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“The truth is we’re in one hell of a mess. Our GDP per capita now is less than not only France, Germany, the Netherlands, it’s lower than Ireland.
“It’s lower for heaven’s sake than Lithuania. The poorest 20% in Britain are poorer than the poorest 20% in Poland. That is not the sign of a country which has things going for it.”
Lord Patten
Larry Summers, the former US treasury secretary said Britain is in a much worse position than others!
https://uk.yahoo.com/news/ex-tory-minister-chris-patten-034517773.html
Chris Patten was wheeled out on Question Time last night and displayed all the lucidity to be expected from a 79 year-old Europhile. At the start of a diatribe on, you guessed it, Brexit, the Chancellor of Oxford University came up with some dubious claims. He first had this to say about Britain’s GDP per Capita:
“Our GDP per capita now… is lower for heaven’s sake than Lithuania”.
It sounds questionable… because it’s not true.
According to the IMF’s 2023 forecast, Britain’s GDP per Capita (at purchasing power parity) is $56,471, Lithuania’s sat on $49,266. Britain’s nominal GDP was forecast at $46,371; and Lithuania’s was $28,094. A mere 40% lower…
Chris’s confusion didn’t end there, as he then took a leaf out of the Keir Starmer playbook to talk down Britain’s prosperity relative to Poland:
“The poorest 20% in Britain are poorer than the poorest 20% in Poland”.
Guido isn’t quite sure where Chris found this figure, although data from theFinancial Times, extending to 2021, showed this couldn’t be further from the truth. British households are better off than their Polish counterparts across every percentile.
How does the UK’s GDP growth compare to the G7?
10 February 2023
What was claimed
The UK economy recorded the fastest growth in the G7.
This is true when comparing the growth in annual GDP between 2022 and 2021. However, when comparing quarter-on-quarter growth in 2022, the UK is among worst-performing in the G7.
https://fullfact.org/economy/uk-gdp-growth-g7-february-2023/
https://commonslibrary.parliament.uk/research-briefings/sn02784/
Meanwhile Germany slips into Recession and Italy has the same debt to GDP as Eritrea.
GDP measures the size of economies, in this case regional economies, but not all of the income produced is claimed by people in those regions. For example, people that live overseas can make investments in London, and then claim income from them.
That means that GDP per person measures the wealth of regions, and Eurostat says it does not “measure the income ultimately available to private households of a region” - i.e. how "rich" or "poor" they are .
Also, when producing the figures, Eurostat adjusts GDP for price differences between countries, so you can compare the economic activity of different regions, regardless of their price levels. But this amount is set at a national level, so doesn’t account for the fact that price levels in some regions may differ from other regions within the same country (London is a much more expensive place to live than the rest of the UK, for instance).
So some regions with price levels lower than the national average may appear poorer than they actually are, and vice-versa.
The analysis compares the UK regions against nearby countries
The Inequality Briefing poster compared UK regions to other regions in “northern Europe”. Specifically that’s regions in Austria, Belgium, Denmark, Finland, France, Germany, Ireland, Luxembourg, the Netherlands and Sweden.
The analysis also excludes overseas territories (such as some of France’s overseas territories in the Caribbean which would otherwise be included in the bottom ten).
Inequality Briefing say they chose those countries as they’re economically similar and nearby.
What you include in “northern Europe” is subjective but, for instance, the UN includes the Baltic nations (Estonia, Latvia and Lithuania) in the category of “northern Europe”. All these countries would be in the bottom 10 regions for GDP per capita, if included. The UN also includes countries not covered by the EU data, like Iceland, in northern Europe and exclude countries including Germany and France (they’re in “Western Europe”).
Going beyond northern Europe to other high-income EU countries, Spain and Italy have regions with lower GDP per person than the poorest UK regions.
This map shows how GDP per person varies across the EU, the more red a region is the further below the EU average it is in terms of GDP per person, the more green it is, the further above the EU average.
Wealth across the EU
GDP per person as a percentage of EU average (purchasing power standard)
Whatever Chris Pattern's age , he is very knowledge and experienced and he must be applauded for having the courage to broach a thorny issue of the results of the way the general public were lied to and misled by Boris Johnson, Jacob Rees Mogg, Michael Gove and Nigel Farrage over Brexit which all of whom along with their cronies have profited from!
Unfortunately in the UK unlike other countries all too often we do not value the knowledge and experience of our more mature members of society as much as many other countries do .
