Clint Planet
Utter Cad.
A right laughing-stock-of-Europe effing shambles, yeah. Still, not to worry.
Current Affairs EU In or Out
- Thread starter micknick
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A right laughing-stock-of-Europe effing shambles, yeah. Still, not to worry.
Foot Long Hot Dog
Player Valuation: A packet of pork scratchings
The complete lack of any form of contingency showed his hideous arrogance and idiocy in equal measure
Old Blue 2
Player Valuation: £40m
You are twisting my words (no surprise there, then...)
The shambles was pre-23 June, originated by Cameron.
The process to take us out has been ongoing since then.
You and your ilk may claim there is a shambles, I (and probably others) don't see it like that at all. The wheels of Government are now moving in the correct direction, and no doubt setting about the multitude of actions/works required. Something that that idiot Cameron did NOT address during his tenure as PM.
Let's see what youe next red herring/twisting of words is...
on LBC news they did try listening to it!
Thank goodness hes quit with his big fat pension he has not have to had paid into my wife was a civil servant what a perk that is - good riddance to him!
The same usual subjets using the very same rhetoric on here - they just hate the thought of us leaving the EU and doing even better proving that they as Remainers were wrong!
Old Blue 2
Player Valuation: £40m
Bollocks Joey. It is NOT a perk. Paying into the pensioin scheme is compulsory (or it was when I joined the civil service). And if you study the figures for ordinary civil servants over a lifetime of paying in, you will see that far more is accrued by central government by way of all the payments and the interest obtained in investing those payments, then ever gets paid out...
Civil servants when my wife was there did not pay anything in it was a per I paid 6% - even on leaving she had the option to withdraw her funds I could not - if its changed then I am wrong obviously , but thats how it used to be she got a nice lump sum for three years service paid nothing in != one hell of a perk!
Clint Planet
Utter Cad.
Pensions are not "perks." Perks are freebies given away by the employer - scraps from the table of the rich. Pensions were fought for by workers, often at great personal cost, so that one may live a dignified life in retirement. Stop falling into the trap of envy and resentment - it's precisely what the ruling class want us to do.
Old Blue 2
Player Valuation: £40m
Terms and conditions must have changed since I joined in the late-'60s, then...
Who's quit? The Canadian trade negotiator who was the subject of the article you quoted?
joey_macmo
Player Valuation: £35m
No Joey you've made a statement you've got to back it up.
We know from the past that things you've posted from LBC just haven't been true
Really - it was a big as the michael fish forecast which I posted -
Crash was economists' 'Michael Fish' moment, says Andy Haldane
Image copyrightGETTY IMAGES
Image captionEconomic models "failed to cope" with the 2008-09 financial crash
The failure to predict the financial crisis was a "Michael Fish" moment for economists, the Bank of England's chief economist has said.
Andy Haldane compared financial forecasts to the famously inaccurate forecast by the BBC weatherman, ahead of the UK's great storm of 1987.
He said the profession was "to some degree in crisis" following the 2008-09 crash and the Brexit vote.
The Bank denies claims it gave gloomy forecasts to support the Remain side.
Mr Haldane was speaking to an audience at the Institute for Government in London on Thursday, when he made the comparison between economists and weather forecasters.
Kamal Ahmed: The Bank's 'Michael Fish' moment
He said economic models had been "rather narrow and rather fragile", which was "fine as long as the going was good" but when the world was "tipped upside down" by the 2008-09 crisis, they had failed to cope.
"Turns out, that was a massive oversight," he said.
"Could we find a way out of the trap? Of course we could. Let's go back to a different crisis, which is the crisis, not in economic forecasting but in weather forecasting, that resulted from the 1987 storm.
Media captionBBC weatherman Michael Fish: "I told a white lie"
"Remember that? Michael Fish getting up: 'There's no hurricane coming but it will be very windy in Spain.' Very similar to the sort of reports central banks - naming no names - issued pre-crisis: 'There is no hurricane coming but it might be very windy in the sub-prime sector.'
"Look at how weather forecasting has changed itself in the period since. Actually there has been a dramatic improvement in our capacity to forecast the weather... a revolution in weather forecasting.
"Much more data is being thrown at the problem and that has brought about a transformation. And some of the self same could be true if we move from weather forecasting to economic."
'More difficult year'
Asked whether there had been the economic "hurricane" forecast after the Brexit vote, Mr Haldane quipped: "It's been very windy in Spain."
But he told the audience at the Institute for Government: "It's true, again, fair cop. We had foreseen a sharper slowdown in the economy than has happened, in common with almost every other mainstream macro-forecaster."
Media captionDr Graham Gudgin tells Today forecasters "stopped asking questions" on Brexit economic predictions
The Bank of England and the Treasury were accused by Brexit campaigners - including two former Conservative chancellors - of "peddling phoney forecasts and scare stories" during the EU referendum campaign to "frighten the electorate into voting Remain".
Since the referendum, the UK economy has so far not performed as predicted, with GDP growth at a better-than-expected 0.6% between July and September.
However, the value of the pound has fallen about 17% since Britain voted to leave on 23 June.
