Posts Tagged ‘Deficit’

How do the parties think they’ll reduce today’s deficit of £100bn to zero by 2020?

by Michael Meacher.

Osborne continues trying to taunt Labour about eliminating the deficit altogether by 2020. But he’s never set out any strategy by which he might get within even spitting distance of it. Economic growth isn’t going to do it. Under his current policies Britain now invests only 14% of its GDP, one of the lowest rates […]

Tory own goal on debt and the deficit pledges

by Michael Burke.

The Tory Party has decided to make public finances a key battleground for the election. Key supporters of austerity such as the FT’s economics editor Chris Giles have echoed that, arguing that the “defining battle of the 2015 general election [is] over borrowing and public spending“. It is only possible to stake out political ground on […]

Why are we so obsessed with the deficit?

by Michael Meacher.

In general election year 1970 a last-minute delivery of two US civil aircraft to the UK arguably changed the course of the election. The great issue that year was the adverse balance of payments, and the sudden and unexpected import cost of these two planes was seen to tip the scales against the incumbent government […]

When will Labour start whacking Tories over their economic policy failures?

by Michael Meacher.

The Tories’ first election poster depicts a road wending its way through the countryside till far in the distance, with the motif below: continue with the Tory-led recovery of the economy which the Labour party wrecked. It’s a theme which will be repeated endlessly up till the election which Labour, astonishingly, has made no attempt […]

Deficit nonsense: right, left and centre

by Michael Meacher.

It is extraordinary that both the main parties have now put forward their plans for meeting the deficit, which is going to prove the centrepiece of the election, yet neither plan carries credibility. Osborne has once again committed the Tories to £30bn of further spending cuts on a rolling 3-year programme, i.e. currently targeted at […]

How the government’s super-platinum credit card works

by Guest.

This brilliant, witty explanatory piece by Neil Wilson first appeared at 3Spoken three years ago but is never more applicable Modern Monetary Economics shows us that monetarily sovereign governments (like the US, UK and Japan) are able to spend money before they receive any tax. That’s what puts the ‘fiat’ [Latin for “let it be […]

Labour views economy through the wrong end of a telescope

by Ann Pettifor.

“There is no path to growth and prosperity for working people which does not tackle the deficit”. So said Ed Milliband last Thursday. The Labour leader has finally succumbed to a baying media pack that insisted he commit himself to an economic goal set by Labour’s opposition: namely “tackling the deficit.” I am no politician, but […]

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 […]

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