Another interesting Beeb editorial decision here. It’s the rather ho-hum story that the European Commission accepts what everyone else already knew: that Europe is heading into a recession. In fact, though, there’s one interesting nugget for the UK, which is that it reckons Britain will be hardest hit. I thought that sounded like a good story. And so did the Mail, Guardian, Telegraph and Times – and, of course, The Malaysian Insider. But not the British Broadcasting Corporation, whose audience presumably remain mystified by the slide in the pound.
Economical with the truth
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Incidentally, another one for technical support: I’d like to do linkable headlines without the underlining. Any ideas?
Well we know why the pound and economy has gone down the pan. It’s all the fault of Thatcher, the BBC keeps telling us that.
Interesting report by the Centre for Policy Studies that say the economic mess is down to the fat one eyed scotsman.
Hmm. Can’t find a mention on the BBC. I wonder why? After all the BBC were quick to spout the shite about the Governments own social mobility report the other day. BBC bias. It’s what they do best.
“…In a report for the Centre for Policy Studies thinktank he describes the government’s instruction to the Bank to meet a 2.5 per cent retail price inflation measurement as “deeply flawed”.
It led to an excessive supply of money in the economy which in turn caused excessive borrowing and mortgage and consumer lending, he argues.
Mr Flight believes changes in the regulatory system, which removed responsibility for oversight from the Bank, and the Financial Services Authority’s failure to comprehend the “imminent problems” it faced made the situation even worse…”
http://www.politics.co.uk/news/opinion-former-index/economy-and-finance/ex-mp-flight-blames-brown-banking-crisis-$1247733.htm
http://www.cps.org.uk/latestpublications/?
it wasnt that long ago, when pounds sterling were worth 2 USD and sterling was similarly strong against that euro funny money crap
Al Beeb used to say, strong pound good for consumer but very very very bad for economy as Johnny foreigner has to pay a fortune for goods
so it follows a weaker pound must be good for ecomony then if Johnny foreigner is getting a good rate of exchange
If the centre for Policy Studies want their reports covered by then BBC then they really have to include some reference to melting ice, polar bears or carbon emissions. Works for all sorts of obscure research papers.
it is both, a weak pound is very beneficial for manufacturing and can give it a boost, as goods are cheaper for others to buy, but instability is a bigger problem.
You cant make long term decisions with a currency that’s up and down like mandys underpants.
I have never heard of a country which wants a weak currency. Although Brown might be deliberately driving it down as a ploy to join the Euro. Maybe Robert Peston will give his thoughts on that !
a weak pound will increase our trade deficit as we are a huge net importer of goods–manufacturing will benefit slightly but the reason for the weak pound is market confidence in sterling
Must say the EU thoughts on the wonderful state of our economy was given a mention in passing on the Toady programme this morning. Being aware of the story I knew what they were trying to undersell, something about because we are not in the Euro it does not really matter was how the beeboid tried to sum it up as!
‘After the credit crunch, what next for the world?’ (by Edward Luttwak):
[Extract] –
“Here are my predictions for how the global downturn will affect the world’s major economies:
“EUROPE-
“Of the major cities, London, disproportionately dominated by its financial centre, will suffer the most. All the related service industries – such as law firms, expensive restaurants and British Airways, which is so dependent on business and first-class financial traffic – will suffer. As revenues drop, so too will the demand for commercial real estate – expect empty offices across the city. The top end of the residential market is also falling sharply, as the rich bankers who bought Mayfair mansions in the good times are now flying home.
“Being by far the most ‘financialised’ of the large economies – much more so than the US, let alone France, Germany, Italy or Japan – London’s crisis cannot be confined within the M25. The whole of the UK will be affected. The ‘strong pound’ policies that favoured the financial sector have seriously damaged British-based export industries with the result that much of Britain’s managerial talent has been absorbed by the City during its boom. Despite relatively low labour costs and Europe’s most fluid job market, this has seriously eroded the competitiveness of British industry.
“Although Gordon Brown was the hero of the hour when he injected public money into the banks, London’s downfall as a financial centre will diminish British influence in the EU.
“Germany, much less financialised, and with unrivalled export industries, will prosper.” (Edward Luttwak).
http://www.thefirstpost.co.uk/45783,opinion,after-credit-crunch-what-next-for-the-world-edward-luttwak
I simply don’t accept this. The situation and scenario you suggest is simply unacceptable and, therefore, I simply do not accept your conclusions.
Hugh,
You’ll have to mess around with your stylesheet to make this happen. I don’t know if Blogspot allows you to do much, though. It may already have a style setting for post titles you can select when you’re creating new posts.
The BBC could have mentioned that we could save £20 billion or so just by not shovelling into the EU.
David, thanks for that.
The economic truth is that the socialist illuminati are going to overspend and beg for what they did.