And As Expected Down Goes The Market

[youngmafbog]

 

The pound sank and traders dump UK bonds.

And this is the budget the economically illiterate on here were praising.

Yes, its the DM as its a free link.  Information is in other sources too before the usual start.

https://www.dailymail.co.uk/news/article-14028747/Rachel-Reeves-jittery-markets-Chancellors-tax-raising-Labour-Budget.html

[Untitled]

and the private sector relies on the public sector to enforce contracts, maintain and build (and hopefully improve) the infrastructure of the country, clean up its rubbish and sewage, educate its workforce to a basic level, and maintain roads and railways to move goods. these are things that the private sector is incapable of doing. a public sector which does this well contributes massively to the growth and productivity of the economy. that's not an opinion it is a fact - many public services are generative (some are not e.g. state pensions). it would not be possible to create wealth without them. you have an ideological opposition to the state sector.

[New Judge]

"...roads, transport, universal education and healthcare do massively increase productivity and therefore wealth generation yes."

Those facilities aid wealth creation, they do not provide it.

"...these are things that the private sector is incapable of doing."

With the possible exceptions of defence, policing and justice there is little the private sector cannot do which the public sector undertakes. Railways can operate completely privately given the right conditions (they did up to 1948 and were only nationalised then because they had been badly damaged during WW2). Roads can be and are built and maintained by the private sector. Health and education can be and are provided by the private sector. Pensions (and I'm not talking about retirement age benefits which have been unfunded by the individual) need not be provided by the State. Until 1997 the UK had one of the best private pension regimes in the world.

"... you have an ideological opposition to the state sector."

I cannot speak for anybody else, but my opposition to the State having a virtual monopoly on many of these services is not ideological. It stems from the fact that the State is singularly inept at providing them.

 

"...many public services are generative (some are not e.g. state pensions).

[ToraToraTora]

11:17 they are all costs paid by the private sector.