Improving Economic Growth

[Anna B 1,417]

Interesting that the government seems to be placing all its bets on future economic growth, which is currently in recession and has been pretty much dormant for a long time. What I want to know is how do they expect it to happen?

We've closed down most of our major industries and seem to make very little we can sell these days other than weapons. We don't even make much in the way of our own cars anymore, even though Nissan provides jobs, all the profits go to the  foreign company as is the case with many other industries.  

 

Giant companies, like the pharmaceutical industry, Amazon, etc also keep their vast profits for themselves and find inenious ways to avoid paying their tax here, and the government seems unable to do very little about it. 

 

What services do we 'sell' to other countries which they can't do just as well themselves?

So I ask again, how do we improve 'Economic Growth?'

[El Cid 221]

I believe that growth comes from technology producing more. But we still need people to work, at the moment more than 7,000,000 are sick and not producing or spending as much as they could. 

The workforce also needs to be healthy, we are becoming less healthy. 

So on all of my concerns, the Government is failing. 

[ads36 219]

The government are telling us that tax-cuts are the way to generate growth.

 

i suspect the answer lies in less exciting ideas : improving public transport, reducing the cost of childcare... etc.

 

8 minutes ago, El Cid said:

at the moment more than 7,000,000 are sick and...

where did *that* number come from?

 

[altus 540]

16 minutes ago, ads36 said:

where did *that* number come from?

 

I don't know where that number came from the the government published a UK labour market statistics report yesterday which has various details about economic inactivity.

[Anna B 1,417]

3 hours ago, El Cid said:

I believe that growth comes from technology producing more. But we still need people to work, at the moment more than 7,000,000 are sick and not producing or spending as much as they could. 

The workforce also needs to be healthy, we are becoming less healthy. 

So on all of my concerns, the Government is failing. 

I don't know about the numbers, but a lot of people have Long Covid which is very debilitating, and other illnesses which are the result of Covid. Add to that a general malaise / depression / mental illness that seems to be prevalent at the moment and it's not surprising so many are off sick. 

 

However I don't think that's the main problem. IMO the problem is trade. These days we make very little that counties around the world want to buy, and no longer have the up-to-date infrastructure to support it. 

[GabrielC 58]

4 hours ago, Anna B said:

Interesting that the government seems to be placing all its bets on future economic growth, which is currently in recession and has been pretty much dormant for a long time. What I want to know is how do they expect it to happen?

We've closed down most of our major industries and seem to make very little we can sell these days other than weapons. We don't even make much in the way of our own cars anymore, even though Nissan provides jobs, all the profits go to the  foreign company as is the case with many other industries.  

 

Giant companies, like the pharmaceutical industry, Amazon, etc also keep their vast profits for themselves and find inenious ways to avoid paying their tax here, and the government seems unable to do very little about it. 

 

What services do we 'sell' to other countries which they can't do just as well themselves?

So I ask again, how do we improve 'Economic Growth?'

You want growth then making steps towards rejoining the Single Market and Custom Union and eventually the EU itself then we get growth. Brexit is the elephant in the room no good denying it we left in a hissy fit and now we need to build a good relationship with Europe that would have not been needed if we had voted to remain as we had a chair at the table despite the lies told we had a lot of say.

[GabrielC 58]

3 hours ago, El Cid said:

I believe that growth comes from technology producing more. But we still need people to work, at the moment more than 7,000,000 are sick and not producing or spending as much as they could. 

The workforce also needs to be healthy, we are becoming less healthy. 

So on all of my concerns, the Government is failing. 

Not sure we're you got that  figure from but we had a pandemic and we are still are recovering from it also the Tory underfunding of the NHS has not helped with their desire to privatise the health service. You want more in work then we need a good strong fully funded health service the Tories are not going to do that.

[GabrielC 58]

3 hours ago, ads36 said:

The government are telling us that tax-cuts are the way to generate growth.

 

i suspect the answer lies in less exciting ideas : improving public transport, reducing the cost of childcare... etc.

 

where did *that* number come from?

