Brexit will 'take Britain back to the 1970s', says former Bank of England expert

Brexit will 'take Britain back to the 1970s', says former Bank of England expert

Brexit will “take Britain back to the 1970s” and nothing good can ever come of it, a former Bank of England policymaker said today.

Adam Posen, who sat on the Bank of England’s Monetary Policy Committee from 2009 to 2012, said Brexit “is going to be an ongoing source of chronic pain for the UK for many years”.

Speaking from Frankfurt, Mr Posen said Brexit would be “very, unquestionably bad, but still not be terminal”, and compared Britain outside the EU to a patient with arthritis.

“It is going to put the UK in many ways back to where it was in the 1970s and early 1980s. Being uncompetitive, people having less faith in the stability of the regime,” he said in an interview with Bloomberg.

Mr Posen said Britain faces stagflation, a situation of stagnant economic growth with rapidly rising prices faced in the late 1970s. The spiral of increasing prices reduced the value of people’s wages and led to dozens of strikes, repeated power cuts and a three-day working week during what became known as the winter of discontent.

Talking about how the UK’s economy will look in 10 years’ time, he said: Of course, the economy will survive, the City will survive in a smaller state – but will the average person in Britain be worse off economically? Yes.”

Asked whether there was anything positive about Britain’s looming exit from the European Union, Mr Posen replied, “No”.

In the run-up to the vote, the American economist warned that Brexit was “delusional fantasy”.

The EU will also suffer, Mr Posen said, because of the end of a mutually beneficial relationship but the UK, as the smaller partner, will inevitably suffer more.

More: http://www.independent.co.uk/news/business/news/brexit-britain-uk-economy-back-to-1970s-chronic-pain-adam-posen-bank-of-england-a7384336.html

I,d like to go back !

I prefer the 1960s - the girls looked prettier.

I see the UK rejoining the EU eventually -- within, say, 10-15 years from now.

If it ain't working by then that will be an option, I would hope.

In the meantime, I'm back in the '70's so Ima gonna shake ma booty one more time!

nicko wrote:I,d like to go back !

Me too nicko. The '70s were great!

Ziz wrote:I prefer the 1960s - the girls looked prettier.

Me too....just entering my teens and life was very uncomplicated back then...plus the music was brilliant.
Girls were probably prettier to you because you had just discovered them ....unless you are a lot older than I think.

Syl wrote:

Ziz wrote:I prefer the 1960s - the girls looked prettier.

Me too....just entering my teens and life was very uncomplicated back then...plus the music was brilliant.
Girls were probably prettier to you because you had just discovered them ....unless you are a lot older than I think.

I think it was the fashion more than anything else - clean simple lines - alluring because it didn't scream at you. The 70s and 80s were ugly by comparison.

Ziz wrote:

Syl wrote:

Me too....just entering my teens and life was very uncomplicated back then...plus the music was brilliant.
Girls were probably prettier to you because you had just discovered them ....unless you are a lot older than I think.

I think it was the fashion more than anything else - clean simple lines - alluring because it didn't scream at you.  The 70s and 80s were ugly by comparison.

60's fashions always seem to be making comebacks....mini's, maxi's, hot pants (I hated them though) the Mary Quant haircuts, black and white geometric dresses....they still look great when worn today.

I agree with you Ziz.....compared to the 60's other decades don't match up.

Syl wrote:

Ziz wrote:

I think it was the fashion more than anything else - clean simple lines - alluring because it didn't scream at you.  The 70s and 80s were ugly by comparison.

60's fashions always seem to be making comebacks....mini's, maxi's, hot pants (I hated them though) the Mary Quant haircuts, black and white geometric dresses....they still look great when worn today.

I agree with you Ziz.....compared to the 60's other decades don't match up.

Maxi dresses and hot pants were hideous - but the Quant/Sassoon inspired look was great. Actually, my favourite era for women's fashion is the 30s/40s but that's for another time.

Raggamuffin wrote:

nicko wrote:I,d like to go back !

Me too nicko. The '70s were great!

Come to think of it, that was pre-Internet, so count me in as well

Ben Reilly wrote:

Raggamuffin wrote:

nicko wrote:I,d like to go back !

