Brexit will 'take Britain back to the 1970s', says former Bank of England expert

View previous topic View next topic Go down

Brexit will 'take Britain back to the 1970s', says former Bank of England expert

Post by eddie on Sun Oct 30, 2016 2:56 pm

Brexit will 'take Britain back to the 1970s', says former Bank of England expert

Brexit will “take Britain back to the 1970s” and nothing good can ever come of it, a former Bank of England policymaker said today.

Adam Posen, who sat on the Bank of England’s Monetary Policy Committee from 2009 to 2012, said Brexit “is going to be an ongoing source of chronic pain for the UK for many years”.

Speaking from Frankfurt, Mr Posen said Brexit would be “very, unquestionably bad, but still not be terminal”, and compared Britain outside the EU to a patient with arthritis.

“It is going to put the UK in many ways back to where it was in the 1970s and early 1980s. Being uncompetitive, people having less faith in the stability of the regime,” he said in an interview with Bloomberg.

Mr Posen said Britain faces stagflation, a situation of stagnant economic growth with rapidly rising prices faced in the late 1970s. The spiral of increasing prices reduced the value of people’s wages and led to dozens of strikes, repeated power cuts and a three-day working week during what became known as the winter of discontent.

Talking about how the UK’s economy will look in 10 years’ time, he said: Of course, the economy will survive, the City will survive in a smaller state – but will the average person in Britain be worse off economically? Yes.”

Asked whether there was anything positive about Britain’s looming exit from the European Union, Mr Posen replied, “No”.

In the run-up to the vote, the American economist warned that Brexit was “delusional fantasy”.

The EU will also suffer, Mr Posen said, because of the end of a mutually beneficial relationship but the UK, as the smaller partner, will inevitably suffer more.

More: http://www.independent.co.uk/news/business/news/brexit-britain-uk-economy-back-to-1970s-chronic-pain-adam-posen-bank-of-england-a7384336.html

_________________
That was his gift, he filled you with words that you didn't know were there.
avatar
eddie
king of beards. Keeper of the Whip. head cook and bottle washer. Senior mushroom muncher

Posts : 31863
Join date : 2013-07-28
Age : 47
Location : England

View user profile

Back to top Go down

Re: Brexit will 'take Britain back to the 1970s', says former Bank of England expert

Post by nicko on Sun Oct 30, 2016 3:03 pm

I,d like to go back !
avatar
nicko

Posts : 8361
Join date : 2013-12-07
Age : 76
Location : rainbow bridge

View user profile

Back to top Go down

Re: Brexit will 'take Britain back to the 1970s', says former Bank of England expert

Post by Guest on Sun Oct 30, 2016 3:29 pm

I prefer the 1960s - the girls looked prettier.

Guest
Guest


Back to top Go down

Re: Brexit will 'take Britain back to the 1970s', says former Bank of England expert

Post by Ben Reilly on Sun Oct 30, 2016 4:32 pm

I see the UK rejoining the EU eventually -- within, say, 10-15 years from now.

_________________
"Her heartbeat is a rhythm that commands her every word, she's every song I've ever heard."

- Turnpike Troubadors
avatar
Ben Reilly
Cowboy King. Dread Pirate of the Guadalupe. Enemy of the American People.

Posts : 22887
Join date : 2013-01-19
Age : 42
Location : Besa Mi Culo, Texas

View user profile http://www.newsfixboard.com

Back to top Go down

Re: Brexit will 'take Britain back to the 1970s', says former Bank of England expert

Post by eddie on Sun Oct 30, 2016 4:55 pm

If it ain't working by then that will be an option, I would hope.

In the meantime, I'm back in the '70's so Ima gonna shake ma booty one more time!

_________________
That was his gift, he filled you with words that you didn't know were there.
avatar
eddie
king of beards. Keeper of the Whip. head cook and bottle washer. Senior mushroom muncher

Posts : 31863
Join date : 2013-07-28
Age : 47
Location : England

View user profile

Back to top Go down

Re: Brexit will 'take Britain back to the 1970s', says former Bank of England expert

Post by Raggamuffin on Sun Oct 30, 2016 7:48 pm

nicko wrote:I,d like to go back !

