Showing posts with label UK economy. Show all posts
Showing posts with label UK economy. Show all posts
Saturday, December 24, 2022
Monday, December 05, 2022
Reversing Brexit Now Would Not Help UK Economy, Says Keir Starmer
THE GUARDIAN: Rejoining single market would create even more uncertainty, says Labour leader, who instead wants a ‘better Brexit’
Rejoining the EU’s single market would not boost UK economic growth, Keir Starmer has argued, saying it would create “years of uncertainty” for UK businesses, which would be worse than the closer trade links that would come.
In another sign of Labour’s extreme reluctance to be portrayed as seeking to dismantle or reverse Brexit, Starmer said that as prime minister he would instead seek to improve the post-departure deal agreed by Boris Johnson.
Asked if he thought single market membership would benefit UK growth, the Labour leader told BBC Radio 4’s Today programme on Monday: “No, at this stage I don’t think it would, and there’s no case for going back to the EU or going back into the single market. I do think there’s a case for a better Brexit. I do think there’s a very good case for making Brexit work.”
Pressed on why he believed this when so many UK firms have said they are suffering because of the significant extra difficulties of exporting to and importing from the EU, Starmer said the single market was not the solution. » | Peter Walker, Political correspondent | Monday, December 5, 2022
This is poppycock! When it comes to economics, Starmer doesn’t know his a*** from his elbow! To help our ailing economy, the single most important things we could do is to rejoin ‘The Single Market’. Starmer is either telling fibs or he has zero understanding of macroeconomics. God Almighty! We really are screwed in this country with the politicians in office. They tell me that the circus will soon be coming back into town; I think these politicians would be better suited to performing in the circus than they are, or could ever be, in Parliament! – © Mark Alexander
Rejoining the EU’s single market would not boost UK economic growth, Keir Starmer has argued, saying it would create “years of uncertainty” for UK businesses, which would be worse than the closer trade links that would come.
In another sign of Labour’s extreme reluctance to be portrayed as seeking to dismantle or reverse Brexit, Starmer said that as prime minister he would instead seek to improve the post-departure deal agreed by Boris Johnson.
Asked if he thought single market membership would benefit UK growth, the Labour leader told BBC Radio 4’s Today programme on Monday: “No, at this stage I don’t think it would, and there’s no case for going back to the EU or going back into the single market. I do think there’s a case for a better Brexit. I do think there’s a very good case for making Brexit work.”
Pressed on why he believed this when so many UK firms have said they are suffering because of the significant extra difficulties of exporting to and importing from the EU, Starmer said the single market was not the solution. » | Peter Walker, Political correspondent | Monday, December 5, 2022
This is poppycock! When it comes to economics, Starmer doesn’t know his a*** from his elbow! To help our ailing economy, the single most important things we could do is to rejoin ‘The Single Market’. Starmer is either telling fibs or he has zero understanding of macroeconomics. God Almighty! We really are screwed in this country with the politicians in office. They tell me that the circus will soon be coming back into town; I think these politicians would be better suited to performing in the circus than they are, or could ever be, in Parliament! – © Mark Alexander
Saturday, November 19, 2022
Michael Lambert: Economy Collapsing But Don't Mention Brexit
Nov 19, 2022 | The UK economy is doing very badly. We are the only economy in the G7 that has not yet returned to pre-Covid levels. We are forecast to be the nineteenth slowest growing economy in the G20 just ahead of Russia next year. We are the only country in the G7 now in recession and our standard of living is forecast to diminish by 7% over the next two years.
Despite all of this, politicians both the government and the opposition, continue to pretend that this has nothing to do with Brexit but it is the result of Covid and Russia's invasion of Ukraine.
Millions face poverty over the coming two years, whilst the NHS, social services and the police are in meltdown. Unless and until we confront the problems caused by Brexit our decline will continue.
Despite all of this, politicians both the government and the opposition, continue to pretend that this has nothing to do with Brexit but it is the result of Covid and Russia's invasion of Ukraine.
Millions face poverty over the coming two years, whilst the NHS, social services and the police are in meltdown. Unless and until we confront the problems caused by Brexit our decline will continue.
