Re: No More Arguments: Austerity is Working! : Sun Apr 27, 2014 11:52 pm  

The Video Ref wrote:

Something in The Sunday Times today about how the UK is, or will shortly be, the fastest growing Western economy.

After flat lining for four years. Big whoop.

This growth is still miniscule compared to that which has been seen in all major economies whilst we were held in recession by the towel folder's ridiculous policies.

Never mind, at least they've got borrowing under control...

Re: No More Arguments: Austerity is Working! : Mon Apr 28, 2014 6:28 pm  

Charlie Sierra wrote:

This growth is still miniscule compared to that which has been seen in all major economies

Why are you repeating this rubbish? It's embarrassing for you.

Re: No More Arguments: Austerity is Working! : Mon Apr 28, 2014 10:09 pm  

Ajw71 wrote:

Why are you repeating this rubbish? It's embarrassing for you.

Looks down, reads Ajw71's sig...

Re: No More Arguments: Austerity is Working! : Wed Apr 30, 2014 6:22 pm  

cod'ead wrote:

Growth built on a housing bubble and consumer debt?

Quite wrong and flies in the face of the facts.

"There is now growth across virtually the whole economy" source The Guardian

Although it is possible to have a recovery without a rise in consumer spending, that recover is likely to be very weak because consumer spending accounts for almost two thirds of our GDP (62%) therefore expecting all the growth to come from the remaining 38% is asking too much.

Evidence: In the final quarter of 2013 consumer spending rose at a slower rate (2.4%) than the overall GDP (2.7%) This rise in consumer spending was dwarfed by the increase in investment 8.7% and business investment 8.5%

Of course consumers played their part in the recovery. Of the 2.7% rise in GDP, 1.5 percentage points came from consumer spending. Their contribution to growth, just over half, was however smaller than their long-run 62% share of GDP

All three of the main sectors of the economy grew over the past year; industrial production by 2.3%, services by 2.7% and construction by 4.3%.

As for "consumer debt" most of this borrowing is in the form of mortgages to finance house purchase, not current spending. The pre-crisis norm, using housing equity for holidays, cars and kitchens, went into reverse in 2008 and is still in reverse now.

cod'ead wrote:

Where have we heard that one before?

Well I guess this rubbish you keep quoting is from that discredited fraudster Danny Blanchflower whose crystal ball has been a bit cloudy for several years now.


Source: ST

Re: No More Arguments: Austerity is Working! : Wed Apr 30, 2014 6:48 pm  

Charlie Sierra wrote:

After flat lining for four years. Big whoop.:

Err....we have just had the five consecutive quarters with growth! Your comment is more like a Big poop!

Re: No More Arguments: Austerity is Working! : Thu May 01, 2014 2:44 pm  

another example of Austerity working http://www.bbc.co.uk/news/uk-27238201

another example of Austerity working http://www.bbc.co.uk/news/uk-27238201

Re: No More Arguments: Austerity is Working! : Thu May 01, 2014 4:39 pm  

SmokeyTA wrote: another example of Austerity working http://www.bbc.co.uk/news/uk-27238201 I think you are mistaken. You have chosen an example of greed working. For a serious fraud case to be stopped after defendants claimed they could not get adequate representation because of cuts to legal aid is a first. What a great defence. The government has reduced the legal aid fees in very high cost cases (VHCC) by 30% so we now have barristers refusing to take VHCC because now a QC will only earn about £100,000 for working on it and a junior barrister will now earn only £60,000. These latter day Rumpoles may be feeling just a slight pinch but you can hardly say this is austerity.

SmokeyTA wrote: another example of Austerity working http://www.bbc.co.uk/news/uk-27238201 I think you are mistaken. You have chosen an example of greed working. For a serious fraud case to be stopped after defendants claimed they could not get adequate representation because of cuts to legal aid is a first. What a great defence. The government has reduced the legal aid fees in very high cost cases (VHCC) by 30% so we now have barristers refusing to take VHCC because now a QC will only earn about £100,000 for working on it and a junior barrister will now earn only £60,000. These latter day Rumpoles may be feeling just a slight pinch but you can hardly say this is austerity.

Re: No More Arguments: Austerity is Working! : Thu May 01, 2014 4:51 pm  

I have said it before on other threads - despite the image of 'fat cat' lawyers, there is no money in criminal law.

A newly qualified solicitor or barrister will probably earn £20K before tax, if that. A barrister will have to fund their own expenses and will not get holiday pay either. This is having spent several years studying and then a year or two as an apprentice, before being allowed to call themselves a qualified lawyer.

Once you gain several years experience, the absolute top-wack is about £40K-£60K depending on what you are doing, how hard you are prepared to work, and how many unsociable hours you rack up.

There are a small number of very experienced solicitors and barristers working on VHCC. I do not begrudge them the money, as it is peanuts compared to what could be made in other areas of law. They could make considerably more in something like commercial or chancery, where newly qualifieds can earn £100K p/a from their first day of starting work.

You may get paid £60K for a VHCC case, but that will probably represent the best part of a year's work, on which you will pay 40% tax. And during this time you probably won't be working on anything else either.

Re: No More Arguments: Austerity is Working! : Thu May 01, 2014 5:09 pm  

The Video Ref wrote:

I have said it before on other threads - despite the image of 'fat cat' lawyers, there is no money in criminal law.

A newly qualified solicitor or barrister will probably earn £20K before tax, if that. A barrister will have to fund their own expenses and will not get holiday pay either. This is having spent several years studying and then a year or two as an apprentice, before being allowed to call themselves a qualified lawyer.

Once you gain several years experience, the absolute top-wack is about £40K-£60K depending on what you are doing, how hard you are prepared to work, and how many unsociable hours you rack up.

There are a small number of very experienced solicitors and barristers working on VHCC. I do not begrudge them the money, as it is peanuts compared to what could be made in other areas of law. They could make considerably more in something like commercial or chancery, where newly qualifieds can earn £100K p/a from their first day of starting work.

You may get paid £60K for a VHCC case, but that will probably represent the best part of a year's work, on which you will pay 40% tax. And during this time you probably won't be working on anything else either.

As the article states Legal Aid costs about £2bn a year with half of that going on criminal defence. This is not peanuts! and anyway barristers are really actors who do it because they like dressing up in funny clothes. I have never met a poor one yet.

Re: No More Arguments: Austerity is Working! : Thu May 01, 2014 6:32 pm  

Its market conditions in motion, HM Government has pitched a bid which is too low if as noted in the article that not one single barrister has agreed to the lowered amounts, if such cases cannot be brought to court in a fair way then its a result of the low bid, the markets will rule as always.