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Double Budget Blow.
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There are 2 totally different ways of measuring GDP. Which give totally different results.
The ONS (Office for National Statistics) tend to use what is officially termed the "chained measure" volume method. This is the traditional (and now largely old-fashioned) method of just comparing this years' total domestic product with last years'.
The trouble is, that ignores inflation. Lots of other economists use "real" GDP growth-in simple terms, growth adjusted for inflation. So-for example-if our economy is growing by 1%, and inflation is 4%, you either have 1% growth, or 3% contraction, depending how you count it.
The other "fact" that intrigues me is whether we are actually reducing debt. Because the short answer is-we are not. That article uses Government propaganda that is deliberately designed to mislead. To give examples:-
"A Treasury spokesman said: “We have taken decisive action to tackle inflation and reduce debt, which is why we’re beginning to see the economy turn a corner."
Does that actually mean we are reducing debt? No.
“That’s why we must stick to our plan to reduce debt by growing the economy and being responsible with spending.”
It is a plan. But does it mean we are reducing debt? Again, no.
Debt is growing. And has done every single year since austerity was brought in in 2010. At different times since 2010, that debt has gone up more quickly. At others, more slowly. But always increasing.
The Tories claim we can "afford" to cut taxes. In simple terms, it is this. During the pandemic, we were spending £150 for every £100 we earned. We are now spending £110 for every £100 we earn.
Suppose your net salary is £2,000 per month. You have debts of about £30,000. You used to be spending £3,000 per month, and have reduced that to £2,200 per month. Think you can afford a splurge?
Yes, we can vote for another Government but do you really think Labour is going to tax us less, I think not. I've got no idea who to vote for, they are all beyond inept.
They actually cost their spending plans. Unlike the Conservatives. They have a plan. Unlike the Conservatives. They have a leader in place who is likely to last longer than a wine gum. Unlike the Conservatives-who have ditched their leader after the last 3 elections, twice last time.
Can you trust Labour? No. But you can certainly distrust them less.
Nobody ever seems to take a long term view.
They all seem more interested in vote grabbing headlines.
There is continuous discussion over the state pension crisis.
Yet the Tories just reduced NI contributions by 2%.
So is that supposed to make it better or worse.
We have the highest rate of tax for 70 years.
How can that be reduced?
The NHS is a black hole that always needs more money.
Education is underfunded.
Then there is Defence.
What about Social Care?
We need more police.
The list goes on and on.
Some are are a real priority.
So how do you increase the funding, and reduce taxes.
There has been talk of a 1% reduction in income tax.
Will that seriously make a difference to anyones life?
Less than £4 per week for someone on £30k per year.
All of them just want to get in for 5 years, and when they are in, they just want to stay in.
We are a democracy, but on many occasions your vote doesnt really count.
Even when it does, there is not much of a choice.