Wednesday, November 16, 2022
Brexit and Drop in Workforce Harming Economic Recovery, Says Bank Governor
THE GUARDIAN: Andrew Bailey also said disastrous mini-budget had damaged Britain’s international reputation
Britain is suffering worse economic performance than its rivals because of Brexit and a stark drop in the size of the workforce since the Covid pandemic, the governor of the Bank of England has said.
Andrew Bailey said a combination of headwinds had prevented the economy from recovering to pre-pandemic levels, while warning it would also take time for the government to repair damage to Britain’s international reputation caused by the disastrous mini-budget under the former prime minister Liz Truss.
It came as rampant inflation of 11.1% – the highest figure since October 1981 – piled more pressure on the Bank to continue raising interest rates.
In a downbeat assessment on the eve of the chancellor’s autumn statement, the Bank’s governor told MPs on the Commons Treasury committee: “I’m afraid it’s not a good story.” » | Richard Partington, Economics correspondent | Wednesday, November 16, 2022
Britain is suffering worse economic performance than its rivals because of Brexit and a stark drop in the size of the workforce since the Covid pandemic, the governor of the Bank of England has said.
Andrew Bailey said a combination of headwinds had prevented the economy from recovering to pre-pandemic levels, while warning it would also take time for the government to repair damage to Britain’s international reputation caused by the disastrous mini-budget under the former prime minister Liz Truss.
It came as rampant inflation of 11.1% – the highest figure since October 1981 – piled more pressure on the Bank to continue raising interest rates.
In a downbeat assessment on the eve of the chancellor’s autumn statement, the Bank’s governor told MPs on the Commons Treasury committee: “I’m afraid it’s not a good story.” » | Richard Partington, Economics correspondent | Wednesday, November 16, 2022
UK Inflation Jumps to 11.1% on Back of Energy and Food Price Rises
THE GUARDIAN: Rishi Sunak vows to prioritise fight against the rising cost of living
Rishi Sunak has pledged to make the fight against a rising cost of living his No 1 priority after surging energy bills sent the UK’s annual inflation rate to a 41-year-high of 11.1%.
Preparing the ground for tough action in Thursday’s autumn statement, the prime minister responded to the highest figure since October 1981 by describing inflation as an “enemy” that needed to be faced down.
Data from the Office for National Statistics (ONS) showed the annual inflation rate last month jumped a percentage point from 10.1% in September, despite help provided to households through the launch of the government’s energy price guarantee.
Dearer food also contributed to prices rising 2% in October alone compared with the previous month, a bigger increase than the Bank of England and the City had been anticipating. Milk, cheese and egg prices rose by more than 27% compared with a year earlier. » | Larry Elliott, Economics editor | Wednesday, November 6, 2022
Rishi Sunak has pledged to make the fight against a rising cost of living his No 1 priority after surging energy bills sent the UK’s annual inflation rate to a 41-year-high of 11.1%.
Preparing the ground for tough action in Thursday’s autumn statement, the prime minister responded to the highest figure since October 1981 by describing inflation as an “enemy” that needed to be faced down.
Data from the Office for National Statistics (ONS) showed the annual inflation rate last month jumped a percentage point from 10.1% in September, despite help provided to households through the launch of the government’s energy price guarantee.
Dearer food also contributed to prices rising 2% in October alone compared with the previous month, a bigger increase than the Bank of England and the City had been anticipating. Milk, cheese and egg prices rose by more than 27% compared with a year earlier. » | Larry Elliott, Economics editor | Wednesday, November 6, 2022
Saturday, November 12, 2022
Michael Lambert: The Tories Cannot Solve the Mess We Are In
Nov 12, 2022 | The British economy is in trouble. Already in recession and forecast to be the 19th slowest growing economy in the G20 ahead of Russia next year, there seems little prospect of things improving any time soon.
Sunak's government is tired and out of ideas. The prime minister is weak and he knows it. Faced with a cost-of-living crisis, inflation, widespread strikes and a budget this week which is expected to include tax rises and spending cuts, there seems little room for optimism.
