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If the joining conditions were not appropriate:
Then it is easily argued that the Bundesbank (especially) and the ERM mechanism (generally) acted with due prudence.
Tony Blair is now Sir Tony.
- Thread starter Vinty
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More crap
Read about what actually happened, why and what would have happened if they stuck at it
https://en.wikipedia.org/wiki/Black_Wednesday
There have been other black days due to the same problem. In fact it seems that at times the money market has gained from them.
The general idea of how the money market makes from this sort of thing is sell a lot which causes the value to fall but at some point start buying back at various points in time and wait for the value to recover. One exponent of the idea has said that he shouldn't be allowed to do it by law but is so does.
Most of the profit seems to be down to shifting assets around, various currencies. Huge amounts so small % makes a lot. TBH I have had problems appreciating it works but seems it does.
As to a countries real finances they tell us now and again
https://assets.publishing.service.g...ings_of_international_-_August_2021_final.pdf
Although he was "not blind" to the benefits of membership himself, Mr Brown said he was clear about the dangers for the UK economy - in terms of its impact on interest rates, inflation and investment in public services - of the euro when setting tests for entry."
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What would have been the 'impact on interest rates, inflation and investment in public services' if UK had joined the Euro?
When or where did Brown vocalise such concerns.
I suspect that Brown just genuinely wanted UK to be in a better economical position before joining, possibly he had an image of improving the "settlement rate" on joining. I don't buy into any fundamental or ideological objection that Brown had to joining the Euro.
Actually I suspect Brown's objection was the opposite. 
People need to think back to holidays in the Euro areas. In my case I knew from visitors some nationalities view of UK prices at the time - too high. No way of knowing really but I have found holidays in euro areas getting more expensive. Others have too. So say things are like that what would an entry deal look like? I suspect the GBP might have been seen as over valued or neglecting pay rise issues that have gone on for years here we might still find euro area holidays cheap. The pay rise aspect makes us cheaper - that might attract businesses but for instance cuts in corporation tax didn't so went up again. Inflation levels may have been entirely different. My view is at the rates as they were then we would be both more expensive and richer in an odd sort of way. Things were going pretty well really and then the banks decided to lend to people who couldn't pay back - amongst other things and messed the west up.
Exchange rates show things differently but for ordinary people what counts is what they can buy after using an exchange rate and that relates to how much they earn.
People need to think back to holidays in the Euro areas. In my case I knew from visitors some nationalities view of UK prices at the time - too high. No way of knowing really but I have found holidays in euro areas getting more expensive. Others have too. So say things are like that what would an entry deal look like? I suspect the GBP might have been seen as over valued or neglecting pay rise issues that have gone on for years here we might still find euro area holidays cheap. The pay rise aspect makes us cheaper - that might attract businesses but for instance cuts in corporation tax didn't so went up again. Inflation levels may have been entirely different. My view is at the rates as they were then we would be both more expensive and richer in an odd sort of way. Things were going pretty well really and then the banks decided to lend to people who couldn't pay back - amongst other things and messed the west up.Exchange rates show things differently but for ordinary people what counts is what they can buy after using an exchange rate and that relates to how much they earn.
High taxation.
You need a second mortgage to buy a pint over there.
Interesting to see that Rees-Mogg is revolting
Tories are pressing for greater government debt.
"Boris Johnson pressed to scrap £12bn tax rise amid cost of living crisis
Rees-Mogg leads growing Tory revolt against April’s planned increase in national insurance"
https://www.ft.com/content/e3dd753c-8695-496b-996a-9f5426a683a5
"Some Tory MPs are pressing Sunak to scrap VAT and so-called “green levies” from household energy bills. Rocketing wholesale gas prices could mean that the price cap on average bills rises from £1,277 towards £2,000 in April. But Rees-Mogg’s call for the government to shelve a 1.25 percentage point rise in national insurance — paid by employers and employees — is incendiary and reflects unease among Tory MPs about high levels of tax.
Sunak pushed back strongly against any suggestion that the rise, branded a “health and social care levy”, should be postponed or scrapped. “The money isn’t coming from thin air,” said one ally of the chancellor."
No doubt the tories are relying on the Magic Money Tree.
Tories are pressing for greater government debt.
"Boris Johnson pressed to scrap £12bn tax rise amid cost of living crisis
Rees-Mogg leads growing Tory revolt against April’s planned increase in national insurance"
https://www.ft.com/content/e3dd753c-8695-496b-996a-9f5426a683a5
"Some Tory MPs are pressing Sunak to scrap VAT and so-called “green levies” from household energy bills. Rocketing wholesale gas prices could mean that the price cap on average bills rises from £1,277 towards £2,000 in April. But Rees-Mogg’s call for the government to shelve a 1.25 percentage point rise in national insurance — paid by employers and employees — is incendiary and reflects unease among Tory MPs about high levels of tax.
Sunak pushed back strongly against any suggestion that the rise, branded a “health and social care levy”, should be postponed or scrapped. “The money isn’t coming from thin air,” said one ally of the chancellor."
No doubt the tories are relying on the Magic Money Tree.
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Some European countries, it's very expensive to buy a house, which might take more than one generation, so renting is the norm.
https://en.wikipedia.org/wiki/List_of_countries_by_home_ownership_rate.
These figures do not take account of how many houses are bought built compared to how many houses were self built by the occupants or a previous generation of that family.
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It doesn't take account of many factors, e.g. subsequent generations still in the family home, home ownership culture, interest rates, rent/leasing regulations/protection, cost of houses to average wages, etc.
https://www.statista.com/statistics...sidential-mortgage-lending-europe-by-country/
Really? Or is it a reluctance to increase tax when their usual desire is to cut it irrespective of need and reduce debt. They call it looking after the books.
They have some interesting ways of raising tax indirectly. A simple example. Take BT. They sell it - loads of cash comes in. Short term profit. BT becomes a company so pays corporation tax - who pays that - us. They arrange for one wing of it to do certain internet work - who pays for that - us. BT pay a dividend. We pay that too. Initially loads of share holders are domestic. These days you may come across mention of Canadian pension funds. ') Might be an exaggeration to illustrate what has actually happened to them. Debt quick look on the net
BT has a debt to total equity of 175.40 and a long-term debt to equity of 150.65 which is a cause for concern for the future prospects of the company. The company's net debt, while still high at £17.3bn, fell by £940m, according to the most recent trading update.
Who do you think is paying for that? There are increasing concerns about this on utilities as well and not just in this country.
LOL Corbyn was making a fair point but made a crap job of explaining it and there are issues with doing things the other way - the main one is government interference for political reasons.
