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politicalbetting.com » Blog Archive » Leader ratings 18 months before an election

SystemSystem Posts: 11,018
edited December 2013 in General

politicalbetting.com » Blog Archive » Leader ratings 18 months before an election

I thought it might be useful how Ed and Dave compare to their predecessors as Leader of the Opposition and Prime Minister, eighteen months prior to a General Election.

Read the full story here


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    NeilNeil Posts: 7,983
    Remember the heady days when IOS was predicting substantially positive ratings for Miliband by the end of last year?
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    I wonder if part of this is down to the two-party system eroding. Presumably people are more likely to rate the leaders of parties they support, and the main parties now only represent two thirds of voters between them.
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    PulpstarPulpstar Posts: 75,923
    Callaghan 77; Thatcher 81; Kinnock 85 -Miliband 13 would complete the set
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    RodCrosbyRodCrosby Posts: 7,737

    I wonder if part of this is down to the two-party system eroding. Presumably people are more likely to rate the leaders of parties they support, and the main parties now only represent two thirds of voters between them.

    Which is why L&N normalize the PM approval by dividing it by the two-party vote...
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    Seems to me that it is the relative rating of the PM versus the leader of the Opposition which should be the criteria, not the absolute level of one or the other.
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    I wonder if part of this is down to the two-party system eroding. Presumably people are more likely to rate the leaders of parties they support, and the main parties now only represent two thirds of voters between them.

    Excellent point. Miliband -23 is not really comparable with Kinnock (1985) +9 because back then the main two parties were commanding about 75% of the market, whereas at the last UK GE they commanded 65% of the market.

    Both Miliband and Cameron, have a smaller pool of voters from which to attract positive ratings, and a larger pool of voters from which to attract negative ratings, so a double whammy.

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    So the "winner's relative ratings" have been:

    -13
    +7
    -23
    +12
    +68
    +52
    -34
    +14

    And today, the PM is on +2.

    I think I can confidently predict, it could go either way!
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    So the "winner's relative ratings" have been:

    -13
    +7
    -23
    +12
    +68
    +52
    -34
    +14

    And today, the PM is on +2.

    I think I can confidently predict, it could go either way!

    What happens when you combine that with mid-term polls, do the leadership ratings reliably predict the difference between them and the actual election result?

    The assumption that the leadership ratings will matter more as the election comes closer seems quite widely shared among sensible people here. It sounds plausible, but is there any good evidence for it or is it mostly intuition?
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    foxinsoxukfoxinsoxuk Posts: 23,548
    Is it obvious? It looks to me that the figures for the PM are less predictive than the figures of the LOTO.
    tim said:

    Seems to me that it is the relative rating of the PM versus the leader of the Opposition which should be the criteria, not the absolute level of one or the other.

    Obviously
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    edmundintokyoedmundintokyo Posts: 17,150
    edited December 2013

    Is it obvious? It looks to me that the figures for the PM are less predictive than the figures of the LOTO.

    That would make sense to the extent the ratings are driven by whether the opinion polls make it look like they're going to win the election. That's likely to be much more true of the LOTO than the PM, because you can rate the PM on what they're actually doing in office, whereas the LOTO isn't in office so there are no actual successes or failures to rate them on.
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    JackWJackW Posts: 14,787
    New ARSE 2015 General Election Projection Countdown :

    1 day 2 hours 29 minutes
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    MillsyMillsy Posts: 900
    edited December 2013
    Seems to point to the government "losing" the election but the opposition not "winning", ergo another hung parliament (as with most other polling outcomes)
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    UK politics summed up in one sentence...

    it may be the case of the resistible force meets the moveable object.

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    DavidLDavidL Posts: 51,260
    I think what these tables indicate is that the net approval rating of either the LOTO or PM 18 months out is really not much of an indicator at all!

    Blair Nov 03 vs Howard Nov 03 is also an indicator that relative strengths are not much use either (although in fairness Howard came reasonably close on the popular vote, it was the distribution that sank him).

    I think looking at these figures it is those that think these ratings are useful to make their case. I am not seeing it.
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    MillsyMillsy Posts: 900

    UK politics summed up in one sentence...

    it may be the case of the resistible force meets the moveable object.

    Ah I missed that. Put much better
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    NickPalmerNickPalmer Posts: 21,333
    Edmund is clearly right that both leaders suffer from the relative unpopularity of the big parties. In addition, a lot of uncertainty among Labour voters is not dislike of Ed but uncertainty over whether Ed will win - that's why his rating soared among Labour voters (and merely bounced mildly among others) during the confident conference week.

    It's also a reason for the disconnect between leader approval and voting intention. By definition it's the more fervent Labour supporters who see politics as a team sport and worry about "are we gonna win?", and they're not going to stop voting Labour.
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    DavidLDavidL Posts: 51,260
    Presumably Gove will have seen the latest PISA figures already and presumably they are awful: http://www.telegraph.co.uk/education/educationnews/10486887/UK-pupils-languish-in-international-league-tables.html

    Gove will be on the offensive this week arguing (correctly) that our educational establishment has failed our children and that this has major long term negative implications for their earning capacity. Whether his changes will make things better is more up for grabs of course but the puncturing of the smug, self satisfied educationalist establishment is a good thing.

    It will be particularly interesting to see the results in Scotland where, as in so many areas, the SNP government has shown no interest whatsoever in challenging the institutional producer capture that Gove (and in fairness Adonis and Blair before him) is seeking to challenge in England.
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    foxinsoxukfoxinsoxuk Posts: 23,548
    It doesn't seem to have much predictive power.

    Perhaps it just shows how polarising some leaders are. Mrs T is one example, as was Foot, while centrist candidates do somewhat better.
    DavidL said:

    I think what these tables indicate is that the net approval rating of either the LOTO or PM 18 months out is really not much of an indicator at all!

    Blair Nov 03 vs Howard Nov 03 is also an indicator that relative strengths are not much use either (although in fairness Howard came reasonably close on the popular vote, it was the distribution that sank him).

    I think looking at these figures it is those that think these ratings are useful to make their case. I am not seeing it.

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    RogerRoger Posts: 18,891
    The header reminds me of Frank Muir being asked on a radio quiz "What has a Robin and a cow got in common" and he answered that they both had four legs except for the Robin which had two.

    Really unpopular Prime Ministers get re elected except for some who don't?
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    FinancierFinancier Posts: 3,916
    Pupils in England should be prepared for international education tests, the chairman of a group of hundreds of secondary schools has argued.

    The latest rankings in the Programme for International Student Assessment (Pisa) will be published on Tuesday.

    Sir John Rowling, of the Performance in Excellence (PiXL) Club, says Pisa tests are so politically important that pupils should prepare for them.

    Results for England may cue "another blast of negativity", said Sir John.

    The PiXL club is a group of some 800 schools dedicated to boosting pupils' exam performance at A-level and GCSE.......

    In an interview with the Times Educational Supplement website, Sir John criticises the government's current attitude towards the Pisa tests which are sat in reading, maths and science, every three years, by a random sample of 500,000 15-year-olds from more than 60 countries.

    The last set of rankings, published in 2010, were dominated by Asian school systems. Scandinavian countries had the best results in Europe, while scores from UK countries dropped to the middle of the table.....

    Sir John suggests that England may be losing out because other countries take the tests more seriously and do more to ensure that pupils perform well.

    The former headteacher says one solution would be to familiarise pupils with the style of the tests.

    He told BBC News that because the tests are taken by a minority of pupils they are not taken seriously and "nobody bothers".

