Richard Murphy
Without falling interest rates the hopes for the UK economy are exceptionally bleak https://www.taxresearch.org.uk/Blog/2023/07/02/without-falling-interest-rates-the-hopes-for-the-uk-economy-are-excpetionally-bleak/
The stock market is failing according to the CBI. So why don’t we just let it go?

I posted this on Twitter this morning: https://twitter.com/RichardJMurphy/status/1942861045426516103 My point is serious. The CBI is saying that the situation with regard to the UK stock exchange is getting desperate, because it is losing out to overseas markets and not attracting sufficient business. The question that needs to be asked is, why is that?...

Funding the Future
Jul 2, 2023 at 7:52amWeb
Show threadTheJamieDub1🇵🇸🇬🇧Jul 2, 2023
@RichardJMurphy #EatTheRich
Show threadAndii אַנדִֽיJul 2, 2023

"I fear that this could become very ugly economically and may be worse than that. That is why I hope for some economic sense that might relieve this tension now."
🤔 I hope similarly, but I fear it would take a miracle that isn't coming -too many Damascus road scenes needed. But I hope against hope.

@RichardJMurphy

Show threadGeofCoxJul 2, 2023

@RichardJMurphy

I was struck this morning by the following sentences in Shaun Bythell's 'Diary of a Bookseller':

"Between 2001 and 2008 turnover increased steadily and strongly, despite the obvious trend towards buying online. Then - after Lehman Brothers went to the wall in September of that year - things nose-dived, and turnover was back where we started in 2001, but with overheads that had risen considerably during the good times."

This seemed to me to encapsulate the UK's story - the dependence on a bloated financial services sector, Thatcher's time-bomb that Blair failed to defuse, but which world events set off in 2008. Ever since, the whole UK economy has been paying the price.