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As we know Labour didn't "crash the car". The economy was growing when they lost the 2010 election. What they did do was make a colossal pig's ear of monitoring the City slickers who were the key factor in "crashing the car" and did not do anywhere near enough to stimulate sectors outside the service sector and manage immigration.

And here we are nearly four and a half years later, under the Tories, a "proper" recession appears to be about to hit us.

Well what are the signs?

1. The deficit was supposed to have been wiped out by next year. Boy George is years out and is now suggesting after about 2 to 3 years of the next parliament. Do we believe him? Personally, I think he has no chance if he is in power.
2. Despite the government creating "millions of jobs" resulting in the unemployment rate being below 2 million for the first time in 2008, the deficit has increased in the first 5 months of this year compared to 2013-14. In short, the UKs overall debt is increasing at the moment instead of going down.
3. The "powerhouse" of the EU, Germany appears to be really struggling economically.
4. Relatively well paid jobs appear to be continuing to disappear (see Tata Steel announcement today for an example) and are being replaced by loads of "self employed" jobs and minimum wage, zero hours contracts which produce minimal tax receipts.
5. The FTSE has lost about 10% in the last few weeks as a result of the glum feelings the City slickers have on world growth and concerns over the EU etc. etc.

So let's see. Is a good, old fashioned Tory recession heading our way?

Yawn. The Banks fiddled while McBroon was in Number 11. His "very good friend" was boss at RBS and he was too busy coveting VP Blair's job to keep an eye on the economy. Which oddly enough is what being Chancellor of the Exchequer is about.

David Johnson wrote:

> As we know Labour didn't "crash the car".

Says who?

The economy was
> growing when they lost the 2010 election.

Says who?

What they did do was
> make a colossal pig's ear of monitoring the City slickers who
> were the key factor in "crashing the car" and did not do
> anywhere near enough to stimulate sectors outside the service
> sector and manage immigration.

No argument there.
>
> And here we are nearly four and a half years later, under the
> Tories, a "proper" recession appears to be about to hit us.
>
> Well what are the signs?
>
> 1. The deficit was supposed to have been wiped out by next
> year. Boy George is years out and is now suggesting after
> about 2 to 3 years of the next parliament. Do we believe him?
> Personally, I think he has no chance if he is in power.

That was always pie in the sky thinking. Osborne is borrowing as much if not more than Labour did. We'd still be in the mire whoever controlled the purse strings.

> 2. Despite the government creating "millions of jobs" resulting
> in the unemployment rate being below 2 million for the first
> time in 2008, the deficit has increased in the first 5 months
> of this year compared to 2013-14. In short, the UKs overall
> debt is increasing at the moment instead of going down.

Do you mean since 2008? Of course the debt is rising - Osborne is borrowing billions. And I don't believe for one second that employment is below 2m.

> 3. The "powerhouse" of the EU, Germany appears to be really
> struggling economically.
Of course it is. It's propping up the euro. Let Europe go back to their own currencies where they can devalue or alter interest rates to best suit their economies. One size does not fit all.

> 4. Relatively well paid jobs appear to be continuing to
> disappear (see Tata Steel announcement today for an example)
> and are being replaced by loads of "self employed" jobs and
> minimum wage, zero hours contracts which produce minimal tax
> receipts.

> 5. The FTSE has lost about 10% in the last few weeks as a
> result of the glum feelings the City slickers have on world
> growth and concerns over the EU etc. etc.
>
> So let's see. Is a good, old fashioned Tory recession heading
> our way?

No, of course not because that nice Mr Blair stood up in Parliament and said that Labour had abolished recessions - remember to Hague and Portillo? "So it's goodbye to Mr Boom an goodbye to Mr Bust." Was he being economical with the actualit??

A few hard facts.

Unemployment is down.
In my area local businesses are hiring, increasing profits and turnover, selling more and generally being very positive.
My own employer has just reported a record surplus, as have many of our rival companies. We have just got a very generous salary rise.
Low interest rates mean people are paying less interest on borrowings.
House building is up and our local Audi, BMW, Jag and Merc dealers are busy.
Hardly signs of a recession.

"The Banks fiddled while McBroon was in Number 11. His "very good friend" was boss at RBS and he was too busy coveting VP Blair's job to keep an eye on the economy"

Same old, same old Argie. Brown was responsible for the banking collapse in the US, Ireland, many other European countries, Iceland as well?

Only the terminally gullible who think Nigel Farage is great, believe this old stuff.

"Unemployment is down."

Yes and we are living through the biggest, continuous drop in living standards in living memory due to the gap between wage rises and inflation. ANd there has been a big increase in the number of working poor as a result.

In my area local businesses are hiring, increasing profits and turnover, selling more and generally being very positive."

Nice line Argie. May help you some way to fitting in at the golf club by sounding like a George Osborne clone, but I don't think many are convinced. I thought you lived in Cumbria? Apart from the nuclear industry, aren't the biggest industries, tourism and sheep rustling?

"My own employer has just reported a record surplus, as have many of our rival companies. We have just got a very generous salary rise. "

As far as I recall, you told us that you were a pen pusher in a housing association dealing with "scum bags looking for social housing". "Generous salary rise"? Basically, a public sector worker. What are you this week on the forum - a City banker?

"Low interest rates mean people are paying less interest on borrowings.
House building is up and our local Audi, BMW, Jag and Merc dealers are busy."

An old,very true phrase "It's the rich wot gets the money and the poor wot gets the blame"

Hardly signs of a recession.

The subject "another recession coming". You may be improving unemployment but there ain't much point in jumping in an elevator going down. That is the point, Arginald.

What are you this week on the forum - a City banker?

It's pronounced Wanker

"The economy was
> growing when they lost the 2010 election.

Says who?"

Look the figures up. It is common knowledge.

"And here we are nearly four and a half years later, under the
> Tories, a "proper" recession appears to be about to hit us.
>
> Well what are the signs?"

I explain that in my post. Irrespective of how well or not the UK is doing, the world economy is so intertwined, if the overall movement is down, which is what it is at the moment then it will hit the UK.

"That was always pie in the sky thinking. Osborne is borrowing as much if not more than Labour did. We'd still be in the mire whoever controlled the purse strings."

But we will be more in the mire if the world economy stalls. And as I explained, the economy was growing under Labour in 2010 and Osborne "crashed" it by having too much austerity which was self-defeating. Hence he has been miles out with his deficit reduction predictions.

"Do you mean since 2008? Of course the debt is rising - Osborne is borrowing billions. And I don't believe for one second that employment is below 2m."

Yes but the debt is increasing at the moment because Osborne has so far this year increased the deficit. SO he is making the situation worse rather than better.

"No, of course not because that nice Mr Blair stood up in Parliament and said that Labour had abolished recessions "

Well that was obviously bollocks. Any politician who states that is asking for a kick in the privates.

"No, of course not because that nice Mr Blair stood up in Parliament and said that Labour had abolished recessions "

Are you thinking of Gordon Brown who say his policies had put an end to boom and bust?

Which was a stupid thing to say.

What austerity measures? This line is continually trolled out but the Tories are spending more than Labour ever did. And Labour had a pretty good go at bankrupting us...