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The global economic slowdown is not the outcome of forces beyond human control, but rather an outcome of policy – in particular, of austerity in Europe.
Whether still a member of the European Union or in some other economic and political arrangement with Europe, a new government would inherit an unbalanced and stagnating economy.
The UN has just issued a damning report on the UK’s policy failures over the past eight years, cataloguing and condemning the “unnecessary misery” inflicted by the policy.
“The Coalition government inflicted quite unnecessary harm on the British people, which it has never acknowledged or apologised for. This Budget has to be judged by the extent to which it sets about repairing that damage”.
Prime Economics Co-Director Jeremy Smith and PEF Council member John Weeks analyse the “bar room budget-brawl” between the Italian government and the European Commission.
What should we take away from this year’s Budget? Our PEF Council react to Hammond’s announcements on Universal Credit, investment, growth and more.
Chancellor Philip Hammond believes the task is to reduce the deficit to zero. But sound fiscal policy involves balancing the economy, not balancing the budget.
Theresa May has called for an “end to austerity”, but the Treasury will stand in her way and prove successful in its obstruction.
“Pandering to the ideas of a fragmented Conservative Party, rather than the needs of Britain as a whole, makes as much sense as managing an allotment entirely for the benefit of the whitefly.”
In the face of growing pressure to call time on public spending cuts, the Chancellor is using Brexit uncertainty as ideological cover for the continuation of austerity.
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