Read on Twitter
1/ Inspired by the tweet referenced....
An economic history of the UK in my lifetime:
The Tory party continually drives our economy in to walls at high speed. https://twitter.com/jrhopkin/status/1283693474592763904
An economic history of the UK in my lifetime:
The Tory party continually drives our economy in to walls at high speed. https://twitter.com/jrhopkin/status/1283693474592763904
2/ Tory party 1979+:
Crush unions by destroying primary (e.g. mining) and secondary industries (e.g. steel, manufacturing).
Crush unions by destroying primary (e.g. mining) and secondary industries (e.g. steel, manufacturing).
3/
Put All chips on consumption and services, especially financial services. Deregulate them. Rely on "kindness of strangers" to fund current account deficit. Crushing finance costs esp. hitting manufacturing investment.
Put All chips on consumption and services, especially financial services. Deregulate them. Rely on "kindness of strangers" to fund current account deficit. Crushing finance costs esp. hitting manufacturing investment.
4. Spaff North Sea oil windfall on funding 3.5 million unemployed in a failed experiment to test if Monetarism works (it doesn't). "Where's my f***ing oil money?"
5. 2008: financial crash - Tories out of power but UK most exposed because of the above. E.g. RBS balance sheet > UK economy
6.
2010+
Tory austerity ideology justified using an academic paper based on an Excel error where the data actually proved the opposite. https://twitter.com/dasvee/status/1283434780504272898
2010+
Tory austerity ideology justified using an academic paper based on an Excel error where the data actually proved the opposite. https://twitter.com/dasvee/status/1283434780504272898
7.
2020: Service and consumption based economy now hypersensitive to pandemic impacts. UK suffers biggest proportional hit of all developed nations. -10% GDP?
2020: Service and consumption based economy now hypersensitive to pandemic impacts. UK suffers biggest proportional hit of all developed nations. -10% GDP?
6. 2021: Extremely hard/no deal (WTO) Brexit as Tory party initiates trade war against ourselves by raising trade barriers.
7. The future: Full deregulation - probably leading to even greater wealth and income polarisation. Union eventually disintegrates.
"Third-worldification" of UK.
UK becomes an un-developing nation. Like a southern-state of the US.
"Third-worldification" of UK.
UK becomes an un-developing nation. Like a southern-state of the US.
8. Now put a mask on and get out there and spend the money you might need after you lose your job on things you don't need. https://hitchhikers.fandom.com/wiki/Shoe_Event_Horizon
9. Forgot to mention. Since 2010, despite austerity (e.g. per person spending on NHS approx -8% in real terms), the Tories managed to balloon the national debt even relative to GDP. And after 2020 this will be 100% debt/GDP(!)
What happens if borrowing costs rise?
What happens if borrowing costs rise?
10. Here's a good chart. This is the public sector borrowing for the UK. Look at the impact of covid on the public finances. This is what I mean by hypersensivity of this type of economy to a pandemic.
11. No job vacancies - but gov demanding: "PUT ON A MASK AND GO AND SPEND!"
12. Can't believe I forgot to mention the Tory asset sales
2nd weakest out of 31 developed nations only Portugal has a worse asset position. Decades of privatisation for personal gain by the Tories. https://www.theguardian.com/society/2018/oct/10/uk-public-finances-among-weakest-in-world-imf-says
2nd weakest out of 31 developed nations only Portugal has a worse asset position. Decades of privatisation for personal gain by the Tories. https://www.theguardian.com/society/2018/oct/10/uk-public-finances-among-weakest-in-world-imf-says
13. UK productivity since the Tories took over in 2010 has been abysmal
14/ (More UK productivity info here ) https://www.ft.com/content/6ada0002-9a57-11e8-9702-5946bae86e6d
15. Current account deficit - it's been a problem in the UK since the 80's - largely (I believe) resulting from the monetarist experiment in prioritising tertiary(services/consumption) over primary+secondary industries.
https://www.economicshelp.org/blog/5776/trade/uk-balance-of-payments/
https://www.economicshelp.org/blog/5776/trade/uk-balance-of-payments/
16/ The restructuring of the economy to be based on consumption results in a high current account deficit and makes the economy more pandemic-sensitive