    "It all seems so far away it doesn't seem to matter - but when politicians get hold of the results it matters a great deal."

    He added that no-one would think of entering any other exam "from driving tests to Oxbridge exams" without preparing - but says schools are "dissuaded" from preparing pupils for Pisa.

    "Maybe that's what the government wants. Maybe it's what Pisa wants too, and if everybody else is doing that, fair enough," he said.

    But unless other countries did the same "you are not comparing like with like".

    http://www.bbc.co.uk/news/education-25156701
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    JosiasJessopJosiasJessop Posts: 38,990
    DavidL said:

    Presumably Gove will have seen the latest PISA figures already and presumably they are awful: http://www.telegraph.co.uk/education/educationnews/10486887/UK-pupils-languish-in-international-league-tables.html

    Gove will be on the offensive this week arguing (correctly) that our educational establishment has failed our children and that this has major long term negative implications for their earning capacity. Whether his changes will make things better is more up for grabs of course but the puncturing of the smug, self satisfied educationalist establishment is a good thing.

    It will be particularly interesting to see the results in Scotland where, as in so many areas, the SNP government has shown no interest whatsoever in challenging the institutional producer capture that Gove (and in fairness Adonis and Blair before him) is seeking to challenge in England.

    "Education, education, education"

    Labour should hang their heads in shame.

    Gove should start by allowing headmasters more time to observe their teachers, even if it means taking on unions like the NASUWT. Currently, headmasters can only do classroom observations for three hours in a year.

    http://www.nasuwt.org.uk/Whatsnew/NASUWTNews/Nationalnewsitems/FAQsEngland/index.htm

    Can anyone defend this?
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    edmundintokyoedmundintokyo Posts: 17,150
    edited December 2013
    DavidL said:

    Presumably Gove will have seen the latest PISA figures already and presumably they are awful

    We can't say much either way until they actually publish the results. On the face of it it's not obvious that we should expect British schools to out-perform South Korean schools in maths, unless we're prepared to replace the British children they're teaching and their parents with South Koreans.
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    DavidLDavidL Posts: 51,260

    DavidL said:

    Presumably Gove will have seen the latest PISA figures already and presumably they are awful: http://www.telegraph.co.uk/education/educationnews/10486887/UK-pupils-languish-in-international-league-tables.html

    Gove will be on the offensive this week arguing (correctly) that our educational establishment has failed our children and that this has major long term negative implications for their earning capacity. Whether his changes will make things better is more up for grabs of course but the puncturing of the smug, self satisfied educationalist establishment is a good thing.

    It will be particularly interesting to see the results in Scotland where, as in so many areas, the SNP government has shown no interest whatsoever in challenging the institutional producer capture that Gove (and in fairness Adonis and Blair before him) is seeking to challenge in England.

    "Education, education, education"

    Labour should hang their heads in shame.

    Gove should start by allowing headmasters more time to observe their teachers, even if it means taking on unions like the NASUWT. Currently, headmasters can only do classroom observations for three hours in a year.

    http://www.nasuwt.org.uk/Whatsnew/NASUWTNews/Nationalnewsitems/FAQsEngland/index.htm

    Can anyone defend this?
    That is a seriously depressing page. I cannot imagine any other profession even thinking like this. Was this perhaps a result of some work to rule/industrial action? Surely this cannot be the norm.

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    SMukeshSMukesh Posts: 1,650
    He`s not doing too badly considering the big media houses constantly carp against the tiniest Labour sins and don`t criticise the government for big ones.

    But it`s notable that Labour are going on the attack on day to day issues which they weren`t doing before and Ed is more often seen on our screens.So that could help improve his ratings.
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    JosiasJessopJosiasJessop Posts: 38,990
    SMukesh said:

    He`s not doing too badly considering the big media houses constantly carp against the tiniest Labour sins and don`t criticise the government for big ones.

    But it`s notable that Labour are going on the attack on day to day issues which they weren`t doing before and Ed is more often seen on our screens.So that could help improve his ratings.

    Labour spent the first two years carping about the cuts, an argument they have utterly lost.

    And on energy, the coalition *may* be doing something to actually reduce bills, without the risk to the energy companies. Although I'd like to see more details before I say that for sure.
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    DavidLDavidL Posts: 51,260

    DavidL said:

    Presumably Gove will have seen the latest PISA figures already and presumably they are awful

    We can't say much either way until they actually publish the results. On the face of it it's not obvious that we should expect British schools to out-perform South Korean schools in maths, unless we're prepared to replace the British children they're teaching and their parents with South Koreans.
    What I expect the PISA scores to show is that the status quo is not an option. This does not mean everything Gove has tried will improve things or that he or that the DoE are the fount of all knowledge. But we cannot go on pretending that a system with 90%+ pass rates is functional.

    It means that teachers need to be held accountable for their performance, professionalism needs to be improved (see the NASUWT page below for how far that has got to go) and ways must be found to better reward and promote good teachers and good practice.

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    @DavidL: - “I think what these tables indicate is that the net approval rating of either the LOTO or PM 18 months out is really not much of an indicator at all!”

    Glad you said that, - I was also struggling to see any correlation from the figures provided.
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    Good morning, everyone.

    A handy quick summary of the 2014 new regulations is here: http://thewptformula.wordpress.com/2013/11/30/analysis-2014-general-summary/comment-page-1/#comment-247
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    rcs1000rcs1000 Posts: 53,960
    I'm noting a lack of a 'leader of the liberal party / liberal democrats 18 months before the election' chart

    #innocentface
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    FinancierFinancier Posts: 3,916

    DavidL said:

    Presumably Gove will have seen the latest PISA figures already and presumably they are awful: http://www.telegraph.co.uk/education/educationnews/10486887/UK-pupils-languish-in-international-league-tables.html

    Gove will be on the offensive this week arguing (correctly) that our educational establishment has failed our children and that this has major long term negative implications for their earning capacity. Whether his changes will make things better is more up for grabs of course but the puncturing of the smug, self satisfied educationalist establishment is a good thing.

    It will be particularly interesting to see the results in Scotland where, as in so many areas, the SNP government has shown no interest whatsoever in challenging the institutional producer capture that Gove (and in fairness Adonis and Blair before him) is seeking to challenge in England.

    "Education, education, education"

    Labour should hang their heads in shame.

    Gove should start by allowing headmasters more time to observe their teachers, even if it means taking on unions like the NASUWT. Currently, headmasters can only do classroom observations for three hours in a year.

    http://www.nasuwt.org.uk/Whatsnew/NASUWTNews/Nationalnewsitems/FAQsEngland/index.htm

    Can anyone defend this?
    Also aspiration of excellence for all pupils has to be bought back as there is too much complacency and lack of pride in schools that are very happy to see their pupils reach "average". Indeed in many schools there is quite a bit of reverse snobbery with pupils (especially those having free school meals) being told that they should not expect to go to/apply for O&C and other Russell Gp universities as it is above level/capability/station in life. I believe that such excuses are used to mask deficient and uninspirational teaching and the lack of dedication and hard work it requires.

    This is in direct contrast with people like miners etc who (leaving school at 14) previously attained such levels using evening classes and were full of aspiration to succeed and were a source of pride to their old school and community.

    I am amazed that Performance in Excellence Club has only some 800 schools - perhaps that demonstrates the problem we have today.

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    JosiasJessopJosiasJessop Posts: 38,990

    DavidL said:

    Presumably Gove will have seen the latest PISA figures already and presumably they are awful

    We can't say much either way until they actually publish the results. On the face of it it's not obvious that we should expect British schools to out-perform South Korean schools in maths, unless we're prepared to replace the British children they're teaching and their parents with South Koreans.
    Parenting has a massive part to play in this. Schools can generally only polish what parents produce; some children manage to do well despite very poor parenting, but it is much harder for them.