Me too nicko. The '70s were great! Laughing

_________________

"It ain't over 'til it's over"
avatar
Raggamuffin

Posts : 29150
Join date : 2014-02-10

View user profile

Back to top Go down

Re: Brexit will 'take Britain back to the 1970s', says former Bank of England expert

Post by Syl on Sun Oct 30, 2016 7:51 pm

Ziz wrote:I prefer the 1960s - the girls looked prettier.

Me too....just entering my teens and life was very uncomplicated back then...plus the music was brilliant.
Girls were probably prettier to you because you had just discovered them ....unless you are a lot older than I think. Razz

_________________
Not everyone likes me, but not everyone matters. Wink
avatar
Syl

Posts : 12418
Join date : 2015-11-12
Location : Manchester

View user profile

Back to top Go down

Re: Brexit will 'take Britain back to the 1970s', says former Bank of England expert

Post by Guest on Sun Oct 30, 2016 7:55 pm

Syl wrote:
Ziz wrote:I prefer the 1960s - the girls looked prettier.

Me too....just entering my teens and life was very uncomplicated back then...plus the music was brilliant.
Girls were probably prettier to you because you had just discovered them ....unless you are a lot older than I think. Razz

I think it was the fashion more than anything else - clean simple lines - alluring because it didn't scream at you. The 70s and 80s were ugly by comparison.

Guest
Guest


Back to top Go down

Re: Brexit will 'take Britain back to the 1970s', says former Bank of England expert

Post by Syl on Sun Oct 30, 2016 8:07 pm

Ziz wrote:
Syl wrote:

Me too....just entering my teens and life was very uncomplicated back then...plus the music was brilliant.
Girls were probably prettier to you because you had just discovered them ....unless you are a lot older than I think. Razz

I think it was the fashion more than anything else - clean simple lines - alluring because it didn't scream at you.  The 70s and 80s were ugly by comparison.

60's fashions always seem to be making comebacks....mini's, maxi's, hot pants (I hated them though) the Mary Quant haircuts, black and white geometric dresses....they still look great when worn today.

I agree with you Ziz.....compared to the 60's other decades don't match up.

_________________
Not everyone likes me, but not everyone matters. Wink
avatar
Syl

Posts : 12418
Join date : 2015-11-12
Location : Manchester

View user profile

Back to top Go down

Re: Brexit will 'take Britain back to the 1970s', says former Bank of England expert

Post by Guest on Sun Oct 30, 2016 9:20 pm

Syl wrote:
Ziz wrote:

I think it was the fashion more than anything else - clean simple lines - alluring because it didn't scream at you.  The 70s and 80s were ugly by comparison.

60's fashions always seem to be making comebacks....mini's, maxi's, hot pants (I hated them though) the Mary Quant haircuts, black and white geometric dresses....they still look great when worn today.

I agree with you Ziz.....compared to the 60's other decades don't match up.

Maxi dresses and hot pants were hideous - but the Quant/Sassoon inspired look was great. Actually, my favourite era for women's fashion is the 30s/40s but that's for another time.

Guest
Guest


Back to top Go down

Re: Brexit will 'take Britain back to the 1970s', says former Bank of England expert

Post by Ben Reilly on Mon Oct 31, 2016 5:14 am

Raggamuffin wrote:
nicko wrote:I,d like to go back !

Me too nicko. The '70s were great! Laughing

Come to think of it, that was pre-Internet, so count me in as well Twisted Evil

_________________
"Her heartbeat is a rhythm that commands her every word, she's every song I've ever heard."

- Turnpike Troubadors
avatar
Ben Reilly
Cowboy King. Dread Pirate of the Guadalupe. Enemy of the American People.

Posts : 22887
Join date : 2013-01-19
Age : 42
Location : Besa Mi Culo, Texas

View user profile http://www.newsfixboard.com

Back to top Go down

Re: Brexit will 'take Britain back to the 1970s', says former Bank of England expert

Post by eddie on Mon Oct 31, 2016 6:57 am

Ben Reilly wrote:
Raggamuffin wrote:
nicko wrote:I,d like to go back !

