Westminster Politics

11101

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Blah blah blah standard bollocks zero substance.

Blair inherited a country with underfunded public services. He increased funding for everything and raised taxes. He won a landslide again. For the first 4 years the deficit went from £40bn to £5bn to £5bn surplus to £50bn surplus - if you’re saying Blair government had nothing to do with this that’s just plain stupid and not based on reality.

More soundbites zero facts. Show us what deregulations Blair governments implemented in the financial sector. If anything they recognised the issue of deregulation and actually created the FSA, a regulatory body.

You work in finance but I’m guessing by your paper rhetoric you’re in your 30s so probably still schoolboy when the Blair government came in so it’s not like you speak from experience.
I genuinely have no idea where you are getting those figures from. According to any reliable source I can find (ONS, Bloomberg, FT) the deficit was 9bn at the beginning of the 1997 year (~6b at election time), then +1 in 1998 and reached +16 in 2000 before swinging very quickly back to an even larger deficit, accompanied by a 20-30% increase in public sector employment.

As for what did Blair's government do to deregulate the market? The FSA was effectively created to allow finance to regulate themselves, ie not regulate themselves at all. Most of the board were ex-finance and the employees were well known for not having a clue about the financial products they were supposed to be controlling. It was a calculated move to let the banks fund the massive spending plans.

Anyway, that's enough of this for me. You need to read something other than The Guardian for a change.
 

SteveJ

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I wish I had a middle-name like 'Wulfric'.
 

Abizzz

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"Sixtus"
"Wulfric"
"Fitzwilliam"

Don't you Brits have laws about child abuse?

Edit: Never mind Boniface
 

SteveJ

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I imagine poor Peter is the most bullied kid in Britain.
 

Mr Pigeon

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I imagine poor Peter is the most bullied kid in Britain.
I doubt any of those kids really get bullied. They probably believe that they're more important than any other children and undoubtedly will grow up to be selfish cnuts.

Especially Sixtus. Just look at him. Lazy fecker probably has someone to wipe his arse for him.
 

SteveJ

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It's AEthelred Nicodemus I have a problem with, mate.
 

Mr Pigeon

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It's Ethelred Nicodemus I have a problem with, mate.
We can only hope that his children have inherited his skills as a writer.
‘Absolutely abysmal’: Critics rip apart Jacob Rees-Mogg’s new book

The historian AN Wilson, whose book The Victorians was published in 2002, wrote in the Times that Rees-Mogg’s effort was “anathema to anyone with an ounce of historical, or simply common, sense”. Describing the work as “a dozen clumsily written pompous schoolboy compositions”, he said it claimed to be a work of history but was in fact “yet another bit of self-promotion by a highly motivated modern politician”.

On the chapter about the conquest of Sindh, in what is now Pakistan, by the 19th-century British general Charles Napier, Wilson wrote: “At this point in the book you start to think that the author is worse than a twit."


https://www.irishtimes.com/culture/...ip-apart-jacob-rees-mogg-s-new-book-1.3898239
 

Mr Pigeon

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He's a relic from a bygone era. Explains why his kids are Liverpool fans I guess.
They enjoy football as much as I enjoy documentaries about Edwardian Textile Manufacturing, which is probably more their sort of thing.

"You're not singing anymore, because your plant was closed for the afternoon after four plant workers had their hands lobbed of by a loose fanbelt therefore halting your production for the rest of the day harrumph!"
 

SteveJ

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♩I personally doubt that you will ever ambulate in an atmosphere of solitude♩
 

Ultimate Grib

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I genuinely have no idea where you are getting those figures from. According to any reliable source I can find (ONS, Bloomberg, FT) the deficit was 9bn at the beginning of the 1997 year (~6b at election time), then +1 in 1998 and reached +16 in 2000 before swinging very quickly back to an even larger deficit, accompanied by a 20-30% increase in public sector employment.