    And poor parenting is not just the preserve of low-income families.

    IMHO, obviously.
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    OldKingColeOldKingCole Posts: 31,977
    edited December 2013
    I seem to recall, Financier, although it's a VERY long time ago that the head of the Grammar School I attended almost NEVER visited the Biology VIth on the grounds that a) he disliked the smell b) he disliked the Head of Biology intensely, (a mutual feeling, again IIRC) and c) didn't have much opinion of the subject generally.
    I suspect the subject was only offered because some parents wanted their sons to be doctors and there was no other option!
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    Heard on the news last night the 'outrage' about the fuel poverty definition change: http://www.bbc.co.uk/news/uk-politics-25180992

    In essence, an entirely arbitrary definition has now been changed to a slightly different arbitrary definition. Fetch the pitchforks, light the torches and unleash the hounds!

    On-topic: I concur with those who find it pretty hard to find all that much of use in the figures. Maybe it'd be handy to have more data. (Economic confidence in the Government/Opposition, popularity [or lack thereof] of parties etc).
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    GeoffMGeoffM Posts: 6,071

    Heard on the news last night the 'outrage' about the fuel poverty definition change: http://www.bbc.co.uk/news/uk-politics-25180992

    In essence, an entirely arbitrary definition has now been changed to a slightly different arbitrary definition. Fetch the pitchforks, light the torches and unleash the hounds!

    On-topic: I concur with those who find it pretty hard to find all that much of use in the figures. Maybe it'd be handy to have more data. (Economic confidence in the Government/Opposition, popularity [or lack thereof] of parties etc).

    There's a "definition" for this non-existent thing in the first place? Good grief.

    The people who create this sort of nonsense have too much time on their hands.

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    Mr. M, it's not quite as deranged as 'relative poverty', which is based on having an income below a percentage of the average. So, if I were a billionaire living in a micro-state, everyone else in the micro-state might be classed as being in relative poverty. But if I left, they'd all stop being poor, despite having no more money.
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    Incidentally, Saab appears to be back from the dead: http://www.bbc.co.uk/news/business-25180698

    The Top Gear piece on the firm was one of the best in recent series. Last I heard UK demand for cars was pretty high, but in Europe (probably excepting Germany) it's still pretty low. Not sure whether now's a good time to restart the business, but Saab has/had a pretty good reputation.
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    MonksfieldMonksfield Posts: 2,203
    I think it's difficult to compare those leader favourability ratings with anything that's gone before. The scale of the credit crunch and the austerity agenda that has followed has fostered an intense sense of dissatisfaction with both main parties, that goes far beyond any anti-politics trend from the past. Despite the attempts of left and right to paint the opposition as extremist crazies, most people's experience is that from their own perspective, there is little difference between either alternative. Both appear to promote a failing global capitalist (and I use the term capitalist advisedly, because what we have is so distorted, it's barely what I understand capitalism to be) agenda that is serving a significant proportion of the people rather badly.
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    What are the corresponding leader rating 3.5 years into a parliament ?

    I suspect you'll see a big difference between Thatcher Dec81 and Thatcher Dec82.
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    Mr. M, it's not quite as deranged as 'relative poverty', which is based on having an income below a percentage of the average. So, if I were a billionaire living in a micro-state, everyone else in the micro-state might be classed as being in relative poverty. But if I left, they'd all stop being poor, despite having no more money.

    Relative povery is used to define incomes some percentage less than the median. In your case, if there was one rich family in a state, and that person moved out, relative poverty would not be affected.

    An effective way to reduce relative poverty would be as follows: Assuming you have 100 people, ordered in terms of income, you need to reduce the incomes of the people from about 40 onwards. Therefore the 100th (lowest earning) person earns the same as the 50th.
    You will have eliminated relative poverty.

    It is a bonkers definition.
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    OldKingColeOldKingCole Posts: 31,977
    Mr Dancer, I think you'll find that Fuel Poverty is approaching your relative poverty in complexity, if Wikipedia is to be believed, viz
    A new more complex deffinition of fuel poverty is now used in the UK, based on the Hills review. [4] This gave the following definition; fuel poverty is now defined as when a household’s required fuel costs are above the median level; and if they were to spend what is required, then the household would be left with a residual income below the official poverty line.
    I must say that experience locally is that people are very happy to take up offers to assist in improving the insulation of their homes.
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    Mr. Mander, I stand corrected regarding the mean/median.
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    Heard on the news last night the 'outrage' about the fuel poverty definition change: http://www.bbc.co.uk/news/uk-politics-25180992

    In essence, an entirely arbitrary definition has now been changed to a slightly different arbitrary definition. Fetch the pitchforks, light the torches and unleash the hounds!

    On-topic: I concur with those who find it pretty hard to find all that much of use in the figures. Maybe it'd be handy to have more data. (Economic confidence in the Government/Opposition, popularity [or lack thereof] of parties etc).

    I don't know why the government ever bothered having a definition for a bit of stupid political spin like "fuel poverty" in the first place. But if they insist, the new one is less dumb than the old one. If I spend more than 20% of my income on a yacht, am I in "yacht poverty"?
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    OldKingColeOldKingCole Posts: 31,977

    Heard on the news last night the 'outrage' about the fuel poverty definition change: http://www.bbc.co.uk/news/uk-politics-25180992

    In essence, an entirely arbitrary definition has now been changed to a slightly different arbitrary definition. Fetch the pitchforks, light the torches and unleash the hounds!

    On-topic: I concur with those who find it pretty hard to find all that much of use in the figures. Maybe it'd be handy to have more data. (Economic confidence in the Government/Opposition, popularity [or lack thereof] of parties etc).

    I don't know why the government ever bothered having a definition for a bit of stupid political spin like "fuel poverty" in the first place. But if they insist, the new one is less dumb than the old one. If I spend more than 20% of my income on a yacht, am I in "yacht poverty"?
    Has anyone yet defned alcohol poverty and if so has it been decided what to do about it?
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    tim said:

    David Cameron, in intellectual poverty

    Will Straw ‏@wdjstraw 11m
    Junior gov minister in FT on green u-turn: "this just makes us look inconsistent &
    opportunist ... it looks like we have no conviction."

    Dance fat boy, dance.

    Tweeting labour tweets - are you just a Labour Seal?
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    RogerRoger Posts: 18,891
    If I was in Patisserie Valerie's and someone sat at my table and started a conversation with .1 "I was reading in the Dailly Mail......" 2 You wouldn't believe it but my flat is now worth....3 I was watchingTop Gear last night......" I would immediately ask for the bill
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    Oh, very well, Mr. Roger. From now on I shall only post on more intellectual matters, such as the detail of ancient warfare and the the intricacies of the 2014 F1 regulation changes.
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    TGOHFTGOHF Posts: 21,633
    The only certainty from the figures is that Ed is crap.

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    FinancierFinancier Posts: 3,916
    Roger said:

    If I was in Patisserie Valerie's and someone sat at my table and started a conversation with .1 "I was reading in the Dailly Mail......" 2 You wouldn't believe it but my flat is now worth....3 I was watchingTop Gear last night......" I would immediately ask for the bill

    Must pass on that information to PV's (described as a haven for the self-indulgent) so that they can clear your table more quickly and accommodate more customers.
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    JackWJackW Posts: 14,787
    Roger said:

    If I was in Patisserie Valerie's and someone sat at my table and started a conversation with .1 "I was reading in the Dailly Mail......" 2 You wouldn't believe it but my flat is now worth....3 I was watchingTop Gear last night......" I would immediately ask for the bill

    Don't forget a decent tip ....

