Throughout January, there has been much excitement in the main stream media about the state of the government finances. Apparently the ‘bond vigilantes’, by reducing the amount they were prepared to pay for a government bond, were expressing their displeasure with proposed government policies. We were told that Reeves was ‘all out of money’ and would likely … Continue reading Reeves’ False Debt and Interest Problems
Economic Policy
Growth through War?
Eamon Dyas With Starmer reluctant to use home grown state funds to stimulate the economy he’s relying on blood money from the Ukrainian conflict as an alternative source. At what point does that policy - ostensibly designed to encourage Kiev to keep going - mean that the government’s domestic policy for growth has come to … Continue reading Growth through War?
Conversation with an economist: Richard Werner and the threat from central banking
John Clayden In an interview with Kim Iversen, Richard Werner covers a lot of ground . Kim's first question is "Who really runs the world? I always thought it was the central banks". Richard Werner: "Your instincts are right it is the central banks." He then gives a résumé of his career starting studying economics … Continue reading Conversation with an economist: Richard Werner and the threat from central banking
Bevin, MMT and the Class Struggle
Catherine Dunlop “People want to be governed.” This is what Burke said and it’s a fundamental truth. People want to get on with their lives and they rely on a government to maintain an environment where they can get on with their lives. The instrument of the government is the state; a modern state has a police … Continue reading Bevin, MMT and the Class Struggle
Defenders of the Rich
Gwydion M. Williams Britain and the USA increasingly move in tandem. Thatcher began the process of copying everything the USA had got wrong. This now includes a health service that runs for private profit. In the USA, it costs twice as much per head, but may be denied to the critically sick or injured. Withheld from those … Continue reading Defenders of the Rich
Reeves’ Debt Dexterity—Editorial
All are agreed. Britain needs large increases in government investment if the standard of living of the British people is to be improved. All are also agreed that the government does not have the money to make the required investments. We are told that government current spending on teachers, doctors, armed forces etc is greater than taxes … Continue reading Reeves’ Debt Dexterity—Editorial
Union reactions to Labour’s Industrial Plan
LABOUR OUTLINES INDUSTRIAL PLAN Unions welcome opportunity to reshape Britain – if money forthcoming LABOUR’S new industrial strategy is a “golden opportunity” to transform the economy but must have real money behind it, unions said yesterday. [14 October] The government published a green paper opening a consultation process on its 10-year plan at its inaugural … Continue reading Union reactions to Labour’s Industrial Plan
Political parties and national debt—Editorial
The size of the national debt is the topic of the moment. Rachel Reeves found a difference of some £22 billion in the day-to-day spending announced by the Tories in the spring Budget in March 2024 and what they actually expected to spend. This implied a £22 billion increase in the national debt. Reeves called this a … Continue reading Political parties and national debt—Editorial
Sharon Graham Winter Fuel Allowance speech
Labour conference: Unite general secretary Sharon Graham Winter Fuel Allowance speech Unite general secretary Sharon Graham today moved the motion on winter fuel allowance at Labour party conference. The full text of the speech is below: “The nation wants food, work and homes… It wants a high and rising standard of living, security for all, … Continue reading Sharon Graham Winter Fuel Allowance speech
The father and mother school of economics
By Eamon Dyas In 1992, a year before she died, the American academic and mother of Oliver Letwin, Shirley Robin Letwin, published a book entitled “The Anatomy of Thatcherism”. In this she explored the nature of what has come to be known as Thatcherism. It is an interesting book with several insights into the concept … Continue reading The father and mother school of economics
Rail Re-nationalisation, well, maybe
Pete Stevens With the rail network being front and centre of national debate over the past year due to the ongoing industrial action, Labour finally published its response to reform in April, “Getting Britain Moving”. The document promises to “usher in a decade of growth, innovation and service improvement”. The headline improvement is rail renationalisation. Not … Continue reading Rail Re-nationalisation, well, maybe
Reeves in a Straightjacket—Editorial
The ritual of the annual Mais lecture took place on 19th March. The Mais lectures have been taking place since 1978. The year is not accidental. Thatcher was about to come to power. She proposed to abandon the postwar economic consensus of a managed economy in which the state assumed responsibility for economic areas considered crucial to economic success: health, … Continue reading Reeves in a Straightjacket—Editorial
Tax Justice
“Tax Justice: Richard Murphy’s Taxing Wealth Report 2024: a timely antidote to the innately unjust neoliberal tax policies coming to the fore in both Tories and Labour parties as we approach another General Election. " https://youtu.be/RlyFYNeGtCg?si=7JA47WxFKt_nmw43
The Mixed Economy and Dogmatic Individualism
Ordinary Britons have been victims of a fraud that began in the 1980s. Started before many of today’s voters were even born. Thanks to tight control of the popular media by the very rich, a reversion to 19th century capitalism was sold as the only option. Liberal critics speak vaguely of a Western failure after the … Continue reading The Mixed Economy and Dogmatic Individualism
Sustainability of National Debt
The House of Lords has an Economic Affairs Committee (EAC) which has regular inquiries into economic matters that they think will be important for members of the House of Lords to understand. The structure of these inquiries is that the committee will hold a series of meetings to which it calls expert witnesses and asks them … Continue reading Sustainability of National Debt
The Apprenticeship Fiasco
Dave Gardner Half the young people in Britain do not intend to go to university. Many of those who do, feel that they have no choice, even if they don’t particularly wish to. But what other choices do they have? This is where choices for young people become problematic. The main educational destination is a … Continue reading The Apprenticeship Fiasco
The Role of Taxation
Martin Seale It is clear that the issue of taxation will be important in the coming general election. The Chancellor, Jeremy Hunt, will present a tax cutting budget in March and the Conservative Party will present itself as the low tax party. It is worth therefore discussing the role of tax in the UK. When … Continue reading The Role of Taxation
Taxing Issues
Martin Seale Jeremy Hunt’s November Autumn Statement was a clever piece of work. It had two objectives. Firstly, to win the next general election. Secondly, if the Tory Party did not win the next general election, to guarantee that any Labour administration would fail. Hunt’s trump card in achieving this dual objective is the fiscal rule book. Hunt, … Continue reading Taxing Issues
Labour Affairs 