As can be seen from some of the comments on last week's video, there are still many who believe Brexit was a good idea.
Sunak's government is tired and out of ideas. The prime minister is weak and he knows it. Faced with a cost-of-living crisis, inflation, widespread strikes and a budget this week which is expected to include tax rises and spending cuts, there seems little room for optimism.
As can be seen from some of the comments on last week's video, there are still many who believe Brexit was a good idea.
Wednesday, November 09, 2022
Rising Asset Wealth and Falling Real Wages ‘Drive Inequality in Britain’
THE GUARDIAN: Young people no longer able to rely on hard work to improve their living standards as they age, says IFS
‘A generation of Britons has ridden a wave of growing asset prices, pushing up the value of their houses and investments,’ says the deputy director of the IFS, Robert Joyce. Photograph: William Barton/Alamy
Working for a living has become a harder way to grow rich in modern Britain amid rising wealth inequality over the past decade, according to research published today that warns of a breakdown in social mobility as inheritances grow in importance.
The Institute for Fiscal Studies said wealth had grown rapidly compared with earnings from work since the 2008 financial crisis, driven by a surge in house prices and financial assets – such as stocks and shares – at a time of flatlining progress for average wages.
Robert Joyce, the deputy director of the IFS, said: “A generation of Britons has ridden a wave of growing asset prices, pushing up the value of their houses and investments. Meanwhile, more than a decade of stagnant earnings has held back younger generations for whom earning their own economic success has become increasingly difficult.
“The fact that we can no longer be sure that the young will grow up with living standards that match [those of] their predecessors is a remarkable social change.” » | Richard Partington, Economics correspondent | Wednesday, November 9, 2022
Working for a living has become a harder way to grow rich in modern Britain amid rising wealth inequality over the past decade, according to research published today that warns of a breakdown in social mobility as inheritances grow in importance.
The Institute for Fiscal Studies said wealth had grown rapidly compared with earnings from work since the 2008 financial crisis, driven by a surge in house prices and financial assets – such as stocks and shares – at a time of flatlining progress for average wages.
Robert Joyce, the deputy director of the IFS, said: “A generation of Britons has ridden a wave of growing asset prices, pushing up the value of their houses and investments. Meanwhile, more than a decade of stagnant earnings has held back younger generations for whom earning their own economic success has become increasingly difficult.
“The fact that we can no longer be sure that the young will grow up with living standards that match [those of] their predecessors is a remarkable social change.” » | Richard Partington, Economics correspondent | Wednesday, November 9, 2022
Saturday, November 05, 2022
The Guardian View on Brexit and the Economy: Time to Face Facts
THE GUARDIAN – EDITORIAL: Denying the cost of leaving the EU keeps Britain locked in a cycle of falling living standards and rising anger
‘Britain’s severance from EU markets is a wound that needs healing.’ Photograph: Getty
There must come a time when the cost of Brexit is recognised by a British government, but that day is not imminent. Even when the economy and migration are two of the most prominent topics of debate, a realistic account of the European dimension to those issues is taboo for Conservatives who still wear their epic policy folly as a badge of honour.
Independent observers raise the consequences of Britain’s departure from the EU, as Mark Carney, former Bank of England governor, did on Friday when he observed that it was a factor driving pressure for higher interest rates. Mr Carney went further, pointing out that the UK economy has shrunk relative to similar European states. There is much debate among economists about the best statistical measure to describe that effect, but not much dispute on the underlying fact that Brexit has made Britain poorer, as the remain campaign said it would and the leave campaign denied. » | Editorial | Friday, November 4, 2022
There must come a time when the cost of Brexit is recognised by a British government, but that day is not imminent. Even when the economy and migration are two of the most prominent topics of debate, a realistic account of the European dimension to those issues is taboo for Conservatives who still wear their epic policy folly as a badge of honour.
