Posts under ‘Economy’

For eighteen months county Durham’s teaching assistants have stood bravely against injustice. Their struggle exposes the viciousness of austerity politics

by Jack Hepworth.

Some eighteen months have passed since the nightmare began for the teaching assistants of county Durham. In December 2015, Durham County Council (DCC) announced proposals to sack the county’s 2,700 teaching assistants (TAs) and re-employ the same staff on new contracts with pay cuts of up to 23 percent. Many Durham TAs had already suffered […]

The IFS: viewing the economy through wrong end of a telescope

by Ann Pettifor.

Government debt should not be measured in pounds; it should be measured in GDPs. When GDP is high, so are tax revenues, and so is the ability of the government to repay. – Prof. Roger Farmer, NIESR, November, 2016, Three Facts about Debt and Deficits Today the Institute for Fiscal Studies produced a review of political […]

Tories want to drive living standards lower. Corbyn wants to end austerity

by Tom O Leary.

This article first appeared on Socialist Economic Bulletin. During the current crisis the UK has experienced the longest-ever recorded fall in living standards. The biggest part of that fall is not the cuts to government spending, even though these have had severe effects. Instead the largest factor contributing to the fall in living standards is the […]

Postcapitalism: A belated review

by Phil Burton-Cartledge.

Is capitalism coming to an end? Perhaps not its end, but it is facing a number of difficulties. These aren’t episodic issues that can simply be reformed away by enlightened politicians or ironed out by a spot of Keynesian demand management here and there. They are structural, fundamental, and would require a political struggle and […]

Gerard Coyne: Another Reason to Vote Len McCluskey

by Phil Burton-Cartledge.

Got nothing against Gerard Coyne, but in 20-plus years associating with the labour movement I have never seen a candidate run such a desperate and rubbish General Secretary election campaign. Kicking off his Unite leadership bid, Gerard criticised Len McCluskey for spending more time talking about and fiddling with the Labour Party than looking after […]

Fall in wages has much further to run

by Tom O Leary.

The latest consumer price inflation (CPI) data showed a sharp acceleration in prices increases. This will have a negative effect on real wages and real incomes, once inflation is taken into account. Most workers are facing flat wages and the poor, who rely on social welfare and are seeing freezes or cuts, will all be […]

What’s in the NPF draft policy statements?

by David Pavett.

According to the Labour Party Rulebook: “Party conference shall decide from time to time what specific proposals of legislative, financial or administrative reform shall be included in the Party programme. This shall be based on the rolling programme of work of the National Policy Forum.” (Emphasis added) The results of that “rolling programme of work” […]

Why are real wages falling?

by Tom O Leary.

Real wages are falling once more. In addition, nominal wages have fallen in the last 2 months which is highly unusual. Both of these developments are Brexit effects and the situation is likely to get worse as Brexit unfolds. The trends in both real (inflation-adjusted) and nominal wages are shown in Chart 1 below. Real […]

The world of skulduggery, smears and secret plots

by Len McCluskey.

For the last three months I have been touring the country meeting working men and women as I campaign to be re-elected as Unite’s General Secretary. I have been listening to their hopes and fears in the factories, bus garages, building sites and hospitals. They are worried about their jobs above all, about Theresa May’s […]

Britain isn’t booming – it’s in a crisis

by Tom O Leary.

The latest UK GDP data confirm that the British economy remains in a crisis. As government spokespersons never tire of telling us the opposite, and are dutifully echoed by the majority of the media, then it is important to set out the factual case on the economy and to explain where the discrepancy between rhetoric […]

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