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UK Economic Growth picks up...


Ross.
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Reading this earlier in the week and while it appears on the surface to be good news, there was one aspect of it that didn't make sense to me.

The majority of the growth is off the back of the oil and gas sector, which is fine in it's own right. But oil prices have dropped substantially and there were tax cuts in that sector earlier in the year.

Is it simply the case that production has been massively ramped up? Or are there other reasons for the growth?

The folk I know working in that area have been claiming for the last year that the arse was dropping out the industry, job uncertainty was growing and there were no knew projects happening. Can anyone explain it?

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Growth, inflation and unemployment statistics are all being manipulated in order to paint more rosier picture. The ONS is highly politicized and is not in any way independent. They were also manipulating statistics during the referendum campaign in order to help the BT. Growth is being manipulated by including activities that were never included in the past like crime and prostitution. For inflation, they just change the basket of goods they measure. That way they don't have to give out as much in government handouts that are indexed to inflation. Unemployment is well understood how it's being manipulated. They count underemployed people as if they're full time and don't count people out of work who're no longer claiming jobseekers.

Edited by Fotbawmad
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Growth, inflation and unemployment statistics are all being manipulated in order to paint more rosier picture. The ONS is highly politicized and is not in any way independent. They were also manipulating statistics during the referendum campaign in order to help the BT. Growth is being manipulated by including activities that were never included in the past like crime and prostitution. For inflation, they just change the basket of goods they measure. That way they don't have to give out as much in government handouts that are indexed to inflation. Unemployment is well understood how it's being manipulated. They count underemployed people as if they're full time and don't count people out of work who're no longer claiming jobseekers.

I get all that, but what I don't understand is the 7% increase in revenues from an industry that has seen the value of its main asset drop at the same time as seeing the rates of taxation it pays drop. Both of those factors, to me anyway, should see a drop in revenue to the government, not a rise.

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I would imagine any step up in O&G production is largely due to maximising revenue short term in well established fields, I'm not in possession of all the facts but I would think that producers are seeing less income from deep water, hard to reach projects, so as a result are stepping up production from established fields. These producers although cash- rich still need to maintain turn-over for shareholders. This in no way affects the case for independence either positively or negatively as the same economic factors would apply.

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Reading this earlier in the week and while it appears on the surface to be good news, there was one aspect of it that didn't make sense to me.

The majority of the growth is off the back of the oil and gas sector, which is fine in it's own right. But oil prices have dropped substantially and there were tax cuts in that sector earlier in the year.

Is it simply the case that production has been massively ramped up? Or are there other reasons for the growth?

The folk I know working in that area have been claiming for the last year that the arse was dropping out the industry, job uncertainty was growing and there were no knew projects happening. Can anyone explain it?

Most of the revenue comes from manufacturing and exporting oil and gas related technologies nowadays.

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I would imagine any step up in O&G production is largely due to maximising revenue short term in well established fields, I'm not in possession of all the facts but I would think that producers are seeing less income from deep water, hard to reach projects, so as a result are stepping up production from established fields. These producers although cash- rich still need to maintain turn-over for shareholders. This in no way affects the case for independence either positively or negatively as the same economic factors would apply.

If they are stepping up production from established fields it does have long term implications for the independence debate. Oil is a major asset. If there is less of it, then it's clearly not as big an asset.

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Although it's interesting it's taken the incumbent Torie govt out of a hole with trade figures- yet barely was mentioned north of the border in news programming.

Aye you surprised ? The oil industry is supposed to be in a disastrous state remember.

I was at a jobs fare a couple of months ago when a certain oil and gas company said that, due to the oil price, instead of taking on 6000 New workers from now to 2020 they'll only be taking on 4000. They must be breeking it at the prices if they're still taking on thousands of extra employees :lol:

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Ross, I agree in so much as it's a finite resource, however my pint is that these multi-nationals operate entirely independent of government. Therefore the decisions they make would be made whether we are independent or not- yes it affects our long term, but this must be tempered with the step down in production when the price dropped. The UK does not have a nationalised oil & gas industry.

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Aye you surprised ? The oil industry is supposed to be in a disastrous state remember.

I was at a jobs fare a couple of months ago when a certain oil and gas company said that, due to the oil price, instead of taking on 6000 New workers from now to 2020 they'll only be taking on 4000. They must be breeking it at the prices if they're still taking on thousands of extra employees :lol:

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They aren't bricking it, they are hedging bets. But let's not get our panties outside our tights on this one. Whatever the super-majors decide strategically has zero to do with independence.

They make these decisions regardless. Whether it be in corrupt Nigeria or over worker friendly Brazil. That's the nature. What I

Saying is this- they will make these decisions anyway! For Westminster to hold this up as evidence of BT is lies.

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Aye you surprised ? The oil industry is supposed to be in a disastrous state remember.

I was at a jobs fare a couple of months ago when a certain oil and gas company said that, due to the oil price, instead of taking on 6000 New workers from now to 2020 they'll only be taking on 4000. They must be breeking it at the prices if they're still taking on thousands of extra employees :lol:

No oil producers in the UK are increasing head counts. I would bet that the 4000 or 6000 is the total number of people that will be employed. What he probably didn't say was that they will lose 10000 through normal staff turnover.

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No oil producers in the UK are increasing head counts. I would bet that the 4000 or 6000 is the total number of people that will be employed. What he probably didn't say was that they will lose 10000 through normal staff turnover.

He specifically said that they'll be adding an extra 4000 employees by 2020. He also said, at the time, that the oil price drop wasn't as bad as the media made out. They're used to it over the years kind of thing.

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Growth, inflation and unemployment statistics are all being manipulated in order to paint more rosier picture. The ONS is highly politicized and is not in any way independent. They were also manipulating statistics during the referendum campaign in order to help the BT. Growth is being manipulated by including activities that were never included in the past like crime and prostitution. For inflation, they just change the basket of goods they measure. That way they don't have to give out as much in government handouts that are indexed to inflation. Unemployment is well understood how it's being manipulated. They count underemployed people as if they're full time and don't count people out of work who're no longer claiming jobseekers.

IIRC not too long after the Tory/Lib Dem coalition a lot of jobcentres started shifting people onto short "employability" courses with Tell Training and the like, and weren't counted towards unemployment figures. Gave them a nice opportunity to say they'd shaved thousands out of unemployment when the reality was they had temporarily shoved them onto a course for a week or two spent on interview technique, CV writing etc.

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He specifically said that they'll be adding an extra 4000 employees by 2020. He also said, at the time, that the oil price drop wasn't as bad as the media made out. They're used to it over the years kind of thing.

Then I would say that he was talking complete bull. Which company was this?

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Growth, inflation and unemployment statistics are all being manipulated in order to paint more rosier picture. The ONS is highly politicized and is not in any way independent. They were also manipulating statistics during the referendum campaign in order to help the BT. Growth is being manipulated by including activities that were never included in the past like crime and prostitution. For inflation, they just change the basket of goods they measure. That way they don't have to give out as much in government handouts that are indexed to inflation. Unemployment is well understood how it's being manipulated. They count underemployed people as if they're full time and don't count people out of work who're no longer claiming jobseekers.

Quick question. How many folk would agree with the points this idiot is making?

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He also said, at the time, that the oil price drop wasn't as bad as the media made out. They're used to it over the years kind of thing.

:lol:

Just when I think your thickcuntery can't be illustrated any more perfectly.. You produce this gem.

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