Brexiteers celebrating the fact that we’re pulling out of the single market have no idea what it is or who pioneered it on January 23, 2017Imagine going to a funeral where it turns out that most of those present never actually knew the deceased, although they were convinced they did. The thought comes to mind listening to the obsequies for Britain’s membership of the single market delivered by Theresa May today. Thatcher-worshiping Brexiteers from the Tory right are flushed with […]
The economic damage of Brexit has been delayed, not avoided on January 8, 2017The verdict is in, apparently. Britain has “the world’s top economy after Brexit”, according to The Times. “The truth is that Brexit Britain’s on a roll,” claims Alex Brummer in the Daily Mail. “We are in a mini-boom,” claims Allister Heath in the Telegraph. The Sun and the Express inform their readers that the Bank […]
Why did Trump win Whitelash or economic frustration? on November 21, 2016 What did they mean by that? Liberals were compelled to ask the question about British voters after the Brexit shock. And we’re forced to ask it again now in the wake of the massive support from Americans – far bigger and broader than many thought possible – for an overtly racist, misogynist and lying […]
The Bank of England has rightly told Theresa May she doesn’t know what she’s talking about on interest rates on November 13, 2016At her Conservative Party conference speech in October, Theresa May took the central grievance of the savings lobby and blessed it with all the authority of the office of the Prime Minister. “While monetary policy – with super-low interest rates and quantitative easing – provided the necessary emergency medicine after the financial crash, we have […]
How to tell if you’re working in a ‘tournament’ job – starting with whether you ever took an unpaid internship on November 7, 2016When economists talk about the labour market they tend to generalise. They say it’s strong, or that it’s weak. They identify “slack”, or “tightness”. The reality, however, is that there is no single labour market, but lots of different ones – like tiles of a mosaic that together form the overall image. Jobs are different. […]
Britain, these are the five realistic choices for Brexit take your pick on October 23, 2016Brexit 1 would be the most preferable. Brexit 2 would be preferable to Brexit 3. Brexit 4 would be an economic disaster, and Brexit 5 is a libertarian fantasy. “There is no such thing as a choice between soft Brexit and hard Brexit,” Theresa May recently informed us. “We don’t recognise this distinction between hard […]
Globalisation benefits us and the majority of the world – but can it be tamed? on September 26, 2016They say that when elephants fight the grass gets trampled. And when economists fight over elephants the complex reality can come off worse too. A few years ago the World Bank economist Branko Milanovic produced a profoundly influential chart showing the change across the global income distribution (running from the poorest people on the planet […]
Brexiteers are becoming ever more incoherent could it be they dont know their own minds? on August 21, 2016“What goes on in your mind?” sang the Beatles in 1965. It’s a question we’ve been given cause to ask of some leading Brexiteers and the media megaphones of the Leave movement in recent days. We’ve been told by some of them that there is zero evidence of any kind of hit to the economy […]
Don’t be fooled, free banking is a myth – and the banks are making billions from your interest on May 22, 2016In economics circles there’s a famous saying that “there’s no such thing as a free lunch”. But according to the UK banking lobby there is such a thing as free banking. Here’s how they describe it. Think of all those services provided to you by your bank – the debit cards, the credit cards, the […]
Private schools are spending lavishly because of tax breaks it has to stop on May 15, 2016The right-wing media relishes exposing charity “fat cats” and highlighting galling examples of luxury and excess in the not-for-profit sector. But there’s one fat-cat charity scandal these outlets have ignored. In Britain today there are hundreds of private clubs. They are often blessed with manicured lawns, sumptuous historic buildings and state-of-the-art sports and entertainment facilities […]