“Weak growth is depriving the UK of vital tax income” the chart says.
So far as I can tell, the current government is fine with losing tax income, I mean, councils would only have spent the money on woke projects like social care for the elderly, after all.
In 2013, just as the country was coming out of the most brutal recession in decades, the Conservative had a think about what to fund and decided to give the finger to every “essential” public service agency, and instead cut government revenue by [bunging billions to corporations](https://www.theguardian.com/uk/2013/mar/20/budget-2013-corporation-tax-cut) as tax cuts.
> Had the UK maintained the pace of growth it enjoyed before the 2008 global financial crisis, Britons would now have on average about £8,000 ($9,600) more in disposable income. The median salary was £33,000 last year.
D*CK it, this system has gotta come to an end, Globally essentially, going to be painful but something new is required and no I don’t have an answer.
[removed]
It’s almost like the financial crash never truly went away and that normal people have suffered as a result of their fraud.
UK couldn’t afford any investment or pay rises to public sector workers, but willing to pledge billions for defense.
Yeah but at least we kept those bloody foreigners out with Brexit /s
damn i wonder which govt was in power the whole time. Who have shown they don’t give af but somehow people still vote them in even though they are voting against their own interests…
change has already started we just got our first maid cafe in Manchester
The economy can’t grow when so much is pouring into the pockets of the 1 percent.
They just reinvest into owning more property and directing more money into their pockets.
Oh and we dont even get a comprehensive high speed train network like they did or get to host a world cup.
I see that this government once again turning it’s attention again to the sick and disabled like IDS did under Cameron and their austerity mantra as though it’s those to sick to work are the cause of all this.
At least Japan had the benefit of their bubble economy turbocharging their economic systems and infrastructure prior to its collapse. What has our country been investing in over the last 20 years? This is going to be so much worse.
Let’s not call it a Lost Decade, let’s call it the Tory Decade. Don’t let anyone forget who is responsible for this.
I just can’t fathom how giving loads of money away to chums, cutting services to the bone in the name of austerity, leaving a free trade deal with our biggest trade partner, putting downward pressure on wages, and putting upwards pressure on basically all costs of living could all possibly lead to a sluggish economy.
Truly a conundrum for the ages.
Are there any actual Japanese people here?
What are your thoughts to your country being used as this kind of terrible benchmark comparison? How has it felt living in Japan during the period of low economic growth?
Genuinely curious
This implies that some national budgeting and financial forecasting was done by just extrapolating past growth into the distant future.
If that is the case then surely those in power were a bunch of morons. Past performance is no indicator for future gains.
Because Millennials have been told to wait until they are secure (own a house and financial comfortable) to have children, we will soon be facing a Japan style population crash.
The weirdness is, we visited Birmingham this weekend to see the sights and have a cheap day out.
Restaurants all packed, shops teeming with people, money is being spend in a big way.
So I had to ask… What cost of living crisis, exactly?
Is there any current evidence of a bulging credit lend, so people are living beyond means more than before?
Aside from the forgotten x% who won’t even be visible outside their homes at the moment, is there a measure of who’s affected?
We choose frugal life, but from my own observation, a huge amount are not. Is this now a crisis of the haves and have nots?
Utterly cherry picking to take an average before 2008. This chart is basically “imagine if several worldwide events never happened”
And listening to my tory mates (don’t judge me, I’m old, you can’t avoid having right-leaning friends as time goes by) this is all apparently the fault of Corybn/Labour/The EU/The Wokerati/Gary Linekar/Millenials/Refugees or pretty much anybody except the conservative party.
Things have only got worse since 2010. We went through a lot of stagnation under Cameron and May, then Johnson, Truss and Sunak have managed to make the economic outlook from beyond belief. For all their criticism of Labour, past and present, the Tories are not the party of economic responsibility that they claim to be, not unless you are rich or elderly.
We have generations (plural) rent, food banks, warm banks, an NHS in crisis, strikes every week from vital employees, and a growing environmental crisis. You don’t have to like Labour or any of the alternatives to agree that the Tories have failed the British public.
