Fiscal Rules – A Scam To Justify Austerity — Editorial

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

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 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

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

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

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

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