How would you fix the economy.

[Agentgonzo]

Agreed. Now that there is no competition in the energy market (all the small resellers went bust and we're left with the same big boys we had before the markets were opened), we can expect years of "we have to maintain high prices to recoup the losses because of the price cap" and high energy prices in perpetuity.

Also, gas prices are still 4 times more expensive than they were for the preceding decade. There is a long way to go before energy prices stand a chance of coming down again. And now Russia isn't supplying Europe, there is less gas to go around, so higher prices are here to stay.

 

[Leon103]

All sorted then

 

[Covrich]

All sorted then

Highly doubtful, it will not work this way of course

 

[JockyBrewer]

1. Rejoin the EU. You can't deny it would provide an immediate boost to industry as it would open up export markets and also help fill some of the mass of vacancies in the job market, both of which would bring in a vast amount of additional tax. We wouldn't be able to rejoin with the beneficial terms we had before, but we could certainly rejoin.

2. Build/reclaim homes. We need a lot of new homes in the UK as massive undersupply has pushed prices up for decades. When house prices are high people can't afford to do lower paying jobs when they want to, and there is less spare income for everyone to cover outgoings. You end up with more people on benefits, and everyone else is forced to be more DIY with things which kills their own productivity.

3. Encourage remote working and invest in neglected towns to make them remote working hubs. The remote working genie is not going back in the bottle, so use it as an opportunity to revitalise neglected towns. A lot of wealth is concentrated around commuter hubs, but it really doesn't need to be any more. Enable people to move to cheaper areas, taking their wealth with them. A portion of the spare money they have will be spent on local services. This would also have an effect on #2 above - deflating overpriced housing areas.

Those are the big ones. There's other things I'd like too, like:

• Investment in skills and training to help target industry vacancies.
• Overhauling the tax system to target companies that use technology to allow them to declare profits abroad and avoid UK tax.
• Clamping down on use of opaque offshore shell companies (for tax avoidance/money laundering)
• Taxing crypto

 

[Cheshire Cat]

Although Truss made a complete mess of her budget which caused a run on the pound and a hike in interest rates, she is not completely to blame for our economic crisis which we now face. 12 years of Tory mismanagement is the real problem. When you hear the new PM speak you would think he had nothing to do with that mess. The electorate will not forget the mistakes the Tories have in in two years time.

 

[JockyBrewer]

Although Truss made a complete mess of her budget which caused a run on the pound and a hike in interest rates, she is not completely to blame for our economic crisis which we now face. 12 years of Tory mismanagement is the real problem. When you hear the new PM speak you would think he had nothing to do with that mess. The electorate will not forget the mistakes the Tories have in in two years time.

They kind of did forget it in 2019 thanks to Boris's offer of magic beans.

Although yes I agree the austerity drive by Osborne and Cameron was an awful approach and we're now experiencing the damage caused by it.

 

[Bernie]

They kind of did forget it in 2019 thanks to Boris's offer of magic beans.

Although yes I agree the austerity drive by Osborne and Cameron was an awful approach and we're now experiencing the damage caused by it.

The damage we are experiencing is because of the money for nothing of furlough and low interest rates. Inflation is caused by an increase in money supply.

 

[Nicks90]

Damned if you do and damned if you don't. We had one of the most generous furlough schemes in the world.
What's more expensive to the economy and society? Expensive furlough, or probably an additional 2mill people unemployed due to so many businesses going to the wall over 2 years of covid shenanigans

 

[Robin54]

I have the answer to this COMPLEX problem. Its not easy but won't be painful......
Please send me 500 GBP and I will send you the answer
Its for the Greater Good

 

[JockyBrewer]

The damage we are experiencing is because of the money for nothing of furlough and low interest rates. Inflation is caused by an increase in money supply.

Is it?

I thought it was down to a tight labour market (people made life changing decisions during covid, plus Brexit made some people leave the country), post covid/brexit supply chain issues and the energy shortage?

In any case what I was really talking about was austerity affecting healthcare, education and local services.

Whatever the issue the Tory party has made it several times worse for the UK than most of the rest of the developed world.

 

[robster62]

Free beer for everyone, if we all drink enough we won't care about the stare of the economy