National budget debt is £100bn; household debt is £2.1 trillions: which is more serious?

We are in the midst of the biggest personal debt crisis in Britain’s history, with household debt now 140% of total national income and still going north.   According to the Centre for Social Justice, there are now about 3.9m households who do not have sufficient savings to cover the rent or mortgage for more … Continue reading National budget debt is £100bn; household debt is £2.1 trillions: which is more serious?

The stock of global debt, the size of the banks, the risks of another financial crash are all bigger than in 2008

In election Britain this last week has been consumed with business and finance, mainly the hedge funds, lambasting Labour for being ‘anti-business’, as though massive indulgence in tax avoidance and continued insistence on de-regulation of finance were the conditional requirements of a successful global economy.   Actually they are the forerunners of the next financial … Continue reading The stock of global debt, the size of the banks, the risks of another financial crash are all bigger than in 2008

Osborne targets small man to collect debts, ignores fat cat tax avoiders

Osborne unveils the classic Tory way to collect unpaid taxes and fines.   Ignore HMRC and DWP which are there precisely for this purpose, but suffer from a fatal disadvantage – they’re in the public sector.   So strike a deal instead with a private US-owned company – creating a joint venture with TDX Group, … Continue reading Osborne targets small man to collect debts, ignores fat cat tax avoiders

Stop austerity & cut deficit by printing money & sending cheque to every household (except rich)

Arnaud Montebourg, France’s economy minister who has just resigned, is quite right.   He denounced austerity policies as “absurd” because they had brought about “the most destructive crisis in Europe since 1929”   He rightly attacked the Eurozone’s fiscal stance as “the cause of the unnecessary prolongation of the economic crisis and the suffering of … Continue reading Stop austerity & cut deficit by printing money & sending cheque to every household (except rich)

Why are all 3 political parties fixated on stagnation, falling wages, mounting debts, rising inequality & national decline?

It is often said that when all three political parties are locked together on the same idea, it is bound to be wrong.  Given the Tory-LibDem coalition determination to continue austerity unabated throughout the next Parliament, it is sad to see Ed Miliband telling the NPF forum over this weekend that “we won’t have the … Continue reading Why are all 3 political parties fixated on stagnation, falling wages, mounting debts, rising inequality & national decline?

How long can a ‘recovery’ built on personal debt now at £1.4 trillion last?

A genuine recovery has to be built either on a rise in business investment (or of course public investment), a growth in productivity gains, or a sustained expansion of exports.   UK business investment, having plummeted by a disastrous 25% at the 2008-9 crash, has still never recovered and as a percentage of GDP it … Continue reading How long can a ‘recovery’ built on personal debt now at £1.4 trillion last?

Why is Labour so reticent about spelling out the true position on debt?

If there’s one thing that haunts Labour, however much the Tories are determined to commit hara kiri, it is the accusation that ‘Labour was responsible for all this mess in the first place’ by gross over-spending.   Since this is not true, why doesn’t Labour refute it at every opportunity?   Just before the crash in 2007-8, … Continue reading Why is Labour so reticent about spelling out the true position on debt?

Tory trade union bill is spiteful, ideologically-driven & irrelevant

The Tories’ trade union bill, which had its second reading today in the Commons, is a bill of naked discrimination against the trade unions designed to severely cut funding for the Labour Party to try to entrench the Tories in power, as well as to make it virtually impossible to strike in certain industrial sectors. … Continue reading Tory trade union bill is spiteful, ideologically-driven & irrelevant

The Labour leadership contest is a classic example of how it should not be fought

Sadly, but predictably, the Labour Leadership struggle has been so much mired in bluster and hysteria that its true potential significance has been largely obscured.   A contest of this kind should start, not with who it is claimed has the style and presentation to be the most plausible leader, but with what it is … Continue reading The Labour leadership contest is a classic example of how it should not be fought