Posts under ‘Earnings’

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 […]

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. […]

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 […]

Labour needs a shadow Minister specifically to tackle inequality

by Michael Meacher.

The gravy train rolls on reaching ever more sickening heights of greed, selfish gratification and disregard for the ever deeper miasma of poverty that disfigures our country. The latest figures show that the richest 10% of the UK population, who already owned 52% of UK wealth just before the 2008 crash, have become significantly richer […]

Why Britain needs a pay rise

by Mike Hedges.

Tomorrow the TUC demonstration will be highlighting why Britain needs a pay rise. The extent to which people’s living standards have dropped is greater than ever before. I was shocked when a Unite bus driver told me how every month his wife’s parents have to give them £200 to be able to pay their rent and […]

What Tories really think of the minimum wage

by Grahame Morris.

David Cameron’s welfare minister has advocated treating those most in need differently by paying them below the national minimum wage. Lord David Freud, talking amongst friends at Conservative Party Conference, said he thought there was “a group” of disabled people who are “not worth the full wage”. Lord Freud is not the only Conservative seeking to […]

Consumer inflation may be low, but asset inflation is high and real wages keep falling

by Jeremy Smith.

The latest UK annual CPI inflation statistics, for August 2014, were published yesterday by the Office for National Statistics.  They show annual inflation down to 1.2%. The last time the annual rate was below this was in September 2009, in the depth of the recession, when it fell to 1.1%.  Assuming that the present lower CPI […]

A trade union agenda for Labour

by John McDonnell.

It’s no mystery why all the economic indicators point to the economy emerging from the recession and yet wages are continuing to fall behind inflation. The post-recession economy that is being created is based upon reinforcing the distribution of power between capital and labour that has been imposed upon our society since the 1980s. Thatcher’s […]

Unions have united for Labour victory. The party must respond to union concerns

by Billy Hayes.

All the signs are that Labour can form a majority government in 2015. Lord Ashcroft’s larger opinion polls all indicate that the Tories and Lib Dems are going to lose a lot of seats to Labour. David Cameron seems to agree. This realisation forced him into a large Cabinet reshuffle in an attempt to find […]

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