Posts under ‘Macroeconomics’

Investment, not Trident

by Michael Burke.

The Campaign for Nuclear Disarmament has produced a new pamphlet, People Not Trident. It argues against the colossal waste of funding needed to a replace the Trident nuclear weapons system. It makes the case that the £100bn saved could be used to invest in a whole host of sectors, housing, education, international development, the switch to renewable […]

Benneconomics – a tribute

by Andrew Fisher.

I got to know Tony Benn well when I worked as a researcher to the Socialist Campaign Group of Labour MPs in the mid-2000s. I’d first met him when he was about to stand down from Parliament “to devote more time to politics“, a promise which he fulfilled. He filled venues around the country with […]

Labour will inherit a crisis not a recovery

by Michael Burke.

For once it seems that the widespread reaction to a Budget was correct. Chancellors usually bury bad news in the detail of a Budget released long after their speech. However the dire electoral position of the Tories means that the main changes were announced with a flourish. The personal income tax rate threshold was raised […]

The magnitude of Osborne’s failure

by Michael Meacher.

Blinded by the cascade of populist trivia in the budget, the sheer scale of destructiveness of Osborne’s economic policies over the last 4 years has been hidden. It is immense. The economy is still after 4 years of austerity 1.4% smaller than in 2008, while the US economy is 5% larger than before the crisis. […]

A budget aimed at the Tory faithful, not the economy

by Dave Watson.

Shiny new coins did nothing to cover up the Chancellor’s blatant attempt to shore up the core Tory vote next year. The budget giveaways were relentless targeted on the comfortably off, rather than those who have been hit the hardest by austerity economics. Changes in tax thresholds may take some out of tax, but they […]

What’s in the box, Gideon? Hand-outs for the rich and a phoney recovery

by Michael Meacher.

Osborne didn’t mention the most important fact about the budget. While the OBR’s growth forecast for this year has been raised to nearly 2.7% (though their previous four have each been grossly over-optimistic), they recognise that this ‘recovery’, such as it is, will fade after 2015. In other words, this is not a real recovery, […]

Today’s Budget and the crisis in Ukraine

by Ann Pettifor.

This year’s Budget takes place at a time of high international tension. The issue of energy security has once again shot to the top of the political agenda. The crisis in Ukraine demonstrates once again the extent to which Britain is exposed to political and economic risks beyond our control. The fact is Britain’s dependency […]

A budget to counter the Osborne wasteland

by Michael Meacher.

Yesterday I focused on Osborne’s overblown and hollow claims about recovery which will pervade his budget tomorrow, but today I propose to answer the obvious retort: so what would you do? First, the haemorrhaging of public service jobs should be ended.  Already 642,000 jobs have been cut from the public sector since 2010, and Osborne […]

That Tory recovery in perspective

by Michael Burke.

This week George Osborne will announce his latest Budget. The specific measures in this Budget were not published at the time of writing. But it is a fairly safe assumption that he will boast that the economy is on track, and that there is a recovery. This is simply an exercise in redefinition. The economy […]

Osborne’s recovery: fiction triumphant over fact

by Michael Meacher.

Osborne’s central pitch in Wednesday’s budget will be that the recovery is strengthening, the economy is coming along nicely, so don’t hand back the keys to the people who caused the mess in the first place. Each of those statements is questionable or wrong. But Labour have boxed themselves in by supporting the austerity line […]

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