In the 1970s, the trade unions were so strong they had political power, as the media never stops reminding us. This power was such that a government report (the Bullock report) offered the unions an official role in deciding economic policy. Now the majority of workers are not in a union, and wages and conditions have declined … Continue reading The significance of the rejection of Bullock by the Trade Unions
From the think tank “Rebuilding Britain” Labour Affairs has carried from the beginning the link to “Rebuilding Britain” (See “Links”, top right of home page). This month we reproduce the Preface and conclusion of their pamphlet “Rebuild British Manufacturing” Rebuild British Manufacturing A Strategy for Revival The pamphlet is available at: https://rebuildbritain.org.uk/manufacturing/ Preface Britain’s greatly diminished … Continue reading Rebuild British Manufacturing
A report by Unite The Union Part of the “Unite Investigates” series Unite's latest report has analysed nearly 17,000 companies in the UK and found that average profit margins have soared by 30% compared to the pre-pandemic period. This report is the largest post-pandemic study of UK profit margins to date. We have exposed that corporate profiteering isn’t … Continue reading Profiteering is breaking the economy
Dave Gardner Markets as social institutions constrained both by custom and law. Markets have always been a tricky subject for socialists. Capitalists favour a market in labour where, in theory for a wage in return for labour power, capitalists and workers meet as equals to negotiate mutually advantageous arrangements. Any attempts at conscious co-ordination, either … Continue reading Markets and Socialism
Rachel Reeves' position as Chancellor is growing increasingly precarious. She fought the 2024 general election on a platform defined by strict fiscal rules, a refusal to raise income taxes, and a pledge to deliver economic growth. It was a politically calculated stance—economically incoherent, but designed to appeal to Conservative-leaning voters whose support Labour believed it … Continue reading Labour Needs a U-Turn in Economic Policy—Editorial
Martin Seale The liberalism of the late 19th century was characterized by the view that the role of the state should be limited. The state would protect the nation from external enemies, enforce the rule of law (much around property) and provide some limited form of education. British capitalism seemed to function reasonably well up to the 2nd half … Continue reading Liberalism, Neoliberalism and the Trade Union Movement
Keir Starmer took a decision some years ago to change the electoral base of the Labour Party so that many people, who would traditionally vote Conservative or Liberal Democrat, might now vote Labour or at least abstain from voting for their usual party. A major tactic to achieve this result was a commitment to fiscal rectitude. … Continue reading The Workhouse Party
By Gwydion M. Williams Trump and Musk are giving voice to what members of Britain’s Labour government must be privately thinking. Saying more crudely what the elite have come to believe. It is just not possible to fund welfare to the needy. The state risks going bankrupt, and welfare is anyway mostly wasted. It is not explained why … Continue reading Pensions as Ponzi & Evil Keynesianism
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
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?
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
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
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
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
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
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
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
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
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