The Good News thread, local jobs, economy etc

[Webbo]

Lots of explanations. The increases stated relate mostly to share incentives, actual pay for directors only increased by 2.5% which I reckon is probably in line with what most average to above average earners have experienced in the last year. Share incentives are more common now than they were in 2000. In 2000 we were at the height of the tech boom when ftse-100 earnings were considerably lower than they are now. Makes sense that increased usage of share incentives should create large paper pay increases for directors in 2014, when the index has been touching all time record highs. Also by necessity companies that have recently entered the ftse 100 will have recently undergone significant growth, making those share incentives worth that much more.

Looking at the directors of such a small amount of companies really is useless for comparing against the average employee. I'd be interested to see wage growth in percentage terms of all those earning above say £80k, against lower earners, but even then, you surely have to appreciate that those with the necessary skills and motivation to become wealthy in the first place, are likely to be ahead of the curve when it comes to taking advantage of improving economic conditions.

I do believe that pension contributions by the employer are often counted in these figures.

[Alf Bentley]

Does that include all the money spent under pfi? I thought that that didn't show on the national debt? Genuine question, I'm not sure.

 

My understanding is that it doesn't. I think that the PFI repayments would show up as expenditure spread over several years, indeed several decades to come, thereby potentially contributing to future deficits....an utter disgrace and betrayal of future generations.

 

New Labour should stand condemned for that. Possibly their biggest sin, Iraq apart. PFI actually began under the Tories, I believe, but massively expanded under Labour....and has been continued by the coalition. It's another prime example of short-termism in politics. The current government (whichever is in power at the time) makes popular public investments without making itself unpopular by increasing taxes to fund that investment.....instead, a future government - and a future generation - is lumbered with paying it back. Most research suggests that the investment ends up costing much more as a result. Shameful!

[Alf Bentley]

The difference is I wouldn't blame the govt, I'd take responsibility for my own life.

 

Time that I took responsibility for my own life and did some more work!  

 

I've spent far too long on here today and done far too little work. Must ban myself now, or else I'll be reduced to asking some kindly mod to ban me tomorrow! 

[sphericalfox]

I'm voting for Alf in the next election even if he's not on the ballot.

[Webbo]

Time that I took responsibility for my own life and did some more work!  

 

I've spent far too long on here today and done far too little work. Must ban myself now, or else I'll be reduced to asking some kindly mod to ban me tomorrow! 

If I could I'd gladly oblige 

 

I do enjoy these little debates, even though none of us ever change each other's minds.

[Rincewind]

If I could I'd gladly oblige 

 

I do enjoy these little debates, even though none of us ever change each other's minds.

On this I will agree with you.

[Rincewind]

http://samedifference1.com/2014/10/15/400000-esa-claims-disappear-from-stats/

[MooseBreath]

Credit Suisse global wealth report out this week says global wealth is up 8.2% in the year. Loads a money. Interestingly it also reports that you only need a net worth of about £50k to be in the wealthiest 10% in the world, and just £500k gets you into the top 1%.

In other news, unemployment down again in the UK.

Edited 15 October 2014 by MooseBreath

[Guest MattP]

The unemployment figures really are staggering. An incredible effort by the current government.

 

Good to see Cameron go on the attack properly against Miliband today as well regarding the disabled - 'I'll know more about looking after a seriously disabled person I love more than you ever will'

[purpleronnie]

The unemployment figures really are staggering. An incredible effort by the current government.

 

I blame the immigrants.

[Steven]

Discovered at Leicester Uni.

 

Dark matter may have been detected – streaming from the sun’s core

 

http://www.theguardian.com/science/2014/oct/16/dark-matter-detected-sun-axions

[purpleronnie]

http://www.msn.com/en-gb/news/uknews/paralysed-man-walks-again-after-historic-cell-transplant/ar-BBamuW4?ocid=mailsignout

 

Paralysed man walks again after 'historic' cell transplant

 

PA Paralysed man walks again after 'historic' cell transplant

 

A fireman left paralysed in a stabbing attack has learnt to walk again after undergoing pioneering surgery using cells from his nose.

Darek Fidyka, who is believed to be the first person in the world to recover from a completely severed spinal cord, said the experience of walking again was like being reborn.

"It's an incredible feeling, difficult to describe," said the 40-year-old. "You're at a certain moment in your life when you think it will never happen again and yet... it's possible."

About 1,000 people suffer a spinal cord injury each year in the UK and Ireland, and about 50,000 people are living with paralysis, says The Times. Patients with incomplete spinal injuries often recover, but until now complete spinal cord injuries have been broadly regarded as permanent and incurable.

Fidyka, who was paralysed from wounds inflicted by his partner's ex-husband in July 2010, can now walk with a frame and even drive a car.

