Posts under ‘Economy’

Carney’s rose-spectacled survey of the economy as Parliament returns does not convince

by Michael Meacher.

The UK economy’s ticking over fine: that’s the view of Carney, Osborne’s man. So that’s alright then. Or is it? With time-honoured spin we were treated to the most optimistic scenario on every count, with the flip-side downturn kept carefully out of sight. His central message was that “there is no clear evidence of deflationary […]

Ending ‘life support’ for western economic model underlies China crisis

by Ann Pettifor.

After two days of trouble and strife in global stock markets, the Federal Reserve’s New York President William Dudley said in remarks to reporters that a September interest rate hike seemed “less compelling” now than in recent weeks. These two words alone calmed global financial markets, and pushed up the price of oil. So everything’s […]

Extreme? Back to the 80s? How Corbynomics compares with the SDP manifesto

by James Meadway.

Jeremy Corbyn’s economic programme may be seen as radical by many today, but economist James Meadway finds it has a surprising amount in common with the 1983 SDP manifesto There’s been a lot of excitable chatter about Jeremy Corbyn’s economic policies. Newspaper pundits and Labour Party grandees have queued up to denounce his plans as a return […]

Iain Duncan Smith demands as many disabled people work as able-bodied

by Michael Meacher.

As part of the government’s plan to extract £12bn from social security benefits, IDS has announced his latest target is “the disability employment gap”. According to analysis of official ONS figures, this represents the difference between the number of disabled people who are in employment (48%) and the figure for the general population (73%). The […]

The justification for Corbynomics goes far beyond re-nationalisation

by Michael Meacher.

It is curious that the main charge thrown against Jeremy Corbyn – apart from all the bluster and hysteria – is that his policies lack ‘economic credibility’. The assumption presumably is that the economic policies pursued by UK governments, both Labour and Tory, as well as by the EU, were sufficiently credible and rewarding as […]

Labour’s panicky establishment referencing the wrong period in history

by Ann Pettifor.

“This young country will be proud of its identity and its place in the world, not living in its history, but grasping the opportunities of its future.” Tony Blair: Leader’s speech, Brighton, 1995. Tony Blair and those associated with Blairism embraced globalisation and studiously ignored Labour Party history – except to denounce and disown “Old Labour”. […]

Why the Euro is the gold standard writ large…

by Ann Pettifor.

The euro not only replicated key elements of the gold standard – but went much further: European currencies were simply abolished. States lost control over both their currency and their central bank. Parallels with the operation of the gold standard explain why, like the gold standard, the euro will fail. The euro system denies monetary […]

Three-quarters of jobs created in UK went to workers from EU

by Michael Meacher.

UK unemployment, which is still as high as 1,850,000, is now starting to rise again. Combined with the jobs standstill, the lack of momentum in pay makes this the most worrying set of labour market figures for a long time. What is equally disturbing is that almost all the increase in employment since the 2008-9 […]

Jeremy Corbyn is a common sense, mainstream Keynesian

by Bryan Gould.

Former UK Labour minister and  leadership candidate Bryan Gould has a long-distance view of the Labour leadership contest from the other side of the world, living in New Zealand For New Zealand students of current affairs, the contest for the leadership of the UK Labour Party involves four names that will mean little – and, in […]

Hypocrisy of the Tory “workers’ party”: making it impossible to strike

by Michael Meacher.

Strike action, fox hunting, the BBC, Europe, migrant benefits – never underestimate the Tory capacity to identify things that aren’t problems and then attack them. The number of days lost to strike action is on average less than a tenth of what it was during the 1980s. It’s not even as though strikes are constant […]

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