Me too nicko. The '70s were great! Laughing

Come to think of it, that was pre-Internet, so count me in as well Twisted Evil

What??? And never have met some of this wonderful lot?? Razz

_________________
That was his gift, he filled you with words that you didn't know were there.
avatar
eddie
king of beards. Keeper of the Whip. head cook and bottle washer. Senior mushroom muncher

Posts : 31863
Join date : 2013-07-28
Age : 47
Location : England

View user profile

Back to top Go down

Re: Brexit will 'take Britain back to the 1970s', says former Bank of England expert

Post by The Devil, You Know on Mon Oct 31, 2016 7:47 am

eddie wrote:Brexit will 'take Britain back to the 1970s', says former Bank of England expert

Brexit will “take Britain back to the 1970s” and nothing good can ever come of it, a former Bank of England policymaker said today.

Adam Posen, who sat on the Bank of England’s Monetary Policy Committee from 2009 to 2012, said Brexit “is going to be an ongoing source of chronic pain for the UK for many years”.

Speaking from Frankfurt, Mr Posen said Brexit would be “very, unquestionably bad, but still not be terminal”, and compared Britain outside the EU to a patient with arthritis.

“It is going to put the UK in many ways back to where it was in the 1970s and early 1980s. Being uncompetitive, people having less faith in the stability of the regime,” he said in an interview with Bloomberg.

Mr Posen said Britain faces stagflation, a situation of stagnant economic growth with rapidly rising prices faced in the late 1970s. The spiral of increasing prices reduced the value of people’s wages and led to dozens of strikes, repeated power cuts and a three-day working week during what became known as the winter of discontent.

Talking about how the UK’s economy will look in 10 years’ time, he said: Of course, the economy will survive, the City will survive in a smaller state – but will the average person in Britain be worse off economically? Yes.”

Asked whether there was anything positive about Britain’s looming exit from the European Union, Mr Posen replied, “No”.

In the run-up to the vote, the American economist warned that Brexit was “delusional fantasy”.

The EU will also suffer, Mr Posen said, because of the end of a mutually beneficial relationship but the UK, as the smaller partner, will inevitably suffer more.

More: http://www.independent.co.uk/news/business/news/brexit-britain-uk-economy-back-to-1970s-chronic-pain-adam-posen-bank-of-england-a7384336.html
yes, experts have been so right about this so far haven't they

_________________
"If a socialist understood economics, he wouldn't be a socialist" : Friedrich Hayek
"

I know a place where your speech is free
and the only mod is me
Israel uses weapons to protect its people, the Palestinians use people to protect their weapons
#tories4Corbyn
avatar
The Devil, You Know

Posts : 2932
Join date : 2015-05-11
Location : Room 101 (which does not exist)

View user profile

Back to top Go down

Re: Brexit will 'take Britain back to the 1970s', says former Bank of England expert

Post by The Devil, You Know on Mon Oct 31, 2016 7:47 am

Ben Reilly wrote:I see the UK rejoining the EU eventually -- within, say, 10-15 years from now.
very few people see the EU surviving that long

_________________
"If a socialist understood economics, he wouldn't be a socialist" : Friedrich Hayek
"

I know a place where your speech is free
and the only mod is me
Israel uses weapons to protect its people, the Palestinians use people to protect their weapons
#tories4Corbyn
avatar
The Devil, You Know

Posts : 2932
Join date : 2015-05-11
Location : Room 101 (which does not exist)

View user profile

Back to top Go down

Re: Brexit will 'take Britain back to the 1970s', says former Bank of England expert

Post by Tommy Monk on Mon Oct 31, 2016 10:43 am

Back to a time where we are not subservient to the eu is a good thing... that would be before 1973 when thd single European Act gave away uk supremacy to the eu rules...

