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No economist should have been remotely surprised by the announcement of the European Super League. Its ignominious collapse could mark the beginning of a long-needed onslaught on the economic model on which it was based.
“After decades of assault by state-shrinking ideologues, a collision of crises has revealed how only the power of good government can save us. Covid, climate catastrophe and Brexit crashed in on a public realm stripped bare by a decade of extreme austerity. Here all the best writers and thinkers on the good society show recovery is possible, with a radical rethink of all the old errors. Read this, and feel hope that things can change. ”
Polly Toynbee
The budget was singularly lacking in ambition when it came to the government’s role in creating a sustainable, inclusive and investment-led recovery.
There was no new green stimulus despite the UK facing a £100bn funding gap to reach its net-zero by 2050 target and despite its hosting of the global COP26 climate change summit this November.
“I am highly sceptical about this story of ‘pent-up demand’. A shrinkage in national income by 10% implies a fall, not rise, in national saving. Saving out of income may go up, but income itself is lower. That’s why it’s not like in a war, when you have full employment and rising wages, but less to spend money on. “
The regeneration of Britain’s ‘national infrastructure’ must include investment in ‘social infrastructure’ such as childcare, schools and universities, regional theatres, orchestras, common spaces, and local sports.
When the economic affairs committee of the House of Lords agreed in July 2020 to direct its next inquiry into “employment and Covid-19” the general expectation was that there would
Dag Detter, Stefan Holster and Josh Ryan-Collins In his spending review this week, the Chancellor made clear the scale of the economic crisis facing the UK. Much discussion has followed
As government borrowing takes the ratio of public debt in Britain to national income above 100%, listen out for the alarms raised by fiscal conservatives that our profligacy is perpetuating debts that your children will have to pay
The focus of economic policy should be on maintaining a high, sustainable level of employment. This is correct theoretically, practically, and socially. It counterbalances the capitalist market system’s tendency not to create a high level of employment.
We have reviewed the fiscal sustainability report published by the Office for Budget Responsibility (OBR) on 14 July 2020. We believe that its approach to economics is wrong. The view it presents does not, in our opinion, help economic recovery.
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