Posts Tagged ‘Budget’

Pre-budget memo to Osborne: records show austerity won’t cut deficit

by Michael Meacher.

Osborne’s 8 July budget will be forced through in the teeth of all economic experience. The history of the last 70 years demonstrates one conclusion irrefutably: austerity is the wrong way to cut deficits. After the second world war had dramatically drained Britain’s wealth and left the country with colossal debts amounting to 260% of […]

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. […]

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 […]

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 […]

Osborne’s last fling

by Michael Meacher.

Osborne had a choice. Faced with the unrelentingly grim news on the economy, he could admit that plan A had failed and change course. Or he could brazen it out and focus on choice titbits for the 2015 election whilst giving minor tweaks to the economics where he could. He decisively chose the latter by highlighting a […]

Who are the super-rich beneficiaries from this Budget?

by Michael Meacher.

There can be no doubt that the nation’s revulsion against awarding a £10,000 tax break to the top 1% of earners and no less than a £40,000 tax cut to 14,000 millionaires was dramatically sharpened by the fact that it was funded by depriving 4.5 million pensioners of £83 a week. But even if that […]

A budget that ignores reality: ideological and macro-economically hollow

by Ann Pettifor.

Since 2009 the economy has struggled to recover from the mire of a slump caused by the banking sector. But each time economic activity quickens, it hits a series of buffers. These buffers are well known , but denied by the Chancellor: a vast overhang of private debt now slowly being de-leveraged; a banking sector […]

Budget: initial responses

by Jon Lansman.

On 50p tax Richard Murphy HMRC say net 50p tax revenue is £100 million – I repeat my claim -that’s a lie – and the evidence is he has not scrapped the rate altogether.

Beware the small print in the budget

by Michael Meacher.

We shall be regaled by Osborne yet again tomorrow that this is a budget for growth, with all the paraphernalia of the right-wing media’s propaganda inflating the message for all they’re worth. It is typical of Whitehall and the most slippery of politicians to magnify out of all proportion a theme for which there is […]

All the nastiest Tory prejudices you’ve always detested will be in this Budget

by Michael Meacher.

No doubt Osborne will never dare use his infamous phrase again “We’re all in it together”. If it was ever true, it was only till the rich wanted out, and as we now see in the run-up to this budget, that was almost immediately as soon as it had the slightest adverse impact on themselves.

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