From the TUC

What a difference six months makes

25 Mar 2011, by in Economics

The economic outlook has got worse over the last six months. I know, I know, you knew I thought that already. But did you know it’s what the government’s own Office for Budget Responsibility believes too?

Their latest Economic and Fiscal Outlook updates the one they produced in November and it includes a handy table showing how their forecasts for the next five years have changed; it shows:

  • They now expect GDP to be lower;
  • The balanace of payments to be worse;
  • Inflation to be higher;
  • Employment to be lower;
  • Unemployment (ILO measure and claimant count) to be higher;
  • Average earnings to be lower; and
  • Household disposable income to be lower.

Every single one is a good reason for coming to tomorrow’s March for the Alternative.

Here’s the table:

Oh, and another thing: as Richard Murphy points out (referencing Sturdyblog), the government’s strategy for cutting their debt involves handing it over to us. A fascinating post shows how the OBR forecasts began by showing household debt going down as a percentage of income over successive years. Each revision showed this getting a little bit worse, with the latest one showing the burden going UP in successive years:

5 Responses to What a difference six months makes

  1. Marching on together « Same old played out scenes
    Mar 25th 2011, 4:24 pm

    […] – and this week’s OBR report provides more proof that this economy is on the slide, compared to where it was six months ago – is neither sensible nor a strategy. ‘Marching for the alternative’ sounds to […]

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    Mar 26th 2011, 2:24 am

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  3. linda kaucher
    Mar 27th 2011, 10:02 am

    How long can the TUC continue to ignore the structures being set into place that allow transational corporations to bring in cheap labour – and the structural tax and NI advantages that not only allow but encourage this?

    Apart from
    – EU free movement of labour, that has, without question driven down lower skilled wages,
    – and EU free movement of services that has hit e.g. the engineering construction so hard, to the point where we are losing any engineering construction workforce, as EU forms birn gin their own workers
    – national labour migration structures have been set in place to encourage the hiring of cheap labour from overseas, over hiring workers from the UK,
    – and trade commitments are being signed up to set this in stone at the level of international law

    Yet – unbelievably – silence from the TUC on any of this.

    Intracorprate transferees included in Tier 2 (though the majority are actually being brought in to work in other firms) and the ‘international agreements’ category within Mode 5 (not publicly discussed) are both exempt from any numerical limits.

    What has the TUC had to say on this?

    Once Mode 4 trade commitments are in place, and particularly in the imminent EU/India Free Trade Agreement – where the UK is taking almost all the EU responsibility, that neither the UK, nor indeed the EU, will be able to reverse or adjust those commitments.

    UK workers dont know what they are being signed up to.

    So what is the TUC doing to inform them?

    What’s the problem? Don’t ‘nice’ people talk about this?

    Surely ‘nice’ people would provide the key information to the people who rely on them and pay their wages.

  4. Where is all this household debt going to come from? | Liberal Conspiracy
    Apr 1st 2011, 10:46 am

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