Its four in the morning..

[Ady Brayshaw]

Interesting article published by Richard Murphy yesterday on the subject of Government debt:

The debt fetishists are back in town – demanding that we shrink the state for reasons that they cannot explain

The IFS has opined on the options available to the Chancellor in the Spending Review that was to be announced this week, but which will not be because he is isolating as a result of a Covid contact with Sajid Javid. There are two headlines. First, they think Sunak is planning...

www.taxresearch.org.uk

If this sort of thing interests you then I can recommend his book, 'The Joy of Tax'. Sounds drier than Gandhi's flip-flop's but I actually found it fascinating, completely challenged the way I understood Govt Debt and taxation. It's all part of a macroeconomic theory known as Modern Monetary Theory. See here: https://www.investopedia.com/modern-monetary-theory-mmt-4588060

Joe like you in the last few years I've started reading books about economics. Jim Rickards books are worth a read if your interested in that type of thing. I've read 4 of his 5 books. His book the 'New Case for Gold' is my favourite. MMT is discussed quite extensively as are other unsavoury money manipulations of the financial system. You can also see JR on YouTube. Worth a look.

 

[Ady Brayshaw]

Go round in circles there though. Maybe if Brits working in construction and manufacturing had been born in mind back in 2004, ahead of profit margins secured my low wage migrant workers there wouldn’t be a Brexit and more incentive to actually train and invest in the workforce available.

I’ve seen both sides of things. Sometimes it works well like when I was involved in building high end projects like Super Yachts with really talented and skilled international workforce. I’ve also seen skilled guys replaced by less skilled cheaper workers and the work not even advertised within the U.K. as they knew they wouldn’t get the workers due to the money and conditions.

I don’t blame anyone who chased their ambition and I don’t see it as “taking our jobs” etc but there was certainly a stage where business was cutting the knees off skilled guys already in the country. It cheapens labour and lowers the standards of working conditions. Lots of skilled men walked away from their trades as well as they simply became unviable.

I think you've nailed it there Stephen.

 

[Joe Winstanley]

Joe like you in the last few years I've started reading books about economics. Jim Rickards books are worth a read if your interested in that type of thing. I've read 4 of his 5 books. His book the 'New Case for Gold' is my favourite. MMT is discussed quite extensively as are other unsavoury money manipulations of the financial system. You can also see JR on YouTube. Worth a look.

Thanks Ady.

It's an area I'm intrigued by - simply because its pretty clear just how little I know, and seemingly most people know, including all our mainstream politicians. I like the concept of the Green New Deal and using it as a way of QE and helping our economy get back on its feet. Govt investment in big green infrastructure projects such as renewables and water resources. There must be a way of sending clean drinking water from the wet areas of of the north to the south east. Yet all these ideas rely on having competent leadership to make them work.

 

[Dave Quinn]

Go round in circles there though. Maybe if Brits working in construction and manufacturing had been born in mind back in 2004, ahead of profit margins secured my low wage migrant workers there wouldn’t be a Brexit and more incentive to actually train and invest in the workforce available.

I’ve seen both sides of things. Sometimes it works well like when I was involved in building high end projects like Super Yachts with really talented and skilled international workforce. I’ve also seen skilled guys replaced by less skilled cheaper workers and the work not even advertised within the U.K. as they knew they wouldn’t get the workers due to the money and conditions.

I don’t blame anyone who chased their ambition and I don’t see it as “taking our jobs” etc but there was certainly a stage where business was cutting the knees off skilled guys already in the country. It cheapens labour and lowers the standards of working conditions. Lots of skilled men walked away from their trades as well as they simply became unviable.

I don’t disagree with you at all

I was just suggesting that Brexit has come at a bad time for manufacturing in the uk.

manufacturing, and the whole economy needs just the sort of cheap young Labour that we’ve sent back to Europe.

 

[Dave Quinn]

Thanks Ady.

It's an area I'm intrigued by - simply because its pretty clear just how little I know, and seemingly most people know, including all our mainstream politicians. I like the concept of the Green New Deal and using it as a way of QE and helping our economy get back on its feet. Govt investment in big green infrastructure projects such as renewables and water resources. There must be a way of sending clean drinking water from the wet areas of of the north to the south east. Yet all these ideas rely on having competent leadership to make them work.

Government spending on infrastructure seems to be politically driven - once we’re past Covid you’ll probably hear more about projects that will be beneficial to areas where Boris feels he can cement the gains he made from Labour in the last election

I think Boris sees this as an opportunity to ensure Tory government for a long time. How we pay it back is going to be a more difficult problem

 

[Dave Quinn]

Apologies if I’m coming over at all antagonistic or confrontational. Not my intention at all

 

[Stephen Crowhurst]

I don’t disagree with you at all

I was just suggesting that Brexit has come at a bad time for manufacturing in the uk.

manufacturing, and the whole economy needs just the sort of cheap young Labour that we’ve sent back to Europe.

Fingers crossed with the balance of power shifting away from a man power surplus I might actually see some insensitive and reward to do some work. Retaining skilled labourers is going to have to become a little more carrot and less stick or they will just go to employers or contractors that are offering the rewards.
If I’d stayed at the firm and in the industry I served my time with I’d be on a quid more than the minimum wage to do a job that takes three years to qualify for. So many of my friends have followed contracts in the Middle East and Australia for better remuneration.

 

[Dave Quinn]

Fingers crossed with the balance of power shifting away from a man power surplus I might actually see some insensitive and reward to do some work. Retaining skilled labourers is going to have to become a little more carrot and less stick or they will just go to employers or contractors that are offering the rewards.
If I’d stayed at the firm and in the industry I served my time with I’d be on a quid more than the minimum wage to do a job that takes three years to qualify for. So many of my friends have followed contracts in the Middle East and Australia for better remuneration.

Fingers crossed when furlow ends and everything settles down we won’t see firms laying large numbers of people off.

 

[Lawrence Breakspear]

 

[Joe Winstanley]

Apologies if I’m coming over at all antagonistic or confrontational. Not my intention at all

I didn’t get that impression Dave

 

[Joe Winstanley]

Government spending on infrastructure seems to be politically driven - once we’re past Covid you’ll probably hear more about projects that will be beneficial to areas where Boris feels he can cement the gains he made from Labour in the last election

I think Boris sees this as an opportunity to ensure Tory government for a long time. How we pay it back is going to be a more difficult problem

I agree, almost certainly a lot of money will be spent on infrastructure projects in areas such as red wall, whether that’s the best location for the nation as a whole or not and I’m sceptical about how much thought will go into the long term sustainability. Although I don’t think the current PM is planning to stay till the next election.

 

[Graham Elliott]

There are two key problems with the decisions that are made regarding workforce and industry.

The overpaid Mandarins in the Civil Service and MP's have very rarely worked in real life employment.

As an example. Juniors Doctor. Currently a real shortage especially GPS. Heavily overworked.

Training it is said costs the NHS near £200,000 per person to train.
Added to this is the personal trainee contribution approx £85,000, they even have to pay for their exams, each over four figure sums.

So finally when they qualify, do they move overseas for better salaries, easier 5 day work schedules, to be able to pay back their debts.
In an answer for many. Yes.

Why not pay for all their training, with a guarantee that they work for the NHS for say 5 Years? Or have to repay proportionally.

It's what the Sevices, like the R Navy do.
Pay everything including a decent salary in training and sign them up for x years as policy.

If you think we have a NHS problem now..................