3 ms·

(From a few Mm) I remember them saying that EU was a big-government ballast, so reducing expenses and bureaucracy they could have a much agile and vibrant econo

by narag 4y ago

(From a few Mm) I remember them saying that EU was a big-government ballast, so reducing expenses and bureaucracy they could have a much agile and vibrant economy. But is that what they did?

skippyboxedhero 4y ago
Yes, both parties have largely accepted the need for deregulation. Labour's recent economic policy proposals are largely identical, on this issue, to the Tories. The upside potential has largely been accepted by all (and btw, not all of this was to do with the EU either...the UK has bureaucrats too and they love gathering power as much ones in Brussels). The only exception is the BoE...which, unsurprisingly, has been one of the institutions that gathered the most power over the last decade. I did not vote to Leave but I think it is also a case of direction. Even outside the EU and the UK, I think people look at the direction the EU is going and realise it is a bit mad. Those differences would only have grown over time with the UK because unemployment is so low and govt is naturally turning towards supply-side reforms. Some countries in Europe have been doing supply-side reforms since the early 90s.
- narag 4y ago
  But did you cut the deficit? I believed the last ephemeral PM had to resign after cutting taxes and, at the same time, growing the budget had dire consequences. Even here in the mainland, the ECB is being forced to stop printing money at the usual rate.
  - skippyboxedhero 4y ago
    I am not sure what you are referring to. The UK was running a primary surplus in 2018. And the UK is now running a deficit. Imo, the deficit is too large but most countries are running a deficit that is too large. The last PM didn't cut taxes and didn't grow the budget. The vast majority of her policies did not happen. The ECB has not stopped printing money because they aren't selling bonds and are (I believe) still intervening in Southern Europe bond markets because of their dire fiscal situation. The BoE stopped QE and began selling bonds in February 2021. Still far too late, but the ECB has (imo) gone so far with QE that it is impossible to stop (iirc, most new corporate loans in most of Western Europe are now govt-guaranteed...their intervention into banking has been far deeper than any other country).
    - deleted 4y ago
      [deleted]

by narag 4y ago

(From a few Mm) I remember them saying that EU was a big-government ballast, so reducing expenses and bureaucracy they could have a much agile and vibrant economy. But is that what they did?

skippyboxedhero 4y ago

Yes, both parties have largely accepted the need for deregulation. Labour's recent economic policy proposals are largely identical, on this issue, to the Tories. The upside potential has largely been accepted by all (and btw, not all of this was to do with the EU either...the UK has bureaucrats too and they love gathering power as much ones in Brussels). The only exception is the BoE...which, unsurprisingly, has been one of the institutions that gathered the most power over the last decade. I did not vote to Leave but I think it is also a case of direction. Even outside the EU and the UK, I think people look at the direction the EU is going and realise it is a bit mad. Those differences would only have grown over time with the UK because unemployment is so low and govt is naturally turning towards supply-side reforms. Some countries in Europe have been doing supply-side reforms since the early 90s.

narag 4y ago
But did you cut the deficit? I believed the last ephemeral PM had to resign after cutting taxes and, at the same time, growing the budget had dire consequences. Even here in the mainland, the ECB is being forced to stop printing money at the usual rate.
- skippyboxedhero 4y ago
  I am not sure what you are referring to. The UK was running a primary surplus in 2018. And the UK is now running a deficit. Imo, the deficit is too large but most countries are running a deficit that is too large. The last PM didn't cut taxes and didn't grow the budget. The vast majority of her policies did not happen. The ECB has not stopped printing money because they aren't selling bonds and are (I believe) still intervening in Southern Europe bond markets because of their dire fiscal situation. The BoE stopped QE and began selling bonds in February 2021. Still far too late, but the ECB has (imo) gone so far with QE that it is impossible to stop (iirc, most new corporate loans in most of Western Europe are now govt-guaranteed...their intervention into banking has been far deeper than any other country).
  - deleted 4y ago
    [deleted]