Progressive Economy Blog

The Trivialisation of Monetary Policy

"The periodic interest rate announcements so avidly reported by the media obscure and may even undermine the serious work that the Bank of England should be doing." PEF Council member Prof John Weeks argues for a new approach to monetary policy. In early August the...

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New research on austerity and Brexit, old neoliberal tricks

Recent research suggests a tight link between austerity and the vote to leave the EU in 2016. PEF Economist Michael Davies examines how austerity set the scene for Brexit and how neoliberal tactics are used to shut down attempts to link Brexit to structural forces. In...

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What is wrong about the Bank of England’s decision today?

PEF Council Member Ann Pettifor critiques the Bank of England's decision to raise interest rates. The BoE’s decision to raise the Bank Rate to 0.75% is a mistake. It is a mistake comparable to those made by Alan Greenspan’s Federal Reserve in the years between 2003...

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ONS Wealth and Assets Survey: Young people, North East fare badly

PEF economist Michael Davies warns against false optimism off the back of the latest ONS Wealth and Assets Survey results, and highlights the particular challenges faced by young people and the North East.   Today (1 August 2018) the ONS released their early indicator...

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Response to Theresa May’s NHS speech

This afternoon, Prime Minister Theresa May announced increases to NHS funding in her speech at the Royal Free Hospital in London. While the proposed spending increases are to be welcomed, Michael Davies argues that they remain inadequate in the face of the challenges...

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The crisis of the debt economy and the end of austerity

  The following is a transcript of Dr. Johnna Montgomerie's speech at the launch of the Progressive Economy Forum, in which she discusses the intimate link between 'public' and 'private' debt and its implications for the debate around austerity. Ten years on from the...

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The goals of economic policy

  Our current economic policy framework leaves a vacuum of responsibility for delivering an economy in which people can flourish. In response, Professor Richard Murphy outlines an alternative set of goals for economic policy. I have argued of late that monetarism is...

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