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<blockquote data-quote="j.s.cox" data-source="post: 124369" data-attributes="member: 20454"><p><strong><u>Update:</u></strong></p><p></p><p><em><u>Commercial Awareness Article</u></em></p><p>As COP27 is currently taking place and I have an interest in energy and the environment, I thought it would be interesting to do an article on the green ammonia plants that have been proposed. It's a really interesting idea!</p><p></p><p><u><em>Recession</em></u></p><p>The Bank of England (BoE) has already announced that we are in a recession and the Office for Budget Responsibility (OBR) has suggested that the economy will not regain pre-pandemic levels until late 2024. Today, Jeremy Hunt has announced £30bn of spending cuts and £25bn of tax rises to fill a £55bn "fiscal hole". According to 'The Financial Times', this represents the steepest fall in British living standards on record and the highest tax burden since World War II. On an episode of 'Watson's Daily' on Tuesday, one of the podcast hosts (not Peter Watson) suggested that there are no other options for the government and they have had to make a tough decision, but that unfortunately these decisions have to be made. I take great issue with this announcement and the statement on the podcast for the following reasons:</p><ul> <li data-xf-list-type="ul">Austerity always has, and always will be, a political choice. Not an economic one. The "fiscal hole" is a powerful metaphor which relies on unreliable growth predictions and the governments own targets for cutting debt. Adjust either of these and the "hole" disappears.</li> <li data-xf-list-type="ul">Austerity makes us poorer. People with less money spend less money, meaning our economy stagnates - this is not good for businesses. Meanwhile, underfunding education and infrastructure prevents us from growing our economy in the future. Furthermore, overstretched services like the NHS mean we are less prepared for emergencies like Covid-19.</li> <li data-xf-list-type="ul">In the 2010s, austerity was linked to 300,000 excess deaths. Having just come out of a pandemic where hundreds of thousands of lives were lost, the move towards austerity shows the mental wellbeing of the workforce has clearly not been considered, and lessons have not been learned. If the mental wellbeing of the workforce is not looked after, people will end up having to take time off to recover. This stagnates the economy yet again and slows down the ability for us to get through another recession.</li> </ul><p>One of the things I have found particularly difficult about this story is the personal implications it has for me and my family. Knowing that these announcements will mean we lose our house unless we all find a second or third job is a terrifying situation to be in. I am really struggling to separate my lived reality from the general economic implications of this announcements and would welcome any suggestions of how to do this better.</p><p></p><p>If I was in the government's position, instead of austerity, I would do the following:</p><ul> <li data-xf-list-type="ul">Adjust the targets for cutting debt based on the unexpected global events that have occured over the past few years. A statement like that ought to ensure that the markets do not react too negatively to any increased government debt.</li> <li data-xf-list-type="ul">Begin heavily investing in infrastructure, particularly in the energy sector (battery storage, carbon capture utilisation and storage etc.). This should increase jobs, pumping money back into the economy so that it can begin to grow again.</li> <li data-xf-list-type="ul">Heavily invest in our public services including the NHS to ensure that preventative healthcare was maintained throughout the population. This would ease the pressure on this service, meaning that fewer people would get to a place where their condition was more difficult and expensive to treat. To illustrate this, a stage 1 melanoma can be removed fairly easily without a long hospital stay or expensive medications; a stage 4 melanoma, on the other hand, is often a death sentence requiring lengthy hospital and hospice stays, expensive medication, and potential services required for family members afterwards for bereavement or caregiving difficulties.</li> <li data-xf-list-type="ul">Investment in communities. If you can get to the root cause of why an area has a high rate of crime, you can help prevent crime long-term.</li> <li data-xf-list-type="ul">Revisit current building regulations to ensure that new builds would be able to function as close to net zero as practicable (solar tiles, living wall etc.). Not only would this cut pollution, but it would ensure energy security in the event of another energy shock as has happened during the Russia-Ukraine war.</li> <li data-xf-list-type="ul">Take any proposal that I considered to the experts because I disagree with Michael Gove that we have had enough of them. I would ensure that the BoE, OBR, and any other appropriate institutions were involved in the economic decision making, so that all institutions were on the same page.</li> </ul><p>These may not be perfect solutions, and not everyone will agree with them, but to me this demonstrates that there are other options - austerity is NOT the only option and people are going to lose everything they have because of these announcements. These people are more than just a number. As I said previously, I am really struggling to separate my personal stake in this matter from looking at the announcement objectively, so I would appreciate another view on this. Perhaps there is an alternative way to think about this [USER=16724]@RANDOTRON[/USER] ?</p><p></p><p><u><em>Targeted Applications</em></u></p><p>Today I submitted the application I researched over the weekend. My plan is to reseach and submit one more before the weekend, and a further application next week ahead of December deadlines. I am pretty busy at the moment, but I think I have carved out enough time to be able to do this. All of these firms fulfil all of the criteria I set myself. I plan to start and complete my application for Akin Gump in a fortnight ahead of my vacation scheme with NRF as I want to be totally focused on NRF during my time there.</p><p></p><p><u><em>TCLA Courses</em></u></p><p>I have been completing the 'Coverting Your Vacation Scheme into a Training Contract' course. I have found this very helpful and it has eased my anxiety about my upcoming vacation scheme. I am trying really hard not to read too deeply into any figures about the conversion rate of the vacation scheme to a training contract as I don't want to be worrying over something I have no control over. I have also done a bit more of the Private Equity course.</p><p></p><p>Thanks for following my journey!</p></blockquote><p></p>
[QUOTE="j.s.cox, post: 124369, member: 20454"] [B][U]Update:[/U][/B] [I][U]Commercial Awareness Article[/U][/I] As COP27 is currently taking place and I have an interest in energy and the environment, I thought it would be interesting to do an article on the green ammonia plants that have been proposed. It's a really interesting idea! [U][I]Recession[/I][/U] The Bank of England (BoE) has already announced that we are in a recession and the Office for Budget Responsibility (OBR) has suggested that the economy will not regain pre-pandemic levels until late 2024. Today, Jeremy Hunt has announced £30bn of spending cuts and £25bn of tax rises to fill a £55bn "fiscal hole". According to 'The Financial Times', this represents the steepest fall in British living standards on record and the highest tax burden since World War II. On an episode of 'Watson's Daily' on Tuesday, one of the podcast hosts (not Peter Watson) suggested that there are no other options for the government and they have had to make a tough decision, but that unfortunately these decisions have to be made. I take great issue with this announcement and the statement on the podcast for the following reasons: [LIST] [*]Austerity always has, and always will be, a political choice. Not an economic one. The "fiscal hole" is a powerful metaphor which relies on unreliable growth predictions and the governments own targets for cutting debt. Adjust either of these and the "hole" disappears. [*]Austerity makes us poorer. People with less money spend less money, meaning our economy stagnates - this is not good for businesses. Meanwhile, underfunding education and infrastructure prevents us from growing our economy in the future. Furthermore, overstretched services like the NHS mean we are less prepared for emergencies like Covid-19. [*]In the 2010s, austerity was linked to 300,000 excess deaths. Having just come out of a pandemic where hundreds of thousands of lives were lost, the move towards austerity shows the mental wellbeing of the workforce has clearly not been considered, and lessons have not been learned. If the mental wellbeing of the workforce is not looked after, people will end up having to take time off to recover. This stagnates the economy yet again and slows down the ability for us to get through another recession. [/LIST] One of the things I have found particularly difficult about this story is the personal implications it has for me and my family. Knowing that these announcements will mean we lose our house unless we all find a second or third job is a terrifying situation to be in. I am really struggling to separate my lived reality from the general economic implications of this announcements and would welcome any suggestions of how to do this better. If I was in the government's position, instead of austerity, I would do the following: [LIST] [*]Adjust the targets for cutting debt based on the unexpected global events that have occured over the past few years. A statement like that ought to ensure that the markets do not react too negatively to any increased government debt. [*]Begin heavily investing in infrastructure, particularly in the energy sector (battery storage, carbon capture utilisation and storage etc.). This should increase jobs, pumping money back into the economy so that it can begin to grow again. [*]Heavily invest in our public services including the NHS to ensure that preventative healthcare was maintained throughout the population. This would ease the pressure on this service, meaning that fewer people would get to a place where their condition was more difficult and expensive to treat. To illustrate this, a stage 1 melanoma can be removed fairly easily without a long hospital stay or expensive medications; a stage 4 melanoma, on the other hand, is often a death sentence requiring lengthy hospital and hospice stays, expensive medication, and potential services required for family members afterwards for bereavement or caregiving difficulties. [*]Investment in communities. If you can get to the root cause of why an area has a high rate of crime, you can help prevent crime long-term. [*]Revisit current building regulations to ensure that new builds would be able to function as close to net zero as practicable (solar tiles, living wall etc.). Not only would this cut pollution, but it would ensure energy security in the event of another energy shock as has happened during the Russia-Ukraine war. [*]Take any proposal that I considered to the experts because I disagree with Michael Gove that we have had enough of them. I would ensure that the BoE, OBR, and any other appropriate institutions were involved in the economic decision making, so that all institutions were on the same page. [/LIST] These may not be perfect solutions, and not everyone will agree with them, but to me this demonstrates that there are other options - austerity is NOT the only option and people are going to lose everything they have because of these announcements. These people are more than just a number. As I said previously, I am really struggling to separate my personal stake in this matter from looking at the announcement objectively, so I would appreciate another view on this. Perhaps there is an alternative way to think about this [USER=16724]@RANDOTRON[/USER] ? [U][I]Targeted Applications[/I][/U] Today I submitted the application I researched over the weekend. My plan is to reseach and submit one more before the weekend, and a further application next week ahead of December deadlines. I am pretty busy at the moment, but I think I have carved out enough time to be able to do this. All of these firms fulfil all of the criteria I set myself. I plan to start and complete my application for Akin Gump in a fortnight ahead of my vacation scheme with NRF as I want to be totally focused on NRF during my time there. [U][I]TCLA Courses[/I][/U] I have been completing the 'Coverting Your Vacation Scheme into a Training Contract' course. I have found this very helpful and it has eased my anxiety about my upcoming vacation scheme. I am trying really hard not to read too deeply into any figures about the conversion rate of the vacation scheme to a training contract as I don't want to be worrying over something I have no control over. I have also done a bit more of the Private Equity course. Thanks for following my journey! [/QUOTE]
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