Posts under ‘Investment’

Austerity means wealth redistribution to the top and a shrinking state

by Steve Turner.

Within 72 hours of the Tories forming a majority in Parliament it became crystal clear they were salivating at the opportunity to further impose their political austerity agenda for another five years. Attacks on freedom of speech, protest, the Human Rights Act and the right to strike and our trade unions through the Trade Union […]

We should stand up to anti-migrant rhetoric by fighting for homes, jobs and services

by Diane Abbott.

David Cameron’s net migration target has been exposed as an unworkable policy. In reality, it is classic scapegoating tactics, being used to distract people from the effects of government spending cuts, such as the crisis in the NHS and the increasing unaffordability of housing. All the Tories have to offer is yet more destructive cuts. […]

Austerity – It’s Not Working and it’s Not Popular!

by Matt Willgress.

Jeremy Corbyn’s landslide victory in the Labour leadership election was the clearest sign yet that not only is austerity not working, it’s increasingly not popular. Before Jeremy’s entrance into the leadership race, on a clear anti-austerity platform that argued for a progressive alternative based on investment rather than cuts, the leadership campaign had begun with […]

Putting the Political back into Political Economy

by Ewan Gibbs and Nathaniel Blondel.

The reaction to John McDonnell’s announcement that he would aim for a balanced current account, whilst maintaining borrowing for capital investment, revealed a recurrent fault line within left-wing economic thought. At its most banal McDonnell was accused of signing up to George Osborne’s ‘austerity charter’, whilst more sophisticated critics argued such policies would weaken demand […]

How Labour should deal with the Fiscal Responsibility Act

by Michael Burke.

Jeremy Corbyn and John McDonnell are frequently in advance of many of their supporters on economic matters, including their supporters in academia and economic commentators. They are correct to argue against permanent budget deficits and in favour of the central role of public investment as the path out of the crisis, identify People’s Quantitative Easing […]

More than platitudes needed to restore our manufacturing base

by Grahame Morris.

We live in a deeply divided country. The gaps between wealth and poverty have never been so pronounced. We live in a country where financial speculators who gamble with our economy are rewarded with excessive incomes many of us could not make in a life-time. Our economy, politics and public investment are all tailored towards maintaining […]

Despite claims of a recovery, UK productivity is stagnant

by Michael Meacher.

The basic reason why UK wage growth has been virtually flat for a decade, at a level still 6% below pre-2008-9 levels, is Osborne’s relentless squeeze on benefits, tax credits, low pay and public expenditure. But there are two other very important contributory causes. One is that the proportion of our national income which we […]

Osborne is beginning to make some serious mistakes

by Michael Meacher.

Osborne has always had an overweening arrogance as he plots his path to the premiership before 2020. But his calculation is beginning to desert him. It is extraordinary that he has spent a week sucking up to China, accompanied by six ministers in his retinue, when everyone else is fleeing the country as being in […]

Corbynomics and crashes: investment versus speculation

by Michael Burke.

Words matter. But in economic discussion as elsewhere they are frequently abused. In economic commentary one of the most frequent falsehoods is to describe speculative activity as investment. Stock market ‘investors’ are in fact engaged in speculative activity. There is no value created by this speculation. The claim made by its apologists that it provides […]

The justification for Corbynomics goes far beyond re-nationalisation

by Michael Meacher.

It is curious that the main charge thrown against Jeremy Corbyn – apart from all the bluster and hysteria – is that his policies lack ‘economic credibility’. The assumption presumably is that the economic policies pursued by UK governments, both Labour and Tory, as well as by the EU, were sufficiently credible and rewarding as […]

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