Happy Thursday

[PNWokingham]

They could have and should have. Again, I've never voted Labour but this finger pointing in their direction when the mess emanated from a Tory policy is really poor. It's the same with Brexit this mess has been Tory a thing in the making for decades but somehow through a right wing media it seems to be planted on people like Corbyn. The financial crash and the Brexit debacle were both of Tory making and yet somehow in both scenarios they've been painted as the white knights who can save the day.

no idea how you can blame the torries for the financial crisis when Labour were in power for 12 years - the whole banking industry globally has a similar remit and operate in the same way - but it is up to governments and financial regulators to set the capital limits and controls etc - derivative products were not even heard of when the big bang happened and they are cause of the problem - along with governments and regulators being caught napping in having no real understanding of how they worked and what the banks were doing with them - and these products were not even around in any real way when Major lost power

 

[patricks148]

the banking industry is a massive earner for this country, helping offset out trade deficit, raking in billions a year that help towards the NHS etc. And, if you want blame, there was 12 years of Labour government before the banking collapse and Gordon Brown who bailed them out - which was the correct thing tpo do as the crisis could have completely spiralled out of control. If Labour wanted to tighten policies for the banks they could have. Independance is for the BOE is to be fully supported.

is isn't there mention of lots of these banks and investment firms relocating to parts of the EU after Brexit ?

 

[Old Skier]

I noted the Daily Wail (sic) went into pseudo/false panic mode ysterday in order to encourage reluctant Tory voters to vote!

Won't work, nobody reads it - apparently.

 

[Hobbit]

no idea how you can blame the torries for the financial crisis when Labour were in power for 12 years - the whole banking industry globally has a similar remit and operate in the same way - but it is up to governments and financial regulators to set the capital limits and controls etc - derivative products were not even heard of when the big bang happened and they are cause of the problem - along with governments and regulators being caught napping in having no real understanding of how they worked and what the banks were doing with them - and these products were not even around in any real way when Major lost power

Yes it was a banking/regulation issue but the UK were in the middle of a boom when the bubble burst. Where was the common sense, "let's save some for a rainy day mentality?" Why borrow more during a boom? Surely during a boom there's already more coming in in tax revenues?

 

[PNWokingham]

Yes it was a banking/regulation issue but the UK were in the middle of a boom when the bubble burst. Where was the common sense, "let's save some for a rainy day mentality?" Why borrow more during a boom? Surely during a boom there's already more coming in in tax revenues?

perfectly agree with that Brian and said several times how Labour should have saved more during this boom - but that largesse did not cause the banking crisis - it just made it much more painful trying to sort it out afterwards

 

[Foxholer]

don't forget flogged off all the countrys Nationalised Industries for bugger all to Dennis's mates in the city and sold all the council houses causing the housing shortage we have now.... but hay she cut tax

Selling off Conncil houses does not, in itself, cause a housing shortage!

 

[Dando]

apparently labour are winning at the moment but that's expected to swing to the Tories once people finish work at 5pm

 

[Hacker Khan]

perfectly agree with that Brian and said several times how Labour should have saved more during this boom - but that largesse did not cause the banking crisis - it just made it much more painful trying to sort it out afterwards

Here you go, a history of the banking crisis. please feel free to shoe horn Labour into it as much as you feel you need. https://www.historyextra.com/period/modern/financial-crisis-crash-explained-facts-causes/

 

[Foxholer]

Won't work, nobody reads it - apparently.

Even more direct today! As was The Sun! And, for a smidgeon of 'balance', the Daily Mirror!

 

[patricks148]

Scottish Conservatives have pulled it the bag again by the look of it and i can see Scottish Conservatives and Unionists taking all the seats in Scotland... i might even be voting for them



Ruth Davidson says shes going to swim Naked in Loch Ness if the SNP take 50 seats ... i can see a land slide in more ways than one

 

[2blue]

I'd like to claim I knew the answers but to be honest have not got a scooby. I expect if the tories do not get a majority then as long as the numbers add up then the other parties will form some form of very lose majority coalition. But how long it will last and if it will have enough unity to actually push through a 2nd referendum is anyones guess.

