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What on earth is going on?


Carabosse 17 41.5k 270 England
27 Nov 2016 12:47AM

Quote: We need to get our heads down and work and stop expecting the world to owe us a living and ditch our over exaggerated and arrogant belief in our value.



There's a lot in that. It's a bit sad that our productivity is below that, not only of Germany and France, but also Italy.

brian1208 17 11.8k 12 United Kingdom
27 Nov 2016 1:28PM

Quote: Noticed the devaluation of our currency. We will be worse able to face any future down turn and we have lost our influence.



Funny how the world turns, its not so long back the economists were worried about the impact of the high value of the pound damaging UK business But with world markets already unnerved by conflict, it could hardly be worse for exporters

Exchange rates put squeeze on UK business

It seems to me that its not the lower value of the pound that is the problem in some peoples' minds but the fact that its the result of "Brexit" Wink
thewilliam 12 6.1k
27 Nov 2016 1:45PM

Quote: It's a bit sad that our productivity is below that, not only of Germany and France, but also Italy.



I'd suggest that the low productivity is the inevitable result of our low-wage economy. The market value of basic grunt-grade labour has fallen to the point where the NMW has become normal rate of pay. No doubt the Brexiteers would blame the immigration from Eastern Europe.

Why would any sane business-person buy expensive machinery when skilled labour is so cheap?

Back in Roman times, they employed armies of slaves to copy the programmes for the games. Nobody thought to modify their coin-making technology to make a printing press and this was probably because there was a plentiful supply of cheap scribes.
Paul Morgan 19 19.5k 6 England
27 Nov 2016 7:31PM

Quote:I'd suggest that the low productivity is the inevitable result of our low-wage economy. The market value of basic grunt-grade labour has fallen to the point where the NMW has become normal rate of pay. No doubt the Brexiteers would blame the immigration from Eastern Europe


Yep its got so bad that North Koreans are now building Nato ships.
strawman 17 22.2k 16 United Kingdom
27 Nov 2016 8:49PM
I think Brian you have to look at the reason why a currency has gone up or down. In the UK case recently it is because of the reaction of the international investors to Brexit. Normally a low currency can drive more exports, and if you are in low tech low cost commodity supply you can take advantage of it and generate some advantage. But due to our high cost base (relative to the world) we tend to be more in the higher added value or service markets. Here a longer term supply view matters and the damaging of the UK "brand" is significant and that is the second but related own goal of the recent vote. Due to low confidence in UK and concerns on further problems and no longer having guaranteed access to the EU market, the UK is less attractive.

UK productivity is low, and in part some of that is driven by our poor investment and the lack of willingness to invest in the long term over short term, there are lots of reasons for that, most UK centric, because as you look inside the EU you can see other countries taking the longer game. An upside of this low investment is we do have a lot of low wage jobs, which guess what we were importing people to do. Some productivity improvement could be made, and will be necessary, due to the limitation on migrants desired by Brexit, but the problem is it will require a fair bit of foreign investment, and as those countries have pointed out, India did it brilliantly, they expect free movement of people. Low productivity is a British problem and instead of addressing it we are blaming the EU and burning time in a negative exercise.

How do we fill all those low paid jobs in the care and basic service and agricultural industries? Well in farming you can automate more, but only big farms will be able to afford it so you will drive even more of the small farms out of business, unless you can persuade a lot more people to go for basic crop picking jobs for low wages. Inside the NHS we will have to train more of our own young people to compensate for the loss of foreign workers (it costs less to take trained ones from Eastern Europe or India etc than to train UK ones). and the rising care of old people, we need a lot more UK people to go for those jobs and accept the low wages. Or pay more and find a lot more tax money to fund it. and while you are at it we will have lost a lot of EU work as not un-reasonably the EU will price it such that they protect employment for their own people. That means the UK will loose a percentage of its EU sales, it is not unreasonable. But we will not reduce our purchases from the EU by as much as we reduce our sales as we have not got the investment money to replace the EU products...

The real issues are globalisation, and the rising level of people retired/on state benefit compared to those in work, not the EU where the UK has benefited from membership. Leaving the EU just damages our ability to trade, not just within the EU but also the world, sorry guys. They are the closest market and as their cost base is closer to comparable, they are easier for us to compete with. If we go global and try and compete in the market where countries like India, China and Africa are we wake up to the fact their labour costs a lot less and there markets are further way, so it costs us more to trade with them as well as us turning up at higher costs. Why should a country like China not expect to have a bigger share of the world wealth and trade? Why should we maintain a disproportionate slice of the world wealth? Leaving the protectionist EU club exposes us to that more, hence the vote of no confidence from the markets and the pound slide. The UK slide was coming, problem is we accelerated it and made it harder to stop at a reasonable point.

And we need to sort out our care for the elderly. It is becoming shocking and terrible. Again Brexit is a good way of creating a noise and missing what is under our nose. the NHS problem could be improved if had a better way of caring for the elderly, it is not the young people from outside the UK creating the problem. Instead all we have achieved is an even less visionary right wing government that is even more short sighted and still does not have a plan as to how to manage Brexit. The secret being, of course, is that Brexit brings problems and bad news and they just do not know how to get out of that hole. Even the one solitary thing the conservative government was doing, the debt reduction, has been blown by Brexit.

How terribly depressing and sad. Still we chose it, it is our fault, perhaps we deserve it. We laugh at Trumph, but we voted for Boris and Farage. The common element. None as see as far thinking, all have benefited from old money and are products of the system they claim people are fed up of. Its like saying I am fed up of mass consumer companies who charge a high price for fashion items, then gong out to buy an iPhone at extra cost on launch day.

You could not write satire this good.
Fma7 5 1.1k United Kingdom
11 Dec 2016 12:04PM

Quote:You could not write satire this good.


This country will only move forward when everyone is as clever as you.
Carabosse 17 41.5k 270 England
11 Dec 2016 1:37PM

Quote:You could not write satire this good.


Quote:This country will only move forward when everyone is as clever as you.


Lol! Tongue

We don't have to look too far to see how incredibly fortunate this country is. Our minimum wage is 5 times that in Romania - and even 25% higher than in the USA. (Just to take some random examples).

However our benefits system has made us a laughing stock.

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