    Vote Coalition !!

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    CD13CD13 Posts: 6,351
    Roger,

    "I would immediately ask for the bill."

    I suspect you represent the modern Labour Party.
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    RogerRoger Posts: 18,891
    @MD

    "Oh, very well, Mr. Roger. From now on I shall only post on more intellectual matters, such as the detail of ancient warfare and the the intricacies of the 2014 F1 regulation changes."

    That would be very welcome.
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    richardDoddrichardDodd Posts: 5,472
    edited December 2013
    I am amazed that woger knows someone who lives in a flat...and usually one's manservant settles the bill.
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    RogerRoger Posts: 18,891
    @CD

    "i suspect you represent the modern Labour Party"

    That would be nice. I have a feeling that Blair might have failed on all of those tests which is why I'm starting to warm to Ed who almost certainly wouldn't
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    Mr. Roger, on that note, the narrowing of the front wing could actually have a fairly substantial impact. At the moment (well, in this year's season) the front wing was basically as wide as the car. This meant airflow could be diverted around the wheels (which are tricky aerodynamically because you can't stop them being round). However, the anrrowing means this will either be harder or plain impossible.

    Interestingly, teams will have fixed gear ratios for the season, with a single opportunity to change them (unsure if this is at a specific pre-determined point or whenever a team wants to). This matters because short gears mean, I think, faster acceleration out of corners but a lower top speed, which can seriously impede overtaking (cf Spain in 2010 or 2011 when Hamilton just couldn't pass Vettel on the straight because his car had gears which were too short). It also means teams not at the sharp end could gear specifically to suit a smaller number of circuits. That might sound stupid, but it would give them a better chance and an advantage at such circuits. Given the skewed, top heavy nature of the points structure, it's better to get a single 5th place finish than four 9th places.
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    JonathanDJonathanD Posts: 2,400
    edited December 2013
    Another good month for manufacturing, with the UKs PMI comfortably the highest in Europe (France now has the lowest EU manufacturing PMI.


    "November saw the already solid upturn in the UK manufacturing sector gain further momentum. At 58.4, from an upwardly revised reading of 56.5 in October, the seasonally adjusted Markit/CIPS Purchasing Manager’s Index® (PMI®) rose to its highest level since February 2011. Moreover, the PMI has signalled expansion for eight months running.

    The improved performance of the sector largely reflected substantial increases in both
    manufacturing production and new orders, with rates of growth in both at, or near to, 19-year highs.

    The ongoing recovery at manufacturers encouraged further job creation in November.

    Employment rose for the seventh consecutive month, with the rate of increase accelerating to a two-and-a-half year record.

    The sector is on course to beat the 0.9% increase in output seen in the third quarter, with the quarterly pace of growth so far in the final quarter tracking comfortably above the 1.0% mark"

    http://www.markiteconomics.com/Survey/PressRelease.mvc/be38e62ac89f4fc1a3c0079f1a4050f4
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    Markit Economics ‏@MarkitEconomics 49m
    France Manufacturing #PMI drops to five-month low of 48.4 in Nov, from 49.1 in Oct http://bit.ly/1ba6QIo

    Well done Ed's Mate..
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    JonathanDJonathanD Posts: 2,400

    Markit Economics ‏@MarkitEconomics 49m
    France Manufacturing #PMI drops to five-month low of 48.4 in Nov, from 49.1 in Oct http://bit.ly/1ba6QIo

    Well done Ed's Mate..


    Worst in Europe too. Thank goodness we have Cameron and Osborne running the show over here.

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    isamisam Posts: 40,921
    4/6 lib Dems to bt ukip in GE 2015 vote share... Offered on a political betting website.... And no takers?...
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    JonathanD said:

    Markit Economics ‏@MarkitEconomics 49m
    France Manufacturing #PMI drops to five-month low of 48.4 in Nov, from 49.1 in Oct http://bit.ly/1ba6QIo

    Well done Ed's Mate..


    Worst in Europe too. Thank goodness we have Cameron and Osborne running the show over here.

    France is quickly becoming the new sick man of Europe...
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    PulpstarPulpstar Posts: 75,923
    PM
    __

    +ve
    Win
    Lose
    Win

    -ve
    Lose
    Win
    ?
    Win
    N/A (Change leader)
    Win
    Lose


    Opp
    ___

    +ve
    Win
    Lose
    Lose
    Win
    Win
    Lose

    -ve
    ?
    Lose
    Lose
    Lose
  • Options
    JonathanDJonathanD Posts: 2,400
    edited December 2013

    JonathanD said:

    Markit Economics ‏@MarkitEconomics 49m
    France Manufacturing #PMI drops to five-month low of 48.4 in Nov, from 49.1 in Oct http://bit.ly/1ba6QIo

    Well done Ed's Mate..


    Worst in Europe too. Thank goodness we have Cameron and Osborne running the show over here.

    France is quickly becoming the new sick man of Europe...

    Ed speaks great truth - I'm sure he wouldn't dump his bestest friend Hollande, just because it might be a bit difficult politically.

    "Mr Miliband disclosed that he had struck up a “very warm” relationship with Mr Hollande, when the pair met in London in February.

    “We got on extremely well,” the Labour leader told The Daily Telegraph, when asked about his meeting with the French President-elect.

    “He’s a very serious person. I think he is focused on the job in hand.

    "We talked about growth and austerity in Europe and how we can tilt the direction of where Europe is going. I think that’s important.

    Mr Miliband spoke again to Mr Hollande on Thursday and the pair expect to meet again in the coming weeks.

    “I think it’s a significant moment,” he said. “What does the Left have to prove across Europe and indeed in Britain?

    “There are always going to be difficult decisions that you have to make. But the question is, is Europe going to grow, is Britain going to grow, or are we just going to be stuck in recession, flat-lining economy and austerity?”

    http://www.telegraph.co.uk/news/politics/ed-miliband/9259475/Ed-Miliband-plans-a-new-Europe-with-Francois-Hollande.html
  • Options
    FinancierFinancier Posts: 3,916
    This morning GBP crosses$1.64 and GBP crosses Euro 1.21.
  • Options
    richardDoddrichardDodd Posts: 5,472
    The usual Flatliners are very quiet today...
  • Options
    FinancierFinancier Posts: 3,916
  • Options
    foxinsoxukfoxinsoxuk Posts: 23,548
    Paris in the summer reminded me of London in the Seventies. Dirty, rude, living on past glories and having lost its place in the world.

    Who will be the French Maggie? If ever a nother country needed one, France is it.

    JonathanD said:

    Markit Economics ‏@MarkitEconomics 49m
    France Manufacturing #PMI drops to five-month low of 48.4 in Nov, from 49.1 in Oct http://bit.ly/1ba6QIo

    Well done Ed's Mate..


    Worst in Europe too. Thank goodness we have Cameron and Osborne running the show over here.

    France is quickly becoming the new sick man of Europe...
  • Options
    @isam If I can back the Lib Dems at 4/6 to beat UKIP, I'll take some of that. What stakes would you allow me?
  • Options
    rcs1000rcs1000 Posts: 53,960
    isam said:

    4/6 lib Dems to bt ukip in GE 2015 vote share... Offered on a political betting website.... And no takers?...

