From the TUC


GDP data indicate a return to the bad old days

26 Nov 2014, by in Economics

Strong headline GDP  figures are in contrast to expenditure detail that show key categories flagging. This goes beyond weaker business investment, which has been widely reported. The chart shows contributions to quarterly GDP growth by all of the main expenditure categories.    Contributions to GDP quarterly growth, percentage points In both the second and third…

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6 million Britons using credit to last until payday

07 Nov 2014, by in Economics

The other side of unemployment, underemployment, low pay and poverty is debt. Yesterday the debt charity StepChange hosted an event for individuals and organisations involved in dealing with the many consequences of this huge social (and economic) issue. The scale of the problem is increasingly recognised by the media and campaigners, but the facts are…

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What recovery? only one in seven feel anything

06 Nov 2014, by in Economics

The pie chart says it all. In spite of the relentless rhetoric from the government, only one in seven or 14 per cent of British adults actually feel any recovery. The data are from a populus survey conducted for the Financial Times and reported fully in the FT this morning; I report it in the…

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As good as it gets?

28 Oct 2014, by in Economics

Plainly it is important not to overdo a slowdown in GDP growth to 0.7 per cent from 0.9 per cent. But as one of a number of indicators that have come off the boil, and given an apparent and wider shift of sentiment in markets, the sum of the parts is of interest. If momentum…

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Frugal innovation and the role of trade unions

22 Oct 2014, by in Economics

I was at the RSA yesterday, enjoying a half-day conference on innovation run by the always-inspiring Science Policy Research Unit (SPRU) at Sussex University. When we think of innovation today, we are most likely to think of the latest mobile device or app. Indeed, it is SPRU’s Mariana Mazzucato whose book, ‘The Entrepreneurial State’, describes…

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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…

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