Bank of England Inflation Report November 2012 – OMGDP!

by Neil Patterson

11:44 AM, 16th November 2012
About 8 years ago

Bank of England Inflation Report November 2012 – OMGDP!

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Bank of England Inflation Report November 2012 – OMGDP!

Bank of EnglandThe Bank of England Inflation Report November 2012 shows the growth of GDP for this quarter at 1% behaving entirely as predicted. The 1% growth is made up from a 0.5% bounce back from last quarter’s extra Jubilee bank holiday, 0.25% from Olympic ticket sales and 0.25% from the extra spend by Olympic visitors.

Therefore the economy has effectively flat lined contrary to popular press reports and political wishful thinking. The Bank of England are predicting that by the time you strip out an extra working day that GDP for the next quarter will probably fall again by 0.5%.GDP is still 4% down on 2007 levels and the latest forecast for long term growth by The Bank of England is the lowest ever at 1% over the next year. If you take into account the predicted growth figures in 2007 families will be 20% worse off than expected by 2015.

One of the key statistics the Bank thinks reflects the economy performing so badly is employment productivity. The good news seems to be that unemployment is falling with the private sector taking up the reduction by 10% in Public Sector jobs and that inflation is being kept under control with workers pricing themselves into employment and not demanding pay rises. However if you take the total number of hours worked we are actually now 12% less productive.

It is the stifling of productivity in Europe by Bureaucracy and the lack of reward for hard work through increased taxes that is a huge factor in the European economy falling behind the rest of the world. I do not want to run into trouble with a political debate, but Europe has historically been the worlds driving force for innovation and industry so draw your own conclusions.

I would love to hear your own views and comments from the statistics provided.

Please feel free to download your own FREE copy of the Bank of England November Inflation Report by completing the short form below.

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Comments

Devon Landlord

21:04 PM, 16th November 2012
About 8 years ago

On the one hand I am pleased that inflation is as it is and that unemployment is falling. However, I do believe that we in the UK, who obey the rules imposed upon us by Europe and where we blindly conform to health and safety and are strangled by the rules of data protection that stop us in our problem sloving tracks, are never going to make it in the world of modern international business, where our competitors are not hamstrung by red tape. I believe that we have to be prepared to take some risks to move forward, to challendge our people who have been smothered in the cotton wool of the nanny state, if we as a country are ever going to get out of our current financial mess.

Why do people not volunteer as they did in the past to help others? The answer is that they need to be checked, limited by the possibility of being sued for this and that and expected to jump through hoops that are rediculous. Let me give you an example. I used to assist the scouting movement and had a certificate from three local education authorities to drive a minibus for trips. Was this OK for the Scouts? No, they wanted me to do a ten (yes ten!) day course to get their qualification. I wanted to help but I just had to walk away. Do all these RCB checks make our kids any safer? Why do we need one for each organisation or group we work with, when one national one would be sufficient. We MUST get rid of the 'Jobsworth' attitude that came in with precise target setting and destroyed initiative in our country. Then we will be on the road to recovery and not before!

Recardo Knights

14:34 PM, 17th November 2012
About 8 years ago

Hi
i agree with Devon landlord about all the red tap, RCB checks etc. We lived next door to our neighbour for 15 years who fosterd a child only 2 days old,(now adopted, took 5 years) couple of years later she had her own child. As she had split from her husband we ( husband wife and two adult daughters) used to child mind and help her out with the kids. had to have RCB checks every year for all the family. My wife worked in the schools so needed another RCB check for her job.
A couple of years ago we we told that we all had to pay£30-50 whatever for th checks to mind the neighbours kids now about 7 and 9 years old. they are part of the family now so we say no, not paying. my daughters still take the kids for days out. Regulations has replaced common sense or they see an easy way to make money.
Council canot house the homeless but the private landlord has to jump hoops and pay for everything to be just right, while the tenent gets housing benefit ( it gives them responsibilty and self worth?) but does not pay the landlord. That was a bright idear of someone on maybe £100k who has not known any hardship, may even claim for pond cleaning.
HMO, wow charge a fee, LL can buy a licence for £2000-+,and take in the people who want a room, that the LA can't find a place for.
Did you hear about the landlord (on the news recently) who ran a ''hostel'' people were happy they had a room and aplace to live.. The council said he was wrong, charged too much, and had to shut down. the council would pay £65+ per day for B&B our money. The man was in tears told the people they had to leave as the council said he was not approved. The council has now charged him with unlawfull eviction. As they should not have been there in the first place he did not give them the correct notice to vacate? These people are now under bridges or in cardboard boxes?
unemployment is still high, forget the spin doctors. I have not worked or claimed unemployment for 5 years, I also do not claim a pension. Never claimed for anything in my life. There has to be others out there not claiming so do not show up on any figures. A lot of temporary workers, and part timers are also not claiming,( till January) so everyone is in enployment? Do you know an 18-30 yeard old who still cannot find work?
BoE still says no upturn for 3 years. I don't thing they are spinning anything. We are still deep in the **** and cant see any improment because of regulations, red tape, human rights, etc all set up by people on good incomes but havent got a clue.


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