Turns out that cutting everything, especially education and training budgets in response to the 2008 crash was the exact opposite of what should have been done
I remember hearing in 2008 we would have a lost decade and now another one
Thank you conservatives,I can see you’re really conserving the country.
/s
Gotta love the boomers for fully lifting the ladder after them and not giving a single shit about the future generations.
Lost decade? It started in 2008, 15 years ago, and there is no end in sight.
Already had a lost decade because of cameron and chums, can’t wait for the 2020s to also be a lost decade!
Lower growth is inevitable, as is productivity as our population ages.
This is not a problem so long as we try to adapt to it rather than push against the storm. The trouble is we are so addicted to post war growth rates we see this as the norm rather than the exception.
When people ask ‘where is the money to pay our nurses’ I think the problem is the tax is chasing income, when more and more over that income in the past 20 years is swallowed up in land values and house prices- currently free from the taxman.
Inflation can help only if it reduces the capital share of wealth and wages rise. But this won’t happen because the capital assets hidden from tax is furthering inequality.
oven ready but where was the oven and the readiness
Add the EU onto this graph (France, Germany, Spain etc) then tell me what you see? Flat lines with Germany being slightly positive. And this is with the ‘cataclysm’ that was Brexit.
Yet another misrepresented data set designed for politic gain (or self-flagellation as per UK subreddit rules).
The US is the exception not the rule to ever increasing GDP per capita gain, and probably due to $ being the world’s reserve currency. Most Socialised countries have stagnated this last decade. But don’t let facts get in the way of a good old “Tory=scum” baiting post
37 comments
“Weak growth is depriving the UK of vital tax income” the chart says.
So far as I can tell, the current government is fine with losing tax income, I mean, councils would only have spent the money on woke projects like social care for the elderly, after all.
In 2013, just as the country was coming out of the most brutal recession in decades, the Conservative had a think about what to fund and decided to give the finger to every “essential” public service agency, and instead cut government revenue by [bunging billions to corporations](https://www.theguardian.com/uk/2013/mar/20/budget-2013-corporation-tax-cut) as tax cuts.
> Had the UK maintained the pace of growth it enjoyed before the 2008 global financial crisis, Britons would now have on average about £8,000 ($9,600) more in disposable income. The median salary was £33,000 last year.
D*CK it, this system has gotta come to an end, Globally essentially, going to be painful but something new is required and no I don’t have an answer.
[removed]
It’s almost like the financial crash never truly went away and that normal people have suffered as a result of their fraud.
UK couldn’t afford any investment or pay rises to public sector workers, but willing to pledge billions for defense.
Yeah but at least we kept those bloody foreigners out with Brexit /s
damn i wonder which govt was in power the whole time. Who have shown they don’t give af but somehow people still vote them in even though they are voting against their own interests…
change has already started we just got our first maid cafe in Manchester
The economy can’t grow when so much is pouring into the pockets of the 1 percent.
They just reinvest into owning more property and directing more money into their pockets.
Oh and we dont even get a comprehensive high speed train network like they did or get to host a world cup.
I see that this government once again turning it’s attention again to the sick and disabled like IDS did under Cameron and their austerity mantra as though it’s those to sick to work are the cause of all this.
At least Japan had the benefit of their bubble economy turbocharging their economic systems and infrastructure prior to its collapse. What has our country been investing in over the last 20 years? This is going to be so much worse.
Let’s not call it a Lost Decade, let’s call it the Tory Decade. Don’t let anyone forget who is responsible for this.
I just can’t fathom how giving loads of money away to chums, cutting services to the bone in the name of austerity, leaving a free trade deal with our biggest trade partner, putting downward pressure on wages, and putting upwards pressure on basically all costs of living could all possibly lead to a sluggish economy.
Truly a conundrum for the ages.
Are there any actual Japanese people here?
What are your thoughts to your country being used as this kind of terrible benchmark comparison? How has it felt living in Japan during the period of low economic growth?
Genuinely curious
This implies that some national budgeting and financial forecasting was done by just extrapolating past growth into the distant future.