    Those odds aren't very generous. I would be very surprised in the Libs beat - say - 14% at the next electon. And I'd be very surprised if UKIP was below 8%. So, 4/6 is about right.

    If you're desperate for someone to take the other side of that bet, I'm happy to take 7/9 - any size you like
  • Options
    eekeek Posts: 24,973

    Paris in the summer reminded me of London in the Seventies. Dirty, rude, living on past glories and having lost its place in the world.

    Who will be the French Maggie? If ever a nother country needed one, France is it.

    My guess is that Marine Le Pen will either win or be a close second next time around....
  • Options
    DavidLDavidL Posts: 51,260
    JonathanD said:

    Another good month for manufacturing, with the UKs PMI comfortably the highest in Europe (France now has the lowest EU manufacturing PMI.


    "November saw the already solid upturn in the UK manufacturing sector gain further momentum. At 58.4, from an upwardly revised reading of 56.5 in October, the seasonally adjusted Markit/CIPS Purchasing Manager’s Index® (PMI®) rose to its highest level since February 2011. Moreover, the PMI has signalled expansion for eight months running.

    The improved performance of the sector largely reflected substantial increases in both
    manufacturing production and new orders, with rates of growth in both at, or near to, 19-year highs.

    The ongoing recovery at manufacturers encouraged further job creation in November.

    Employment rose for the seventh consecutive month, with the rate of increase accelerating to a two-and-a-half year record.

    The sector is on course to beat the 0.9% increase in output seen in the third quarter, with the quarterly pace of growth so far in the final quarter tracking comfortably above the 1.0% mark"

    http://www.markiteconomics.com/Survey/PressRelease.mvc/be38e62ac89f4fc1a3c0079f1a4050f4

    No, no, no. It's all a housing bubble built on rising and unsustainable consumer debt. Didn't you get the tweet?

    And unemployment is soaring- just ask Danny Blanchflower.
  • Options
    isamisam Posts: 40,921
    antifrank said:

    @isam If I can back the Lib Dems at 4/6 to beat UKIP, I'll take some of that. What stakes would you allow me?

    I just thought a friendly £100 for the first five people interested...

    I see rcs is complaining that the most generous odds anywhere on earth aren't good enough, despite everyonè who commented on the relevant thread saying Lib Dems would hose up... Some people!
  • Options
    eek said:

    Paris in the summer reminded me of London in the Seventies. Dirty, rude, living on past glories and having lost its place in the world.

    Who will be the French Maggie? If ever a nother country needed one, France is it.

    My guess is that Marine Le Pen will either win or be a close second next time around....
    Somehow I don't think she'd be the person to drive though economically liberal reforms...
  • Options
    Somewhere I think I just heard the sound of John Loony exploding...
  • Options

    Paris in the summer reminded me of London in the Seventies. Dirty, rude, living on past glories and having lost its place in the world.

    Who will be the French Maggie? If ever a nother country needed one, France is it.

    JonathanD said:

    Markit Economics ‏@MarkitEconomics 49m
    France Manufacturing #PMI drops to five-month low of 48.4 in Nov, from 49.1 in Oct http://bit.ly/1ba6QIo

    Well done Ed's Mate..


    Worst in Europe too. Thank goodness we have Cameron and Osborne running the show over here.

    France is quickly becoming the new sick man of Europe...
    Sounds pretty much like Paris through the ages.

  • Options
    rcs1000rcs1000 Posts: 53,960

    Paris in the summer reminded me of London in the Seventies. Dirty, rude, living on past glories and having lost its place in the world.

    Who will be the French Maggie? If ever a nother country needed one, France is it.

    JonathanD said:

    Markit Economics ‏@MarkitEconomics 49m
    France Manufacturing #PMI drops to five-month low of 48.4 in Nov, from 49.1 in Oct http://bit.ly/1ba6QIo

    Well done Ed's Mate..


    Worst in Europe too. Thank goodness we have Cameron and Osborne running the show over here.

    France is quickly becoming the new sick man of Europe...
    56.

    That is the number that could tear the European Union apart.

    56 is the percentage of French GDP accounted for government spending. We, by the way, are at 47%, and falling.

    Across Europe, everyone is seeing government spending as a percentage of GDP fall. We are, the Greeks, the Italians, the Spanish, the Irish, the Portuguese... In fact, Spanish government spending as a percentage of GDP has fallen by 5%.

    Everyone, in fact, has cut spending except the French. Government spending continues to rise, while the population complains about (utterly non-existant) austerity.

    Now, there are two ways this can go. Either the French can do what the Scandanavians did at the beginning of the 1990s, or we did in the early 1980s, or - indeed - what Germany did in the early 2000s. That is, cutting government spending and freeing up the labour market.

    Or it can try and cling to the idea that the state can provide.

    Personal view; if Hollande follows Mitterand (or Schroder) and becomes a Socialist leader who cuts spending and frees up the labour market, then France - and by association - the European Union will have a pretty good time between now and 2020. If, on the other hand, his statist tendencies prevail, then I think the whole EU and Eurozone could unwind.
  • Options
    Financier said:

    This morning GBP crosses$1.64 and GBP crosses Euro 1.21.

    Markets anticipating an interest rate rise sooner rather than later? A soaring pound is not good news right now.

  • Options
    eekeek Posts: 24,973

    eek said:

    Paris in the summer reminded me of London in the Seventies. Dirty, rude, living on past glories and having lost its place in the world.

    Who will be the French Maggie? If ever a nother country needed one, France is it.

    My guess is that Marine Le Pen will either win or be a close second next time around....
    Somehow I don't think she'd be the person to drive though economically liberal reforms...
    True, but I can't imagine anyone from within the French Political elite even seeing the problem let alone what needed to be done to fixed it.

    We complain about the Oxbridge PPE mafia in British Politics. That's nothing compared to the École nationale d'administration
  • Options
    DavidLDavidL Posts: 51,260
    rcs1000 said:

    Paris in the summer reminded me of London in the Seventies. Dirty, rude, living on past glories and having lost its place in the world.

    Who will be the French Maggie? If ever a nother country needed one, France is it.

    JonathanD said:

    Markit Economics ‏@MarkitEconomics 49m
    France Manufacturing #PMI drops to five-month low of 48.4 in Nov, from 49.1 in Oct http://bit.ly/1ba6QIo

    Well done Ed's Mate..


    Worst in Europe too. Thank goodness we have Cameron and Osborne running the show over here.

    France is quickly becoming the new sick man of Europe...
    56.

    That is the number that could tear the European Union apart.

    56 is the percentage of French GDP accounted for government spending. We, by the way, are at 47%, and falling.

    Across Europe, everyone is seeing government spending as a percentage of GDP fall. We are, the Greeks, the Italians, the Spanish, the Irish, the Portuguese... In fact, Spanish government spending as a percentage of GDP has fallen by 5%.

    Everyone, in fact, has cut spending except the French. Government spending continues to rise, while the population complains about (utterly non-existant) austerity.

    Now, there are two ways this can go. Either the French can do what the Scandanavians did at the beginning of the 1990s, or we did in the early 1980s, or - indeed - what Germany did in the early 2000s. That is, cutting government spending and freeing up the labour market.

    Or it can try and cling to the idea that the state can provide.

    Personal view; if Hollande follows Mitterand (or Schroder) and becomes a Socialist leader who cuts spending and frees up the labour market, then France - and by association - the European Union will have a pretty good time between now and 2020. If, on the other hand, his statist tendencies prevail, then I think the whole EU and Eurozone could unwind.
    What France is providing is a handy and real time demonstration of what the consequences of Ballsian economics would have been. He claims the government here cut too far, too fast and as a result we flatlined for 2 years. France shows what the benefit of that further stimulus would have been: extremely negative.



