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BOE Chief Economist Says Britons ‘Need to Accept’ They’re Worse Off

bloomberg.com

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Re: BOE Chief Economist Says Britons ‘Need to Accept’ They’re Worse Off

#11

Post by jutrewag »

tleilaxu wrote: post #10
quadrifoliate wrote: post #5

> Pill was more direct. He said there’s a “reluctance to accept that yes, we’re all worse off and we all have to take our share.” They should look into taxing the various British Overseas Territories which usually top lists of tax havens across the world [1]. I am not sure if the regular British public is just ignorant of the existence of these, or prefers to run with the limited set of facts that their Conservative…

Given that the current prime minister is a non-dom himself… seems rather unlikely to be in his or any of his friends interests.

[dead]

Re: BOE Chief Economist Says Britons ‘Need to Accept’ They’re Worse Off

#12

Post by andrewmutz »

quadrifoliate wrote: post #5

> Pill was more direct. He said there’s a “reluctance to accept that yes, we’re all worse off and we all have to take our share.” They should look into taxing the various British Overseas Territories which usually top lists of tax havens across the world [1]. I am not sure if the regular British public is just ignorant of the existence of these, or prefers to run with the limited set of facts that their Conservative…

There's no tax shortfall. Taxing tax havens is fine but you shouldn't expect it to limit inflation very much.

Re: BOE Chief Economist Says Britons ‘Need to Accept’ They’re Worse Off

#13

Post by erehweb »

John Authers, a Bloomberg columnist, discusses this a bit in https://www.bloomberg.com/opinion/articles/2023-04-26/uk-inf... and thinks his friend got a bit of a raw deal here in the public reaction. If you like Matt Levine's columns, you might find Authers's newsletter worth a look.

Re: BOE Chief Economist Says Britons ‘Need to Accept’ They’re Worse Off

#14

Post by krona »

tleilaxu wrote: post #10
quadrifoliate wrote: post #5

> Pill was more direct. He said there’s a “reluctance to accept that yes, we’re all worse off and we all have to take our share.” They should look into taxing the various British Overseas Territories which usually top lists of tax havens across the world [1]. I am not sure if the regular British public is just ignorant of the existence of these, or prefers to run with the limited set of facts that their Conservative…

Given that the current prime minister is a non-dom himself… seems rather unlikely to be in his or any of his friends interests.

LOL citation needed. (Yes, everyone knows about the wife.)

Re: BOE Chief Economist Says Britons ‘Need to Accept’ They’re Worse Off

#15

Post by jarym »

Funny, central bankers advocating for wage price restraints are in effect calling for price controls (on labour). Except when anyone calls for price controls in any other context (goods, commodities, services) they are generally shot down by mainstream economists because they create market distortions which eventually leads to unwanted side effects.

Odd little disparity there.

Re: BOE Chief Economist Says Britons ‘Need to Accept’ They’re Worse Off

#18

Post by legitster »

A lot of commenters are obsessed with just finding money. You can't eat money. You can't build a house out of it (advisably).

Money is only as valuable as the amount of stuff in an economy. More money with the same amount of stuff is just inflation. The Pound does not need more inflation. Money and trade are only valuable in so much as they aid exchange and efficiency.

On a real, practical-level Brexit made England materially poorer. There are a lot of export commodities they no longer have a market for. And there are a lot of markets they can no longer import from cheaply.

You can do what you want to make the distribution more equal, but it can also be true that the pie is smaller for everyone.

Re: BOE Chief Economist Says Britons ‘Need to Accept’ They’re Worse Off

#19

Post by bagels »

tleilaxu wrote: post #10
quadrifoliate wrote: post #5

> Pill was more direct. He said there’s a “reluctance to accept that yes, we’re all worse off and we all have to take our share.” They should look into taxing the various British Overseas Territories which usually top lists of tax havens across the world [1]. I am not sure if the regular British public is just ignorant of the existence of these, or prefers to run with the limited set of facts that their Conservative…

Given that the current prime minister is a non-dom himself… seems rather unlikely to be in his or any of his friends interests.

For those that don't have any idea what a non-dom is (like myself), BBC says:

"Non-dom" is short for "non-domiciled individual". It's a term used for a UK resident whose permanent home, or domicile, is outside the UK. "Non-dom" is a description of tax status.

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