All Budgets are important, but this one is especially critical: 13 years of market fundamentalist policy choices have left the UK in a state of decay, with a weak economy, falling real wages, a cost-of-living crisis and growing poverty. Our public services are on their knees: our schools are crumbling and even our cherished NHS is struggling […]
In July 2023, Rishi Sunak made a surprising public attack on the leaders of a major UK bank. “Rishi Sunak slams Coutts”. It is perhaps not surprising, however, that he picked the wrong issue. What prompted his unusual intervention was the denial of one sort of bank account to one rich man. Sunak ought to […]
Listen up! Pay attention! This affects us all! There can hardly be a politician anywhere in the world who does not yearn for economic growth. It was the mantra that won Liz Truss the key to number 10, and now economic growth is central to Kier Starmer’s vision for the future: he wants to achieve […]
Churchill commented, “It is a joke in Britain to say that the War Office is always preparing for the last war. But this is probably true of other departments and of other countries, and it was certainly true of the French Army.” It is certainly true of the Treasury and the Bank of England in their […]
I have been suggesting that interest rate rises are fuelling inflation. I have created a model of a company that is largely service-based to explore my suggestion. Using that model I show that it is more likely that interest than wages push up prices. This is the starting point for this model: The figures are […]
I had a quick check of some key food prices on international markets as a result of comments left on another piece I wrote this morning with regard to inflation. This data comes from Trading Economics: The chart is of US wheat prices. I stress that I do know that we use little US wheat, but wheat […]
As the Office for National Statistics has noted on 19 April 2023: The Consumer Prices Index (CPI) rose by 10.1 per cent in the 12 months to March 2023, down from 10.4 per cent in February. On a monthly basis, CPI rose by 0.8 per cent in March 2023, compared with a rise of 1.1 per cent […]
There has been much heated debate over the past few weeks about the future of livestock farming on the Dartmoor commons. Tony Whitehead takes a closer look at the issues … all is not what it seems … Throughout this tale, one key thing must be borne in mind. A large proportion of the Dartmoor […]
Dear Madam, It was a breath of fresh air reading this, perhaps because it confirmed my views! I am no economist, I am a retired plumber, living in Newton Abbot. What gets me is that I left school at 16, and I can see that the Bank of England policy is irrational. Fundamentally, if people […]
Let’s leave aside for a moment the whole issue of democracy, sovereignty and ‘taking back control’ which is covered in this article from Jon Danzig, and instead call out the abject gaslighting and lies being spewed out to defend a lamentable deal that has some real nasties hidden inside it. It’s not for nothing that […]
Andrew Bailey, the Governor of the Bank of England, gave another of his excruciating speeches on economics yesterday. You only had to read it to know how far adrift from reality he is. Start with this: Monetary policy, in other words, works through the management of aggregate demand in the economy. Simply put, when inflation is too high, we increase […]
Hunt’s latest Budget shows the UK heading for a dismal future. According to the Office for Budget Responsibility, the UK is now facing two years with the sharpest fall in living standards since records began. The economy will contract again this year. The level of taxation is at the highest for many decades. Our growth […]
It’s two years on from Brexit and so it’s timely to look at the current transit times from our suppliers and cost changes around the EU. As a recap, it used to be door-to-door ten days max for all EU collections. The average single pallet collection cost £180. All fairly standard. Today, after trying out […]
When I lived in Britain, the drivers were sharing tips with each other: “do go work for this company, you can earn good money there, as there is plenty of overtime”. I even saw a discussion on UK trucking subreddit today when a young guy is asking about becoming a trucker and they say to […]
Dear West Country Voices, I am 70 years of age and started my career in the scientific civil service Chemical laboratories (Ministry of Defence) at Porton Down, Wiltshire. After four years I left, and worked in the food industry, both in production and research and development, finally becoming quality assurance manager in a major baby […]