Independent observers raise the consequences of Britain’s departure from the EU, as Mark Carney, former Bank of England governor, did on Friday when he observed that it was a factor driving pressure for higher interest rates. Mr Carney went further, pointing out that the UK economy has shrunk relative to similar European states. There is much debate among economists about the best statistical measure to describe that effect, but not much dispute on the underlying fact that Brexit has made Britain poorer, as the remain campaign said it would and the leave campaign denied. » | Editorial | Friday, November 4, 2022
Thursday, November 03, 2022
Economy Latest: Interest Rates Up as Bank of England Warns of Long Recession
Wednesday, November 02, 2022
UN Poverty Envoy Tells Britain This Is ‘Worst Time’ for More Austerity
THE GUARDIAN: Exclusive: Olivier de Schutter says cuts could violate human rights laws, calling instead for higher taxes on rich
Demonstrators take part in a protest against the government's austerity measures last month.Photograph: Warrick Page/Getty Images
The United Nations’ poverty envoy has warned Rishi Sunak that unleashing a new wave of austerity in this month’s budget could violate the UK’s international human rights obligations and increase hunger and malnutrition.
Olivier de Schutter, the UN rapporteur on extreme poverty, said he was “extremely troubled” by likely multibillion-pound spending cuts – including possible real-terms reductions in welfare payments to millions of the nation’s poorest families.
The government is due to unveil a crunch budget on 17 November to fill an estimated £40bn black hole in the public finances using tax rises as well as spending cuts.
Speaking to the Guardian, the UN-appointed official, who has recently been investigating extreme poverty in Kyrgyzstan, Lebanon and Nepal, said: “This is the worst time to impose such cuts. You do not impose austerity measures when the whole population is facing a cost of living crisis. What you do is you raise taxes on the rich, you raise taxes on corporations.” » | Robert Booth, Social affairs correspondent | Wednesday, November 2, 2022
We’ve had years and years of Tory austerity already. Cameron and Osborne introduced the “age of austerity” in 2009. (Of course, we were all in it together!) And a fat lot of good it has done us! A worse outcome would be hard to imagine!
Even though I disliked the man at the time, he has been proven right. I speak of Denis Healey, the one-time Labour chancellor of the exchequer. He once said, “I want to squeeze the rich until the pips squeak.”. That is exactly what we need to do right now! Forget about inflicting even more pain on the poor! Tax the rich instead – until their pips squeak, as he said! (Source of quotation: The Guardian).
Moreover, if you don’t wish to tax the superrich, then we might need to talk about whether we can afford the luxury of royalty.
I am not anti-royal; I am no republican. But it seems ludicrous to me that we lavish limitless amounts of money on royalty to keep them in the lap of luxury, when so many ordinary people cannot put food on the table for their children. That is not only wrong, it is also unconscionable. – © Mark Alexander
More austerity, more division, more decline: Sunak is merely a sequel in a tired Tory franchise: The new prime minister’s main redeeming quality is that he is not his predecessors. What a sorry waste of 12 years in power »
The United Nations’ poverty envoy has warned Rishi Sunak that unleashing a new wave of austerity in this month’s budget could violate the UK’s international human rights obligations and increase hunger and malnutrition.
Olivier de Schutter, the UN rapporteur on extreme poverty, said he was “extremely troubled” by likely multibillion-pound spending cuts – including possible real-terms reductions in welfare payments to millions of the nation’s poorest families.
The government is due to unveil a crunch budget on 17 November to fill an estimated £40bn black hole in the public finances using tax rises as well as spending cuts.
Speaking to the Guardian, the UN-appointed official, who has recently been investigating extreme poverty in Kyrgyzstan, Lebanon and Nepal, said: “This is the worst time to impose such cuts. You do not impose austerity measures when the whole population is facing a cost of living crisis. What you do is you raise taxes on the rich, you raise taxes on corporations.” » | Robert Booth, Social affairs correspondent | Wednesday, November 2, 2022
We’ve had years and years of Tory austerity already. Cameron and Osborne introduced the “age of austerity” in 2009. (Of course, we were all in it together!) And a fat lot of good it has done us! A worse outcome would be hard to imagine!
