Comments on: The need for new units of account – let’s try “rocks” http://johnredwoodsdiary.com/2008/02/29/the-need-for-new-units-of-account-lets-try-rocks/ Incisive and topical campaigns and commentary on today's issues and tomorrow's problems Thu, 09 Feb 2012 20:05:58 +0000 hourly 1 By: Freeborn John http://johnredwoodsdiary.com/2008/02/29/the-need-for-new-units-of-account-lets-try-rocks/#comment-1794 Freeborn John Mon, 03 Mar 2008 19:23:25 +0000 http://www.johnredwoodsdiary.com/2008/02/29/the-need-for-new-units-of-account-lets-try-rocks/#comment-1794 I recently returned from India which always seems more accessible to a Briton than its East Asian neighbours due to the excellent English-language media. However, any article about finance is rendered almost unreadable to me by the use of Lakhs and Crores as units of measurement instead of millions or billions. I can look up that a Lakh is 100,000 and a Crore is 10 million, but actually remembering this while converting currency at a rate of 80 rupees to the pound is more than my brain is up to. When I hear that 793 Crore has been spent on a new transport link I have absolutely no idea if that sum should be enough to pay for a bus stop or a road stretching from one end of the country to the other. See for example: <a href="http://www.hindu.com/2007/11/14/stories/2007111456940400.htm" rel="nofollow">http://www.hindu.com/2007/11/14/stories/200711145...</a> I recently returned from India which always seems more accessible to a Briton than its East Asian neighbours due to the excellent English-language media. However, any article about finance is rendered almost unreadable to me by the use of Lakhs and Crores as units of measurement instead of millions or billions. I can look up that a Lakh is 100,000 and a Crore is 10 million, but actually remembering this while converting currency at a rate of 80 rupees to the pound is more than my brain is up to. When I hear that 793 Crore has been spent on a new transport link I have absolutely no idea if that sum should be enough to pay for a bus stop or a road stretching from one end of the country to the other.

See for example: http://www.hindu.com/2007/11/14/stories/200711145…

]]> By: mikestallard http://johnredwoodsdiary.com/2008/02/29/the-need-for-new-units-of-account-lets-try-rocks/#comment-1793 mikestallard Sun, 02 Mar 2008 08:38:29 +0000 http://www.johnredwoodsdiary.com/2008/02/29/the-need-for-new-units-of-account-lets-try-rocks/#comment-1793 I am just reading the excellent Niall Fergusson on the British Empire. The WHOLE THING was run for just £40 million a year in 1900! I think there were only 3,000 Civil Servants in India too.......... I like the idea of rocks. Does that mean the entire private indebtedness of the people of the UK (£1,300,000,000,000) is 13 rocks (1 rock = £100,000,000,000)? I am just reading the excellent Niall Fergusson on the British Empire. The WHOLE THING was run for just £40 million a year in 1900! I think there were only 3,000 Civil Servants in India too……….

I like the idea of rocks. Does that mean the entire private indebtedness of the people of the UK (£1,300,000,000,000) is 13 rocks (1 rock = £100,000,000,000)?

]]> By: Deborah http://johnredwoodsdiary.com/2008/02/29/the-need-for-new-units-of-account-lets-try-rocks/#comment-1792 Deborah Sat, 01 Mar 2008 20:05:26 +0000 http://www.johnredwoodsdiary.com/2008/02/29/the-need-for-new-units-of-account-lets-try-rocks/#comment-1792 What a brilliant concept. What a brilliant concept.

]]> By: Neil Craig http://johnredwoodsdiary.com/2008/02/29/the-need-for-new-units-of-account-lets-try-rocks/#comment-1791 Neil Craig Sat, 01 Mar 2008 12:14:24 +0000 http://www.johnredwoodsdiary.com/2008/02/29/the-need-for-new-units-of-account-lets-try-rocks/#comment-1791 On Tuesday Richard Rogers, architect of the Millenium Dome, & his partner said on TV that building it cost £46 million. Only 7% of the public bill. Presumably the rest went on those £100 million fees & general paper shuffling. If this is reflected across the country & I have to assume it is the degree to which we are damaging ourselves by such expensive dithering can hardly be overestimeted. On Tuesday Richard Rogers, architect of the Millenium Dome, & his partner said on TV that building it cost £46 million. Only 7% of the public bill. Presumably the rest went on those £100 million fees & general paper shuffling.

