Tag Archives: nose dive

Tories have frittered away half a trillion pounds. Is this good financial management?

This looks like another result of Brexit.

It is balance of payments data – the difference between the amount we pay to foreign countries for goods and services and the amount we receive – that shows the loss.

Also, direct investment in the UK by foreign firms has nose-dived.

It is exactly as This Writer warned, only a few days ago.

The really galling aspect of this is that the minority Conservative government will still claim to be the party of sensible financial management, even though it is its own division over Brexit that has created the uncertainty in which the money has disappeared.

Remember: Brexit is happening because David Cameron thought a referendum on EU membership would unify the Tories. It didn’t.

Remember: The vote to leave the European Union was based very strongly on lies and wild speculation by people who knew better but were trying to trick the public. There was never any chance of the NHS seeing £350 million of investment per week, for example.

Remember: The Conservatives have botched negotiations on the terms of our departure so badly that businesses are fleeing the UK. They can’t get away fast enough.

The longer this farce continues, the worse it will be for the UK as a whole.

And it will be the poor who bear the brunt of the harm.

Global banks and international bond strategists have been left stunned by revised ONS figures showing that Britain is £490bn poorer than had been ­assumed and no longer has any reserve of net foreign assets, depriving the country of its safety margin as Brexit talks reach a crucial juncture.

A massive write-down in the UK balance of payments data shows that Britain’s stock of wealth – the net international investment position – has collapsed from a surplus of £469bn to a net deficit of £22bn. This transforms the outlook for sterling and the gilts markets.

“Half a trillion pounds has gone missing. This is equivalent to 25pc of GDP,” said Mark Capleton, UK rates strategist at Bank of America.

Making matters worse, foreign ­direct investment (FDI) by companies is plummeting. It fell from a £120bn surplus in the first half 2016 to a £25bn deficit over the same period of this year.

Source: Britain’s missing billions: Revised figures reveal UK is £490bn poorer than previously thought


Vox Political needs your help!
If you want to support this site
(
but don’t want to give your money to advertisers)
you can make a one-off donation here:

Donate Button with Credit Cards

Here are four ways to be sure you’re among the first to know what’s going on.

1) Register with us by clicking on ‘Subscribe’ (in the left margin). You can then receive notifications of every new article that is posted here.

2) Follow VP on Twitter @VoxPolitical

3) Like the Facebook page at https://www.facebook.com/VoxPolitical/

Join the Vox Political Facebook page.

4) You could even make Vox Political your homepage at http://voxpoliticalonline.com

And do share with your family and friends – so they don’t miss out!

If you have appreciated this article, don’t forget to share it using the buttons at the bottom of this page. Politics is about everybody – so let’s try to get everybody involved!

Buy Vox Political books so we can continue
fighting for the facts.


The Livingstone Presumption is now available
in either print or eBook format here:

HWG PrintHWG eBook

Health Warning: Government! is now available
in either print or eBook format here:

HWG PrintHWG eBook

The first collection, Strong Words and Hard Times,
is still available in either print or eBook format here:

SWAHTprint SWAHTeBook

Tories and Lib Dems engineer fastest fall in wages since Victorian times

Damning: The graph by the House of Commons Library, showing how earnings have plummeted since Cameron's Coa-lamity government came into office.

Damning: The graph by the House of Commons Library, showing how earnings have plummeted since Cameron’s Coa-lamity government came into office.

David Cameron must be so proud. He wanted a return to the Victorian era and that is exactly what he has achieved.

Wages have nosedived, meaning the gap between the richest and poorest is larger than it has ever been; we already know that diseases once thought long-gone are stalking our streets once again while the National Health Service has been bled to the point of death; and the welfare state is in critical condition, with people who have paid into the system all their lives bullied out of claiming benefits when they are needed and sent back to die in their homes.

This is David Cameron’s brave new Britain.

The figures on wages are the latest blow against the public-relations Prime Minister’s credibility – they come from the respected House of Commons Library.

The graph (above) uses figures from the Office for National Statistics, the Bank of England and forecasts from Coalition poodles the Office for Budget Responsibility.

It shows that real earnings are expected to have fallen by 2.3 per cent between 2010 and 2015 – the first fall since 1922-3 when wages fell by 1.8 per cent – and the largest since 1874-80, under Conservative Prime Minister Benjamin Disraeli, when they fell by 2.6 per cent.

Firm figures for 2010-13, from the ONS, paint an even worse picture – they show a 4.6 per cent drop during the three-year period.

So, Dear Reader, if you have been doubting Labour’s claim that wages have dropped by £1,600 per year, in real terms, since the Tories and the Liberal Democrats sidled into office, doubt no more!

This factual evidence has thrown into chaos Conservative claims that the UK has returned to prosperity because our Gross Domestic Product has finally exceeded its pre-financial-crisis peak.

Vox Political was right to say GDP might be up 3.1 per cent on last year but it has nothing to do with most of the population.

What is our part-time Chancellor going to do about it? He’s done quite a lot of nose-diving himself and, considering what he has managed from his office…

osborne-spandauballet-dominatrixflat

Let’s hope the song isn’t ‘Gold’, because the irony would be too much to bear.

George Osborne might as well go back to prancing around a prostitute’s boudoir to a soundtrack by Spandau Ballet.

Follow me on Twitter: @MidWalesMike

Join the Vox Political Facebook page.

Buy Vox Political books!
Health Warning: Government! is now available
in either print or eBook format here:

HWG PrintHWG eBook
The first collection, Strong Words and Hard Times,
is still available in either print or eBook format here:

SWAHTprint SWAHTeBook

Vox Political needs your help!
This independent blog’s only funding comes from readers’ contributions.
Without YOUR help, we cannot keep going.
You can make a one-off donation here:

Donate Button with Credit Cards