"Spinal cord injury is quite easy to do and utterly devastating for the people who have it," said Geoffrey Raisman, of University College London, who pioneered the technique. "This opens a door that was not open before. I think we're looking at something historic."

He described Fidyka's recovery as "more impressive than man walking on the Moon".

Scientists in Poland transplanted "olfactory ensheathing" cells (OECs) from his nose to his spine, enabling the ends of severed nerve fibres to grow and join together – a process that was previously believed to be impossible, says the Daily Mail.

Raisman compared the technique to motorists finding other routes around a closed section of motorway, adding: "What we're doing is repairing the motorway."

The research was funded by the UK Stem Cell Foundation and Nicholls Spinal Injury Foundation, founded by the British hotelier David Nicholls, whose son Daniel was paralysed in a swimming accident at the age of 18. Scientists are now planning to treat ten more paralysed patients in a carefully controlled clinical trial.

 

[Webbo]

The tories will do anything to force the disabled to work.

[Alf Bentley]

The tories will do anything to force the disabled to work.

 

Just repped that, joining Rincewind and PurpleRonnie....you must be turning into a left-wing sell-out, Webbo! 

 

You just need Zingari, Leicsmac and a couple of other pinkos for a full set now!

[Alf Bentley]

Some more interesting ONS economic data, showing that the irresponsible Tory government is INCREASING the deficit: http://www.bbc.co.uk/news/business-29702795

 

Surprised that Moosebreath hasn't posted this.   Must be, er, continued damage caused by Labour.....despite the fact that the deficit was falling but is now rising....and, er, it's all down to the depressed international economy, nothing to do with us, Guv, whereas in 2008 the problem was nothing to do with the international economy, it was all down to Labour's over-spending, er, er.... It's certainly nothing to do with George's failure to stimulate demand, the "recovery" mainly comprising low-paid jobs, house prices still being over-inflated due to the failure to build more houses, crippling household budgets, er, nothing like that.... Anyway, the big increase in the number of self-employed should boost tax receipts, shouldn't it? What did you say the median income of the self-employed was now? £14k, you say?....Well, that should bring in a lot of extra tax, what with the personal threshold being £10k or whatever, er, er..... "Stay behind after school for extra Maths homework, George!!" 

 

"Government borrowing rose to £11.8bn in September, an increase of £1.6bn compared with a year earlier, according to the Office for National Statistics.

The latest figures are a set back for Chancellor George Osborne, who in March pledged to cut the budget deficit by more than 10% over the next 12 months.Between April and September borrowing was £58bn, a rise of £5.4bn compared with the same period last year.That is an INCREASE of 10.3%. Last month's figures showed borrowing between April and August was 6% higher than a year earlier.

Analysis: Simon Jack, Business correspondent, BBC News

Plans to reduce the deficit are getting further off track. The government has so far borrowed 10% more this year than it did at the same time last year. It means the chancellor has no room for manoeuvre as he prepares his pre-election tax and spending plans, due to be announced in early December.

There were some bright spots for him - stamp duty is 25% up on the year - but income tax was flat, despite a record breaking fall in unemployment since last year, suggesting job growth has been in low-paid work. The deficit has come down a third since 2010, but the progress has stalled and this year is heading in the wrong direction.

"Income tax receipts have been held back by weak earnings growth and the fact that much of the employment growth has been in low paid jobs or in self-employment," said Howard Archer, chief UK economist at IHS Global Insight. "The chancellor's move to increase the amount people can earn tax free is also depressing tax receipts".

Edited 21 October 2014 by Alf Bentley

[MooseBreath]

Disappointing figures, but not surprising. With an election next year, politically speaking now is not the time to be pushing ahead with deep cuts.

We've also got to put it into context, what with most of Europe, including a lot of people's darlings Germany heading back into recession, the amount of growth and positivity here is still impressive.

As for the tax take, I wonder how much of that is down to increasing self employment. You'll get a lot of people who would be paying higher rate income tax only paying corporation tax, reducing the tax take.

It's difficult to cut costs and grow the economy simultaneously while all of your neighbours are biggest trading partners are in recession. Labour couldn't even do it when the globe was booming.

[Rincewind]

I am sure Moose is David Cameron's alter ego. {)

[ADK]

Somewhere, there will be complete stats that explain exactly why the deficit rose.

[Alf Bentley]

Disappointing figures, but not surprising. With an election next year, politically speaking now is not the time to be pushing ahead with deep cuts.

We've also got to put it into context, what with most of Europe, including a lot of people's darlings Germany heading back into recession, the amount of growth and positivity here is still impressive.

As for the tax take, I wonder how much of that is down to increasing self employment. You'll get a lot of people who would be paying higher rate income tax only paying corporation tax, reducing the tax take.

