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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.
The IMF’s project to treat government finances as if they were corporate finances is ideological.
Restoration of central government grants to local authorities would send a clear signal that the Prime Minister intends to end austerity. How much expenditure would this require?
Theresa May’s attack on Labour was purposely framed to suggest that Labour governments are embezzlers – tax raiders. But no Labour government has ever run out of money, and no government finances spending from taxation.
The public debt is the Rodney Dangerfield of government finances. It is a long term benefit treated as perennial problem.
Instead of the dysfunctional, budget balancing obsession, the Chancellor should do the opposite – use fiscal policy to minimise the instability of the economy.
This week, the government and press celebrate a ‘record budget surplus’ – revealing a dire misunderstanding of the aims and workings of fiscal policy.
Patrick Allen explains why he founded the Progressive Economy Forum and why we need a progressive economics more than ever.
Creating a progressive British economy, an economic system fit for human life, requires at the least four fundamental reforms, whose purpose would be to restrict severely the economic and political power of the infamous 1%.
Hammond’s deficit-reduction framework is an edifice with no grounding in economics. By ruling out borrowing for capital spending, the government will be forced to either underinvest in the UK’s future or wreak further havoc on frontline public services.
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