 

Liz's Truss fell from power but the tax cuts policy still lives the Tories are not for public services . Get rid of public sector hey pesto then the saved money can be used for tax cuts to hell if the man in the street suffers and the economy suffers.

[ECCOnoob 1,051]

4 hours ago, Anna B said:

Interesting that the government seems to be placing all its bets on future economic growth, which is currently in recession and has been pretty much dormant for a long time. What I want to know is how do they expect it to happen?

We've closed down most of our major industries and seem to make very little we can sell these days other than weapons. We don't even make much in the way of our own cars anymore, even though Nissan provides jobs, all the profits go to the  foreign company as is the case with many other industries.  

 

Giant companies, like the pharmaceutical industry, Amazon, etc also keep their vast profits for themselves and find inenious ways to avoid paying their tax here, and the government seems unable to do very little about it. 

 

What services do we 'sell' to other countries which they can't do just as well themselves?

So I ask again, how do we improve 'Economic Growth?'

Well the country must be doing something right considering it's still the fourth largest exporter in the world.  The OEC says our biggest ones are gold, cars, petroleum and medicine.

 

By the way, we must be making some cars here Anna given we exported vehicles to the tune of £2.6 billion.  You do also read as the conga may doesn't just work on company profits for stop. Have you stopped to think for a time you second about the fact that all the materials that come into the country, all of the outside suppliers that make money off those big businesses? All of the hundreds of thousands of employees they give salary to who then pay tax. And what about all the other taxes and charges that companies have to face.  

 

I know you think bankers and stockbtokers as  bogeyman number one but you also might like to know that London how's recently over taken New York to become the biggest fan anxial centre in the world.  Its reported the sector has had over 68% increase a foreign investment amounting to over 2 billion with new financial tech companies. Investment vans opening premises creating over 15,000 jobs. There's being a decrease in the amount of office vacancies in the capital. Then of the 4.2 trillion asset management for overseas clients.

 

The world of "industry" and what we "manufacture" for the world has evolved Anna. It is not all simply steel works and coal mines any more.

[ECCOnoob 1,051]

6 minutes ago, ECCOnoob said:

....RETYPED EDIT

Well the country must be doing something right considering it's still the fourth largest exporter in the world.  The OEC says our biggest ones are gold, cars, petroleum and medicine.

 

By the way, we must be making some cars here Anna given we exported vehicles to the tune of £2.6 billion.  You do realise that our economy is not simply based on  company profits. Have you stopped to think for a second about all the materials that come into the country, all of the outside suppliers that make money off those big businesses, all of the hundreds of thousands of employees who get salary who then pay tax and spend in our country.  What about all the other taxes and charges and fees that companies have to face to export their products.  

 

How about our non physical economy. I know you think bankers and stockbtokers as  bogeyman number one but you also might like to know that London has recently over taken New York to become the biggest financial centre in the world.  Its reported the sector has had over 68% increase a foreign investment amounting to over 2 billion with new financial tech companies, investment banks and other white collar sectors opening premises creating over 15,000 jobs. There's been a decrease in the amount of office vacancies in the capital and over £4.2 trillion asset management for overseas clients.

 

That in turn then creates a whole other type of growth outside the capital for our ever growing service sector and management sector. IT development, hosting and processing services, technical administration, legal and regulatory services.....

 

The world of "industry" and what we "manufacture" for the world has evolved Anna. It is not all simply steel works and coal mines any more.

[Delbow 707]

Can anyone explain why economic growth is so important? Why does the economy have to keep 'growing ', especially when periodic economic contraction is hardwired into the capitalist model? 

[GabrielC 58]

9 minutes ago, Delbow said:

Can anyone explain why economic growth is so important? Why does the economy have to keep 'growing ', especially when periodic economic contraction is hardwired into the capitalist model? 

Every country lives growth then politicians can say we are growing the economy and increasing spending it creates the feel good factor especially important during elections. Recessions are not a good look but are part and parcel of system and politicians try to down play them - it will be a shallow recession because we are good at making figures what ever we want them to be.