New pound coin coming.

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Re: New pound coin coming.

Postby blythburgh » Tue Jan 03, 2017 10:44 am

As Harold Wilson said about the devaluation of the pound: "It will not affect the pound in your pocket".

Think he meant the pound in you pocket will still look the same but inflation will mean it buys less.

Inflation ran riot during the Labour Govt.'s time but they were getting it under control.

Then Thatcher kept her pre-election promise to not double VAT and only raised it from 8% to 15% which is one of the reasons inflation raged again
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Re: New pound coin coming.

Postby expressman33 » Mon Jan 09, 2017 6:54 pm

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Re: New pound coin coming.

Postby kevinchess1 » Mon Jan 09, 2017 7:19 pm

blythburgh wrote:As Harold Wilson said about the devaluation of the pound: "It will not affect the pound in your pocket".

Think he meant the pound in you pocket will still look the same but inflation will mean it buys less.

Inflation ran riot during the Labour Govt.'s time but they were getting it under control.

Then Thatcher kept her pre-election promise to not double VAT and only raised it from 8% to 15% which is one of the reasons inflation raged again


Well I remember it different I'm afraid
i've not checked but I don't think inflation was ever as high under the Tories as it was under the Labour party
I willing to be corrected if I am wrong
Politically incorrect since 69

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Re: New pound coin coming.

Postby planteria » Tue Jan 10, 2017 10:12 am

the detail doesn't matter now. the philosophies involved are clear :roll:

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Re: New pound coin coming.

Postby blythburgh » Tue Jan 10, 2017 11:38 am

What do you think happened to inflation when Thatcher almost doubled Kev? Inflation took off again with a vengeance just after Labour, very belatedly, were getting it under control again.
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Re: New pound coin coming.

Postby macliam » Tue Jan 10, 2017 1:50 pm

planteria wrote:the detail doesn't matter now. the philosophies involved are clear :roll:

Agreed, often such things as inflation are not altogether under Government control.

The problem is, like Doctors, they can never admit they "don't know" the cause of something, so tinker about addressing the symptoms. However, given the flack Gordon Brown got at the time of the US-generated financial crisis, I guess you can see why. The fact that he was singled out for his effective actions by all the other finance ministers in affected countries seems to have escaped people's notice in the UK, but, hey, as the Mail and Express know,why let the facts get in the way of a good story? :roll:

Inflation dogged governments of all shades in the 60s and 70s, as did industrial relations issues. Thatcher "tackled" inflation (and industrial relations) by stifling demand, increasing interest rates, capping public spending and increasing unemployment to over 3 million. That's why she is so adored by those who did well and disliked by those who saw the destruction caused. Rose-coloured spectacles and hindsight will not change those attitudes.
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