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Tag Archives: UK

The Treasury’s Budget Report breaks the law on fiscal rules

“The Treasury must explain the reasons for any departure from the previous mandate and/or supplementary targets.“ From the current Charter for Budget Responsibility’s fiscal rules“The Treasury may from time to time modify the Charter… When the Charter is modified the Treasury must lay the modified Charter before Parliament.”From the 2011 Budget Responsibility and National Audit Act 2011—————-There’s no getting away from it – in the manner in which it has put forward today’s...

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100 years ago: the dignity of labour affirmed in the Royal Courts of Justice

“I say that if captains of industry cannot organise their concerns so as to give Labour a living wage, then they should resign from their captaincy of industry” - Ernest Bevin, February 1920One hundred years ago this month, a public inquiry held at the Royal Courts of Justice in London marked a significant change in industrial relations and...

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A tale of two halves

When the banks fell over, they knocked the stuffing out of the British economy. The UK’s productivity has been dismal ever since. Unemployment has fallen to historic lows and wages are rising, but productivity growth remains near zero. This “productivity puzzle,” as it is known, has had economists scratching their heads for best part of a decade.But UK productivity is a tale of two halves. Experimental statistics recently released by the Office for National Statistics (ONS) reveal widely...

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A tale of two halves

When the banks fell over, they knocked the stuffing out of the British economy. The UK’s productivity has been dismal ever since. Unemployment has fallen to historic lows and wages are rising, but productivity growth remains near zero. This “productivity puzzle,” as it is known, has had economists scratching their heads for best part of a decade.But UK productivity is a tale of two halves. Experimental statistics recently released by the Office for National Statistics (ONS) reveal widely...

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EU and UK economic prospects post-Brexit – the impact of investment

Analytical Considerations As Brexit is finalized we find considerable speculation about the likely consequences for the UK and EU economies after the end of January.  Because this event has no clear precedent, much of the speculation derives from political predilections and opinion without an analytical anchor.  Since private investment plays a major role in both growth and diversification of economies, beginning with the motivation to invest might provide that anchor. As...

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Bill Mitchell — Britain continues to defy Project Fear

Regular readers will know that I have been following the path of the British economy post-Referendum in 2016 to see whether the doomsday that the Remainers predicted was likely. It became colloquially known as ‘Project Fear’ as mainstream economists, so-called progressive economists who had their snout in the Labour Party as advisors (and we know where that took the Party), institutions like the Treasury and the Bank of England, all pumped out a sequence of terrible predictions about what...

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Who Pays the Corporate Income Tax? Don’t believe the IFS

 The AssertionEven before Corbyn launched the Labour Manifesto, the Institute of Fiscal Studies launched its critique of Labour tax policies, asserting that Labour’s proposed tax increases were not limited to the richest,:"The truth is of course that in the end corporation tax is paid by workers, customers or shareholders so would affect many in the population".  On the BBC Shadow Chancellor John McDonnell politely rejected the IFS critique, which in essence asserts that the...

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