The mess our present government is in is partly because it is arrogant and inexperienced
This isnt your personal brain fart copy and paste blogg. Stick with news about the company and relevant information.
Angelis with 300 odd posts versus Mr Tibbs above 13,000. Angelis instead of shooting from the hip there is tool called filter which has a green button above any script when you want to write a message next to the share chat in red if you are not colour blind. You can put me on ignore, Mr Tibbs and anyone else who you do not want to see what they choose to scribe instead of mouthing off. Anybody within reason can write what they want if they are scribing a message to the readership. The frustration with an utterly incompetent, corrupt and immoral political administration is something that most people in the UK would like to see the back of. How is it relevant to Centamin is that our currency is going down the toilet probably in a few months time and Centamin priced in a weak currency will obviously increase sharply along with gold when priced in sterling. Some of us want prices of both to go down as low as they can in the very short term so that we can back up the truck and buy as much as we possibly can rather than holding FIAT currency being inflated to kingdom come.
Angelis,
I understand that due to you being a relatively new visitor then you aren't familiar with this forum and that you may not realise it isn't unusual that we discuss all manner of topics during weekends and periods when there is very little if any news from the company.
It's somewhat naïve to think that Centamin can be treated in isolation or ring fenced in some way from all the other events and influence that are taking place in the rest of the world. like it or not as already explained to you all these events influence the way that market moves and indeed the fortunes of Centamin.
I posted the links to the fullfact to provide you with some relevant information..
We would of course be delighted if you are able to provide some new information on Centamin or if you would like to find out some more about the history of Centamin and why the share price so depressed at present then this board has some very knowledgeable long term holders.
Hi Torado,
So speaks the voice of experience, rationality and reason, long may it continue to do so!
Thank you
Tibbs
Angelis, If there is something wrong to have varing opinions if you dont like it then ignore it! As far as I can see there is no news to report, so what harm is it to voice about other subjects. As far as I am concerned Tibbs has contributed many news articles about Centamin which have been very informative and interesting!
Hi dealts,
Your taking the trouble whilst you are going through what must be such a worrying time with your family to respond with your opinion is greatly appreciated by me, my thoughts are with you all.
So wha about Centamin, well you will recall the only analyst Kees Dekker who first in 2015 and then in 2018 had warned that things were not as well as we were being led to believe by the management has as we are now painfully aware been proven very right!
That said Kees remains of the opinion that what is being done now at Sukari although painfully expensive really is the best and only way to turn Sukari into the operation it should have always been by making the mine safer whilst offering much greater operational flexibility which will ensure a much more reliable and sustainable output.
As you are likely aware Buchanan were Centamins previous PR company for around 14 years and although I agree there may have been times when they could, or should have been more proactive in promoting the company and keeping shareholders informed they were also having to abide by the company brief whether they liked it or not!
That said Buchanan did have to negotiate through some pretty difficult situations such as when the Sukari licence was suspended with the Egyptian courts and also as far as I am aware have a far better understanding of the gold mining industry and certainly the over bloated Egyptian political and judicial systems than the new company fti do.
I am suspicious and quite concerned that this change to fti has come about at the wrong time and in the wrong circumstances, and for the wrong reasons, also I very much doubt it is to keep us shareholders better in informed, quite the contrary!
fti may be slick but I fear that they may also prove to be sly and more expensive for no good reason!
Best
Tibbs
SlowTony, Yes i know your game. Oh and his 13,000 copy and paste brain farts.
Dealts, i dont find copy and pasting a 300 line definition of gdp remotely interesting in a potential debate.
SlowTony, I prefer Quality over Quantity.
Hi Angelis,
Your obviously unfamiliar the way members have in general behaved towards on this forum for feel more content on one of the other forums where the members seem to derive great pleasure from bragging about their trading prowess and ridiculing or being spiteful towards anyone whom is honest enough to admit making a mistake.
The information on GDP posted to help you understand the damage that Brexit has done to our UK economy.
It's regrettable that you seem to have some anger or aggression issues, possibly you need to contact a therapist for some help.
Try not to take the trading chat too seriously, we can do little to influence or change the way the market moves that's already decided by those shadows in the back room, despite what anyone claims its still down to luck!
Have a lovely day and try to be more pleasant and you will feel better for it!
We can all learn something from his clip https://www.youtube.com/watch?v=dOUfDNP_QJU