  • Options
    isam said:

    antifrank said:

    @isam If I can back the Lib Dems at 4/6 to beat UKIP, I'll take some of that. What stakes would you allow me?

    I just thought a friendly £100 for the first five people interested...

    I see rcs is complaining that the most generous odds anywhere on earth aren't good enough, despite everyonè who commented on the relevant thread saying Lib Dems would hose up... Some people!
    I think it's very handsome of you and I'll take £100 at 4/6 - thank you!
  • Options
    DavidLDavidL Posts: 51,260
    isam said:

    4/6 lib Dems to bt ukip in GE 2015 vote share... Offered on a political betting website.... And no takers?...

    I would take £50 of that.

  • Options
    isamisam Posts: 40,921
    antifrank said:

    isam said:

    antifrank said:

    @isam If I can back the Lib Dems at 4/6 to beat UKIP, I'll take some of that. What stakes would you allow me?

    I just thought a friendly £100 for the first five people interested...

    I see rcs is complaining that the most generous odds anywhere on earth aren't good enough, despite everyonè who commented on the relevant thread saying Lib Dems would hose up... Some people!
    I think it's very handsome of you and I'll take £100 at 4/6 - thank you!
    Thankyou! £100 you have

    @DavidL you have £50@4/6
  • Options
    SouthamObserverSouthamObserver Posts: 38,930
    edited December 2013
    DavidL said:

    rcs1000 said:

    Paris in the summer reminded me of London in the Seventies. Dirty, rude, living on past glories and having lost its place in the world.

    Who will be the French Maggie? If ever a nother country needed one, France is it.

    JonathanD said:

    Markit Economics ‏@MarkitEconomics 49m
    France Manufacturing #PMI drops to five-month low of 48.4 in Nov, from 49.1 in Oct http://bit.ly/1ba6QIo

    Well done Ed's Mate..


    Worst in Europe too. Thank goodness we have Cameron and Osborne running the show over here.

    France is quickly becoming the new sick man of Europe...
    56.

    That is the number that could tear the European Union apart.

    56 is the percentage of French GDP accounted for government spending. We, by the way, are at 47%, and falling.

    Across Europe, everyone is seeing government spending as a percentage of GDP fall. We are, the Greeks, the Italians, the Spanish, the Irish, the Portuguese... In fact, Spanish government spending as a percentage of GDP has fallen by 5%.

    Everyone, in fact, has cut spending except the French. Government spending continues to rise, while the population complains about (utterly non-existant) austerity.

    Now, there are two ways this can go. Either the French can do what the Scandanavians did at the beginning of the 1990s, or we did in the early 1980s, or - indeed - what Germany did in the early 2000s. That is, cutting government spending and freeing up the labour market.

    Or it can try and cling to the idea that the state can provide.

    Personal view; if Hollande follows Mitterand (or Schroder) and becomes a Socialist leader who cuts spending and frees up the labour market, then France - and by association - the European Union will have a pretty good time between now and 2020. If, on the other hand, his statist tendencies prevail, then I think the whole EU and Eurozone could unwind.
    What France is providing is a handy and real time demonstration of what the consequences of Ballsian economics would have been. He claims the government here cut too far, too fast and as a result we flatlined for 2 years. France shows what the benefit of that further stimulus would have been: extremely negative.

    France has no control over fiscal policy, so no quantative easing for them. We did flatline and stopped doing so when the government eased up on the austerity and reconfigured its deficit reduction targets.

  • Options
    JonathanDJonathanD Posts: 2,400

    Financier said:

    This morning GBP crosses$1.64 and GBP crosses Euro 1.21.

    Markets anticipating an interest rate rise sooner rather than later? A soaring pound is not good news right now.


    We had a large depreciation in 2008 and other than soaring inflation, I'm not sure that it had much benefit for the UK - certainly we did not see much export increase. Probably because most of what we export is not that price sensitive and depends on longer term relationships and fitting into existing supply chains. All of which require sustained work and government trade help.

    If anything the soaring pound will help reduce inflation and deal with Ed's cost of living crisis.

  • Options
    Very off topic but current: BBC Breakfast News should not have interviewed the grieving father of a person missing following the helicopter crash. He no doubt agreed to the interview, but he was in no fit state to be interviewed. This was just prurience and the BBC should be ashamed of this editorial decision.
  • Options
    JonathanD said:

    Financier said:

    This morning GBP crosses$1.64 and GBP crosses Euro 1.21.

    Markets anticipating an interest rate rise sooner rather than later? A soaring pound is not good news right now.


    We had a large depreciation in 2008 and other than soaring inflation, I'm not sure that it had much benefit for the UK - certainly we did not see much export increase. Probably because most of what we export is not that price sensitive and depends on longer term relationships and fitting into existing supply chains. All of which require sustained work and government trade help.

    If anything the soaring pound will help reduce inflation and deal with Ed's cost of living crisis.

    We are seeing an export rise now, aren't we? Manufacturing seems to be on the up and I suspect a lot of that is going out of the country (though I could be wrong). It would be great to get to a situation where a rising pound does not have too much of an impact, and in some service areas that is no doubt the case, but I suspect that in many sectors pricing is pretty key right now.
  • Options
    DavidLDavidL Posts: 51,260

    DavidL said:

    rcs1000 said:

    Paris in the summer reminded me of London in the Seventies. Dirty, rude, living on past glories and having lost its place in the world.

    Who will be the French Maggie? If ever a nother country needed one, France is it.

    JonathanD said:

    Markit Economics ‏@MarkitEconomics 49m
    France Manufacturing #PMI drops to five-month low of 48.4 in Nov, from 49.1 in Oct http://bit.ly/1ba6QIo

    Well done Ed's Mate..


    Worst in Europe too. Thank goodness we have Cameron and Osborne running the show over here.

    France is quickly becoming the new sick man of Europe...
    56.

    That is the number that could tear the European Union apart.

    56 is the percentage of French GDP accounted for government spending. We, by the way, are at 47%, and falling.

    Across Europe, everyone is seeing government spending as a percentage of GDP fall. We are, the Greeks, the Italians, the Spanish, the Irish, the Portuguese... In fact, Spanish government spending as a percentage of GDP has fallen by 5%.

    Everyone, in fact, has cut spending except the French. Government spending continues to rise, while the population complains about (utterly non-existant) austerity.

    Now, there are two ways this can go. Either the French can do what the Scandanavians did at the beginning of the 1990s, or we did in the early 1980s, or - indeed - what Germany did in the early 2000s. That is, cutting government spending and freeing up the labour market.

    Or it can try and cling to the idea that the state can provide.

    Personal view; if Hollande follows Mitterand (or Schroder) and becomes a Socialist leader who cuts spending and frees up the labour market, then France - and by association - the European Union will have a pretty good time between now and 2020. If, on the other hand, his statist tendencies prevail, then I think the whole EU and Eurozone could unwind.
    What France is providing is a handy and real time demonstration of what the consequences of Ballsian economics would have been. He claims the government here cut too far, too fast and as a result we flatlined for 2 years. France shows what the benefit of that further stimulus would have been: extremely negative.

    France has no control over fiscal policy, so no quantative easing for them. We did flatline and stopped doing so when the government eased up on the austerity and reconfigured its deficit reduction targets.

    I think you mean monetary policy. Unfortunately or fortunately France does have control over fiscal policy which is why you hear French spoken quite so often in posh London restaurants.

