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Brexit economy upgraded.
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Today the Bank of England upgraded it's growth forecast from 1.4% to 2% for the UK economy this year. Just after the referendum vote the Bank of England forecast for 2017 knowing it was a leave vote was just 0.8%. By November they upgraded to 1.4% growth, and now another upgrade to 2% growth. This has been the biggest 6 month change in forecast for The bank of England ever recorded. It just goes to show how completely and totally wrong these economic experts were with their predictions of economic Armageddon. The bank of England knows Teresa May intends to trigger article 50 before March 31st yet still upgrades the performance of the Uk economy by an extra 0.6%. |
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"Do you not see the dichotomy in your post?I am betting your comment went straight over their heads.  "
No I just chose to ignore it, but seeing as you won't let it go are you are suggesting now that these forecasts are nonsense and can't be trusted? You the Remainers who keep telling everyone these experts are to be trusted and that their forecasts are without question? Are you saying now we should ignore the experts? |
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By (user no longer on site)
over a year ago
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"Do you not see the dichotomy in your post?I am betting your comment went straight over their heads.
No I just chose to ignore it, but seeing as you won't let it go are you are suggesting now that these forecasts are nonsense and can't be trusted? You the Remainers who keep telling everyone these experts are to be trusted and that their forecasts are without question? Are you saying now we should ignore the experts? "
What's your brier score? |
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"Do you not see the dichotomy in your post?I am betting your comment went straight over their heads.
No I just chose to ignore it, but seeing as you won't let it go are you are suggesting now that these forecasts are nonsense and can't be trusted? You the Remainers who keep telling everyone these experts are to be trusted and that their forecasts are without question? Are you saying now we should ignore the experts?
What's your brier score?"
On the Brier score thread on here?
When the couple who started the Brier score thread left fab they totted up the results and said I was in the lead when they left fab. Since then Donald Trump has won the Presidency and I had him down as 85% chance of winning on the brier score thread so my Brier score must have increased significantly since Trumps victory. I've not added up the total though. |
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"Do you not see the dichotomy in your post?I am betting your comment went straight over their heads.
No I just chose to ignore it, but seeing as you won't let it go are you are suggesting now that these forecasts are nonsense and can't be trusted? You the Remainers who keep telling everyone these experts are to be trusted and that their forecasts are without question? Are you saying now we should ignore the experts? "
I trust that there'll likely be an upswing in the economy, particularly if theyve upgraded it twice in a row.
But thats me being consistent. Ill trust people who I deem trustworthu whether I agree with them or not.
You seem to pick and choose based on if it agrees with your point of view which is hypocritical. |
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By *oi_LucyCouple
over a year ago
Barbados |
"Today the Bank of England upgraded it's growth forecast from 1.4% to 2% for the UK economy this year. Just after the referendum vote the Bank of England forecast for 2017 knowing it was a leave vote was just 0.8%. By November they upgraded to 1.4% growth, and now another upgrade to 2% growth. This has been the biggest 6 month change in forecast for The bank of England ever recorded. It just goes to show how completely and totally wrong these economic experts were with their predictions of economic Armageddon. The bank of England knows Teresa May intends to trigger article 50 before March 31st yet still upgrades the performance of the Uk economy by an extra 0.6%. "
Yeah, ffs what are they thinking giving revised predictions based on revised inputs. I mean surely everyone should just take a leaf out the Brexit book and stick dogmatically to what they believe regardless of what is going on around them?
-Matt |
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By *andS66Couple
over a year ago
Derby |
"Today the Bank of England upgraded it's growth forecast from 1.4% to 2% for the UK economy this year. Just after the referendum vote the Bank of England forecast for 2017 knowing it was a leave vote was just 0.8%. By November they upgraded to 1.4% growth, and now another upgrade to 2% growth. This has been the biggest 6 month change in forecast for The bank of England ever recorded. It just goes to show how completely and totally wrong these economic experts were with their predictions of economic Armageddon. The bank of England knows Teresa May intends to trigger article 50 before March 31st yet still upgrades the performance of the Uk economy by an extra 0.6%.
Yeah, ffs what are they thinking giving revised predictions based on revised inputs. I mean surely everyone should just take a leaf out the Brexit book and stick dogmatically to what they believe regardless of what is going on around them?
-Matt"
Funny though isn't it?
6 months ago they were able to forecast with absolute accuracy what would happen over the next 20 years. |
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"Today the Bank of England upgraded it's growth forecast from 1.4% to 2% for the UK economy this year. Just after the referendum vote the Bank of England forecast for 2017 knowing it was a leave vote was just 0.8%. By November they upgraded to 1.4% growth, and now another upgrade to 2% growth. This has been the biggest 6 month change in forecast for The bank of England ever recorded. It just goes to show how completely and totally wrong these economic experts were with their predictions of economic Armageddon. The bank of England knows Teresa May intends to trigger article 50 before March 31st yet still upgrades the performance of the Uk economy by an extra 0.6%.
Yeah, ffs what are they thinking giving revised predictions based on revised inputs. I mean surely everyone should just take a leaf out the Brexit book and stick dogmatically to what they believe regardless of what is going on around them?
