Results 1 to 9 of 9

Thread: We've "never had it so good" - was Lord Young right?

  1. #1
    Join Date
    Nov 2010
    Posts
    19
    Thanks
    0
    Thanked 0 Times in 0 Posts

    We've "never had it so good" - was Lord Young right?

    David Cameron’s enterprise advisor Lord Young has resigned after claiming most Britons “never had it so good” during the recession.

    Young quit at lunchtime only two hours after Cameron had accepted his apology, and appeared to accept that he would stay in post.

    The multi-millionare sparked outrage after giving an interview to the Daily Telegraph, in which he said low interest rates meant “for the vast majority in the country today, they have never had it so good ever since this recession – this so-called recession – started”.

    Lord Young of Graffham also said those complaining about the cutbacks “think they have a right for the state to support them”.

    Overnight Downing Street had described Lord Young’s remarks as inaccurate and offensive. His remarks had sparked criticism from Labour and silence from Liberal Democrats.

    The Labour leader Ed Miliband said: “Lord Young is right to go. I think his remarks are frankly disgraceful and many of the people who are struggling up and down this country with the consequences of the recession that we had, the consequences of the spending cuts that we are seeing, will be insulted by his comments.”

    However, in many ways Lord Young was right in what he says.

    Firstly, his claim that 100,000 job losses are within “the margin of error” in the context of the 30 million-strong job market is quite correct....

    You can read the rest of this post on my blog
    We’ve “never had it so good” – was Lord Young right? « The Corridors of Power

  2. #2
    Join Date
    May 2010
    Location
    Devon
    Posts
    1,013
    Thanks
    0
    Thanked 0 Times in 0 Posts

    Re: We've "never had it so good" - was Lord Young right?

    Quote Originally Posted by EMcFarnon View Post
    David Cameron’s enterprise advisor Lord Young has resigned after claiming most Britons “never had it so good” during the recession.

    Young quit at lunchtime only two hours after Cameron had accepted his apology, and appeared to accept that he would stay in post.

    The multi-millionare sparked outrage after giving an interview to the Daily Telegraph, in which he said low interest rates meant “for the vast majority in the country today, they have never had it so good ever since this recession – this so-called recession – started”.

    Lord Young of Graffham also said those complaining about the cutbacks “think they have a right for the state to support them”.

    Overnight Downing Street had described Lord Young’s remarks as inaccurate and offensive. His remarks had sparked criticism from Labour and silence from Liberal Democrats.

    The Labour leader Ed Miliband said: “Lord Young is right to go. I think his remarks are frankly disgraceful and many of the people who are struggling up and down this country with the consequences of the recession that we had, the consequences of the spending cuts that we are seeing, will be insulted by his comments.”

    However, in many ways Lord Young was right in what he says.

    Firstly, his claim that 100,000 job losses are within “the margin of error” in the context of the 30 million-strong job market is quite correct....

    You can read the rest of this post on my blog
    We’ve “never had it so good” – was Lord Young right? « The Corridors of Power
    In my own case Lord Young was quite right in what he said; I have benefitted enormously from the low bank rates, but I hardly think the majority have been pleased.

    Did you notice how angry David Cameron was?

    A great leader, thank goodness the Tories have found one!

  3. #3
    Join Date
    Nov 2010
    Posts
    19
    Thanks
    0
    Thanked 0 Times in 0 Posts

    Re: We've "never had it so good" - was Lord Young right?

    I agree - while some have been fortunate enough to benefit, an overwhelming majority have lost out.

    Cameron was fuming wasn't he! The comments toally go against the party line of "we're all in this together", and entirely contradict the efforts to move away from the "nasty Tories" image. Oh dear!

  4. #4
    Join Date
    May 2010
    Location
    Devon
    Posts
    1,013
    Thanks
    0
    Thanked 0 Times in 0 Posts

    Re: We've "never had it so good" - was Lord Young right?

    Quote Originally Posted by EMcFarnon View Post
    I agree - while some have been fortunate enough to benefit, an overwhelming majority have lost out.

    Cameron was fuming wasn't he! The comments toally go against the party line of "we're all in this together", and entirely contradict the efforts to move away from the "nasty Tories" image. Oh dear!
    I don't follow that thought. Our Prime Minister demonstrated quite clearly that the line followed by the 'old' Tories is not good enough for him!

  5. #5
    Join Date
    Nov 2010
    Posts
    19
    Thanks
    0
    Thanked 0 Times in 0 Posts

    Re: We've "never had it so good" - was Lord Young right?

    Oh sorry, when I said "the comments" in my latest reply I was referring to the comments made by Lord Young - i.e. what Lord Young said contradicts the Tories' efforts to move away from the "nasty party" image.

    Apologies for any confusion

  6. #6
    Join Date
    May 2010
    Location
    Devon
    Posts
    1,013
    Thanks
    0
    Thanked 0 Times in 0 Posts

    Re: We've "never had it so good" - was Lord Young right?

    Quote Originally Posted by EMcFarnon View Post
    Oh sorry, when I said "the comments" in my latest reply I was referring to the comments made by Lord Young - i.e. what Lord Young said contradicts the Tories' efforts to move away from the "nasty party" image.

    Apologies for any confusion
    In some respects Lord Young was right.

    Ed Miliband criticised Lord Young, but he doesn't have an ounce of sense so ignore that!

  7. #7
    Join Date
    Aug 2008
    Posts
    414
    Thanks
    0
    Thanked 0 Times in 0 Posts
    Blog Entries
    4

    Re: We've "never had it so good" - was Lord Young right?

    No. Lord Young was not correct.