Me too nicko. The '70s were great!

Come to think of it, that was pre-Internet, so count me in as well

What??? And never have met some of this wonderful lot??

eddie wrote:Brexit will 'take Britain back to the 1970s', says former Bank of England expert

Brexit will “take Britain back to the 1970s” and nothing good can ever come of it, a former Bank of England policymaker said today.

Adam Posen, who sat on the Bank of England’s Monetary Policy Committee from 2009 to 2012, said Brexit “is going to be an ongoing source of chronic pain for the UK for many years”.

Speaking from Frankfurt, Mr Posen said Brexit would be “very, unquestionably bad, but still not be terminal”, and compared Britain outside the EU to a patient with arthritis.

“It is going to put the UK in many ways back to where it was in the 1970s and early 1980s. Being uncompetitive, people having less faith in the stability of the regime,” he said in an interview with Bloomberg.

Mr Posen said Britain faces stagflation, a situation of stagnant economic growth with rapidly rising prices faced in the late 1970s. The spiral of increasing prices reduced the value of people’s wages and led to dozens of strikes, repeated power cuts and a three-day working week during what became known as the winter of discontent.

Talking about how the UK’s economy will look in 10 years’ time, he said: Of course, the economy will survive, the City will survive in a smaller state – but will the average person in Britain be worse off economically? Yes.”

Asked whether there was anything positive about Britain’s looming exit from the European Union, Mr Posen replied, “No”.

In the run-up to the vote, the American economist warned that Brexit was “delusional fantasy”.

The EU will also suffer, Mr Posen said, because of the end of a mutually beneficial relationship but the UK, as the smaller partner, will inevitably suffer more.

More: http://www.independent.co.uk/news/business/news/brexit-britain-uk-economy-back-to-1970s-chronic-pain-adam-posen-bank-of-england-a7384336.html

yes, experts have been so right about this so far haven't they

Ben Reilly wrote:I see the UK rejoining the EU eventually -- within, say, 10-15 years from now.

very few people see the EU surviving that long

Back to a time where we are not subservient to the eu is a good thing... that would be before 1973 when thd single European Act gave away uk supremacy to the eu rules...

Ziz wrote:

Syl wrote:

60's fashions always seem to be making comebacks....mini's, maxi's, hot pants (I hated them though) the Mary Quant haircuts, black and white geometric dresses....they still look great when worn today.

I agree with you Ziz.....compared to the 60's other decades don't match up.

Maxi dresses and hot pants were hideous - but the Quant/Sassoon inspired look was great. Actually, my favourite era for women's fashion is the 30s/40s but that's for another time.

IF YOU TWO dinosaurs were to visit certain coastal-centric places with large beach cultures (e.g. Australia, California, Florida..) you could find that such things as mini skirts, shorts, short dresses, sandals and flip-flops/thongs never disappeared...

They have been an enduring constant since the mid-1960s, as other fashions waxed and waned..

WhoseYourWolfie wrote:

Ziz wrote:

Maxi dresses and hot pants were hideous - but the Quant/Sassoon inspired look was great. Actually, my favourite era for women's fashion is the 30s/40s but that's for another time.

IF YOU TWO dinosaurs were to visit certain coastal-centric places with large beach cultures (e.g. Australia, California, Florida..) you could find that such things as mini skirts, shorts, short dresses, sandals and flip-flops/thongs never disappeared...

They have been an enduring constant since the mid-1960s, as other fashions waxed and waned..

Too warm - prefer Dinoland.

"...421 out of 574 English and Welsh Westminster
constituencies probably voted to Leave..."


https://medium.com/@chrishanretty/the-eu-referendum-how-did-westminster-constituencies-vote-283c85cd20e1#.peh1khjie

The Devil, You Know wrote:

Ben Reilly wrote:I see the UK rejoining the EU eventually -- within, say, 10-15 years from now.

very few people see the EU surviving that long

True, all of Europe including UK is up for economic Conquest. Weak and Wounded it is just waitinjg for the fatal blow.

I Can't see the Uncivilized barbaians being left to Squander such high grade land while day dreaming of back when they where strong.