If this is reflected across the country & I have to assume it is the degree to which we are damaging ourselves by such expensive dithering can hardly be overestimeted.

]]> By: Matthew Reynolds http://johnredwoodsdiary.com/2008/02/29/the-need-for-new-units-of-account-lets-try-rocks/#comment-1790 Matthew Reynolds Fri, 29 Feb 2008 19:27:12 +0000 http://www.johnredwoodsdiary.com/2008/02/29/the-need-for-new-units-of-account-lets-try-rocks/#comment-1790 How come Labour can magic £110 billion out of thin air for a bank in their political heartland & how can the Tories wave a magic wand and produce £28 billion for an NHS that already wastes money while the sick suffer and yet cutting taxes is according to both irresponsible & unaffordable ? It is just bizzare for the Treasury teams of both HM Government & Opposition to throw money at problems while the City frets over a public sector costing 45% of GDP that harms economic performance . Ever bigger government did not stop a recession between 1989 & 1993 and has not worked since 2000 as public expenditure increases have hardly made transport , health , education , law & order and poverty much better . We should seek to downsize QUANGO's from the £140 billion plus level of waste so that the budget is balanced allowing economically desirable tax cuts to be sustainable . The nation needs better value for money on the vast sums spent since 2000 rather than lots more waste . Our competitors are not following the policies as being offered by the political classes - is that not worrying ? How come Labour can magic £110 billion out of thin air for a bank in their political heartland & how can the Tories wave a magic wand and produce £28 billion for an NHS that already wastes money while the sick suffer and yet cutting taxes is according to both irresponsible & unaffordable ? It is just bizzare for the Treasury teams of both HM Government & Opposition to throw money at problems while the City frets over a public sector costing 45% of GDP that harms economic performance . Ever bigger government did not stop a recession between 1989 & 1993 and has not worked since 2000 as public expenditure increases have hardly made transport , health , education , law & order and poverty much better . We should seek to downsize QUANGO’s from the £140 billion plus level of waste so that the budget is balanced allowing economically desirable tax cuts to be sustainable . The nation needs better value for money on the vast sums spent since 2000 rather than lots more waste . Our competitors are not following the policies as being offered by the political classes – is that not worrying ?

]]> By: Matthew Reynolds http://johnredwoodsdiary.com/2008/02/29/the-need-for-new-units-of-account-lets-try-rocks/#comment-1795 Matthew Reynolds Fri, 29 Feb 2008 19:27:12 +0000 http://www.johnredwoodsdiary.com/2008/02/29/the-need-for-new-units-of-account-lets-try-rocks/#comment-1795 How come Labour can magic £110 billion out of thin air for a bank in their political heartland & how can the Tories wave a magic wand and produce £28 billion for an NHS that already wastes money while the sick suffer and yet cutting taxes is according to both irresponsible & unaffordable ? It is just bizzare for the Treasury teams of both HM Government & Opposition to throw money at problems while the City frets over a public sector costing 45% of GDP that harms economic performance . Ever bigger government did not stop a recession between 1989 & 1993 and has not worked since 2000 as public expenditure increases have hardly made transport , health , education , law & order and poverty much better . We should seek to downsize QUANGO's from the £140 billion plus level of waste so that the budget is balanced allowing economically desirable tax cuts to be sustainable . The nation needs better value for money on the vast sums spent since 2000 rather than lots more waste . Our competitors are not following the policies as being offered by the political classes - is that not worrying ? How come Labour can magic £110 billion out of thin air for a bank in their political heartland & how can the Tories wave a magic wand and produce £28 billion for an NHS that already wastes money while the sick suffer and yet cutting taxes is according to both irresponsible & unaffordable ? It is just bizzare for the Treasury teams of both HM Government & Opposition to throw money at problems while the City frets over a public sector costing 45% of GDP that harms economic performance . Ever bigger government did not stop a recession between 1989 & 1993 and has not worked since 2000 as public expenditure increases have hardly made transport , health , education , law & order and poverty much better . We should seek to downsize QUANGO's from the £140 billion plus level of waste so that the budget is balanced allowing economically desirable tax cuts to be sustainable . The nation needs better value for money on the vast sums spent since 2000 rather than lots more waste . Our competitors are not following the policies as being offered by the political classes – is that not worrying ?

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