Archive for the Economy Category

Mark Carney has bigger things to worry about than meaningless Brexit forecasts

Mark Carney has bigger things to worry about than meaningless Brexit forecasts

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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Brussels elites who fiddled while Rome burned may soon get their comeuppance

Brussels elites who fiddled while Rome burned may soon get their comeuppance

The new Italian government looks set to cause shock waves across Europe. The two parties promise mass deportations of immigrants and huge increases in public spending. Both the social and the economic policies of the Italian coalition clash directly with those of the European Commission, and Germany

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Trump’s tariffs are unlikely to plunge the global economy into a Great Depression

Trump’s tariffs are unlikely to plunge the global economy into a Great Depression

The Trojans had to beware of Greeks bearing gifts. In the same way, politicians need to be suspicious of petitions signed by economists. The vast majority of the UK economics profession backed Project Fear, which predicted a rise in unemployment of half a million by the end

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Our automated future is brighter than Karl Marx or Mark Carney would ever suggest

Our automated future is brighter than Karl Marx or Mark Carney would ever suggest

Mark Carney, the governor of the Bank of England, hit the headlines at the weekend, claiming that Marxism could once again become a prominent political force in the west. Automation, it seems, may not just destroy millions of jobs. For all except a privileged minority of high-tech

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The chancellor should heed Keynes – and keep public spending down

The chancellor should heed Keynes – and keep public spending down

Last week’s Spring Statement by chancellor Philip Hammond has led to predictable calls to “abandon austerity”. With massive hyperbole, Labour accused him of “astounding complacency” in the face of what they claimed to be the worst ever public funding crisis. The facts are rather different. Far from

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Let’s join the IFS in acknowledging our misplaced fetishisation of economic data

Let’s join the IFS in acknowledging our misplaced fetishisation of economic data

Tomorrow, the Office for National Statistics (ONS) will publish its latest estimates on how much the UK economy grew between October and December 2017, compared to July to September. Last month, the ONS thought that there was an increase of 0.5 per cent. The economy cannot be

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Carillion shouldn’t be brought under state control, but maybe central banks should be

Carillion shouldn’t be brought under state control, but maybe central banks should be

A strong thread in the acres of print about the Carillion debacle is that the private sector should not really be involved in infrastructure projects. The public sector would, apparently, do it better. Readers who experienced life under the nationalised rail and telephone systems might be forgiven

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Act now, think later: Card surcharge ban is typical of myopic soundbite politics

Act now, think later: Card surcharge ban is typical of myopic soundbite politics

Companies and service providers are no longer allowed to charge customers for using a credit or debit card. The new law came into effect last Saturday. The economic secretary to the Treasury, Stephen Barclay, trumpeted: “rip-off charges have no place in a modern Britain and that’s why

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The OBR’s forecasts should be taken not just with a pinch of salt, but with the contents of an entire mine

The OBR’s forecasts should be taken not just with a pinch of salt, but with the contents of an entire mine

There has been a great deal of crowing in metropolitan liberal circles over the report of the Office for Budget Responsibility (OBR), published with the Budget last week. The OBR revised downwards its projections for GDP growth for each of the next five years. Annual average growth

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Doublethinking or dim? Why the Labour party can’t be trusted with the economy

Doublethinking or dim? Why the Labour party can’t be trusted with the economy

Are members of the Labour Party frontbench experts in doublethink? The concept was invented by George Orwell for his novel 1984, written in the 1940s as a critique of the Soviet Union. Masters of doublethink can hold, for purposes of political expediency, two opposing opinions at the

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