It's difficult to cut costs and grow the economy simultaneously while all of your neighbours are biggest trading partners are in recession. Labour couldn't even do it when the globe was booming.

 

I'm sure you're right about the pure politics of the situation. Makes you realise just how severe the cuts are likely to be after the election, though, unless British and/or international demand shows a marked improvement. Certainly massive cuts under the Tories, and probably only slightly less swingeing under Labour, I'd guess. Despite the cuts that have already taken place, the deficit is currently 10% up year-on-year and they want to see a marked fall?! That equals major cuts in addition to what has already been done....at a time, let us remember, when average real incomes are still falling.

 

Also, that's before any consideration is given to the NHS. There was a good discussion about that on Newsnight the other day with 3 expert panelists, who spoke quite honestly (Sarah Wollaston, the Tory MP & GP; and a former Labour health minister were 2 of them). They all agreed that, to maintain current (struggling) levels of NHS service, there'd need to be an extra £30bn funding for the NHS by 2020. Anticipating your arguments: Yes, I know that the government is maintaining "real spending" on the NHS, but without major changes of some sort, spending needs to be rising in real terms because of the aging population etc.....and the Tories have had 4 years to "reform", "cut wasteful red tape" and all the other cliches. Furthermore, the speakers were all agreed that the NHS is already operating at close to breaking point despite it not even being winter yet - probably because cuts in social services have led to a massive increase in the numbers of people going to A&E.... This is scary stuff, particularly if you have family who are elderly or sick.

 

The self-employed paying less tax by setting up companies and paying corporation tax instead of higher-rate income tax might explain a small part of the reduced tax take....but it doesn't solve it, does it? If that is the case, then either that means extra cuts or extra tax for someone else, doesn't it? I'm dubious as to how big a factor that is, anyway. I've just checked that figure and the average income of the self-employed has crashed to £10,400 p.a. (excluding the top 2% of earners): http://www.taxresearch.org.uk/Documents/SEI2013.pdf(see p.6, in particular). So, it doesn't look as if very many of the self-employed are earning enough to be on higher-rate tax! For that matter, I wonder how many of the newly self-employed have paid the fees to set up companies; a lot of self-employed (myself included), particularly those on low-to-medium incomes in low-risk occupations, operate as sole traders and they pay income tax, not corporation tax.

 

But what's happened to the take from the top rate income tax? Those of us who disagreed with the cut from 50% to 45% on incomes from £150k to £zillions were told that the lower rate would mean that the rich would be less inclined to indulge in tax avoidance, so the tax take would actually rise?! Was it you, Matt or Webbo who presented that argument? Well that certainly doesn't seem to have come true, does it?! 

 

How will the Tories justify their tax cuts for billionaires at the election, I wonder, if the deficit is still rising? Even harder if they're proposing even bigger cuts after the election to an electorate on falling incomes, while trying to explain why the NHS is creaking at the seams despite being "protected" from the cuts....

 

Keynes was right! Counter-intuitive as it may seem, during a recession you should run a deficit in order to stimulate demand and get the economy moving again; it's when the economy is booming again that you should reduce the deficit by either cutting expenditure or increasing taxes (and Yes, criticism of Labour for not doing that during their boom years is justified). 

Edited 21 October 2014 by Alf Bentley

[MooseBreath]

We have been reducing the deficit while achieving growth. The deficit has risen again now, but prior to that it dropped by something like a third while we were posting levels of growth among the highest in the developed world.

The disappointing thing is that we haven't reduced the deficit more, almost everything else is positive. It's a shame that the election is coming because now is the perfect time to make deeper cuts, while any job losses can be offset by the booming private sector jobs market.

The NHS and the demographic time bomb transcend party politics. I remember my suggestion of cutting off NHS care once people get to a certain age didn't go down very well on here before, but it will probably take something dramatic. I don't envy the Chancellor who has to deal with that problem once it can no longer be swept under the carpet.

Edited 21 October 2014 by MooseBreath

[pSinatra]

Speaking as a relatively stupid twat, I'm interested to know where this 'booming' private sector jobs market is?

 

I would have a guess that it is either low-income jobs that are being created or they are elsewhere in the country, i.e. London & the South East.

 

As someone who is self-employed & earning a 'below average' income, I find that there is very little work available paying anything decent or in a worthwhile occupation.  The number of people self-employed is on the increase, not because we all envisage being millionaires one day, rather there is bugger all else out there.

[MooseBreath]

More people in employment now than ever before seems rather boomy to me.

I believe most of the increase in self employment is down to 55+ ladies setting up cake making businesses, and similar, as a way of 'winding down' but still bringing in a small income.

Edited 21 October 2014 by MooseBreath

[Rincewind]

[MooseBreath]

Are you laughing at the stupidity of people trying to make an honest income when they could just fake retirement?

[ADK]

Do you have any stats to back that up Moose?