    Low interest rates alone are not a sign of prosperity or economic abundance. For someone that purchased their former council house in the 1980s with a 60% discount off it's (then) value, the relatively low interest rates of the late 90's and 2000's were something of a financial boon.

    For those frozen out of the property frenzy of the same era by house-price inflation that vastly outpaced pay increases, low interest rates were of no help whatsoever, as the sticker price of the asset they coveted was beyond the realms of affordability, even if the base rate had hit 0%.

    I also find it rich that Lord Young is claiming the 0.5% base rate, which was brought in essentially as an emergency measure to prevent the economy imploding and to help keep credit flowing at the height of the crisis (along with quantitative easing), to be a beacon of private wealth creation. Rates had been much higher in the past because the assets people wanted to buy with borrowed money were priced sensibly. When an 0.25% increase in the base rate can be the difference between affording a £260,000 mortgage on a family home and defaulting on it, there is something very wrong with the size of the mortgage, not the APR.

    The same story keeps cropping up again and again - a few have done very nicely thank you very much out of the last two decades, the many have lost ground in the vast casino that is modern Britain and have been pushed into state dependency to mitigate their plight.
    "Government by the people for the people becomes meaningless unless it includes major economic decision-making by the people for the people." - Jimmy Reid

  8. #8
    Join Date
    Nov 2008
    Location
    Rural South Midlands
    Posts
    5,493
    Thanks
    0
    Thanked 5 Times in 5 Posts
    Blog Entries
    18

    Re: We've "never had it so good" - was Lord Young right?

    Quote Originally Posted by EMcFarnon View Post
    David Cameron’s enterprise advisor Lord Young has resigned after claiming most Britons “never had it so good” during the recession.

    Young quit at lunchtime only two hours after Cameron had accepted his apology, and appeared to accept that he would stay in post.

    The multi-millionare sparked outrage after giving an interview to the Daily Telegraph, in which he said low interest rates meant “for the vast majority in the country today, they have never had it so good ever since this recession – this so-called recession – started”.

    Lord Young of Graffham also said those complaining about the cutbacks “think they have a right for the state to support them”.

    Overnight Downing Street had described Lord Young’s remarks as inaccurate and offensive. His remarks had sparked criticism from Labour and silence from Liberal Democrats.

    The Labour leader Ed Miliband said: “Lord Young is right to go. I think his remarks are frankly disgraceful and many of the people who are struggling up and down this country with the consequences of the recession that we had, the consequences of the spending cuts that we are seeing, will be insulted by his comments.”

    However, in many ways Lord Young was right in what he says.

    Firstly, his claim that 100,000 job losses are within “the margin of error” in the context of the 30 million-strong job market is quite correct....

    You can read the rest of this post on my blog
    We’ve “never had it so good” – was Lord Young right? « The Corridors of Power
    Hi Emma, and with apologies for being a bit late in doing so due to being away in warmer climes, welcome to the Politics Forum!

    To start with you might like to read the extended "Welcome" message in the Rules and Guidelines section of the forum, which also includes a full version of the Forum Rules.

    Knowing what’s appropriate to say and post and what isn’t can save everyone a great deal of hassle, and as such you might also find the Guide to Good Posting useful. If you’re unfamiliar with the type of forum software we use here, a brief guide to using it can be found here. Please respect other people’s views here; they mightn’t be the same as yours, but that doesn’t necessarily mean they’re wrong, just that they're different.

    If you need help with anything at all to do with the forum, feel free to contact me, or one of the other moderators, via a personal message; our details can be found here, listed as "Minister" and “Junior Minister”.

    Perhaps you’d care to formally introduce yourself, which you can do here, or optionally tell us a little bit more about yourself here.

    Enjoy the debates!

    As far as this topic is concerned though, I have to agree with Solomon; I've seen a growth of getting on for 20% a year in my own investments during the recession, however I do acknowledge that this is really down to a mixture of having a significant capital to play with and knowledge of some specialist investment areas - in my case precious metals and foreign exchange. However for the average person I am quite aware this probably isn't the case, and although the borrowing rates are low, unless you've got the equity to be able to take advantage of that, and are able to leverage your borrowings sufficiently (and have sufficient reserves to cover any losses), there's no advantage.
    Socialism in general has a record of failure so blatant only an intellectual could ignore it - Thomas Sowell

  9. #9
    Major Sinic Guest

    Re: We've "never had it so good" - was Lord Young right?

    I would agree that the majority of the population have on balance benefited overall from the economic disaster. Many in the private sector who have suffered shorter hours, less overtime etc. have been more than compensated by reductions in mortgage payments and consumer loans. The public sector have benefited even more with irresponsible pay increases far exceeding any private sector wage settlements, whilst still benefiting from mortgage reductions and lower consumer loan interest rates. Anyone with pension funds or savings invested in stocks and shares will have seen their overall values increase substantially since the end of 2007.

    Unfortunately there are a minority who have suffered and I refer particularly to the elderly on fixed and very modest incomes. These are the group which might justifiably have a complaint about Lord Young's observations. I am not convinced that David Cameron and the modern Conservative Party need the 'elder statesmen' such as Young, Tebbit and Heseltine to advise it. They had their time and the world has moved on leaving them behind. It is not always right to say something just because it has a resonance of truth, and I think Young's poor judgment was in speaking out at all, not in the accuracy of what he said.

Similar Threads

  1. "New expenses system stops us doing our job" say MPs. "Good" say the rest of us.
    By Moriarty in forum United Kingdom Politics & Political Forum
    Replies: 8
    Last Post: 04-02-2011, 02:33 PM
  2. A good argument for keeping "intelligent design" out of the classroom.
    By crazylilting in forum Religion, Faith and Spirituality
    Replies: 2
    Last Post: 16-11-2010, 12:16 AM

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •