Re-heat,
It may surprise you but I actually have a degree in Economics, albeit quite a time ago and I have 'retrained', as you put it, a number of times.
If company x,y & z outsource to a foreign land 1,000 jobs each, that makes 3,000 less earners in UK PLC 3,000 people without a means of income, 3,000 more on benefit etc but they can always retrain for a career in the hospitality industry can they not.
Plenty of waiterng jobs, cleaners '...do you want large fries with that...' etc, or are you suggesting that retraining involves the company being benevolent and giving them, the redundant worker, a new job on the same or better pay with the same level of self-esteem? Am currently waiting the fall-out of Clydesdale and Yorkshire Bank which could be painful for a lot of those concerned.
Yes FS is thriving, the UK mountain of debt is now at one of its highest levels since records began. Last time that happened UK PLC was in a heck of a mess, Soros ran on the pound, houses came crashing down, people lost jobs, livelihoods, families etc. Of course, FS is also thriving because it cocks up the people's pension rights all the money has disappered but are the pension bodies held to account? No, they just move on after being told 'they are very naughty boys', what do you tell all those people who saved, in what was supposed to be one of the securest forms of investment and now have nothing for retirement? '...sorry...'
I hope you sleep well at night.
FS is thriving because it often sells products to people who cannot afford them, what is the current mortgage record -7 times salary?.
I would not suggest that the third world pilot lives in the Western civilisation, he would be a contract worker spending 3/4 weeks flying and overnighting then a couple of weeks off back where they came from then off on another contract. All the money he/she earns goes into their own country's economy and UK PLC do not even get the tax revenue -sensible economics that. But Mr Fatcat still gets his cream and a big salary bonus as he has reduced the statutory outgoings of the company -employer tax and employer NI. he takes his overinflated wallet and ego and invests it in a gilt edged investment off-shore and away from the hands of HM C&E and IR.
My economic nose tells me that UK PLC will enter a world of hurt in about 18 months.