    Having put that cheap shot on the record I would agree they have been incapable of choosing on their own account to have QE but I am still far from sure what effect that had on our economy. It seems to me that the BoE somehow largely sterilised its effects.

    I do recall commenting on here about 18 months ago that George was taking a year off deficit reduction and it is true the deficit remained at about 120bn for a significant period but I think we will see this week that we are back on the downward path again and that, if anything, it is somewhat steeper than it was before.
  • Options
    DavidL said:

    DavidL said:

    rcs1000 said:

    Paris in the summer reminded me of London in the Seventies. Dirty, rude, living on past glories and having lost its place in the world.

    Who will be the French Maggie? If ever a nother country needed one, France is it.

    JonathanD said:

    Markit Economics ‏@MarkitEconomics 49m
    France Manufacturing #PMI drops to five-month low of 48.4 in Nov, from 49.1 in Oct http://bit.ly/1ba6QIo

    Well done Ed's Mate..


    Worst in Europe too. Thank goodness we have Cameron and Osborne running the show over here.

    France is quickly becoming the new sick man of Europe...
    56.

    That is the number that could tear the European Union apart.

    56 is the percentage of French GDP accounted for government spending. We, by the way, are at 47%, and falling.

    Across Europe, everyone is seeing government spending as a percentage of GDP fall. We are, the Greeks, the Italians, the Spanish, the Irish, the Portuguese... In fact, Spanish government spending as a percentage of GDP has fallen by 5%.

    Everyone, in fact, has cut spending except the French. Government spending continues to rise, while the population complains about (utterly non-existant) austerity.

    Now, there are two ways this can go. Either the French can do what the Scandanavians did at the beginning of the 1990s, or we did in the early 1980s, or - indeed - what Germany did in the early 2000s. That is, cutting government spending and freeing up the labour market.

    Or it can try and cling to the idea that the state can provide.

    Personal view; if Hollande follows Mitterand (or Schroder) and becomes a Socialist leader who cuts spending and frees up the labour market, then France - and by association - the European Union will have a pretty good time between now and 2020. If, on the other hand, his statist tendencies prevail, then I think the whole EU and Eurozone could unwind.
    What France is providing is a handy and real time demonstration of what the consequences of Ballsian economics would have been. He claims the government here cut too far, too fast and as a result we flatlined for 2 years. France shows what the benefit of that further stimulus would have been: extremely negative.

    France has no control over fiscal policy, so no quantative easing for them. We did flatline and stopped doing so when the government eased up on the austerity and reconfigured its deficit reduction targets.

    I think you mean monetary policy. Unfortunately or fortunately France does have control over fiscal policy which is why you hear French spoken quite so often in posh London restaurants.

    Having put that cheap shot on the record I would agree they have been incapable of choosing on their own account to have QE but I am still far from sure what effect that had on our economy. It seems to me that the BoE somehow largely sterilised its effects.

    I do recall commenting on here about 18 months ago that George was taking a year off deficit reduction and it is true the deficit remained at about 120bn for a significant period but I think we will see this week that we are back on the downward path again and that, if anything, it is somewhat steeper than it was before.

    Sorry - monetary.

    Yes, a lightening of the austerity programme has fed through to the deficit. Classic Keynes.

  • Options
    DavidLDavidL Posts: 51,260
    antifrank said:

    Very off topic but current: BBC Breakfast News should not have interviewed the grieving father of a person missing following the helicopter crash. He no doubt agreed to the interview, but he was in no fit state to be interviewed. This was just prurience and the BBC should be ashamed of this editorial decision.

    Agreed. There is far too much of this. Why the bereaved are put under constant pressure to perform at press conferences is really beyond me.
  • Options
    fitalassfitalass Posts: 4,279
    You beat me to it with that response, the current situation in France is certainly showing us just how disastrous another Labour term would have been for the UK economy.
    DavidL said:

    rcs1000 said:

    Paris in the summer reminded me of London in the Seventies. Dirty, rude, living on past glories and having lost its place in the world.

    Who will be the French Maggie? If ever a nother country needed one, France is it.

    JonathanD said:

    Markit Economics ‏@MarkitEconomics 49m
    France Manufacturing #PMI drops to five-month low of 48.4 in Nov, from 49.1 in Oct http://bit.ly/1ba6QIo

    Well done Ed's Mate..


    Worst in Europe too. Thank goodness we have Cameron and Osborne running the show over here.

    France is quickly becoming the new sick man of Europe...
    56.

    That is the number that could tear the European Union apart.

    56 is the percentage of French GDP accounted for government spending. We, by the way, are at 47%, and falling.

    Across Europe, everyone is seeing government spending as a percentage of GDP fall. We are, the Greeks, the Italians, the Spanish, the Irish, the Portuguese... In fact, Spanish government spending as a percentage of GDP has fallen by 5%.

    Everyone, in fact, has cut spending except the French. Government spending continues to rise, while the population complains about (utterly non-existant) austerity.

    Now, there are two ways this can go. Either the French can do what the Scandanavians did at the beginning of the 1990s, or we did in the early 1980s, or - indeed - what Germany did in the early 2000s. That is, cutting government spending and freeing up the labour market.

    Or it can try and cling to the idea that the state can provide.

    Personal view; if Hollande follows Mitterand (or Schroder) and becomes a Socialist leader who cuts spending and frees up the labour market, then France - and by association - the European Union will have a pretty good time between now and 2020. If, on the other hand, his statist tendencies prevail, then I think the whole EU and Eurozone could unwind.
    What France is providing is a handy and real time demonstration of what the consequences of Ballsian economics would have been. He claims the government here cut too far, too fast and as a result we flatlined for 2 years. France shows what the benefit of that further stimulus would have been: extremely negative.



  • Options
    JonathanDJonathanD Posts: 2,400
    DavidL said:




    I do recall commenting on here about 18 months ago that George was taking a year off deficit reduction and it is true the deficit remained at about 120bn for a significant period but I think we will see this week that we are back on the downward path again and that, if anything, it is somewhat steeper than it was before.


    He carried on with his cuts in that spending, excluding the automatic stabilizer social security payments went down, but the deficit failed to move because tax income never went up as fast as expected - mainly due to europe's malaise. The current recovery isn't due to a fiscal stimulus.
  • Options
    DavidLDavidL Posts: 51,260

    DavidL said:

    DavidL said:

    rcs1000 said:

    Paris in the summer reminded me of London in the Seventies. Dirty, rude, living on past glories and having lost its place in the world.

    Who will be the French Maggie? If ever a nother country needed one, France is it.

    JonathanD said:

    Markit Economics ‏@MarkitEconomics 49m
    France Manufacturing #PMI drops to five-month low of 48.4 in Nov, from 49.1 in Oct http://bit.ly/1ba6QIo

    Well done Ed's Mate..


    Worst in Europe too. Thank goodness we have Cameron and Osborne running the show over here.

    France is quickly becoming the new sick man of Europe...
    .
    What France is providing is a handy and real time demonstration of what the consequences of Ballsian economics would have been. He claims the government here cut too far, too fast and as a result we flatlined for 2 years. France shows what the benefit of that further stimulus would have been: extremely negative.

    France has no control over fiscal policy, so no quantative easing for them. We did flatline and stopped doing so when the government eased up on the austerity and reconfigured its deficit reduction targets.

    I think you mean monetary policy. Unfortunately or fortunately France does have control over fiscal policy which is why you hear French spoken quite so often in posh London restaurants.

    Having put that cheap shot on the record I would agree they have been incapable of choosing on their own account to have QE but I am still far from sure what effect that had on our economy. It seems to me that the BoE somehow largely sterilised its effects.

