The Chancellor's "full employment" ambition is not quite what it seems

"The UK’s Chancellor of the Exchequer, George Osborne, has announced that his priority is jobs. In his words (from his Twitter account):

"This is more than slightly confused."

Read on here. (Pieria)


  1. The UK workforce has developed in such a fashion because of chiefly Norwegian and Eurozone (mainly via the Rhine /. lowlands area) primary & secondary goods imports.
    The British workforce now simply go around in ever decreasing circles so as to obtain bank credit to buy surplus goods from the EU entrepot.
    They do nothing productive.

    I don't suppose you checked out the latest march Energy trends publication ?
    The crisis in UK coal production continues.
    The UK first started to import coal when the EEC entrepot began to mature in the 1970s.
    It is no coincidence.

    "Provisional figures for 2013, as a whole, show that coal production (including an estimate for
    slurry) fell to a new record low of 12.8 million tonnes, 25 per cent down on 2012. This was due
    to a number of collieries/companies closing, and geological conditions at some of the
    remaining mines. Deep mined production was down 34 per cent at 4.1 million tonnes, the
    lowest on record due to operational issues at a number of sites. Surface mine production was
    down by 15 per cent.

    " Imports of coal in 2013 as a whole were 10.1 per cent up on 2012 at 49.4 million tonnes,
    which was the highest level since 2006. This level reflects the declining contribution of
    domestic production in meeting demand from electricity generators."

    The current UK productivity crisis is a result of the total primary energy consumption declining from 240 ~Mtoe in the early to mid noughties to the current 200 ~ Mtoe ( with a increasing population)
    See page 4
    The value added goods that the EU produces have less and less value as time passes as they subtract from basic consumption.
    From the UKs perspective its now better to close down this modernistic surplus India and transfer the energy not burned in the Euro production process into the UKs internal systems.

  2. It would be nice to see what UK real wages and productivity look like ex (high-)finance sector. It may well tell a different and more relevant story as the whole economy stats. Would make a great blog post if you can find some data! Perhaps you can make that most difficult pupil,, sing? :-)

    Also, modestly declining real wages in an advanced economy is usually no big drama given that many if not most goods are positional. The rat race just gets more relaxed when everybody is running slower.

  3. I had read the post and uniformly throughout the rich world, monetary policy is too tight.

  4. You really did a great job about the The Chancellor's "full employment" ambition is not quite what it seems.Thanks for your nice information.


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