The fire and the fury rage from day to day around the outcome of the Brexit process. The discussion has lost sight of the longer-term context in which both the UK and the EU will operate, regardless of the precise deal which is or is not struck.
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No one can tell them quite like Mark Carney, the governor of the Bank of England. He appears to have briefed the cabinet last week that house prices could fall by 35 per cent in the event of a no-deal Brexit. To be fair, the Bank did
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The debate about Brexit has become mired in a virtually incomprehensible quagmire of detailed and technical negotiations between the UK and the rest of the EU. Yet the campaign itself in 2016 was dominated by broader questions of political economy. In addition to the hurly burly of
Read more →The governor of the Bank of England, Mark Carney, is up to his usual tricks. Last week, he claimed in front of the Treasury Committee of the House of Commons that British households are now more than £900 worse off after the vote to leave the EU.
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Michel Barnier invokes a wide range of emotions this side of the Channel. To his credit, the EU’s chief Brexit negotiator appears to have a stronger grasp of the insights of game theory than his UK counterparts. Thomas Schelling, the polymath winner of the Nobel Prize in
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“Pork barrel” has been a theme in American politics for almost as long as the United States has existed. Many members of Congress work hard to secure public works projects, agricultural subsidies and the like for their own districts, almost regardless of the economic arguments for and
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The Office for National Statistics (ONS) published last week some figures which show how a successful monetary union works in practice. It is not obvious at first sight, from the dry heading: “regional public sector finances”. The ONS collects information on the amounts of public spending and
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Leading Welsh politicians seem to be getting ideas above their station. Fifty years ago, Labour held all but four of the Parliamentary seats, and had over 60 per cent of the vote. Now, the Conservatives are by a large margin the second party in terms of votes,
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Dame Minouche Shafik, Deputy Governor of the Bank of England, is leaving to become Director of the London School of Economics. Last weekend, she gave her final interview wearing her Bank hat. Shafik issued what was described in the media as a “thinly veiled warning” to the
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The office for National Statistics last week estimated that the UK economy grew at an annual rate of 2.4 per cent in the final quarter of last year. This is slightly above the long-term average growth of the past three decades. But a Financial Times survey this
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