    I do recall commenting on here about 18 months ago that George was taking a year off deficit reduction and it is true the deficit remained at about 120bn for a significant period but I think we will see this week that we are back on the downward path again and that, if anything, it is somewhat steeper than it was before.

    Sorry - monetary.

    Yes, a lightening of the austerity programme has fed through to the deficit. Classic Keynes.

    A deficit of £10bn a month is indeed Keynes on speed, a level of support he would never have dreamed of. I think as far as stimulus was concerned far too much was focussed on modest changes in the relative level of support and not nearly enough in the quantative level of that support. But that is politicians for you (of all stripes).

    We need to taper that support very quickly or we will simply never be able to pay it back.
  • Options
    PulpstarPulpstar Posts: 75,923
    Wonder how Mr Looney is reacting to today's news Re Tom Daley ;)
  • Options
    Tom Daley is to be congratulated. It's really important that young guys struggling with their sexuality see people who are comfortable with theirs.
  • Options
    hucks67hucks67 Posts: 758
    I suspect very few politicians have positive ratings. Since the expenses scandal, I think most people think they are just in it for the money and not really there to represent their constituents.
  • Options
    DavidLDavidL Posts: 51,260
    JonathanD said:

    DavidL said:




    I do recall commenting on here about 18 months ago that George was taking a year off deficit reduction and it is true the deficit remained at about 120bn for a significant period but I think we will see this week that we are back on the downward path again and that, if anything, it is somewhat steeper than it was before.


    He carried on with his cuts in that spending, excluding the automatic stabilizer social security payments went down, but the deficit failed to move because tax income never went up as fast as expected - mainly due to europe's malaise. The current recovery isn't due to a fiscal stimulus.
    The fiscal stimulus provided by the government is massive. We have gone from £10bn a month of additional demand being pumped into the economy to £9bn a month. The only reasonable inference is that without that level of support our economy would still collapse completely.

    So it is not a new fiscal stimulus. It is simply a continuation of the fiscal stimulus that peaked in 2008/9 and has been running ever since. This is why I do not agree with SO about the consequences of reducing austerity measures. The reason we flatlinned was not a lack of stimulus or "austerity". It was because there was no credit available in the economy to create additional demand or investment and no export markets available that we were capable of exploiting either.

    The improving flow of credit is by far the biggest factor in the present recovery.
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    Back on topic, just re-asking a question people have asked up-thread in case anyone's missed it:

    Can anyone defend the proposition that leader ratings are a useful predictor of general election results?
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    isamisam Posts: 40,921
    Pulpstar said:

    Wonder how Mr Looney is reacting to today's news Re Tom Daley ;)

    Probably in the same way that I did when I woke up and discovered today was Monday... was this "news" in any doubt? All I (thought) I knew about Tom Daley was he was a gay bloke who was a diver... turns out I was guessing!

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    richardDoddrichardDodd Posts: 5,472
    edited December 2013
    DavidL/AFrank .. When I was a young newscameraman I would refuse to film or interview grievng relatives, particularly those of Soldiers killed in Ireland, and there seemed to be lots of them.. I would offer to let the News Producer come along and do it himself/herself ....I would show him/her which buttons to press..none of them took up the invite.It is intrusive and unnacceptable behaviour.
    I was never disciplined for doing what I did.
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    DavidL said:

    JonathanD said:

    DavidL said:




    I do recall commenting on here about 18 months ago that George was taking a year off deficit reduction and it is true the deficit remained at about 120bn for a significant period but I think we will see this week that we are back on the downward path again and that, if anything, it is somewhat steeper than it was before.


    He carried on with his cuts in that spending, excluding the automatic stabilizer social security payments went down, but the deficit failed to move because tax income never went up as fast as expected - mainly due to europe's malaise. The current recovery isn't due to a fiscal stimulus.
    The fiscal stimulus provided by the government is massive. We have gone from £10bn a month of additional demand being pumped into the economy to £9bn a month. The only reasonable inference is that without that level of support our economy would still collapse completely.

    So it is not a new fiscal stimulus. It is simply a continuation of the fiscal stimulus that peaked in 2008/9 and has been running ever since. This is why I do not agree with SO about the consequences of reducing austerity measures. The reason we flatlinned was not a lack of stimulus or "austerity". It was because there was no credit available in the economy to create additional demand or investment and no export markets available that we were capable of exploiting either.

    The improving flow of credit is by far the biggest factor in the present recovery.

    Credit for who? Certainly not to SMEs.

    But either way, we are talking about something that is not available to the French. So unless you think Labour would not have continued with quantative easing there really can be no comparison with what is happening over there.

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    JonathanDJonathanD Posts: 2,400
    tim said:

    @BBCMarkEaston: While median household incomes for retired people ROSE 5.1% in real terms during downturn, they FELL 6.4% for non-retired @ONS

    Osborne stoking up house prices and protecting all pensioner benefits, what a good idea

    Hmm, stagnating median incomes even before the recession. Looks like Labour's cost of living crisis started while they were in power.


    "Between 1995/96 and 2004/05, UK median household income grew at an average rate of 3.7% per year, faster than GDP per person, which grew at 2.9% per year. However, while GDP per person continued to grow at similar rates between 2004/05 and 2007/08, growth of median household income slowed to a fifth of its previous rate in the years immediately before the start of the economic downturn.


    Between 2007/08 and 2011/12, average income from employment and investments for the middle fifth of non-retired households fell from £37,900 to £32,600.

    Cash benefits for the middle fifth of non-retired households rose from £3,100 to £4,600 between 2007/08 and 2011/12. As a result, the average proportion of gross income coming from cash benefits increased from 7.6% to 12.3% for this group.

    Average direct taxes paid by the middle fifth of non-retired households have fallen from £8,700 in 2007/08 to £6,800 in 2011/12. As a percentage of gross income, this is equivalent to a fall from 21.1% to 18.3%. "

    http://www.ons.gov.uk/ons/dcp171776_341133.pdf
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    DavidL said:

    JonathanD said:

    DavidL said:




    I do recall commenting on here about 18 months ago that George was taking a year off deficit reduction and it is true the deficit remained at about 120bn for a significant period but I think we will see this week that we are back on the downward path again and that, if anything, it is somewhat steeper than it was before.


    He carried on with his cuts in that spending, excluding the automatic stabilizer social security payments went down, but the deficit failed to move because tax income never went up as fast as expected - mainly due to europe's malaise. The current recovery isn't due to a fiscal stimulus.
    The fiscal stimulus provided by the government is massive. We have gone from £10bn a month of additional demand being pumped into the economy to £9bn a month. The only reasonable inference is that without that level of support our economy would still collapse completely.

    So it is not a new fiscal stimulus. It is simply a continuation of the fiscal stimulus that peaked in 2008/9 and has been running ever since. This is why I do not agree with SO about the consequences of reducing austerity measures. The reason we flatlinned was not a lack of stimulus or "austerity". It was because there was no credit available in the economy to create additional demand or investment and no export markets available that we were capable of exploiting either.

    The improving flow of credit is by far the biggest factor in the present recovery.

    Credit for who? Certainly not to SMEs.

    But either way, we are talking about something that is not available to the French. So unless you think Labour would not have continued with quantative easing there really can be no comparison with what is happening over there.

    Oh come on SO. Ed made great play of Hollandes election to power, and how it was going to provide an alternative narrative. If Hollande had proved a success, do you really think labour wouldn't have made capital out of it?

This discussion has been closed.