Posts under ‘Macroeconomics’

The next election is a race both main parties seem anxious to lose

by Michael Meacher.

By any standards the Tories must be odds-on to lose the next election. They have not won an election with an overall majority for 22 years, and if they couldn’t win an overall majority in 2010 in the aftermath of the crash and against one of the most unpopular prime ministers in modern times, their […]

Public borrowing under Osborne now going UP

by Michael Meacher.

The whole point of the austerity programme imposed by Osborne was supposed to be to reduce the budget deficit. The latest data on the deficit however shows a dramatic and disturbing turnabout. Instead of going down, it is now rising, and there are good reasons for expecting this trend to continue. Official data shows that […]

Why trust Labour to implement austerity when Tories do it with more conviction?

by Bryan Gould.

Labour leaders have often been eloquent in articulating a vision of the kind of society they want; it is explaining how that vision is to be realised that seems to be the problem. We have seen a further demonstration of this sad truth at this year’s Labour conference. Ed Miliband had good things to say […]

Investment, jobs, growth must be Labour’s policy, not austerity

by Michael Meacher.

Labour has had a successful party conference, Ed Miliband made a powerful speech with a strong commanding narrative of Labour’s objectives for government, but the only let-down was in the crucial area of economic policy. Ed Balls’ embrace of the the right-wing Tory orthodoxy of prolonged austerity until at least 2020 is as unbelievable as […]

Balls is wrong. Austerity max is a recipe for defeat

by Jon Lansman.

Tony Blair was elected by offering new hope in 1997 after the ravages of Thatcherism. New Labour squandered that victory. Five million votes were lost between 1997 and 2010 by taking our core voters for granted. Since then working class voters have defected in droves to UKIP.  And most recently, in Scotland, to “Yes” and the SNP. Ed Balls seems determined that […]

Why the Scottish uprising will not lead to independence

by Ann Pettifor and Jeremy Smith.

The Scottish campaign for independence is effectively an uprising against the British state and its collusion with the globalized, mobile finance sector and supranational corporations. It is a protest against an economic and political system increasingly centralised and aloof—a protest bound to spread to other equally neglected regions. It is a campaign to end allegiance […]

Austerity is on course to be a lot worse

by Michael Burke.

The Office for Budget Responsibility (OBR) has produced its latest assessment of the economic crisis and its impact on government finances (pdf here). In common with the UK Treasury the OBR tends to underestimate the impact of austerity policies and consequently has a persistently over-optimistic outlook for the British economy. This is no surprise as the […]

Near-universal call for industrial recovery blocked by 3 party austerity obsession

by Michael Meacher.

A YouGov poll this week says 85% want the next government to promote a stronger UK manufacturing base, with 62% believing it will give the country more economic security. They’re absolutely right of course, and that is the centrepiece of my book The State We Need: Keys to the Renaissance of Britain. But it isn’t going […]

The economic ‘recovery’ won’t hold till election next May

by Michael Meacher.

Fortunately for Osborne, Scotland is keeping the parlous state of the economy out of the news. UK manufacturing export orders have now turned negative for the first time in nearly 2 years, dimming any expectations that manufacturing and exports would lead the way in any upsurge. The immediate reasons blamed are the flagging Eurozone economy, […]

To reinvent our economy we need to reframe the debate

by Dave Watson.

The left needs to reframe the debate by imagining a different way of running our economy. In his Guardian column last week, Oliver Burkeman commented on the reclining airline seats ‘war’ by saying, “Stop arguing. Capitalism already won this stupid war“. It’s not the fairness of reclining or not, it’s because airlines cram so many […]

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