Early in his Autumn Statement to Parliament on 17th November, the Chancellor, Jeremy Hunt, announced two new fiscal rules: “…I also confirm two new fiscal rules. The first is that underlying debt must fall as a percentage of GDP by the fifth year of a rolling five-year period. The second is that public sector borrowing over … Continue reading Fiscal Rules – A Scam To Justify Austerity — Editorial
Economic Policy
The Non-Existent UK Fiscal Black Hole— Editorial 2
The story we are being told about UK government finances by virtually every main stream media (MSM) commentator goes something like this. The government wants to spend more than it is raising in taxes. This means that it will have to borrow from the private sector. The private sector may choose not to lend to the government. In … Continue reading The Non-Existent UK Fiscal Black Hole— Editorial 2
The Northern Powerhouse
Eamon Dyas The issue preventing the employment of new train drivers isn't the absence of rest-day rosters (as implied in a BBC report*) but the insistence by the rail operators (and the government) that the existing rest-day rosters be thrown out and the unions accept new ones that are detrimental to the interests of the existing … Continue reading The Northern Powerhouse
Labour’s Vocational Education Policy
A New Beginning? Dave Gardner This journal has for some time bemoaned the Labour Party’s lack of interest in a matter of the first concern to working people, vocational education and training (VET). In Robert Halfon MP on the other hand, the Tories have a Minister of State responsible for VET who is exceptionally knowledgeable … Continue reading Labour’s Vocational Education Policy
The Budget Debate
Discussion of the Budget in Parliament https://hansard.parliament.uk/Commons/2022-11-17/debates/97DB3122-0068-46CD-B026-F757C8DF39AF/details#contribution-7F63EF1C-81E2-485B-8F3E-D9C47C284CB5 The main issue arising from the budget is the one outlined in the editorial: the anti-working class new fiscal rules that limit public spending and favour the private sector. Only one MP refers to this (see below) and he’s not Labour. The other worrying factor is Hunt’s professed admiration for … Continue reading The Budget Debate
Mick Lynch in his Own Words
Mick Lynch in His Own Words Politics Joe interview with Mick Lynch Politics Joe https://www.youtube.com/watch?v=gPSez6Yz6iw Sunday 27 November 2022 Q. Why do you think the tabloids have taken the government side rather than your side? ML: The Tabloids are on the side of the ruling class, (people don’t like this terminology), Murdoch and all the … Continue reading Mick Lynch in his Own Words
Wage Growth in the UK
UK Low Wages The first chart shows the unique position of the UK in the rich world in having a growing GDP together with falling wages, see fourth quadrant: On the right of the vertical line: growth 2007-2015, below the main horizontal line: wages 2007-2015 . the UK is alone is that quadrant. From the … Continue reading Wage Growth in the UK
Trauma Zone
Trauma Zone—Russia 1985-1999 Catherine Dunlop Comments on a Documentary by Adam Curtis, shown directly on BBC iPlayer, 13th October 2022 This is a documentary about Britain’s current Enemy, Russia, made in the form of a collage of clips from suitably ugly and doom-laden old films. Yet what strikes the viewer is the sight of Bush, then Clinton, then … Continue reading Trauma Zone
Politics, the State and the Market in Land
LABOUR AND HOUSING – Part 10. Politics, the State and the Market in Land By Eamon Dyas A core component of the post-war political delineation between Labour and Conservative policies was formed around the question of the relationship of the State to the market. Ever since the foundation of the Labour Party this had been … Continue reading Politics, the State and the Market in Land
The Kwarteng Budget
Kwasi Kwarteng’s Budget Adventure. Dave Gardner Did the then Chancellor of the Exchequer Kwarteng mention the need for extra borrowing when he presented his tax cutting plans to the House of Commons on 23 September? The answer is NO he didn't - although opposition speakers (including Rachel Reeves) did assert that substantial extra borrowing would … Continue reading The Kwarteng Budget
Animal Spirits, Taxing and Borrowing — Editorial
Kwasi Kwarteng is clearly a believer in animal spirits, or more specifically, the animal spirits of the UK private sector. The term ‘animal spirits’ was used by the economist J. M. Keynes to describe the spontaneous forces of vitality that drive human action. Apparently these animal spirits have been held back by too much taxing and … Continue reading Animal Spirits, Taxing and Borrowing — Editorial
Labour under Blair and Starmer
The Labour Conference and the Party under Blair and Starmer By Eamon Dyas What can we take from the Labour Party Conference at Liverpool? Keir Starmer acknowledged the importance of trade unions several times in the course of his speech and he indicated that he understood the relevance of proper training schemes and apprenticeships for … Continue reading Labour under Blair and Starmer
The Cost of Rail Privatisation
by Pete Whitelegg With the election of Margaret Thatcher in 1979 most of the state-owned industries were privatised including many of the businesses operating within the umbrella of British Railways. Sealink Ferries and British Transport Hotels were sold by 1984. Travellers Fare catering by 1988 and British Rail Engineering (train building) by 1989. But it … Continue reading The Cost of Rail Privatisation
Notes on the News
By Gwydion M. Williams Trickle-Down – a Swindle Who Needs the Multi-millionaires? The World Shanghaied? Russo-Ukrainians Forbidden Democracy? Sweden and Italy, Overstrained Communities Italy, Also Overstrained Two Nice People, Unfit For Their Jobs Snippets More Tory Failures Turkish Inequality Trickle-Down – a Swindle President Biden recently denounced Trickle-Down.[A] Then Liz Truss affirmed the idea: tax cutting … Continue reading Notes on the News
Electricity in France and the UK
Price of electricity in France and England By Froggy I wanted to find out why my electricity bill here in England is so much higher than that of my relatives in France. Take for example my bill for period ending 31 May 2022: it charges me 29.332p/kWh (= 0.3 euro); my sister’s bill charges her for … Continue reading Electricity in France and the UK
Animal Spirits
Unleash the animal spirits! The Truss Kwarteng philosophy By Feargus O Raghallaigh It seems to me that many people do not quite get what Truss and Kwarteng are up to, which is attempting to give political and policy expression in government and in power to a religious belief or a religio-economic belief in effect. The core of this … Continue reading Animal Spirits
The Energy Debate —Parliament Notes
Debate on Energy 8 September 2022, House of Commons https://hansard.parliament.uk/commons/2022-09-08/debates/6911DA71-90B4-466D-8B51-DF427AB29B53/UKEnergyCosts The Prime Minister Liz Truss started the Debate by laying out the measures taken to help households and businesses to bear the cost of risen electricity bills. She then said the aim was to make Britain more self sufficient in energy, in particular by building small … Continue reading The Energy Debate —Parliament Notes
The Mini-Budget — Parliament Notes
Text of the mini-budget by Kwasi Kwarteng, called ‘The Growth Plan’ in Hansard, which caused great excitement as well as a drop in the value of the pound, and is already being watered down. See editorial for comment. https://www.gov.uk/government/speeches/the-growth-plan-2022-speech Mr Speaker, Let me start directly with the issue most worrying the British people – the cost … Continue reading The Mini-Budget — Parliament Notes
Labour Affairs 