Mr Haldane said the fact that the UK economy had held up better than predicted in the aftermath was a "thoroughly good thing", putting it down to consumer confidence and the housing market.
He said it was "almost as though the referendum had not taken place" and that people's spending power had not been "materially dented" in 2016.
But he added there were "reasonable grounds" for thinking 2017 might be a "somewhat more difficult year" for the consumer as the fall in the exchange rate began to affect prices. But he said there was "nothing inevitable" about that - it was just a "best guess".
'Objective analysis'
Transport Secretary Chris Grayling, who campaigned for a Leave vote during the EU referendum, told the BBC he was "very pleased" the Bank of England had "accepted it got it wrong" on its forecasts after the Brexit vote, and he had "no doubt they'll learn the lessons".
"There is a proud tradition in this country of economists getting it spectacularly wrong from time to time," he said.
He added: "It's a tribute to the work the government has done over the last six years that we still have the fastest growing economy in the G7."
Bank of England Governor Mark Carney told the Treasury Select Committee last year that the Bank's advice before the EU referendum had been "analytically based and objectively given", adding: "It is not a political opinion, it is an economic opinion - it's a judgement, it's a judgement based on analysis."
In 2012, on the 25th anniversary of his infamous weather broadcast, Mr Fish said he would be a happy man if he could "take every single copy of that [broadcast] to my grave".
Referring to Mr Haldane's remarks on Friday, as "Michael Fish" continued to trend on Twitter, the weatherman tweeted: "I reckon that Andrew Haldane, chief economist at the Bank of England, owes me a gold bar or two!"
Crash was economists' 'Michael Fish' moment, says Andy Haldane
- 6 January 2017
- From the sectionUK Politics
Image captionEconomic models "failed to cope" with the 2008-09 financial crash
The failure to predict the financial crisis was a "Michael Fish" moment for economists, the Bank of England's chief economist has said.
Andy Haldane compared financial forecasts to the famously inaccurate forecast by the BBC weatherman, ahead of the UK's great storm of 1987.
He said the profession was "to some degree in crisis" following the 2008-09 crash and the Brexit vote.
The Bank denies claims it gave gloomy forecasts to support the Remain side.
Mr Haldane was speaking to an audience at the Institute for Government in London on Thursday, when he made the comparison between economists and weather forecasters.
Kamal Ahmed: The Bank's 'Michael Fish' moment
He said economic models had been "rather narrow and rather fragile", which was "fine as long as the going was good" but when the world was "tipped upside down" by the 2008-09 crisis, they had failed to cope.
"Turns out, that was a massive oversight," he said.
"Could we find a way out of the trap? Of course we could. Let's go back to a different crisis, which is the crisis, not in economic forecasting but in weather forecasting, that resulted from the 1987 storm.
Media captionBBC weatherman Michael Fish: "I told a white lie"
"Remember that? Michael Fish getting up: 'There's no hurricane coming but it will be very windy in Spain.' Very similar to the sort of reports central banks - naming no names - issued pre-crisis: 'There is no hurricane coming but it might be very windy in the sub-prime sector.'
"Look at how weather forecasting has changed itself in the period since. Actually there has been a dramatic improvement in our capacity to forecast the weather... a revolution in weather forecasting.
"Much more data is being thrown at the problem and that has brought about a transformation. And some of the self same could be true if we move from weather forecasting to economic."
'More difficult year'
Asked whether there had been the economic "hurricane" forecast after the Brexit vote, Mr Haldane quipped: "It's been very windy in Spain."
But he told the audience at the Institute for Government: "It's true, again, fair cop. We had foreseen a sharper slowdown in the economy than has happened, in common with almost every other mainstream macro-forecaster."
Media captionDr Graham Gudgin tells Today forecasters "stopped asking questions" on Brexit economic predictions
The Bank of England and the Treasury were accused by Brexit campaigners - including two former Conservative chancellors - of "peddling phoney forecasts and scare stories" during the EU referendum campaign to "frighten the electorate into voting Remain".
Since the referendum, the UK economy has so far not performed as predicted, with GDP growth at a better-than-expected 0.6% between July and September.
However, the value of the pound has fallen about 17% since Britain voted to leave on 23 June.
Mr Haldane said the fact that the UK economy had held up better than predicted in the aftermath was a "thoroughly good thing", putting it down to consumer confidence and the housing market.
He said it was "almost as though the referendum had not taken place" and that people's spending power had not been "materially dented" in 2016.
But he added there were "reasonable grounds" for thinking 2017 might be a "somewhat more difficult year" for the consumer as the fall in the exchange rate began to affect prices. But he said there was "nothing inevitable" about that - it was just a "best guess".
'Objective analysis'
Transport Secretary Chris Grayling, who campaigned for a Leave vote during the EU referendum, told the BBC he was "very pleased" the Bank of England had "accepted it got it wrong" on its forecasts after the Brexit vote, and he had "no doubt they'll learn the lessons".
"There is a proud tradition in this country of economists getting it spectacularly wrong from time to time," he said.
He added: "It's a tribute to the work the government has done over the last six years that we still have the fastest growing economy in the G7."