Even though I disliked the man at the time, he has been proven right. I speak of Denis Healey, the one-time Labour chancellor of the exchequer. He once said, “I want to squeeze the rich until the pips squeak.”. That is exactly what we need to do right now! Forget about inflicting even more pain on the poor! Tax the rich instead – until their pips squeak, as he said! (Source of quotation: The Guardian).
Moreover, if you don’t wish to tax the superrich, then we might need to talk about whether we can afford the luxury of royalty.
I am not anti-royal; I am no republican. But it seems ludicrous to me that we lavish limitless amounts of money on royalty to keep them in the lap of luxury, when so many ordinary people cannot put food on the table for their children. That is not only wrong, it is also unconscionable. – © Mark Alexander
More austerity, more division, more decline: Sunak is merely a sequel in a tired Tory franchise: The new prime minister’s main redeeming quality is that he is not his predecessors. What a sorry waste of 12 years in power »
Tuesday, October 25, 2022
CBI Warns Rishi Sunak against ‘Doom Loop’ of Public Spending Cuts
THE GUARDIAN: Director general Tony Danker says it is vital new UK PM does not pursue path of austerity
The head of the Confederation of British Industry has warned Rishi Sunak against pursuing an austerity “doom loop” of cuts to public spending and tax rises amid fears over a mixed outlook for the economy.
Tony Danker, the director general of the CBI, said it was vital for the new UK prime minister not to repeat the mistakes made by David Cameron’s Conservative-Liberal Democrat coalition when billions of pounds were slashed from public spending.
“Let’s remember, the 2010s began with some austerity and were then ensued with very low growth, zero productivity and low investment, right? It wasn’t a successful strategy for growth,” he told BBC Radio 4’s Today programme. » | Richard Partington, Economics correspondent | Tuesday, October 25, 2022
The head of the Confederation of British Industry has warned Rishi Sunak against pursuing an austerity “doom loop” of cuts to public spending and tax rises amid fears over a mixed outlook for the economy.
Tony Danker, the director general of the CBI, said it was vital for the new UK prime minister not to repeat the mistakes made by David Cameron’s Conservative-Liberal Democrat coalition when billions of pounds were slashed from public spending.
“Let’s remember, the 2010s began with some austerity and were then ensued with very low growth, zero productivity and low investment, right? It wasn’t a successful strategy for growth,” he told BBC Radio 4’s Today programme. » | Richard Partington, Economics correspondent | Tuesday, October 25, 2022
Saturday, October 22, 2022
UK Economic Outlook Downgraded to ‘Negative’ by Rating Agency
THE GUARDIAN: Moody’s say downgrade from ‘stable’ was driven by political instability and high inflation
The UK’s economic outlook has been downgraded from “stable” to “negative” by the rating agency Moody’s because of political instability and high inflation.
Moody’s said the change in outlook was driven by “heightened unpredictability in policymaking amid weaker growth prospects and high inflation” and “risks to the UK’s debt affordability from likely higher borrowing and risk of a sustained weakening in policy credibility”.
Rating agencies rate a country on the strength of its economy and provide governments with a score based on the likelihood that they will be able to pay back debt.
The rating affects how much it costs governments to borrow money in the international financial markets. According to the agency, an outlook period “typically lasts 12 to 18 months”. » | PA Media | Saturday, October 22, 2022
Good God! Brexit is proving to be a rip-roaring success, isn’t it? Britannia is sinking faster than many might have imagined. To anyone with a modicum of common sense and even a basic understanding of economics should have been able to foresee the dire outcome that Brexit would bring with it.
I am almost certain that there were many pro-Brexit voters who thought that by exiting the European Union, we would be able to rebuild El Dorado! The sad reality is that we are quickly turning this once proud nation into a Banana Republic (without even being able to grow the bananas)!
The trouble is that the many are going to have to suffer along with the few that brought Brexshit about. That means to say, the Remainers and the unsuspecting Brexiteers who believed the crap that was preached to them by the few at the top who would be benefitting from leaving our friends in Europe.
