From the TUC

Geoff Tily's Articles

Why multipliers matter

24 Jul 2017, by in Economics

“Nothing in economics is more potent than a simple idea whose time has come”, Gavyn Davies, October 21st 2012 The week before last, the Office for Budget Responsibility (OBR) published a new assessment of ‘fiscal risks’ to the UK. Reporting on threats to the public finances, they warned against new spending commitments: “… new unfunded…




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Can increased public spending pay for itself?

07 Jul 2017, by in Economics

Since the election, we’ve seen several proclamations of the ‘end of austerity’. As TUC post election poll (among others) has showed, there is now a clear majority in favour of ‘Maintaining decent public services even if that means my taxes go up’. This is a far cry from some of the rhetoric during the election…




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Bank warns consumer credit is a “pocket of risk that warrants vigilance”

28 Jun 2017, by in Economics

Tackling the symptoms of the consumer credit boom without addressing the causes risks exacerbating the living standards crisis. Consumer credit was prominent in the yesterday’s assessment of financial stability by the Bank of England. Up front a chart shows the accelerating growth in various measures of credit (red yellow green) against slowing growth in nominal…




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Productivity: the long global view

26 May 2017, by in Economics

We’re often told that the key to raising wages is to solve the ‘productivity puzzle’. Output per worker has stagnated since the financial crisis, leading economists to worry that the outlook for the economy is bleak. But a range of evidence across many countries suggests that the fall in productivity can be dated back to…




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