As for what did Blair's government do to deregulate the market? The FSA was effectively created to allow finance to regulate themselves, ie not regulate themselves at all. Most of the board were ex-finance and the employees were well known for not having a clue about the financial products they were supposed to be controlling. It was a calculated move to let the banks fund the massive spending plans.

Anyway, that's enough of this for me. You need to read something other than The Guardian for a change.
Why a collation from the treasury figures of course:



I don’t read any papers but clearly you do since all you’ve come up with is soundbites.

As I said in the first post Blair governments didn’t do enough to advance regulation probably because the sector had grown too big and too powerful by that time but they didn’t deregulate that was Thatchers government.

You’re welcome to bring any deregulation they enacted the fact you haven’t so far just goes to show there isn’t any.
 

Mr Pigeon

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The office of Rees-Mogg has released a copy of the letter they sent to Liverpool F.C. after his family's recent visit to watch their beloved team play.

'Jacob William Rees-Mogg Esq., M.P., Leader of the House of Commons and family requests that Liverpool Football Club change the following erroneous terminology that was encountered during their recent visit;

The grammatical error in the term "Anfield" must be corrected to "A Field".

Please ensure that all further correspondences contain Jacob William Rees-Mogg Esq., M.P., Leader of the House of Commons' full title, which is Jacob William Rees-Mogg Esq., M.P., Leader of the House of Commons.'


This publication could not reach Mr Jacamo for a response, so we have stretched our search further anfield.
 

horsechoker

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The office of Rees-Mogg has released a copy of the letter they sent to Liverpool F.C. after his family's recent visit to watch their beloved team play.

'Jacob William Rees-Mogg Esq., M.P., Leader of the House of Commons and family requests that Liverpool Football Club change the following erroneous terminology that was encountered during their recent visit;

The grammatical error in the term "Anfield" must be corrected to "A Field".

Please ensure that all further correspondences contain Jacob William Rees-Mogg Esq., M.P., Leader of the House of Commons' full title, which is Jacob William Rees-Mogg Esq., M.P., Leader of the House of Commons.'


This publication could not reach Mr Jacamo for a response, so we have stretched our search further anfield.
:lol:
 

DavidDeSchmikes

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The office of Rees-Mogg has released a copy of the letter they sent to Liverpool F.C. after his family's recent visit to watch their beloved team play.

'Jacob William Rees-Mogg Esq., M.P., Leader of the House of Commons and family requests that Liverpool Football Club change the following erroneous terminology that was encountered during their recent visit;

The grammatical error in the term "Anfield" must be corrected to "A Field".

Please ensure that all further correspondences contain Jacob William Rees-Mogg Esq., M.P., Leader of the House of Commons' full title, which is Jacob William Rees-Mogg Esq., M.P., Leader of the House of Commons.'


This publication could not reach Mr Jacamo for a response, so we have stretched our search further anfield.
:lol:
 

Pexbo

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The office of Rees-Mogg has released a copy of the letter they sent to Liverpool F.C. after his family's recent visit to watch their beloved team play.

'Jacob William Rees-Mogg Esq., M.P., Leader of the House of Commons and family requests that Liverpool Football Club change the following erroneous terminology that was encountered during their recent visit;

The grammatical error in the term "Anfield" must be corrected to "A Field".

Please ensure that all further correspondences contain Jacob William Rees-Mogg Esq., M.P., Leader of the House of Commons' full title, which is Jacob William Rees-Mogg Esq., M.P., Leader of the House of Commons.'


This publication could not reach Mr Jacamo for a response, so we have stretched our search further anfield.
Absolute Gold Pidge :lol:
 

11101

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Why a collation from the treasury figures of course:



I don’t read any papers but clearly you do since all you’ve come up with is soundbites.

As I said in the first post Blair governments didn’t do enough to advance regulation probably because the sector had grown too big and too powerful by that time but they didn’t deregulate that was Thatchers government.

You’re welcome to bring any deregulation they enacted the fact you haven’t so far just goes to show there isn’t any.
Well wherever you've found that chart, it's wrong.

