Posts under ‘Economy’

Deficit rise this year destroys any purported case for austerity

by Michael Meacher.

The latest ONS Quarterly National Accounts tell a very significant story. For the media it was immediately a matter of Osborne likely not being able to provide a pre-election giveaway in a big new tax break to be announced in his Autumn Statement on 3 December. But that isn’t the real point at all. A […]

Leanne Wood interview: another Wales is possible

by Guest.

The annual conference of Plaid Cymru starts tomorrow. Here their leader, Leanne Wood, talks about the Scottish referendum and devolution, questions EVEL (English votes for English Laws) and opposes the evils of austerity. She is interviewed by Socialist Resistance SR: You were a very high profile and active supporter of the Yes campaign in Scotland. […]

The downward spiral: private debt rising, wages, productivity & inflation falling

by Ann Pettifor.

The Bank of England’s Andy Haldane is a fine economist. He occupies an ideology-free zone. This is highly unusual in central bank circles. He made a particularly skilful and nuanced speech last week. Many gushed over it. Gillian Tett of the Financial Times suggested that it was good enough to qualify Haldane as a journalist. […]

Save UK Rail

by Grahame Morris.

The North East has a long and proud connection to the railways. In 1825, George Stephenson’s engine – locomotion, became the world’s first steam locomotive to carry passengers, and the public railway was born. In the years following thousands of miles of rail track were laid connecting every part of the UK, as the industrial […]

Big accountancy firms’ corrupt fiddles for the banks must be stopped

by Michael Meacher.

The evidence piles up that the private sector auditors of banks have manifestly failed in their duties. All the major banks received unqualified audit opinions from Deloitte & Touche, PricewaterhouseCoopers, KPMG, and Ernst & Young. Private sector auditors have a history of silence and are immersed in too many conflicts of interest. The evidence is […]

The best general secretary the TUC has ever had

by Jon Lansman.

Without question, this is the speech of the best, most progressive general secretary the TUC has ever had. At the TUC march on Saturday, Frances O’Grady started by saying what a tough year it had been for trade unions, having lost “our brother, Bob Crow, and our teacher, Tony Benn“. She said how proud she […]

Why austerity can’t eliminate the deficit

by Michael Meacher.

As Osborne has yet again pronounced, the Tory mantra repeated like a broken record is that spending cuts will continue throughout the next Parliament until the structural budget deficit is eliminated by 2019. Labour, to its shame, follows exactly the same line. Yet the ONS Quarterly National Accounts published by the government demonstrate that this […]

Financial weapons of mass destruction remain UK’s biggest unexploded bomb

by Michael Meacher.

Despite the recent howls from the City of London about the new criminal offence of reckless misconduct by senior bank executives, little or nothing has been done to curb the very real and big risks associated with derivatives which were at the heart of the financial crash 6 years ago. It is little understood that […]

Labour: stop being scared of your own shadow

by Len McCluskey.

In Len McCluskey’s clear and robust speech to the TUC march on Saturday, he delivered a warning to Labour: Stop being scared of your own shadow. Don’t shrink what you offer to the British people. The time for timid is past. Be brave. Be inspired by this march today. Believe that people power and working class […]

Things Labour needs to do to beat UKIP #2: raise pay and cap the cost of living

by Jon Lansman.

Whilst Ed Balls stuck stubbornly to accepting that the economy was now growing rather than “flatlining“, with his disastrous conclusion that you couldn’t fund spending by borrowing in the up-swing, Ed Miliband was absolutely right last year to focus on the cost of living. “The first and last test of economic policy is whether living standards for […]

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