I suggest that we prepare ourselves to eat humble pie, ask for forgiveness for causing our European brothers and sisters so much trouble and ask them to accept us back into the fold without all those ridiculous opt-outs. Oh, and while we’re at it, we could ditch the pound sterling (which is fast turning into a junk currency) and adopt the euro.
If you think that I exaggerate about the pound turning into a junk currency, just take a look at this website providing historic currency conversion rates. This is proof positive that the currency we could once upon a time be so proud of is becoming ever more worthless. Ditch the bitch! This is surely not the end of its decline in value. Historically, the pound has halved in value approximately every ten years since the end of World War I. So, based on that harsh historical reality, in ten years (or perhaps even less now), the pound could be halved in value yet again. Remember this: In 1963 (as an example), there were approximately CHF 12.24 to the pound and US$ 2.80 . And now, the Swiss franc is worth approximately 87p, or put another way, a pound will buy you approximately CHF 1.27 and US$ 1.30 ! I wouldn't characterise such a currency as anything but weak. It has been weakening for years; Brexit has hastened its decline in value. – © Mark Alexander
The UK’s economic outlook has been downgraded from “stable” to “negative” by the rating agency Moody’s because of political instability and high inflation.
Moody’s said the change in outlook was driven by “heightened unpredictability in policymaking amid weaker growth prospects and high inflation” and “risks to the UK’s debt affordability from likely higher borrowing and risk of a sustained weakening in policy credibility”.
Rating agencies rate a country on the strength of its economy and provide governments with a score based on the likelihood that they will be able to pay back debt.
The rating affects how much it costs governments to borrow money in the international financial markets. According to the agency, an outlook period “typically lasts 12 to 18 months”. » | PA Media | Saturday, October 22, 2022
Good God! Brexit is proving to be a rip-roaring success, isn’t it? Britannia is sinking faster than many might have imagined. To anyone with a modicum of common sense and even a basic understanding of economics should have been able to foresee the dire outcome that Brexit would bring with it.
I am almost certain that there were many pro-Brexit voters who thought that by exiting the European Union, we would be able to rebuild El Dorado! The sad reality is that we are quickly turning this once proud nation into a Banana Republic (without even being able to grow the bananas)!
The trouble is that the many are going to have to suffer along with the few that brought Brexshit about. That means to say, the Remainers and the unsuspecting Brexiteers who believed the crap that was preached to them by the few at the top who would be benefitting from leaving our friends in Europe.
I suggest that we prepare ourselves to eat humble pie, ask for forgiveness for causing our European brothers and sisters so much trouble and ask them to accept us back into the fold without all those ridiculous opt-outs. Oh, and while we’re at it, we could ditch the pound sterling (which is fast turning into a junk currency) and adopt the euro.
If you think that I exaggerate about the pound turning into a junk currency, just take a look at this website providing historic currency conversion rates. This is proof positive that the currency we could once upon a time be so proud of is becoming ever more worthless. Ditch the bitch! This is surely not the end of its decline in value. Historically, the pound has halved in value approximately every ten years since the end of World War I. So, based on that harsh historical reality, in ten years (or perhaps even less now), the pound could be halved in value yet again. Remember this: In 1963 (as an example), there were approximately CHF 12.24 to the pound and US$ 2.80 . And now, the Swiss franc is worth approximately 87p, or put another way, a pound will buy you approximately CHF 1.27 and US$ 1.30 ! I wouldn't characterise such a currency as anything but weak. It has been weakening for years; Brexit has hastened its decline in value. – © Mark Alexander
The Ruination of Britain
THE NEW YORK TIMES: LONDON — Until very recently the British Conservative Party was able to claim, with a great deal of credibility, that it was the most successful political party in the Western world.
The party of Benjamin Disraeli, Winston Churchill and Margaret Thatcher has governed Britain for most of the last 200 years. Through much of that time the Conservatives have been synonymous with good sense, financial sobriety and cautious pragmatism. Despised by progressive elites, allergic to ideology, provincial rather than metropolitan, the Conservative Party rejoiced in being the stolid party of the boring middle ground.
Not anymore. Today, the Conservatives are synonymous with chaos.