If that is the case then surely those in power were a bunch of morons. Past performance is no indicator for future gains.
Because Millennials have been told to wait until they are secure (own a house and financial comfortable) to have children, we will soon be facing a Japan style population crash.
The weirdness is, we visited Birmingham this weekend to see the sights and have a cheap day out.
Restaurants all packed, shops teeming with people, money is being spend in a big way.
So I had to ask… What cost of living crisis, exactly?
Is there any current evidence of a bulging credit lend, so people are living beyond means more than before?
Aside from the forgotten x% who won’t even be visible outside their homes at the moment, is there a measure of who’s affected?
We choose frugal life, but from my own observation, a huge amount are not. Is this now a crisis of the haves and have nots?
Utterly cherry picking to take an average before 2008. This chart is basically “imagine if several worldwide events never happened”
And listening to my tory mates (don’t judge me, I’m old, you can’t avoid having right-leaning friends as time goes by) this is all apparently the fault of Corybn/Labour/The EU/The Wokerati/Gary Linekar/Millenials/Refugees or pretty much anybody except the conservative party.
Things have only got worse since 2010. We went through a lot of stagnation under Cameron and May, then Johnson, Truss and Sunak have managed to make the economic outlook from beyond belief. For all their criticism of Labour, past and present, the Tories are not the party of economic responsibility that they claim to be, not unless you are rich or elderly.
We have generations (plural) rent, food banks, warm banks, an NHS in crisis, strikes every week from vital employees, and a growing environmental crisis. You don’t have to like Labour or any of the alternatives to agree that the Tories have failed the British public.
Turns out that cutting everything, especially education and training budgets in response to the 2008 crash was the exact opposite of what should have been done
Why did nobody mention this at the time?
[George The Poet – Search Party](https://www.youtube.com/watch?v=akq2dJ9N5Do)
Fuck the Tories
I remember hearing in 2008 we would have a lost decade and now another one
Thank you conservatives,I can see you’re really conserving the country.
/s
Gotta love the boomers for fully lifting the ladder after them and not giving a single shit about the future generations.
Lost decade? It started in 2008, 15 years ago, and there is no end in sight.
Already had a lost decade because of cameron and chums, can’t wait for the 2020s to also be a lost decade!
Lower growth is inevitable, as is productivity as our population ages.
This is not a problem so long as we try to adapt to it rather than push against the storm. The trouble is we are so addicted to post war growth rates we see this as the norm rather than the exception.
When people ask ‘where is the money to pay our nurses’ I think the problem is the tax is chasing income, when more and more over that income in the past 20 years is swallowed up in land values and house prices- currently free from the taxman.
Inflation can help only if it reduces the capital share of wealth and wages rise. But this won’t happen because the capital assets hidden from tax is furthering inequality.
oven ready but where was the oven and the readiness
Add the EU onto this graph (France, Germany, Spain etc) then tell me what you see? Flat lines with Germany being slightly positive. And this is with the ‘cataclysm’ that was Brexit.
Yet another misrepresented data set designed for politic gain (or self-flagellation as per UK subreddit rules).
The US is the exception not the rule to ever increasing GDP per capita gain, and probably due to $ being the world’s reserve currency. Most Socialised countries have stagnated this last decade. But don’t let facts get in the way of a good old “Tory=scum” baiting post
https://data.worldbank.org/indicator/NY.GDP.PCAP.CD?locations=GB-FR-ES-IT-DE-JP-US
Fucking hell. Remainers had warned it would be bad, but 4 Trillion missing from the treasury by 2030 is a truly staggering figure.
This is literally the Bloomberg piece I posted yesterday https://reddit.com/r/unitedkingdom/comments/11pqy6j/a_lost_decade_worse_than_japans_threatens_to/ but was removed because the mod said it was an opinion piece…
I mean at least japans lost decade had functioning public services, and the population could heat their homes
I have seldom heard and saw strikes in Germany
but today their airport workers showed that EU is not very different to us.
Your perfect EU is not so perfect I guess.
Even if you fully believe in it, Brexit was a luxury we couldn’t afford