A report published yesterday by the OFT has said that they have found no evidence that fuel price rigging is in place, they do not agree with motorists who have complained about fuel prices and they also say that the evidence does show that when crude oil comes down in price the market follows suit.
I must admit that this is not what I would have expected, however it is very clear from their report. Does this mean that the media are yet again going to be blamed for stirring up trouble in this market or are motorists just not prepared to pair fair prices for fuel?
Thursday, 31 January 2013
Wednesday, 30 January 2013
Tony Blair award
Poland has given Tony Blair an award for getting a huge chunk of their population into Britain and into work. Amazing!
A lot of people use the Polish immigration as an excuse to moan about the benefit system, but apparently according to records publicly available, the percentage of Poles claiming benefit is miniscule.
Tony Blair didn't collect the award personally, presumably he was at home writing a thank you letter...
A lot of people use the Polish immigration as an excuse to moan about the benefit system, but apparently according to records publicly available, the percentage of Poles claiming benefit is miniscule.
Tony Blair didn't collect the award personally, presumably he was at home writing a thank you letter...
Tuesday, 29 January 2013
HS2
The next phase of the major high speed rail link has been announced and there is more tribulation now than ever before.
We have been asking for infrastructure projects and now we have one, we complain. It is unbelievable.
However, who are these people who are complaining?
The politicians are not complaining, business leaders are not complaining, Union leaders are not complaining, it is rumoured that 100,000 new jobs will be created.
So when the media says we are up in arms, who are they talking about?
We have been asking for infrastructure projects and now we have one, we complain. It is unbelievable.
However, who are these people who are complaining?
The politicians are not complaining, business leaders are not complaining, Union leaders are not complaining, it is rumoured that 100,000 new jobs will be created.
So when the media says we are up in arms, who are they talking about?
Monday, 28 January 2013
A new broom
Shortly there will be a new governor at the Bank of England and he is reportedly looking at how we measure inflation.
Economists often discuss whether the CPI measures inflation accurately. But how can that discussion mean anything when economists have never even explained what the term ‘inflation’ means in an economy where product quality changes rapidly, and where new products are constantly introduced. Is it the amount of extra income one needs to maintain constant utility? If so, then we need to define utility.
If you have an adverse supply shock, then inflation should rise. If inflation falls despite an adverse supply shock, then you have both an adverse supply shock and an adverse demand shock. Both would be contributing to higher unemployment. But they keep telling us unemployment is falling, really? What happens when all those temporary, part time Olympic posts end, there is going to be a shock to the system.
The country with the least inflation is Japan, a country still in the throes of deflation, I wonder how they would measure inflation now?
Economists often discuss whether the CPI measures inflation accurately. But how can that discussion mean anything when economists have never even explained what the term ‘inflation’ means in an economy where product quality changes rapidly, and where new products are constantly introduced. Is it the amount of extra income one needs to maintain constant utility? If so, then we need to define utility.
If you have an adverse supply shock, then inflation should rise. If inflation falls despite an adverse supply shock, then you have both an adverse supply shock and an adverse demand shock. Both would be contributing to higher unemployment. But they keep telling us unemployment is falling, really? What happens when all those temporary, part time Olympic posts end, there is going to be a shock to the system.
The country with the least inflation is Japan, a country still in the throes of deflation, I wonder how they would measure inflation now?
Friday, 25 January 2013
Border Agency = Fail
A box of records has been found in Sheffield sent from Croydon with the specific purpose of being lost. It didn't work as the Inspectors found it.
The Minister in charge says it is a disgrace, but we are getting to grips with the situation. We heard this last year and the year before. How long does it take for a government department to get a grip? It appears that it takes 10 years for people to appeal, perhaps he thinks it is permissible to wait 10 years before getting into action!
The whole department needs to be changed root and branch and that means everyone...
The Minister in charge says it is a disgrace, but we are getting to grips with the situation. We heard this last year and the year before. How long does it take for a government department to get a grip? It appears that it takes 10 years for people to appeal, perhaps he thinks it is permissible to wait 10 years before getting into action!
The whole department needs to be changed root and branch and that means everyone...
Thursday, 24 January 2013
Germany imports
It appears that Germany, the powerhouse of Europe, is now importing 'more' goods & services from Britain than ever before.
If you look at both exports and imports, the Euro zone economies do more business with the UK than any other country, including the US. On average, we accounted for nearly 14% of Euro zone exports between 2007 and 2011 and just over one-tenth of its imports.
The latest figures show that only 37% of German imports and exports in the first three-quarters of 2012 were with other Euro member states, down from more than 45% when the Euro started in 1999.
I have always been pro Europe, geographically we are part of Europe, economically we are part of Europe as well as being part of the global economy, we are just not part of the Euro which will need strong political union, it is only politically we are not part of Europe, which is something that should be addressed.
If you look at both exports and imports, the Euro zone economies do more business with the UK than any other country, including the US. On average, we accounted for nearly 14% of Euro zone exports between 2007 and 2011 and just over one-tenth of its imports.
The latest figures show that only 37% of German imports and exports in the first three-quarters of 2012 were with other Euro member states, down from more than 45% when the Euro started in 1999.
I have always been pro Europe, geographically we are part of Europe, economically we are part of Europe as well as being part of the global economy, we are just not part of the Euro which will need strong political union, it is only politically we are not part of Europe, which is something that should be addressed.
Wednesday, 23 January 2013
A Euro hypothetical
The Prime Minister, David Cameron has just given "that" speech.
It is very difficult to sum up in a few words but it is clear to me that he was trying to get the message across that he wanted Europe to change not just for Britain but for everyone in Europe.
It had been suggested that this was going to be a platform for announcing the referendum and it was. It has been said that "if" the conservatives win the 2015 election, there will be an 'in / out' referendum in 2018, and he has now stated that.
However, what he has stressed this morning is that he hopes Europe will wake up to the change that is needed so that when the referendum arrives, we the people will be able to vote yes.
I expect that when critics start to debate this subject and they are asked by the media will you vote ‘out’ if there are no changes, very few political type people will openly say.
It is very difficult to sum up in a few words but it is clear to me that he was trying to get the message across that he wanted Europe to change not just for Britain but for everyone in Europe.
It had been suggested that this was going to be a platform for announcing the referendum and it was. It has been said that "if" the conservatives win the 2015 election, there will be an 'in / out' referendum in 2018, and he has now stated that.
However, what he has stressed this morning is that he hopes Europe will wake up to the change that is needed so that when the referendum arrives, we the people will be able to vote yes.
I expect that when critics start to debate this subject and they are asked by the media will you vote ‘out’ if there are no changes, very few political type people will openly say.
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