Liz Truss, the latest Tory prime minister to crash and burn, must bear her share of the blame. There are sound reasons for why she was forced to resign after just 44 days, the shortest term in history. It was a foolish notion to suppose that she could sack the most senior Treasury official, reinvent the laws of economic management and defy the collective wisdom of the financial markets. There was going to be only one result.
But the bigger truth is that the hapless Ms. Truss is a symptom rather than the cause of Britain’s chronic crisis of governance, which has reduced the country — once respected around the world — to a global laughingstock. The Conservative Party chose her, remember, even though she was obviously not up to the job. You didn’t need the foresight of Nostradamus to know she would fail. For the fiasco of her premiership and the disastrous state of the country, the Conservative Party must collectively take responsibility. » | Peter Oborne * | Friday, October 21, 3022
Mr. Oborne is a British journalist, broadcaster and former political commentator for The Spectator, The Daily Telegraph and The Daily Mail.
Sunday, October 16, 2022
Sharon Graham: We Are Witnessing a Horror Story'
General Secretary of trade union Unite Sharon Graham told Sophy Ridge the political situation is like "witnessing a horror story" and insisted the UK needs a change of government.
"It's like watching a film behind your hands and every time you look there's something worse happening," Ms Graham said.
"It's like watching a film behind your hands and every time you look there's something worse happening," Ms Graham said.
Friday, October 07, 2022
Nicola Sturgeon Says Decisions Taken by PM on UK Economy Have Been "Catastrophic"
Saturday, October 01, 2022
Is the UK Heading for Economic Disaster? | DW Business
Thursday, September 29, 2022
UK Economy: Is There Worse to Come?
Just Economists Losing Their Minds over Trussonomics
Thom Hartmann: Has PM Liz Truss Wrecked the UK Economy? Featuring Richard Wolff
Is British prime minister Liz Truss trashing the economy of her country? A tax cut for the rich and little for the poor. The pound sterling has crashed against the dollar and the euro.
The International Monetary Fund (IMF) has publicly rebuked the UK government, which is almost unheard of.
Is the country spinning out of control financially?
Bio: Professor Richard Wolff, Economist / Co-founder, Democracy At Work / Author of numerous books including The Sickness is the System: When Capitalism Fails to Save Us from Pandemics or Itself (also available as an eBook) / Host-Economic Update w/Prof. Richard Wolff on FSTV
The International Monetary Fund (IMF) has publicly rebuked the UK government, which is almost unheard of.
Is the country spinning out of control financially?
Bio: Professor Richard Wolff, Economist / Co-founder, Democracy At Work / Author of numerous books including The Sickness is the System: When Capitalism Fails to Save Us from Pandemics or Itself (also available as an eBook) / Host-Economic Update w/Prof. Richard Wolff on FSTV
Wednesday, September 28, 2022
Emergency Action by Bank of England amid UK Economic Turmoil
As the economic storm clouds over the UK darkened further still, the Bank of England today staged a dramatic intervention - saying it will start buying up government debt in an effort to stabilise markets and protect pension funds.
The surging cost of borrowing, sparked last week by the Chancellor's tax-cutting plans, had earlier drawn a stinging rebuke from the IMF - but the government says it's sticking to its guns, although departments will be asked to identify 'spending efficiencies'.
Labour says parliament should be recalled so the prime minister is held to account over the crisis.
Truss and Kwarteng are not fit for purpose. They need to go. Go before the UK economy is totally ruined. Both of them are greenhorns. No to tax cuts for the super-rich! No to Kwarteng’s voodoo economics! – © Mark Alexander
The surging cost of borrowing, sparked last week by the Chancellor's tax-cutting plans, had earlier drawn a stinging rebuke from the IMF - but the government says it's sticking to its guns, although departments will be asked to identify 'spending efficiencies'.
Labour says parliament should be recalled so the prime minister is held to account over the crisis.
Truss and Kwarteng are not fit for purpose. They need to go. Go before the UK economy is totally ruined. Both of them are greenhorns. No to tax cuts for the super-rich! No to Kwarteng’s voodoo economics! – © Mark Alexander
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