Posts Tagged ‘Deficit’

People need hope, not more of the Tory austerity fairytale

by Michael Meacher.

Ha-Joon Chang in the Guardian is right that “the country is in desperate need of a counter narrative” to the Tory story on the economy. I believe it should go like this. First, Labour did not leave behind an economic mess; the bankers did. Labour was not profligate: the biggest Labour deficit in the pre-crash years was […]

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 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 […]

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 […]

The Blairites are wrong about the deficit

by Michael Meacher.

It’s always good to know that the Blairites are worried because it normally means that Ed has taken another step which will help win the next election. And so it is this time again, with Ed promoting proposals to stop exorbitant rent rises and looking to end some of the privatised rail franchises. In response […]

Cut better than the Tories? That’s not good enough, Labour!

by Michael Meacher.

You must give credit to Osborne – he’s a real street-wise barrow boy who knows how to concoct a story and then hammer it home with such chutzpah and if necessary aggression that his line becomes the accepted fact, when even a moment’s thought exposes it as nonsense. The line he’s put across is that […]

What is the difference between Tory and Labour policy on the deficit?

by Michael Meacher.

Osborne has made clear he intends to enforce further enormous cuts in public expenditure (£25bn for starters in the next Parliament) in order to achieve a budget surplus by 2018-9. Previously Labour had been committed by Ed Balls to match Tory spending plans only to 2015-6. But now in his speech to the Fabians on […]

Osborne’s Grand Plan to ‘trap’ Labour over deficit can be easily derailed

by Michael Meacher.

Osborne loves to preen himself that he is clever enough to force Labour into a trap by which he can win the next election. His latest idea is that by announcing (as he did last Monday) that he will eliminate the structural deficit by 2020 and this will require a further £25bn of cuts on […]

Only public investment can save Britain from semi-permanent austerity

by Michael Meacher.

There are four reasons why the future of the UK economy, both internally and externally, does not look good. No sustainable recovery can occur till these four obstacles have been cleared, and of that there is no sign. First, the collapse in business investment has been devastating: it is still 25% below its pre-crash level. […]

The Alice in Wongaland economy

by Ann Pettifor.

by Ann Pettifor and Jeremy Smith Ann was on the BBC’s Today programme this week where she was asked to comment on the retail sales numbers. We thought we would share with our readers some of the data that underpins the “Alice in Wongaland” theory of the economy. But first that quote from the Chancellor about the need for […]

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