^^^^ this is the best for the Nation..... anyone but Liar-Bojo...... no doubt there'll be some Dib, Dibbers along soon to explain where I'm wrong.

 

[Deleted member 15344]

You need to do your research Phil. Basic rate of tax has a max ceiling of 32%, not 45%. Obviously higher than income tax in the UK. However, an example of Swedish tax, the VAT on the repair of your car is..... wait for it.... 6%. And there are a significant number of items, including many foodstuffs, with a VAT rate of 12%.

Always, always, always look at the overall tax burden. As I posted up yesterday, or the day before, Labour's pledge on income tax sounds great but the levels of indirect taxation proposed doesn't make great reading.

I guess I didn’t read this right

https://www.google.co.uk/amp/s/amp.theguardian.com/money/2008/nov/16/sweden-tax-burden-welfare


Swedes' personal income tax can be as little as 29 per cent of their pay, but most people (anyone earning over £32,000) will pay between 49 and 60 per cent through a combination of local government and state income tax.
?

 

[Deleted member 16999]

https://twitter.com/x/status/1200823048988966918

 

[SwingsitlikeHogan]

Selling off Conncil houses does not, in itself, cause a housing shortage!

Not building more with the proceeds does though...

 

[Deleted member 21258]

https://twitter.com/x/status/1200823048988966918

We should have been lower, if we had been prudent in the good times then we would have been...

Appreciate you support labour, and interested to hear, if you believe that the massive deficits run after labour left power, are in the main torys fault or labours ?

Very large business(government in this case) it is 'hard to turn the ship' from running massive losses(which can happen very quickly) or to even get to breaking even. I would probably go as far to say, if it hadn't been a government but a Plc we would have gone bust by now.

Labour for sure overspent in the good years, Blair/Brown got lucky with a very stable period in the world economy, interest rates being lowered more during the period, the rates wrongly being reduced when the economy was overheating in that period and off we went again until the crash, Personal/government/corporate debt levels increasing massively and greater globalisation. Even the inflation calculations were messed around with to show a lower than proper inflation figures.

The problem with not saving up during the good times, is that when the bad years come along, theres big trouble.

Don't get me wrong I am not defending the torys and the cuts, just saying how I see it happened.

 

[SwingsitlikeHogan]

Scottish Conservatives have pulled it the bag again by the look of it and i can see Scottish Conservatives and Unionists taking all the seats in Scotland... i might even be voting for them



Ruth Davidson says shes going to swim Naked in Loch Ness if the SNP take 50 seats ... i can see a land slide in more ways than one

My Tory Eastwood councillor friend tells me things were looking good early on for them in East Ren. Not heard much on that front since...who knows.

And just voted - rain lashing down and traffic terrible. Wonder who that might benefit - no idea tbh

 

[Deleted member 21258]

Not building more with the proceeds does though...

Absolutely agree that is the bigger scandal, why I still do not understand. Its like all the governments since want us to be debt slaves.

 

[SwingsitlikeHogan]

apparently labour are winning at the moment but that's expected to swing to the Tories once people finish work at 5pm

Read that on Facebook posted by someone and thought that it is just typical of the sneering about the poor and out of work Labour voter (that being the implication) that comes from the mouths and pens of the Tories. Wasn’t funny first time I read it - not funny now.

 

[ColchesterFC]

My Tory Eastwood councillor friend tells me things were looking good early on for them in East Ren. Not heard much on that front since...who knows.

And just voted - rain lashing down and traffic terrible. Wonder who that might benefit - no idea tbh

No idea on that one but lots of reports of high turnout in a lot of areas. I wonder if it's people getting out to vote early before the worst of the weather arrives. Does a high turnout favour any party in particular?

 

[PNWokingham]

Here you go, a history of the banking crisis. please feel free to shoe horn Labour into it as much as you feel you need. https://www.historyextra.com/period/modern/financial-crisis-crash-explained-facts-causes/

why don't you read what i said! I never said Labour caused the banking crisis - go read again - but they made the recovery from it a whols sded load more difficult by splurging through the good times and, thus, forcing a bigger austerity plan than would have othersise have been needed