Jermy Corbyn elected

soontobe The amount of QE injected into the banks in 2009 and 2012 was apparently £325 billion and the rationale for such drastic action was to prevent the financial institutions going bankrupt. You would think that after this scare the banks would be more cautious about their lending and less keen to accede to the demands of senior bankers who have continued to be paid amounts that most people can only dream of.

A Guardian article this month reported:

"The number of households struggling with problem debt grew by a quarter between 2012 and last year, as stagnating wages forced a growing number to borrow to get by, according to the TUC.

"By 2014, 3.2 million families were spending at least 25% of their gross monthly pay on servicing unsecured debts"

So, in effect, we still have QE and it is being used not to improve the infrastructure and create jobs but to make up the shortfall between people's earnings and their outgoings. That, in my opinion, is why what is essentially a wage freeze will in the long run cause great problems.

It is surely more sensible, if you're going to create money, to use it to take measures to reduce the country's energy use, to improve the infrastructure and to provide good quality training so that we have a literate and skilled workforce?

Though Ambrose Evans-Pritchard, International Business Editor of the Telegraph, takes issue with some of Corbyn's ideas re the economy, he seems to rather approve of PQE, saying:

??The rich have made a killing off QE. Next time, it should be directed into the veins of the real economy......

"......... he [Corbyn] is right that investment levels in Britain are woefully low by the standards of OECD peers, an underlying cause of our chronic account deficit, now the worst in the developed world at 6pc of GDP.......

"If the private sector will not rise to the challenge, it is up to the state to take on the responsibility......"

They were there anyway, Anya. You just never noticed before. They were probably the people who voted for him.

Everywhere I look I see JC lookalikes

Is this a new trend? Is there springing up a whole new genre of male hair dressers cashing in on Le Look? Has the co-op brought out a special line in shirts?

Whatever Corbyn and McDonnell did or said would not please some of you on this thread.
Come to think of it, why are you on this thread if you hate them so much?

Sorry for all the errors - doing it on my phone

ana you know as well as I do how QE works! He would however have a variety of options open to produce growth before turnimg to qe. Thi gs like government bonds. The liquidity can then be used to invest in new infrastructure like roads, housing, etc which of course produces growth putti g money I people's pockets and money to the exchequer, paying down the Deb t and the deficit will look after itself.
Of course it is very likely that China's situation is very likely to produce a other world recession and it will be interest I g what GO will come up with should this happen as he has t been very successful so far

I wish he would print some off for me!
I need some new Winter boots ( the ones I like, Clarks, are about £120) eeek.

Well, he wouldn't want any of his freshly-printed banknotes going to the likes of Tory grandees or 'rich' pensioners, would he?!!!!

What are you talking about ana!!!!!

rosequartz would it not be a question only the Scots can answer?

POGS, yup, agree with you, McDonnell's 'apology' on QT should have won an Oscar! It made me laugh anyway, as did his assertion that ' Jeremy usually does sing, and will sing in future, but he told me he was thinking of how his parents were ARP wardens during the war, and how moving the service was' yad yada yada..... now that really made me laugh even more.
I think it amused the audience as well.Amused or bemused anyway.

And more.
Is he still saying unlimited benefits? I havent been keeping very up to date lately.

I am a person. Together with my family we are people.

So who the hell are the people who will benefit if we don't?
Or do only certain people matter?

Ah, but the people's QE would be different, jingl. He'd make sure the extra money only went to a certain section of the population that he deemed worthy of it!

And presumably once they'd spent that, he'd have some more printed...

as well as my miserly savings for my old age

Yeah - a lot of high ideals I'm sure. But he hasn't said anything concrete yet.

It was all the quantitive easing that got us close to recession last time.

The economy would be in dire danger.

You mean he is going to change what he stands for jingls?
After being elected leader on all that he spouted proclaimed during the election campaign

Who knows? Nobody knows what he stands for. He's had a week and, nothing. He hasn't actually stated any aims.

^Scotland - traditionally a Labour stronghold, now overwhelmingly SNP.
I'm not asking if Labour and the SNP will work together in Parliament, I'm asking if JBC's policies are compatible with those of the Scottish Labour Party's and will this mean a swing back to Labour in Scotland? Which could mean a swing to Labour in the next GE to the detriment of the SNP.^

Try again

I said it was given to the banks whitewave.

The latter doesnt seem to have resulted in anything much.

If the former was so great, all countries would be doing it. So why aren't they?

We have been Qe'ing for the past 5 years ,soon you very well know that!

The difference between GO and JC is one has given it to the banks who caused the crises and are happily sitting on it doing nothing, the other will IF it is needed again and JC seems too think this is not necessarily certain, will use qe to invest on infrastructure, house building etc. Something that will put money directly into the economy and assist growth

Would you believe he actually stood as a Labour candidate at one time?
Nooo. How sharper than a serpent's tooth it is to have a man who came third (I looked him up Jen)

www.taxresearch.org.uk/Blog/2015/09/18/the-choice-to-put-the-book-keeping-of-a-balanced-budget-above-caring-for-the-sick/

This is something else that Corbyn cares about and PQE could rescue.
The Tories will not. They want the NHS to fail. They have caused this crisis.

Did anyone know it is the LibDem conference this weekend?