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How to turn a recession into a depression

As the old joke goes, it is a recession when your neighbour loses his job, it is a depression when you lose your own, says he.

Anyway, the T&GM, Unite has a laundry list of demands for the Sterling Killer:

  1. Freezing repossessions on homes and creating 1 million new affordable homes
  2. The introduction of a fair tax regime to address the poverty gap, including closing tax loopholes and cuts for lower earners.
  3. Increasing public spending levels to create demand
  4. Supporting manufacturing through procurement and investment
  5. A price commission for energy and a windfall tax on profits
  6. Maintaining a commitment to full employment
  7. Restoring and defending collective rights for workers
  8. Advancing investment in public infrastructure
  9. Reducing interest rates to stimulate investment
  10. Introducing a new order and regulation into the finance sector
Where to begin in unpicking this lot?

Point one - this will result in folk not paying their debts, and lenders then being forced to make good losses elsewhere. This does not end the problem, it merely reshuffles it.

Two - What this really means is penal tax rates for higher earners. Cue an exodus offshore and bumper paydays for tax lawyers. Laffer curves anyone?

Three - Is there a connection between these two? It would take money out of the productive parts of the economy thus further deepening existing problems.

Four - Oh dear. One word - Concorde.

Five - E.on, EDF and the rest fold their tents and leave. A less competitive energy market results.

Six - Digging holes and filling them in perhaps?

Seven - Thus making the labour market still less competitive and driving investment overseas.

Eight - What is known as cathedrals in the desert syndrome

Nine - If there's anyone left to invest...

Ten - see eight

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