I thought it was fairly obvious the creation of the FSA was deregulation, but maybe not. To be more obvious then, eliminating the capital and risk limits put in place in the early 90s that allowed people to get 100%+ mortgages and loans. Reducing the amount of cash banks needed to maintain. Allowing banks to trade massively leveraged products that were being banned everywhere else. Allowing the BoE to independently control interest rates and inflation. I could go on.

I mean when the actual chancellor who did all this comes out and says he regretted allowing so much deregulation, you'd think that would be enough for you...
 

711

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Well wherever you've found that chart, it's wrong.

I thought it was fairly obvious the creation of the FSA was deregulation, but maybe not. To be more obvious then, eliminating the capital and risk limits put in place in the early 90s that allowed people to get 100%+ mortgages and loans. Reducing the amount of cash banks needed to maintain. Allowing banks to trade massively leveraged products that were being banned everywhere else. Allowing the BoE to independently control interest rates and inflation. I could go on.

I mean when the actual chancellor who did all this comes out and says he regretted allowing so much deregulation, you'd think that would be enough for you...
I have never heard anyone who didn't think Brown making the Bank of England independent wasn't a step forward before. I daresay you could drag up an article or two supporting the notion but it's about as minority an opinion as you could get really.
 

11101

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I have never heard anyone who didn't think Brown making the Bank of England independent wasn't a step forward before. I daresay you could drag up an article or two supporting the notion but it's about as minority an opinion as you could get really.
Not saying it was a bad thing, especially after the high profile feck ups theyd just had. It was still a form of deregulation though.
 

Ultimate Grib

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Well wherever you've found that chart, it's wrong.

I thought it was fairly obvious the creation of the FSA was deregulation, but maybe not. To be more obvious then, eliminating the capital and risk limits put in place in the early 90s that allowed people to get 100%+ mortgages and loans. Reducing the amount of cash banks needed to maintain. Allowing banks to trade massively leveraged products that were being banned everywhere else. Allowing the BoE to independently control interest rates and inflation. I could go on.

I mean when the actual chancellor who did all this comes out and says he regretted allowing so much deregulation, you'd think that would be enough for you...
Yeah sure if you say so.

Capital and risk limits were eleminated by the Thatcher government in the 80s when investments banks were allowed to merge with retail banks which meant they could use customer money as they pleased.

Gordon Brown admitted that he should have regulated banks even more than they did, not that they deregulated them. He said that they thought failure would come from a single institution this is why they set up the FSA to monitor banks individually rather than the system as a whole because they did not understand the global entanglement. This is what I maintained from the first post that they weren't tough enough. George Osborne for the enteirity of his opposition as shadow chancellor was an advocate of deregulation and criticised Labour for being too tough on banks. Imagine if he was chancellor :houllier:

To spell it out more plainly for you they did not remove regulation (this is what deregulation means), that was done by the Thatcher government, they recognised it as an issue and this is why they set up the FSA however they were not as tough as it was required in introducing further regulation to the sector.
 

11101

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Yeah sure if you say so.

Capital and risk limits were eleminated by the Thatcher government in the 80s when investments banks were allowed to merge with retail banks which meant they could use customer money as they pleased.

Gordon Brown admitted that he should have regulated banks even more than they did, not that they deregulated them. He said that they thought failure would come from a single institution this is why they set up the FSA to monitor banks individually rather than the system as a whole because they did not understand the global entanglement. This is what I maintained from the first post that they weren't tough enough. George Osborne for the enteirity of his opposition as shadow chancellor was an advocate of deregulation and criticised Labour for being too tough on banks. Imagine if he was chancellor :houllier:

To spell it out more plainly for you they did not remove regulation (this is what deregulation means), that was done by the Thatcher government, they recognised it as an issue and this is why they set up the FSA however they were not as tough as it was required in introducing further regulation to the sector.
And all those things Thatcher removed were mostly reinstated in the 90s after a series of high profile screw ups. Brown reversed almost all of them.