From the TUC

Economics

Living standards crisis derails deficit reduction

16 Oct 2014, by in Economics

The Office for Budgetary Responsibility (OBR) today reminded us of the extent of the Coalition’s failure to reduce the deficit in recent years. Public sector net borrowing in 2013-14 was originally expected to be £60 billion; the outturn for borrowing was £108 billion (on a comparable basis). This amounts to a shortfall of nearly £50…

Read in full

New calls to reverse austerity on Newsnight

15 Oct 2014, by in Economics

On Newsnight last night (14 October), an editor on The Economist and a senior economist joined the OECD and IMF challenging austerity policies. Below I have transcribed some of the discussion on the potentially deflationary conditions in the world economy between Evan Davies (ED), Zanny Minton Beddoes (ZMB), the business affairs editor of The Economist,…

Read in full

Deflation watch

14 Oct 2014, by in Economics

The Chancellor today described the CPI inflation figure of 1.2% as a ‘double dose of good news’, apparently easing cost-of-living pressures and also meaning gains for pensioners through the ‘triple lock’. Sticking to the politics, he avoided the economics of inflation repeatedly surprising on the downside and yet remaining above earnings growth.

Read in full

A real earnings decline with no precedent

13 Oct 2014, by in Economics

In 2014, UK workers confront the seventh consecutive year of falling real earnings, a situation that has no historical precedent since Victorian times, when records become available. The total decline in real earnings from 2007 to 2014 is estimated at 8 per cent, on the basis of calendar year figures. In terms of scale or…

Read in full

Now they tell us. The IMF and infrastructure investment

07 Oct 2014, by in Economics

 The IMF have issued a new assessment of the effects and desirability of infrastructure investment. For some, their conclusions will hardly be surprising, but running contrary to the orthodoxy of the previous five years as well as the framing of the coming UK election – where nothing is more important than austerity – it is worth…

Read in full

TUC