Bank of England Governor Mark Carney told the Treasury Select Committee last year that the Bank's advice before the EU referendum had been "analytically based and objectively given", adding: "It is not a political opinion, it is an economic opinion - it's a judgement, it's a judgement based on analysis."
In 2012, on the 25th anniversary of his infamous weather broadcast, Mr Fish said he would be a happy man if he could "take every single copy of that [broadcast] to my grave".
Referring to Mr Haldane's remarks on Friday, as "Michael Fish" continued to trend on Twitter, the weatherman tweeted: "I reckon that Andrew Haldane, chief economist at the Bank of England, owes me a gold bar or two!"
rogers the ineffective civil Eu negotiator
joey_macmo
Player Valuation: £35m
Really - it was a big as the michael fish forecast which I posted -
Crash was economists' 'Michael Fish' moment, says Andy Haldane
Share
- 6 January 2017
- From the sectionUK Politics
Image copyrightGETTY IMAGES
Image captionEconomic models "failed to cope" with the 2008-09 financial crash
The failure to predict the financial crisis was a "Michael Fish" moment for economists, the Bank of England's chief economist has said.
Andy Haldane compared financial forecasts to the famously inaccurate forecast by the BBC weatherman, ahead of the UK's great storm of 1987.
He said the profession was "to some degree in crisis" following the 2008-09 crash and the Brexit vote.
The Bank denies claims it gave gloomy forecasts to support the Remain side.
Mr Haldane was speaking to an audience at the Institute for Government in London on Thursday, when he made the comparison between economists and weather forecasters.
Kamal Ahmed: The Bank's 'Michael Fish' moment
He said economic models had been "rather narrow and rather fragile", which was "fine as long as the going was good" but when the world was "tipped upside down" by the 2008-09 crisis, they had failed to cope.
"Turns out, that was a massive oversight," he said.
"Could we find a way out of the trap? Of course we could. Let's go back to a different crisis, which is the crisis, not in economic forecasting but in weather forecasting, that resulted from the 1987 storm.
Media captionBBC weatherman Michael Fish: "I told a white lie"
"Remember that? Michael Fish getting up: 'There's no hurricane coming but it will be very windy in Spain.' Very similar to the sort of reports central banks - naming no names - issued pre-crisis: 'There is no hurricane coming but it might be very windy in the sub-prime sector.'
"Look at how weather forecasting has changed itself in the period since. Actually there has been a dramatic improvement in our capacity to forecast the weather... a revolution in weather forecasting.
"Much more data is being thrown at the problem and that has brought about a transformation. And some of the self same could be true if we move from weather forecasting to economic."
'More difficult year'
Asked whether there had been the economic "hurricane" forecast after the Brexit vote, Mr Haldane quipped: "It's been very windy in Spain."
But he told the audience at the Institute for Government: "It's true, again, fair cop. We had foreseen a sharper slowdown in the economy than has happened, in common with almost every other mainstream macro-forecaster."
Media captionDr Graham Gudgin tells Today forecasters "stopped asking questions" on Brexit economic predictions
The Bank of England and the Treasury were accused by Brexit campaigners - including two former Conservative chancellors - of "peddling phoney forecasts and scare stories" during the EU referendum campaign to "frighten the electorate into voting Remain".
Since the referendum, the UK economy has so far not performed as predicted, with GDP growth at a better-than-expected 0.6% between July and September.
However, the value of the pound has fallen about 17% since Britain voted to leave on 23 June.
Mr Haldane said the fact that the UK economy had held up better than predicted in the aftermath was a "thoroughly good thing", putting it down to consumer confidence and the housing market.
He said it was "almost as though the referendum had not taken place" and that people's spending power had not been "materially dented" in 2016.
But he added there were "reasonable grounds" for thinking 2017 might be a "somewhat more difficult year" for the consumer as the fall in the exchange rate began to affect prices. But he said there was "nothing inevitable" about that - it was just a "best guess".
'Objective analysis'
Transport Secretary Chris Grayling, who campaigned for a Leave vote during the EU referendum, told the BBC he was "very pleased" the Bank of England had "accepted it got it wrong" on its forecasts after the Brexit vote, and he had "no doubt they'll learn the lessons".
"There is a proud tradition in this country of economists getting it spectacularly wrong from time to time," he said.
He added: "It's a tribute to the work the government has done over the last six years that we still have the fastest growing economy in the G7."
Bank of England Governor Mark Carney told the Treasury Select Committee last year that the Bank's advice before the EU referendum had been "analytically based and objectively given", adding: "It is not a political opinion, it is an economic opinion - it's a judgement, it's a judgement based on analysis."
In 2012, on the 25th anniversary of his infamous weather broadcast, Mr Fish said he would be a happy man if he could "take every single copy of that [broadcast] to my grave".
Referring to Mr Haldane's remarks on Friday, as "Michael Fish" continued to trend on Twitter, the weatherman tweeted: "I reckon that Andrew Haldane, chief economist at the Bank of England, owes me a gold bar or two!"
Absolutely zero to back up your post there Joey.
The selective quotes from Haldane in that article are all contained in the quote I provided to you.
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