Posts Tagged John McDonnell

Priti Patel vs. Philip Rutnam: It’s in Britain’s interest that bureaucracy does not win

Priti Patel vs. Philip Rutnam: It’s in Britain’s interest that bureaucracy does not win

The reverberations around the resignation of Sir Philip Rutnam, the top civil servant at the Home Office, continue. Priti Patel, the home secretary, is receiving a barrage of abuse. Labour’s John McDonnell has pronounced that he cannot see how Patel could carry on. He raised the possibility

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Labour’s rejection of conventional economic theory ignores important insights

Labour's rejection of conventional economic theory ignores important insights

One of the first tasks facing whoever becomes chancellor after the General Election will be choosing the next governor of the Bank of England. Getting to make this choice would be a key step in the plans of Labour’s shadow chancellor John McDonnell to shake up the

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Modern Monetary Theory? More like Magic Money Tree

Modern Monetary Theory? More like Magic Money Tree

As the Brexit process unfolds, the possibility of a Corbyn government has become much more tangible. Last month, John McDonnell, the shadow chancellor, wrote to the Treasury to say that in power he would require them to “widen the range of economic theories and approaches in which

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John McDonnell’s ideology won’t lead Britain to a bright new future, but to the dismal 1970s

John McDonnell’s ideology won’t lead Britain to a bright new future, but to the dismal 1970s

The focus this week has been on Philip Hammond’s Budget. The opinions of the shadow chancellor have been rather in the background by comparison. But John McDonnell is doing us all a favour at the moment. He is busily promoting a collection of essays which he edited,

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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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Corbyn and McDonnell’s delusional tax plan would cut revenue and harm growth

Corbyn and McDonnell’s delusional tax plan would cut revenue and harm growth

The income tax system in the UK is highly progressive. Not many people know that, to use a catch phrase attributed, rightly or wrongly, to the great actor Michael Caine. The top one per cent of earners contribute 27 per cent of all income tax receipts. To

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Corbyn is completely out of touch with the real debate about UK austerity

Corbyn is completely out of touch with the real debate about UK austerity

Following the Brexit vote, normal service seems to have resumed. A key question in economic policy since the General Election of 2010 has moved centre stage once again: should the government abandon austerity? At one level, the question has an easy answer. Interest rates are now so low

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Forget avoidance outrage: this is what we really think about tax

Forget avoidance outrage: this is what we really think about tax

Rather like a quantitative version of Hello! magazine, the Panama papers made headlines everywhere. Read all about the vast amount of money a particular celeb has got stashed away. Salivate, be titillated or be outraged, according to your fancy. The story was covered heavily by the Guardian,

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No more whingeing, please. The recovery is solid.

Last month saw some very positive economic news. The US Federal Reserve raised interest rates for the first time in over seven years.  The Bank of England reported on the major stress test of UK banks which it launched in March 2015.  It concluded that “the banking

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How do you deal with someone who thinks the Earth is flat?

Imagine you are relaxing at a bar enjoying a drink after a hard day’s work.  The person next to you strikes up a conversation.  Initially he seems reasonable.  But soon he begins to go on at length about how the Earth is flat and how a misguided

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