dimanche 5 avril 2015
UK: New credit crisis warning
Posted on 01:21 by nice news
THE UK is likely to achieve little growth over the coming years and is now facing another financial crisis, potentially on a much bigger and worse scale than in 2008, says John Mills, Labour’s biggest private donor, in a forthcoming pamphlet.
Pointing to “dismally low levels of investment” and an “exceptionally large balance of payments and government deficits”, he argues that Britain “may be getting closer than is often realised to a number of critical tipping points which, if they materialise, could reinforce each other to produce a much more vicious downward spiral”.
Having previously argued that Labour risks losing the general election if it does not offer a referendum on Britain’s EU membership, Mr Mills rails against the single currency in a pamphlet to be published by the think tank Civitas later this month.
“There are very substantial obstacles to be overcome if the eurozone is to remain intact,” he says. “It is far from clear the euro will survive substantially in its present form.”
Mr Mills, the founder of the JML consumer products company, has given Labour at least £1.7m since 2005, while acknowledging a further “five-figure” donation ahead of next month’s election. He disagrees with the party’s policies on tuition fees, the mansion tax and a 50p income tax rate and has warned Labour does not have money to fight any second election that might follow a hung parliament.
While his book, Call to Action, called for a sustained devaluation of the pound to prompt higher manufacturing exports, his forthcoming pamphlet goes further, warning that “it’s far from clear” new bank regulations “will do much to avoid another financial crisis”.
Pointing to “dismally low levels of investment” and an “exceptionally large balance of payments and government deficits”, he argues that Britain “may be getting closer than is often realised to a number of critical tipping points which, if they materialise, could reinforce each other to produce a much more vicious downward spiral”.
Having previously argued that Labour risks losing the general election if it does not offer a referendum on Britain’s EU membership, Mr Mills rails against the single currency in a pamphlet to be published by the think tank Civitas later this month.
“There are very substantial obstacles to be overcome if the eurozone is to remain intact,” he says. “It is far from clear the euro will survive substantially in its present form.”
Mr Mills, the founder of the JML consumer products company, has given Labour at least £1.7m since 2005, while acknowledging a further “five-figure” donation ahead of next month’s election. He disagrees with the party’s policies on tuition fees, the mansion tax and a 50p income tax rate and has warned Labour does not have money to fight any second election that might follow a hung parliament.
While his book, Call to Action, called for a sustained devaluation of the pound to prompt higher manufacturing exports, his forthcoming pamphlet goes further, warning that “it’s far from clear” new bank regulations “will do much to avoid another financial crisis”.
UK: New credit crisis warning
Categories: UK: New credit crisis warning
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