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Carney sees silver lining after Brexit hit to UK economy

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3 hours ago, Chomper Higgot said:

“I feel that there is an element of something that is fundamentally positive which is the advent of machine learning, big data, the reorganization of the economy that comes with really breakthrough technologies,”

 

A revolution that is going to wipe out jobs, and this time around not just manual repetitive jobs.

 

Something the world will have to face. As things stand these developments will accelerate the growing divide between the very wealthy and the rest. 

 

 

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1 hour ago, JonnyF said:

I think the current arrangement of a big L on the forehead is perfectly adequate.

Is that an L for liar, loser or something else.🤔

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1 hour ago, RuamRudy said:

I wonder is our poor productivity more a result of the relentless attack on workers' rights rather than a critique of the efforts of the British working person. The Nasty Party has been working hard for the last 30 years to take away as many workers' safety nets as possible resulting in companies being able to hire an fire much more easily. Therefore, cheap and easily dispensable drones can be hired in lieu of proper investment in technology. 

 

 

 

The UK has unfortunately had low productivity compared to our major competitor countries for some time. Even during the Labour / Union run governments of the last 60 plus years.

 

So there doesn't appear to be the causal link you suggest, unless you have research to show otherwise. Nor is there anything to show significant moderating effects, again unless you have research.

 

Rather, it is a failure of all UK political parties to address this.

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45 minutes ago, Baerboxer said:

 

The UK has unfortunately had low productivity compared to our major competitor countries for some time. Even during the Labour / Union run governments of the last 60 plus years.

 

So there doesn't appear to be the causal link you suggest, unless you have research to show otherwise. Nor is there anything to show significant moderating effects, again unless you have research.

 

Rather, it is a failure of all UK political parties to address this.

I was just a youngster during the 70s so have no first hand knowledge of unions at the time, but a former mentor of mine told me how, when he was working at ICI in Teesside, if there was a midweek afternoon football match on, it was standard practice to call a strike for some insignificant reason, and the whole shift would decamp to the pub.

Similarly, Bill Bryson's book, Notes from a Small Island, talks about the period of the Wapping dispute with Murdoch, and how, prior to this, newspaper owners had no say in how many employees they needed to print their papers as the union decided all. 

 

These types of practice would certainly not help improve productivity figures.

 

But in the current environment, I don't know how the UK situation has changed relative to peer countries over time. but this is what the OECD has to say about the current picture:

 

"The downward pressure on wages may have allowed firms to defer investment decisions, instead meeting increased demand by hiring additional staff and, in turn, undermining the potential for investment-driven productivity growth, the report says.
 

In France, Germany and the United Kingdom, the top three sectors with the largest employment gains between 2010 and 2017 accounted for one third of total job creation but paid below average wages. Moreover, in Belgium, Finland, Italy and Spain, industries with above average labour productivity levels saw net job losses."

 

I agree with you that it is incumbent upon the government to take steps to address the situation. If not through increasing the cost (value) of an employee, what would you propose they do?

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3 hours ago, JonnyF said:

No surprise to see this muppet backtracking on his doomsday project fear nonsense. Only the gullible believed him anyway.

can't see any backtracking, he made his predictions on the available data (and they haven't changed) he sees a possible silver lining as in, 'every cloud has a silver lining' you can't now assume that everything is hunky dory, far from it, weak productivity, no new markets settled, the USA wants to dominate terms (what 5G system we use, no taxation of American social media etc) the availability of financial markets to the city, free movement of workers, workers rights, environmental concerns, Fishing rights, all still up in the air, the EU, the USA have the big stick, the UK has a rusty pen knife. 

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4 hours ago, soalbundy said:

We are still in the transition phase which means the fat lady is still singing. Carney's prediction wouldn't have come from him alone, he will have a huge staff of competent financial experts who have looked at the logistics and produced a report for Carney to read out and Carney himself is no amature in the world of finanze, I doubt that a man of his stature and position would be guided by bias but instead by data.

In that case they all got it wrong as well as the lead idiot.

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3 minutes ago, jesimps said:

"Carney said he would have been surprised if, when he swapped the Bank of Canada for the BoE in 2013, someone had told him the British economy, like much of the rest of the developed world, would still now be stuck in low growth gear."

 

Your talking down of the country pre-Brexit is the reason it is still stuck in low growth gear, you little pillock. Be glad to see the back of you.

 

No, most of the developed world has been stuck in low growth mode since the GFC. A few spurts here and there but nothing outstanding. 

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Mike Carney! We used to call him Mike Carnage after the mess he left behind in Canada. This <deleted> is a Goldman Sachs Canuck and now he is going to the UN to start their carbon tax programmes. A right <deleted>.

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3 hours ago, samran said:

Thank god for BOE independence then. 

The only good thing about the BoE being independent is that a Labour chancellor can't gain control of our interest rates.

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