Posts Tagged ‘Austerity’

What do Britain’s private sector firms contribute?

by Michael Burke.

The main factors that account for economic growth are increases in the workforce or in the amount of productive capital in the economy. A far smaller contribution is made by improvement in productivity as a result of innovation. Since mid-2009 the British economy has grown. But this is wholly accounted for by growth in the […]

Strip the private banks of the power of money creation

by Michael Burke.

The House of Commons held a very important debate this last week on the creation of money, a process which the Big 4 banks have monopolised and thus privatised the money supply.   The abuse of this power over the last 3 decades has been enormous, and I used this debate to propose an entirely […]

Why haven’t there been riots about endless austerity? That may be about to happen

by Michael Meacher.

One of the most remarkable facts about the British public’s attitude to prolonged austerity is the lack of the kind of open revolt which has been seen in so many other countries. In Greece it has led to the dramatic rise of Syriza under the dynamic leadership of the radical Tsipras who now has a […]

Cameron tries to blame foreigners for UK ‘recovery’ fizzling out

by Michael Meacher.

It’s a bit rich for Cameron, in his statement yesterday from Brisbane, blaming the world out there, particularly the eurozone, for the fading UK recovery when those countries are pursuing almost exactly the same economic policies as he is. That is relentless and unending austerity, which he conspicuously failed even to mention. Now that the […]

The case for abandoning austerity is a no-brainer, mathematically, financially and politically

by Michael Meacher.

Labour needs a game-changer to settle the result of the next election once and for all. As it happens it has the perfect opportunity ready to hand. Osborne is foolhardy enough to announce six months before the election that he intends to impose further cuts of £25bn to get on track to eliminate the structural deficit […]

The honeymoon is over for Italian PM Mateo Renzi

by Tom Gill.

Thousands took to the streets of Milan and other cities on Friday in the first of union-led protests that will culminate in a general strike next month. At issue is the government’s labour counter-reforms that will make it easier for firms to fire workers, adding to the growing ranks of the precariat in the Eurozone’s […]

The Osborne forked tongue is cranking up for the Autumn Statement

by Michael Meacher.

The Chancellor’s response to the £1.1bn windfall handed to him by the fine on the banks is a classic in Osborne double-speak. We’re told the money will be “used for the wider public good”. He means tax cuts as an electoral bribe. He says “today we take action to clean up corruption by a few […]

British firms’ cash hoard is over £500bn

by Michael Burke.

The source of the current crisis is the unwillingness of private firms to invest. Instead, they are hoarding cash that could otherwise be invested. The latest data shows that this cash hoard stood at £501.9 billion at the end of 2013. It has almost certainly risen since. The latest ‘flow of funds’ data from the […]

A tale of two Labour coups

by Jon Lansman.

Today’s Times (£) reports last night’s reshuffle as having been to prevent a coup (later clarified to say a “backbench coup“). The BBC are trying to give the story legs. There certainly was concern about the possible actions of two right-wing backbenchers to further undermine Ed Miliband’s leadership, and the reshuffle was designed to strengthen the small band […]

“The new mediocre” sustains inequality and won’t beat recession

by Michael Meacher.

The ‘new mediocre’, as the response from the deepest recession in post-war history is now often called, is an anomaly that cannot be accounted for by the factors that mainstream economic models normally consider important. One explanation which is gaining currency is that excessive inequality is to blame. Even Lagarde, IMF Director, admits that inequality […]

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