Posts under ‘Macroeconomics’

The Tory party’s 15% strategy

by Phil Burton-Cartledge.

Thankfully conference speeches don’t win general elections. There is no denying that Dave’s final performance at the Tory party’s annual gathering was masterful. It oozed the prime ministerial, that much exalted but seldom-attained quality. His speech was passionate, confident, coherent. Apart from an untimely Freudian (“… these are the people we resent“), Dave acted the […]

The fantasy of Osborne’s deficit cuts

by Michael Meacher.

The gap between Osborne’s swaggering rhetoric in his conference speech and the cold reality of the Tory public borrowing figures is almost unbridgeable. The key point, though you would never guess it from Osborne’s bluster, is that public borrowing under his stewardship is now rising, not falling. The ONS Public Sector Finances report for August […]

Labour HQ censors 91-year old veteran’s reference to welfare cuts and austerity

by Jon Lansman.

Yesterday, I received an email appearing to come from Andy Burnham about what I’m sure he did describe as “one of the most moving speeches I’ve ever heard“. It deserved strong praise — that’s why we featured 91-year old Harry Leslie Smith’s demand for David Cameron to “keep his mitts off my NHS” on Left Futures last week. It received […]

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 […]

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