Posts Tagged ‘Austerity’

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 […]

Austerity killed off improving productivity. Investment is needed to revive it

by Michael Burke.

Supporters of government austerity measures have been quick to claim that recent revisions to GDP growth show a much shallower recession and much stronger recovery than previously thought. These claims are factually incorrect. The Office for National Statistics (ONS) accurately summarised the effect of its revisions as follows, “Although the downturn in 2008-2009 was shallower than previously estimated and subsequent […]

Labour’s economic policy – a lingering attachment to austerity

by Peter Kenyon.

There was nothing subtle about economic policy under New Labour. ‘We are getting into bed with business‘. Fingers to the hoi polloi. ‘You’ve got nowhere else to go‘. People in their millions voted blindly for it in 1997. A significant proportion got wise by 2001 and placed their ‘X’ elsewhere or decided ‘None of the […]

Critics of Eurozone austerity are right and the UK must learn the lessons

by Michael Meacher.

Arnaud Montebourg, France’s economy minister who has just resigned, is quite right. He denounced austerity policies as “absurd” because they had brought about “the most destructive crisis in Europe since 1929″ He rightly attacked the Eurozone’s fiscal stance as “the cause of the unnecessary prolongation of the economic crisis and the suffering of the European […]

Why does Labour stick to Tory austerity plans the stats show can’t be achieved?

by Michael Meacher.

Osborne’s boast that he would shrink the welfare state to its small scale in 1948 has been definitively scuppered by a report from the Office of National Statistics (ONS). These official figures reveal that there are at least 6 major areas of public expenditure which are currently escalating rapidly and make it impossible to reconcile […]

Why most people are getting poorer

by Michael Burke.

Most people in Britain are getting poorer. For obvious reasons, the government and supporters of austerity would prefer not to discuss this fact. Yet in the strained language of the Labour right, there has also been a clamour for Ed Miliband to ‘change the narrative’ on the economy by no longer talking about the cost […]

The economic contradictions of Mr Miliband

by Ann Pettifor and Jeremy Smith.

There is much to welcome in Ed Miliband’s address last Saturday to the Labour Party’s national policy forum. For example, his argument that Britain suffers from a low-pay economy. While the number of those in employment has grown, real pay has fallen dramatically over the lifetime of the present government. At PRIME, we calculated the fall in real […]

Trade unions vote against ending austerity in 2015

by Jon Lansman.

The climax of Labour’s formal policy process this weekend which had involved 1,300 amendments from local parties to eight policy documents, filtered down and composited by 77 regional representatives, was a debate on austerity. That’s fitting given that it is the foundation of the Coalition’s disastrous economic policy and, unfortunately, in a lighter version, of Ed Balls’s approach too. […]

Labour’s approach to central austerity question is still badly flawed

by Michael Meacher.

The biggest issue at the coming general election will be how the deficit is to be handled over the next 5 years. The Tory proposal is to continue with the cuts till 2018-9 by which time they claim the structural deficit will have been eliminated. Their real and stated objective is to have continued with […]

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