Friday, August 29, 2008

Two million could be out of work by Christmas, Bank of England warns

No jobs left for school leavers
Britain is already in a recession
House prices could fall more than 30%
Workers will not be getting a pay rise

Around two million people will be unemployed by Christmas as the credit crunch bites, a key Bank of England policymaker warned yesterday.

Professor David Blanchflower said he predicts 2,000 people will lose their jobs every day over the next four months.

This would take unemployment levels to their highest since Labour came to power in 1997.

For families up and down the country, redundancy would be devastating at a time of soaring household bills.

Millions of people are barely coping with rising food, fuel and gas bills, and will be crippled if they lose their job - particularly if they are the sole breadwinner.

Young people will also be affected, with 'no jobs' for hundreds of thousands of children when they leave school, he warned.

In an interview, Professor Blanchflower, who is a member of the Bank's Monetary Policy Committee, gave a series of warnings about Britain's economic meltdown.

He says that Britain is already in a recession which is in danger of being 'very serious and long-lasting' unless urgent action is taken.

And he admits his original forecast that house prices will fall 30 per cent might be 'optimistic' and the drop could be even sharper.

And as a further blow to workers, he says those who keep their jobs will not get a pay rise, or will get one which is below inflation.

His interview, with the news agency Reuters, will worry workers up and down the country who fear that their job is no longer safe.

As one of the nine people who set interest rates every month, he is one of the most powerful economic voices in the country.

Every week, more companies admit that they have had to sack staff in a bid to cope with the economic crisis.

In the past few days, one housebuilder, Bovis, said it has cut 40 per cent of its staff and rival Taylor Wimpey has axed 900 jobs.

And to make things worse for those who lose their job, many will face an impossible struggle to get a new job because firms have 'stopped hiring'.

Professor Blanchflower, an economics lecturer at Dartmouth College in the U.S., said: 'I am expecting to see a number of something like two million by the end of the year. School leavers are coming into the jobs market and there are no jobs for them.

'People have to start to respond to the fact that we are in a recession and the danger is that we will be in a very serious and long-lasting recession unless we do something..'

'I certainly think we are in negative growth now and I expect several further quarters.'

He also launched a veiled attack on his fellow members of the Monetary Policy Committee. At the last 11 meetings, Professor Blanchflower has voted to cut interest rates. But other members, including the Bank's governor Mervyn King, have largely ignored him, and voted to cut rates on only three occasions since October.

He said: 'To sit and worry about inflation expectations and what is going to happen to those, rather than worry about the fact that the economy is going to go into a recession, seems to be misguided.'

Tory Treasury spokesman Philip Hammond said: 'This is a startling prediction from a member of the Bank of England's Monetary Policy Committee.

'If it turns out to be true, it will represent a meltdown in employment and yet more misery for families in the months ahead.'

There is already evidence that unemployment is starting to rise sharply as bosses are forced to cut staff to cope. The latest figures from the Office for National Statistics show 60,000 became unemployed between April and June, raising the total to 1.67million.
NWN: And what is Nick Griffin going to do about this ? Since Griffin conned his way to the BNP leadership, the BNP 'hibernates' till early April immediately after the RWB. Activists have been purged to allow this to happen.


Anonymous said...

Great, and the BNP is known as the anti Muslim party.................Enter the Tories

Anonymous said...

NWN: And what is Nick Griffin going to do about this ? Since Griffin conned his way to the BNP leadership, the BNP 'hibernates' till early April immediately after the RWB. Activists have been purged to allow this to happen.

Griffin is in the pay of the state, and anyone else who will cough up into his coffers.

Anonymous said...

All these people loseing their jobs,but still our evil Zionist led government will let floods of disease ridden unwanted parasites in to our country,all the time saying we need them to fill the jobs lazy white people will not do.

Also they say we need more and more unwanted parasites,because we have an ageing population ,but if the country was not flooded with parasites and we only had white indigenous natives here then I am sure the economy could cope well enough and we would have enough of our own natives to fill the jobs.

Also in a report in one national newspaper yesterday they reported quote.......workshy UK`s 3m households without a job,it revealed that household unemployment was highest amongst ETHNIC CHINESE at 28.3 per cent.

Now that has all been kept very quiet hasn`t it?you see I keep telling people everyone goes on about unwanted immigrants,BUT NO ONE EVER MENTIONS THE HORDES OF UNWANTED CHINESE WHO DAILY FLOOD OUR SHORES,

Why can`t people wake up and see there are thousands of these unwanted slanty eyed yellow devils, ENGLAND owes China nor as it goes the whole world nothing,none of them have any right to be here.

Anonymous said...

Its easy for the chinese to fly under the radar. Show me a Chinese MP, councillor, or hoardes of them on the streets demanding their rights for this and that. You don't.

Aberdeen-Patriot said...

Great and still the nu labour voters flood into the country. Anon I know what you mean about the BNP being anti Islam, but Islam is the biggest danger our country faces, so I have to hold my hand up to that one. If their was a anti Islam party they would get my vote.

Saying that we should be getting rid of Griffin so we can get the effective organisers that we have lost back on board.
But as a good few posters have pointed out Griffin does not want us to win.

Anonymous said...

And Chinese birds are quite sexy, have you seen the one that plays the violin, or the one (okay she was not chinese but close enough) who says fucky fucky in that Vietnam film, worth a tilt as well.

Joking aside the Hindus are another group that do not make me feel unsafe in my country. Its just the Muslims and the Black murderers from Africa and the Carribean

Anonymous said...

Questions of optimum political tactics aside, what this issue hinges on is interpretations of WWII. A growing consensus indicates there is considerable doubt surrounding the veracity of the established version of the war, both in its causes and its details. Of course one of the first casualties of war is truth, but with hindsight we are beginning to get a clearer picture through the official smokescreen. As this revised picture does not coincide with the tabloid view of WWII, it is perhaps an unwise policy to promote deliberate disinformation in the hope that the truth does not ultimately matter.

Anonymous said...

If colored immigrants black/brown. were not in the UK we would not have A TERRORIST problem.

Immigrants people of our own racial stock are no threat to us indigenous Britain's but immigrants not of our racial stock are the danger to our society and our laws and our GENE POOL not white immigrants,
but as with all immigration the Criminal's will always follow ripping of their own people for being here and committing large scale crime amongst the host community.

THE BNP if it wants to get the majority of Britain's to support the party it needs to spell out the POLICY of full REPATRIATION OF ALL COLORED IMMIGRANTS AND ALL IMMIGRANT WITH OUT A JOB BACK THE TO THE LAND OF THERE OWN ETHIC ORIGIN.
AND not pussy foot about with voluntary repatriation.and STOP MUSLIM bashing.

But of course the BNP HAS LOST sight of it core principle policy and that is REPATRIATION...


keith axon.

Bradden said...

ll the Labour Government is allowing 18,000 'immigrants' a week to permanently invade Britain.

Whi will support those migrating welfare tourists?

Is "immigration" unsustainable if the British people have no jobs to pay taxes to support 18,000 mainly coloured single male militant islamic settlers a week dumping on us?

Heroes of London Bridge including banker who lost his life confronting jihadis with a skateboard and nurse who died running towards dange...