of all the paperwork

  • Thanks 1
Posted
57 minutes ago, vinny41 said:

I worked in Germany before the creation of the single market my employer took care of all the paperwork I was required to register my place of residence with the local town hall.

I have relatives ( UK Nationals ) currently working in the Republic of Ireland  No visa or work permit required as Ireland part of the CTA

I have friends ( Uk Nationals) are currently working in various part of Europe since the UK left the EU I asked them about work permits or  residence permits they informed me the HR dept of the EU companies they worked for take care of all the paperwork

me too - and now as you point out they have to have paperwork.

Posted
1 hour ago, hotandsticky said:

Of course we can.

 

It is just remainers who want to believe we can’t.

It's wrong to stereotype - but all you need to do is read a few of the responses on this thread and it is quite clear that many Brexiteers are just dim. This has been shown

here have been a number of studies that have shown a correlation between education level and voting behavior in the Brexit referendum. In general, these studies have found that people with lower levels of education were more likely to vote to leave the EU, while people with higher levels of education were more likely to vote to remain.

One study, conducted by researchers at the University of Leicester, found that a 3% increase in the number of people with university degrees in the UK would have been enough to swing the referendum result in favor of remaining in the EU. The study also found that the level of education was the most important factor in determining how people voted, even more important than age, gender, or income.

Another study, conducted by researchers at the London School of Economics, found that people who had received no formal qualifications were more likely to vote to leave the EU than people with university degrees. The study also found that people who had received vocational qualifications were more likely to vote to leave than people with academic qualifications.

These studies suggest that there is a clear link between education level and voting behavior in the Brexit referendum. However, it is important to note that correlation does not equal causation. It is possible that other factors, such as age, income, or social class, may also be playing a role. More research is needed to fully understand the relationship between education and voting behavior in the Brexit referendum.

Here are some of the studies that have been conducted on this topic:

"Would a more educated population have rejected Brexit?" by Theresa Kuhn, Herman van de Werfhorst, and Sander Kunst (2019)

"Education and Euroscepticism in Western Europe" by Sara Hobolt (2016)

"The Education Gap in Euroscepticism: Evidence from the United Kingdom" by Sander Kunst (2018)

"The Relationship Between Education and Voting Behavior in the Brexit Referendum" by researchers at the University of Leicester (2017)

"Education and Voting Behavior in the UK EU Referendum" by researchers at the London School of Economics (2017)

  • Like 1
  • Thanks 1
Posted (edited)
1 hour ago, ICU Kid said:

  If happened almost 8 years ago.

Yet again you are wildly incorrect - the vote was in 2016 - the effects are still rolling out and accumulating - there have been several delays, pauses postponements and holdbacks to stop absolute disasters. the full effects were clouded by Brexit and will only be truly felt in the next 5 to 10 years - even the Lier and his cronies admit that.

Edited by kwilco
  • Like 1
Posted (edited)

Brexiteers are like Bart Simpson "I wasn't me!  I didn't do it! It's covid's fault!"

Edited by kwilco

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
  • Recently Browsing   0 members

    • No registered users viewing this page.




×
×
  • Create New...