_________________
“Truth is ever to be found in the simplicity, and not in the multiplicity and confusion of things.” — Isaac Newton

'The further a society drifts from truth the more it will hate those who speak it.'  — George Orwell
avatar
Tommy Monk

Posts : 19081
Join date : 2014-02-12

View user profile

Back to top Go down

Re: Brexit will 'take Britain back to the 1970s', says former Bank of England expert

Post by WhoseYourWolfie on Mon Oct 31, 2016 11:45 am

Ziz wrote:
Syl wrote:

60's fashions always seem to be making comebacks....mini's, maxi's, hot pants (I hated them though) the Mary Quant haircuts, black and white geometric dresses....they still look great when worn today.

I agree with you Ziz.....compared to the 60's other decades don't match up.

Maxi dresses and hot pants were hideous - but the Quant/Sassoon inspired look was great. Actually, my favourite era for women's fashion is the 30s/40s but that's for another time.


sunny

IF YOU TWO dinosaurs were to visit certain coastal-centric places with large beach cultures (e.g. Australia, California, Florida..) you could find that such things as mini skirts, shorts, short dresses, sandals and flip-flops/thongs never disappeared...

They have been an enduring constant since the mid-1960s, as other fashions waxed and waned..


_________________
It's not what you look at that matters, it's what you see.
Our life is frittered away by details. Simplify, simplify.
The mass of men lead lives of quite desperation.
Henry David Thoreau
avatar
WhoseYourWolfie

Posts : 4139
Join date : 2016-02-24
Age : 59
Location : Lake Macquarie, NSW, Australia

View user profile

Back to top Go down

Re: Brexit will 'take Britain back to the 1970s', says former Bank of England expert

Post by Guest on Mon Oct 31, 2016 12:17 pm

WhoseYourWolfie wrote:
Ziz wrote:

Maxi dresses and hot pants were hideous - but the Quant/Sassoon inspired look was great. Actually, my favourite era for women's fashion is the 30s/40s but that's for another time.


sunny

IF YOU TWO dinosaurs were to visit certain coastal-centric places with large beach cultures (e.g. Australia, California, Florida..) you could find that such things as mini skirts, shorts, short dresses, sandals and flip-flops/thongs never disappeared...

They have been an enduring constant since the mid-1960s, as other fashions waxed and waned..


Too warm - prefer Dinoland.

Guest
Guest


Back to top Go down

Re: Brexit will 'take Britain back to the 1970s', says former Bank of England expert

Post by Tommy Monk on Mon Oct 31, 2016 12:53 pm



"...421 out of 574 English and Welsh Westminster
constituencies probably voted to Leave..."


https://medium.com/@chrishanretty/the-eu-referendum-how-did-westminster-constituencies-vote-283c85cd20e1#.peh1khjie



Laughing



_________________
“Truth is ever to be found in the simplicity, and not in the multiplicity and confusion of things.” — Isaac Newton

'The further a society drifts from truth the more it will hate those who speak it.'  — George Orwell
avatar
Tommy Monk

Posts : 19081
Join date : 2014-02-12

View user profile

Back to top Go down

Re: Brexit will 'take Britain back to the 1970s', says former Bank of England expert

Post by veya_victaous on Mon Oct 31, 2016 8:46 pm

The Devil, You Know wrote:
Ben Reilly wrote:I see the UK rejoining the EU eventually -- within, say, 10-15 years from now.
very few people see the EU surviving that long

True, all of Europe including UK is up for economic Conquest. Weak and Wounded it is just waitinjg for the fatal blow.

I Can't see the Uncivilized barbaians being left to Squander such high grade land while day dreaming of back when they where strong.


_________________
My job is to travel the world delivering Chaos and Candy.

We don't know the Questions... does that means we cannot seek the Answers?
avatar
veya_victaous
The Mod Loki, Minister of Chaos & Candy, Emperor of the Southern Realms, Captain Kangaroo

Posts : 16208
Join date : 2013-01-23
Age : 34
Location : Australia

View user profile

Back to top Go down

View previous topic View next topic Back to top

- Similar topics

 
Permissions in this forum:
You cannot reply to topics in this forum