I had a long discussion with a radio producer on what I thought was wrong with the Autumn Statement. We discussed the numbers but what I said is most important is not what was said, but what was not. That’s where the frightening bits are. It was a very long time ago that I realised […]
Jeremy Hunt is saying we cannot max out the national credit card this morning. This is total nonsense. There is no national credit card. Instead it’s the job of government to make the money we use. And since it can always make that money, it can never max out on credit. Hunt wants you to […]
On a recent episode of the unmissable podcast The Rest is Politics, hosts Rory Stewart and Alastair Campbell discussed the Truss cabal’s extreme ideology and their obsession with Singapore – the ultimate libertarian ‘paradise’ – as a model to follow. At one point, Stewart asserted that the idea of Singapore-on-Thames becoming a reality was pure […]
The Sunday Times reports that Liz Truss and Kwasi Kwarteng are panicking about the £. So they should. Or rather, they should take the necessary action. Now. Andrew Levi sets out what they need to do to avert disaster: ✅ massive extra govt spending (otherwise business, economic and social collapse) ✅ tax back much of […]
Prof Danny Blanchflower and I issued a press release yesterday calling for radical reform of the Bank of England’s Monetary Policy Committee (BoE MPC). We think this is really important to protect people from economic harm in the recession to come. The MPC has set BoE interest rates and made all the vital decisions on […]
Britain’s imminent energy Armageddon, and how to avoid it: in a long read, Andrew Levi warns that the scale and nature of the crisis is still widely misunderstood, and the measures needed to address it woefully underdeveloped. Brexit, a unique act of self-harm, worsens the UK’s situation. Without great good luck, only radical immediate action […]
Danny Blanchflower had a longish discussion pn August 17 in which we agreed that the inflation that is dominating economic discussion about our economy at present is a passing phase. That does not mean it is not important. Far from it, in fact. But what it does mean is that when discussing inflation we have […]
As the queues on the M20 get longer and longer with the average waiting time of anywhere between 18-30 hrs you have to wonder how much this will cost consumers. Moreover, many don’t even know why it’s happening. Here is a quick piece to explain this lunacy. Back in January the new IT system GVMS […]
There is a growing and numbing realisation of just how bad Sunak’s budget really was. Worse, he’s even now saying that there is nothing he can do about poverty. This is thread to explain why he’s failing and what we can do about it if we want to change our politics. If you want a […]
There is an extraordinary paradox at the heart of capitalist growth in rich economies, which is important to understand. Here’s how it works: First, capital seeks to privatise and enclose key goods that we need in order to live – healthcare, housing, energy, transport, etc – making these things increasingly expensive for us to access. […]
Rishi Sunak has a choice to make in his upcoming budget. He could provide the support most households in the UK will need if they are to be able to pay their bills in the next year. If he doesn’t provide it, we are in meltdown. This is Richard Murphy’s article on the impact of […]
A ‘Dirty Profit Tax’ would help to address both extreme levels of poverty and the accelerating climate emergency, argues Tom Scott. This winter, millions of people in our country are facing extreme poverty. The cost-of-living crisis, largely caused by the dramatic rise in oil and gas prices, means that many are already having to choose […]
Perhaps the journalist for Bournemouth Echo had guessed that Jacob Rees-Mogg was about to be handed the ‘exciting’ challenge of proving the advantages of Brexit. None seem to be immediately discernible. The Public Accounts Committee (PAC) released a report on 9 February, which revealed that “the only detectable impact so far is increased costs, paperwork […]
I originally posted this rather long thread on Twitter. If you think it too long to read, the summary is that reversing QE could be the recipe for an absolute economic disaster. All the debt issues by the government to pay for Covid – about £450 billion of it – was in effect bought by the […]
You might remember my articles from last year, when I explained why people don’t want to work as lorry drivers anymore. I came with several reasons why Britain suffers from a driver shortage. Surely now, when we have established that the economy does needs truckers, companies would be doing everything to attract them, right? Surely […]