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What Will Be The Economic Future In The UK?
By Geoff Cummings
The forthcoming election here in the UK is making a lot of people think about a variety of issues. I would imagine that one of the top concerns is that of the economy. Bank of England bank interest rates are at their lowest level ever in order to stimulate the economy and get consumers buying again. But, has that proven to be a double-edged sword as house prices increased in March pushing up inflation from 3% in February, to 3.4% in March? People spend more, prices rise, and inflation goes up. Just a vicious circle. The government's official target for inflation is 2% and if that target is not met the Bank of England has to explain to the government why it was not. Somehow though I can't see interest rates going up just yet to counter inflation, which hopefully will be just a short term blip. On the other hand, the increase in inflation will hit almost three million students and graduates. The reason being that the Student Loans Company adjusts the interest rate payable every September 1, based on the level of Retail Prices Index inflation in March of that year. That means that students will be facing an increase in their repayment levels from next autumn. As for the public in general, I do not recall any political party refusing to rule out an increase in the rate of VAT, which currently stands at 17.5%. With billions of pounds to claw back after the giveaways (oops, sorry, loans), to the banks in the last 18 months I reckon the next government will be looking at raising VAT as a way of helping to balance the books. One thing is for sure, we can all forget any budget 'giveaways' over the next few years. Keep tightening those belts. Well, even the hard done by MP's have had to stop fiddling their expenses haven't they? |
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I wish I had something insightful to ad, but sadly, I am not well informed on economics. It sounds like the UK is going through trying times. I hope things work out to the benefit of all.
CONTRIBUTOR'S REPLY
I suppose the "good times" had to end at some time.
There's talk of a VAT here in the U.S. too. Geeeessshhh...
Good luck in the U.K.
Regards,
Jim
CONTRIBUTOR'S REPLY
They can't even seem to agree on what rate of sales tax to charge from one state to the next, with some I believe not even charging any. What chance will VAT have I wonder? More bureaucracy that's for sure if it does go ahead.
http://thendt.net/may-6th-and-alls-the-same_topic24&SID=ac7f28bd3177zf71a276ba8581991ze...
http://thendt.net/totally-bankrupt-labour-party_topic23.html These are links to two forum posts I have made regarding the UK elections. In reality the UK parliament is now in thrall to the puppet administration of USA. Far too much money is being spent to support incursions into countries in which the UK has no interests and in which the USA should not have any either. These incursions are bleeding both countries white. Domestic infrastructure cannot support the constant drain of capital in the constant quest to be seen as a 'power' in the world. It seems neither government seems to be aware that the war for terror, having been won, has now become a habit. Like smokers who know they should stop, neither country knows how to. As well as this constant haemorrhage of money, the UK is also paying enormous sums of money to be squandered by a European parliament that is toothless and powerless (except in the introduction of new legislation designed to create more income for the EU to waste and to which the UK, alone, grants legal status without question). Nothing will change on May 6th - they will only stay the same, out of control.
CONTRIBUTOR'S REPLY
True, same policies, possibly a different colour.
Thank you for sharing these facts, Geoff. The economy is on everyone's mind and hopefully, the free enterprise system will win out.
Best wishes.
Frederick
CONTRIBUTOR'S REPLY
Well Frederick, I imagine many of the problems we have here are being faced in the US too. http://news.bbc.co.uk/1/hi/business/8634241.stm "UK unemployment increases to 2.5 million The latest figures give a mixed picture of the UK labour market The number of people unemployed in the UK rose by 43,000 to 2.5 million during the three months to February, official figures have shown. The jobless total is now at its highest since 1994."
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This intel was contributed by odls
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