Posts Tagged ‘Austerity’

Why austerity can’t eliminate the deficit

by Michael Meacher.

As Osborne has yet again pronounced, the Tory mantra repeated like a broken record is that spending cuts will continue throughout the next Parliament until the structural budget deficit is eliminated by 2019. Labour, to its shame, follows exactly the same line. Yet the ONS Quarterly National Accounts published by the government demonstrate that this […]

‘Secular stagnation’ is the outcome of deliberate policy — it can (still) be reversed

by Ann Pettifor.

Martin Wolf in the FT today strikes a  different direction from those secular stagnaters shepherded by Larry Summers towards the cliff-edge of endless doom. Larry Summers devised and popularised the term, “secular stagnation”. He has a lot to answer for. His misjudgements, poor advice to the Obama administration, and flawed analysis have been catastrophic for the global […]

Osborne’s own policies shrink tax revenues, yet he cuts more to compensate

by Michael Meacher.

There are now unmistakeable signs that Osborne’s so-called economic recovery is fading, despite all the right-wing think tanks and pro-Tory media to talk it up. A survey of 7,000 businesses by the British Chambers of Commerce has just found that manufacturers have suffered a sharp slowdown in export orders, and even more significantly domestic sales […]

Cut corporate welfare not people’s welfare

by Michael Meacher.

Corporate welfare has been estimated in a University of York social policy study to cost British taxpayers nearly £85bn a year. That is not far short of the current level of the entire budget deficit which is still £100bn. If industrial-scale corporate tax avoidance were added in to the corporate welfare state, the cost to […]

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 […]

Convince me, Ed, by convincing Josephine and Xiomara

by David Osland.

Labour could elect a leader equipped with movie star sex appeal, a double first in applied astrophysics, Churchillian oratory, the ability to juggle three flaming torches simultaneously and serious talent as a hard bop tenor saxophonist. And still the first thing the Tory media would say about her is that she was ‘unconvincing’. Such is the […]

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