Rishi Sunak's First Year As Chancellor

Gundabad(good)

The great man has just completed his first year in office. Congratulations to him!

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Reply 1

username4942066

Woohoo! Also great to have someone with Asian and African routes in a high place in Politics!

Well done Sunak.

I take it the post/replies are in jest/sarcasm?

In just 12 months he has:
- Had the economy into the worst recession in over 200 years;
- Created the worst deficit both in absolute terms ever and as a proportion of GDP the worst since at least WWII;
- Overseen umployment rising by a quarter.

On the plus side he has:
- Created a significant improvement in the trade deficit;
- Overseen the savings ratio improving significantly;
- Driven sterling higher.

On balance the negatives outweigh the minuses.

Reply 4

username4942066

Original post by Quady

My post was not sarcasm

Reply 5

username4969948

That's quite a bill the Conservatives have ran up in the last year but no worry, they can leave it to the next generation to lay it off.

Reply 6

JOSH4598

Original post by Quady

In just 12 months he has:
- Had the economy into the worst recession in over 200 years;
- Created the worst deficit both in absolute terms ever and as a proportion of GDP the worst since at least WWII;
- Overseen umployment rising by a quarter.

I don't think you can blame Rishi for the effects of the pandemic.

The scientific advisors told the government to implement a national lockdown, the government followed their advice and inevitably the economy has suffered. It wouldn't have mattered who the Chancellor is, be it a Labour or Conservative one, we would have still seen a huge spike in unemployment and a severe recession.

I think Rishi deserves praise for creating the furlough scheme which limited the unemployment spike; he has also maintained a fiscal stimulus to keep the housing market and hospitality going as best he can. It's pointless throwing around criticism for something no Chancellor could have prevented.

Reply 7

username4942066

Original post by JOSH4598

Much agreed, no one else has been put in this situation before. Some of his decisions worked great, others did not but whoever was chancellor through the pandemic was they all would have made some good and some bad decisions.

Reply 8

Quady

Original post by JOSH4598

He is a senior member of Cabinet so is accountable. Espdcially with regard the economy which is his remit.

GDP in Ireland rose 3% under Paschal Donohoe in 2020. How the hell did Sunak manage a 10% fall.

Reply 9

Rakas21

Original post by Quady

You are suggesting we should have had less lockdowns and more deaths! :colonhash:

Reply 10

Quady

Original post by Buddingdentist08

Spanish flu was fake news then?

And countries with which the UK shares a land border didn't perform as well as they claim economically over the last 12 months?

Reply 11

Quady

Original post by Rakas21

You are suggesting we should have had less lockdowns and more deaths! :colonhash:

Yup? Well potentially, nobody knows. We have no idea what the lockdown will mean for life expectancy. Personally I doubt lockdown is helping the health of the nation, my wasteland is no trimmer. Good for Legal and General shares though.

Though I don't think Ireland has had more deaths per capita than Northern Ireland yet one increased GDP 3% and the other had it fall 12%.

(edited 3 years ago)

Reply 12

-Imperator-

Original post by Quady

In just 12 months he has:
- Had the economy into the worst recession in over 200 years;

Ah yes, I suppose if Corbyn had been elected, then Covid would never have existed

Reply 13

username4942066

Original post by Quady

Spanish flu was fake news then?

And countries with which the UK shares a land border didn't perform as well as they claim economically over the last 12 months?

the spanish flu was 100 years ago. don't even try and compare

every country is different. different resources, different population density, different people

Original post by -Imperator-

Ah yes, I suppose if Corbyn had been elected, then Covid would never have existed

haha!

Reply 14

Quady

Original post by Buddingdentist08

the spanish flu was 100 years ago. don't even try and compare

every country is different. different resources, different population density, different people

haha!

Right.... just it was you that said nobody has been in this this situation before. If by that you meant 'nobody else has been Sunak over the last 12 months' then that is true.

Reply 15

Quady

Original post by -Imperator-

Ah yes, I suppose if Corbyn had been elected, then Covid would never have existed

Whats Corbyn got to do with anything? CV19 probably existed at the last General Election and McDonald would likely have been Chancellor had Corbyn been made PM.

Reply 16

JOSH4598

Original post by Quady

He is a senior member of Cabinet so is accountable.

There's a difference between accountability and blame. I don't doubt he is accountable for the government's economic management, but he can't be blamed for the impacts of the pandemic.

Original post by Quady

Right.... just it was you that said nobody has been in this this situation before. If by that you meant 'nobody else has been Sunak over the last 12 months' then that is true.

Nobody has been in this situation before, it was an accurate point. There's hardly a line of former Chancellors who all have a wealth of experience in managing the economics of a global pandemic. If there were, I'm sure Rishi would be on the phone to them quite frequently.

Reply 17

Quady

Original post by Buddingdentist08

every country is different. different resources, different population density, different people

Like how different is Ireland to Northern Ireland on any of that?

Reply 18

username4942066

Original post by Quady

Right.... just it was you that said nobody has been in this this situation before. If by that you meant 'nobody else has been Sunak over the last 12 months' then that is true.