Here we go again…

This week, Mark Carney, Governor of the Bank of England and George Osborne’s best mate addressed the annual conference of the TUC. Confirming what we have said in many a previous blog, interest rates will not rise this autumn, but should increase in Spring 2015. Note the use of ‘should’, not, ‘will definitely’. Is that a General Election that I see looming on the horizon?  Amongst much banking gobble di gook and use of ‘data’,  Mr Carney praised the UK’s workers, who he said, “had not given up” during the recession, accepting pay cuts or shorter hours.  Indeed, well done them.  The more cynical may point out that of course he did the right thing, congratulating them on their earnest endeavour, but if they hadn’t accepted the shorter hours and wage cuts, somebody else would gladly have accepted them. As it should be; market forces and economies of scale.  I was drawn to his comment that, “There is a clear danger of a misplaced if not lost generation of workers in the euro area and in the UK.  Britain’s labour force and trade unions deserve great credit for ensuring the risk is much lower in the UK”.  Obviously the definition of the UK may well have changed by next week; best of luck with that one, Alex. Now forgive me, but was it not a union-backed Labour government that cajoled, dragged and led us with an appointed Messiah to the edge of the bottomless pit with the sign, (in both English and Welsh) proclaiming, ‘Recession this way’?

Unite General Secretary, Len McCluskey said, “Mark Carney’s speech to the TUC was a missed opportunity to give hope to millions of working people…Mark Carney should have made a strong call to business and the corporate sector to take more responsibility for  providing greater employment opportunities, boosting pay levels…Britain needs a pay rise.” Just as Mr McCluskey got a pay-rise last year so that his salary now reads a penny either side of £140,281.  I’m with you all the way brother workers…

The media’s preoccupation with house prices continues unabated.  RICS published the results of a survey on Thursday that wailed in anguished tones that house prices in August had risen at the slowest pace in a year. 1.  They are still rising. 2. In August, a considerable chunk of the population are enjoying their summer break and historically the housing market in August has seen as much activity as Jabba the Hutt’s gym membership card.

The housing market continues to benefit many, including Richard Starkey – that’s Ringo Starr to the masses – who has decided to go and live in the USA with his former Bond girl wife (nice work if you can get it), having sold his Surrey mansion for a tidy profit.  For those of you bemoaning that a lack of skill is preventing your rise to a place on the Forbes Rich List, ponder this; on the Beatles first single ‘Love Me Do’, Ringo was demoted by the Beatles’ producer, George Martin to playing the tambourine as he wasn’t thought to be a good enough drummer. At a later date John Lennon was asked whether Ringo was the best drummer in the world, to which he offered in reply, “He isn’t even the best drummer in the Beatles.” Five decades, millions in the bank, mansions across the world and a former Bond girl as a wife later…