UK

Books: Something Will Turn Up

Books: Something Will Turn Up, by David Smith

The Sunday Times economics editor David Smith presents a readable, informative history of the British economy since World War II.

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Great Britain was the first leading manufacturing country. Even as late as 1950, it produced 25% of the world’s manufacturing exports. It generated a trade surplus in manufactured goods that amounted to as much as 10% of its gross domestic product (GDP).

Until the 1970s, the United Kingdom’s West Midlands manufacturing region maintained wage levels just slightly lower than those of the prosperous and diversified southeast region around London. That stands in marked contrast to today’s large income disparity between the regions. When the trade surplus in manufactured goods disappeared in 1982, never to return, it took many well-paid blue-collar Midlands jobs with it.

As the British Empire became the Commonwealth, its countries maintained strong trade links with the United Kingdom, underpinned by continuing preferential trade agreements. In the 1950s, the UK traded 40% of its exports and 35% of its imports with Commonwealth nations. Given the damage World War II had inflicted on mainland Europe’s economy, the captive markets of the Commonwealth gave the UK a postwar advantage. But that contributed to complacency and a lack of investment in British manufacturing; Britain took the Commonwealth markets for granted.

While Europe – and especially Germany – recovered its manufacturing capability in the postwar period, Britain’s manufacturing continued to decline. It suffered from low investment, a “failure to modernize,” inflation and poor industrial relations. High interest rates decimated the sector during the “strong pound recession” of the early 1980s. Four million manufacturing jobs disappeared between 1973 and 1983.

The volume of manufactured goods peaked in 1973 and didn’t regain those heights, in real terms, until 2010. Specialized manufacturing still matters to the United Kingdom. Japanese-owned automobile plants have returned the UK to its status as a net car producer, but other sectors of the economy have since become more important than manufacturing.

Good bye UK!

Great Britain voted to leave European Union. What’s next is the big question!?

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The United Kingdom has voted to leave the European Union by 52% to 48%. Leave won the majority of votes in England and Wales, while every council in Scotland saw Remain majorities.

EU referendum

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Cum statul Marea Britanie se asigură că fiecare își plătește taxele

UK Public Accounts Committee Hearing on taxation of multinational corporations

or Why multinationals do not pay corporation taxes?! Are they immoral?

Recording – UK Public Accounts Committee Hearing (12/11/2012) on Taxation of Multinational Corporations, witnesses:
Matt Brittin (CEO, Google UK),
Troy Alstead (Global CFO, Starbucks),
Andrew Cecil (Director Public Policy, Amazon).

http://parliamentlive.tv/event/index/ab52a9cd-9d51-49a3-ba3d-e127a3af018c

http://videoplayback.parliamentlive.tv/Player/Index/ab52a9cd-9d51-49a3-ba3d-e127a3af018c?audioOnly=False&autoStart=False&statsEnabled=False

Meltdown – The Secret History of the Global Financial Collapse

Meltdown – The Secret History of the Global Financial Collapse, 2010

Part.1

http://www.youtube.com/watch?v=T3CDGh4cXU0

Part.2

http://www.youtube.com/watch?v=VBmOEI7Ob9M

Part.3

http://www.youtube.com/watch?v=JB4wefzZLNc

Part.3

http://www.youtube.com/watch?v=XU6c1lIEkuQ