adrianc
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Post by adrianc on Nov 8, 2021 16:18:13 GMT
I too remember the disastrous years before the Common Market, but that is another story. And, indeed, just after. I was a small child in the 70s - born the month after "the disaster of decimalisation", so nearly 2yo when the UK joined the EEC, 4yo when the referendum confirmed it, 8yo when Thatcher came to power. Some of my earliest memories include my parents queuing for petrol, candles always kept to hand for the power going out, bread strikes, bin strikes, newspaper strikes...
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pikestaff
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Post by pikestaff on Nov 8, 2021 17:04:29 GMT
I remember Harold Wilson bringing in price controls in the 60s to stop inflation. It didn't work of course and I believed then that it is pay rises which cause rising prices, but because Wilson was in the pocket of Jack Jones of the TGWU there was no way for him to limit wages so inflation kept increasing. Boris is actively encouraging pay demands so I see inflation as inevitable as employees move for higher pay or are retained by increasing rises . Mrs Thatcher only defeated inflation by creating massive unemployment and destroying many businesses, including mine. Not quite. Wilson, assisted by the left-wing firebrand Barbara Castle, famously did try to deal with the unions in the White Paper "In Place of Strife". Unfortunately he failed to bring the party with him. The failure of In Place of Strife can squarely be blamed on Jim Callaghan, whose opposition may well be what got him elected as Wilson's successor. Its failure only served to embolden the unions further, leading just a few years later to Heath's three day week. Ironically, but somehow inevitably, the Trade Union and Labour Relations Act 1974, which was enacted by the Callaghan government, supposedly incorporated the principles of In Place of Strife - although most of its provisions were, in fact, carried over from Heath's Industrial Relations Act of 1971. en.wikipedia.org/wiki/In_Place_of_Strifeen.wikipedia.org/wiki/Trade_Union_and_Labour_Relations_Act_1974
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agent69
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Post by agent69 on Nov 8, 2021 18:23:49 GMT
I too remember the disastrous years before the Common Market, but that is another story. And, indeed, just after. I was a small child in the 70s - born the month after "the disaster of decimalisation", so nearly 2yo when the UK joined the EEC, 4yo when the referendum confirmed it, 8yo when Thatcher came to power. Some of my earliest memories include my parents queuing for petrol, candles always kept to hand for the power going out, bread strikes, bin strikes, newspaper strikes... You youngsters don't know you're born. Back in the 60's we had power cuts, a typhoid outbreak caused by dodgy Argentinian corned beef and Izal toilet rolls (for those too posh to use the back page of the daily Mirror)
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adrianc
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Post by adrianc on Nov 8, 2021 18:40:44 GMT
...and Izal toilet rolls (for those too posh to use the back page of the daily Mirror) My mother has only recently stopped buying that tracing paper. I suspect it's actually because they don't make it any more.
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JamesFrance
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Port Grimaud 1974
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Post by JamesFrance on Nov 18, 2021 15:23:33 GMT
Another Bailey comment
‘I hoped he’d grow into the job but frankly he hasn’t,’ was a comment from a City grandee with no axe to grind this week. ‘You’d have to conclude that he’s significantly overpromoted.’ ‘A habit of failing upwards’ was another description of the Bailey career path.
The Peter Principle is an aphorism that says executives rise through hierarchies until they reach their level of incompetence. Like his forgotten predecessor Leslie O’Brien, Bailey was a highly competent middle manager; it’s his misfortune and ours that momentum has carried him all the way to the governorship.
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Mousey
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Post by Mousey on Feb 3, 2022 18:31:00 GMT
Dominic Cummings has described Andrew Bailey as "another superduff appointment I tried to kibosh & failed".
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keitha
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2024, hopefully the year I get out of P2P
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Post by keitha on Feb 3, 2022 18:33:15 GMT
i thought the word was kybosh
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ozboy
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Mine's a Large One! (Snigger, snigger .......)
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Post by ozboy on Feb 3, 2022 18:47:54 GMT
I think we all tried to ky/kibosh Bailey's BoE appointment, but "The Vested Interests" prevailed.
A blustering, ineffective & arrogant non-entity, continually proving his incompetence whilst still managing to fail upwards on a very greasy pole..........
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mogish
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Post by mogish on Feb 3, 2022 21:31:29 GMT
Is this the same guy who said 4% inflation would reduce by end of 2021?
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registerme
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Post by registerme on Feb 3, 2022 22:46:40 GMT
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mogish
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Post by mogish on Feb 4, 2022 11:49:39 GMT
Just had one... 2%! Sort of sums it up.
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keystone
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Post by keystone on Feb 4, 2022 12:42:21 GMT
Andrew Failure Bailey, the Bank of England boss, was paid £575,538 including pension, in the year from 1 March 2020, more than 18 times higher the median annual pay of £31,285 for full-time employees, urged workers not to ask for big pay rises, to help stop prices rising out of control.
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mogish
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Post by mogish on Feb 4, 2022 12:51:50 GMT
As I said earlier... more out of touch than the previous one. *ankers. Who needs him.
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michaelc
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Post by michaelc on Feb 4, 2022 13:13:13 GMT
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09dolphin
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Post by 09dolphin on Feb 5, 2022 8:57:27 GMT
Isn't Andrew Bailey familiar with the economics of the 1970s. Didn't economists learn any lessons from then that can be applied to this day and age. One of the BOEs role is to control inflation. The Tory government has set a target of 2%. How well is he doing in achieving his targets? I'd suggest almost as well as he did when he headed up the FSA, perhaps a little better or perhaps a little worse. No doubt he will get a big bonus at the end of this financial year or he'll be promoted for his failure as often happens. Surely there is an economist somewhere, anywhere who is capable - or is his job a poisoned chalice and he's just the fall guy for an abject failure of government.
I am worried about the people who will get a 1% pay rise and have to cope with 5 - 10% inflationary pressures, pensioners who will get a rise in what is already a very small basic pension and will be badly affected by the small rise in their pensions, working people who are already on benefits and may have more than one job who will have to consider if they are actually better off working or claiming full unemployment benefits.
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