If only he knew some economics

This chart shows the labour share of GDP (or national income) over more than two centuries……And that long-term downward trend is precisely why Labour has to take radical action now. People are simply not paid enough. And that has to end.

So when people say Labour will destroy the economy by giving people a fair share the simple response is, ‘no they won’t: they’re repairing the damage that’s brought us to our knees’.

Great, OK, the bit of national income that has risen is taxes upon consumption – VAT. So, lower VAT and the labour share will rise again. Over to you Murph.

12 thoughts on “If only he knew some economics”

  1. Slight Ritchie side note, on Progressive Pustule it says:

    “This blog is published by and copyright of Progressive Pulse Limited, company number 10684315”

    Meanwhile, over on the Companies House website we see:
    “17 Sep 2018 Accounts for a dormant company made up to 31 March 2018”

    Of course, legally that may be correct. But what about the spirit of the law Richard? Can a company that’s publishing a blog really be considered dormant? Is this an abuse of limited liability? You know, all those things he says other people shouldn’t do.

  2. There was a chap on R4 Friday or Sat (‘Today’? ‘More Or Less’?) who said that the labour share of GDP wasn’t falling in Britain.In other European countries, yes, but not in Britain.

    Coinicidentally, this from the ONS showed up on Twitter this morning.

  3. @ Noel Scoper
    A dormant company is omne that is not trading – so there are lots of companies that exist only to be nominees to hold client assets separate from the asset managers that are deemed to be dormant (although “non-trading” would be a better description).
    If the publication of the blog generates either income or expenditure then Murphy should be in trouble but if his funders do not specify that they are contributing to the cost of the blog, he is merely a hypocrite, not a criminal.

  4. Wow, 33 Kingsley Walk is what you’re left with after libeling Lord Ashcroft.

    I suppose he’s lucky, given his level of ignorance combined with his level of arrogance, that he’s still got a 2 up 2 down.

    He really deserves to live in a shoe box.

  5. Noel, you won’t find many companies with accounts to 31/3/18 which are dormant, yet which has a confirmation statement dated 28/3/18 stating that it has a principal activity.

    If Dick is reading this, best look up “dormant” and “activity” in the dictionary.

    For someone who wants an omnipotent, all powerful State, he’d be one of the first in the gulag.

    Lucky for Spud that the State is showing its omnignorance. Doubtless this means we need moar tax to get moar staff into Companies House. If that’s what tax is for this week…

  6. Tim you are a sucker for punishment. I cannot spend more than three minutes on Tattie’s page before nausea overcomes me.

  7. ‘People are simply not paid enough.’

    Enough for what? They ain’t quitten, so it’s damn obvious to anyone but an economics teacher that it IS enough.

  8. Thanks, Tim.

    That’s what I was hoping for, as I’ve not enough knowledge to understand that ONS graph without explanation.

  9. Bloke in North Dorset

    Sam, I’m like Southerner, I can’t stand going there. As it’s about Labour I presume that first link is about economics for the many, not the Jew?

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