-Matt
Funny though isn't it?
6 months ago they were able to forecast with absolute accuracy what would happen over the next 20 years."
Were they?
What gave you that idea? |
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"Today the Bank of England upgraded it's growth forecast from 1.4% to 2% for the UK economy this year. Just after the referendum vote the Bank of England forecast for 2017 knowing it was a leave vote was just 0.8%. By November they upgraded to 1.4% growth, and now another upgrade to 2% growth. This has been the biggest 6 month change in forecast for The bank of England ever recorded. It just goes to show how completely and totally wrong these economic experts were with their predictions of economic Armageddon. The bank of England knows Teresa May intends to trigger article 50 before March 31st yet still upgrades the performance of the Uk economy by an extra 0.6%.
Yeah, ffs what are they thinking giving revised predictions based on revised inputs. I mean surely everyone should just take a leaf out the Brexit book and stick dogmatically to what they believe regardless of what is going on around them?
-Matt
Funny though isn't it?
6 months ago they were able to forecast with absolute accuracy what would happen over the next 20 years.
Were they?
What gave you that idea?"
Although not the Bank of England but George Osborne and the Treasury made a prediction what the economy would look like in the year 2030 during the referendum campaign if we dared to vote Leave. Considering the Bank of England has changed its forecast 3 times in the last 6 months for 2017 it's laughable and pure fantasy that George Osborne made a forecast for the year 2030. |
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Forecast upgraded to be slightly less than it was this year but inflation to rise, investment to drop, savings to be depleted and GDP to have dropped by 1.5% over 2 years, despite the emergency actions the Bank of England took and the fact we ain't out yet. |
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"Today the Bank of England upgraded it's growth forecast from 1.4% to 2% for the UK economy this year. Just after the referendum vote the Bank of England forecast for 2017 knowing it was a leave vote was just 0.8%. By November they upgraded to 1.4% growth, and now another upgrade to 2% growth. This has been the biggest 6 month change in forecast for The bank of England ever recorded. It just goes to show how completely and totally wrong these economic experts were with their predictions of economic Armageddon. The bank of England knows Teresa May intends to trigger article 50 before March 31st yet still upgrades the performance of the Uk economy by an extra 0.6%.
Yeah, ffs what are they thinking giving revised predictions based on revised inputs. I mean surely everyone should just take a leaf out the Brexit book and stick dogmatically to what they believe regardless of what is going on around them?
-Matt
Funny though isn't it?
6 months ago they were able to forecast with absolute accuracy what would happen over the next 20 years.
Were they?
What gave you that idea?
Although not the Bank of England but George Osborne and the Treasury made a prediction what the economy would look like in the year 2030 during the referendum campaign if we dared to vote Leave. Considering the Bank of England has changed its forecast 3 times in the last 6 months for 2017 it's laughable and pure fantasy that George Osborne made a forecast for the year 2030. "
Its a bit of a fools errand to predict these things so far in advance because no one would have predicted things like Trump, Brexit and tpp failing even 3 years ago.
But we still do have to make these forecasts because there is value in seeing how the current situation is likely to play out if unaltered and seeing why we're wrong allows us to make better predictions in the future. |
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By *obka3Couple
over a year ago
bournemouth |
"Forecast upgraded to be slightly less than it was this year but inflation to rise, investment to drop, savings to be depleted and GDP to have dropped by 1.5% over 2 years, despite the emergency actions the Bank of England took and the fact we ain't out yet. "
Growth forecast is GDP so no gdp isnt dropping by 1.5%, oh and remind me what the eu growth has been over the last five years |
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By *obka3Couple
over a year ago
bournemouth |
"'Carney emphasised the level of GDP would still be 1.5% lower in two years’ time than projected before the referendum in May.'
What has the growth of the EU got to do with it?
"
Ah so the predicted gdp not actual gdp and seeing as the BoE have had to change the prediction twice in 6 months by 190% do you really have any faith in any figures that they produce ? To go from 0.8 to 2.3 % is a massive miscalculation |
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"Forecast upgraded to be slightly less than it was this year but inflation to rise, investment to drop, savings to be depleted and GDP to have dropped by 1.5% over 2 years, despite the emergency actions the Bank of England took and the fact we ain't out yet. "
Carney also re-calculated his predictions for inflation, yes he said it will rise slightly, but no where near as much as what he said inflation would be before. So the predicted growth of the UK economy has gone up this year and the predicted rate of inflation for this year has come down on his previous forecast. |
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Yes.
They underestimated consumer spending.
They, as I, did not predict brexit. In other words they misjudged the confidence/regard the public have/had in the economy post brexit. Given that, it follows they would underestimate consumer spending.
That just means they got the short term impact wrong, not that they have changed their view on the overall brexit impact. |
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By (user no longer on site)
over a year ago
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"You lot should all go work for the Treasury - you have a much better idea than civil servants do.  "
you need to deal with some civil servants
wait till you try and claim your pension, the pension service take on the most incompetent people, give them 8 or 12 weeks training, pay them crap poverty wages and hope they will do a great job, any complicated jobs go straight in the shredder
.
make sure you are fully upto speed with your pension and don't expect the pension centre to be |
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