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Blogs in Economy

  • Radical reform of the North Sea fiscal regime is essential

    Radical reform of the North Sea fiscal regime is essential

    Angeliki Terpou | | Economy
    The collapse in oil prices that we have seen since the latter half of last year has helped to push down inflation across developed economies; in the UK for example, CPI has fallen to an historic low of 0.3%. However, the key negative consequence of the fall in the oil ...
  • Auto-protection: better a “drawdown default”?

    Auto-protection: better a “drawdown default”?

    Michael Johnson | | Economy
    Following the CPS’s publication of the paper Auto-protection at 55, Professional Pensions published the result of a survey which sought opinions on one of the paper’s proposals, to default DC members into annuities at retirement. This produced a 70% “no” response: worth listening to. But this does not shed any ...
  • Britain is Taxed Enough Already

    Britain is Taxed Enough Already

    Adam Memon | | Economy
    This article is taken from the fortnightly CPS Economic Bulletin. To receive emails from the CPS, subscribe using this form. When the OBR published its Economic and Fiscal Outlook in December last year, it forecast that public spending would reach 35% of GDP by 2020 under the Coalition’s plans. Many condemned ...
  • There is still slack in the labour market

    There is still slack in the labour market

    Adam Memon | | Economy
    Yesterday’s labour market figures showed that the employment rate of 16-64 year olds has now reached a record high of 73.2%. This is quite a remarkable achievement and if we’re being picky, it is actually slightly higher than in February 2005 which was the last time it reached this rate ...
  • Welfare Dependency and the Size of the State

    Welfare Dependency and the Size of the State

    Adam Memon | | Economy
    At the Autumn Statement in December last year, the Chancellor outlined his plans to reach an absolute budget surplus by 2018/19. In its latest Economic and Fiscal Outlook, the OBR forecasts that under that plan for deficit reduction, public spending will reach 35.2% of GDP. The Labour party has strongly ...
  • Will the OBR stop George Osborne throwing his chickens overboard?

    Will the OBR stop George Osborne throwing his chickens overboard?

    Andrew Alexander | | Economy
    We have some cause to be grateful to Robert Chote, Chairman of the Office for Budget Responsibility (and what an awesome title that is!) How could we have managed without such a lofty personage in the past? Being responsible to MPs was not enough, Chancellor George Osborne decided in 2010, ...
  • Yes, the World is becoming a better place

    Yes, the World is becoming a better place

    Adam Memon | | Economy
    In a recent debate I had with David Graeber, the anthropologist who apparently came up with the phrase “We are the 99 per cent”, I quoted official figures showing big falls in extreme poverty and rises in life expectancy. His response was predictable but nonetheless disappointing. “All these figures are ...
  • Who needs inflation? Enjoy this temporary pause!

    Who needs inflation? Enjoy this temporary pause!

    Andrew Alexander | | Economy
    We have been warned. If we are not careful, inflation could fall further plunging us – horror of horrors! – into a period when the value of the pound in our pocket (or purse) stays stable, in other words no inflation. What is so worrying about that? A lot of ...
  • Spending cuts are still necessary and feasible

    Spending cuts are still necessary and feasible

    Adam Memon | | Economy
    Last week, Flip Chart Rick responded to a blog I wrote before Christmas arguing that the spending plans outlined by the OBR and the Chancellor at the Autumn Statement are both necessary and feasible. I argued that debt interest payments are rising too high and that there is still scope ...
  • Labour's poster is plainly wrong

    Labour's poster is plainly wrong

    Adam Memon | | Economy
    Labour’s new poster which claims that the Conservatives are planning “to cut spending on public services back to the levels of the 1930s” is objectively wrong. The OBR clearly states on page 148 of the Economic and Fiscal Outlook that day-to-day spending on public services in 2019/20 will be at ...
  • 3 more charts for Ed Miliband

    3 more charts for Ed Miliband

    Adam Memon | | Economy
    Last week, Ed Miliband gave a speech outlining his response to the Chancellor’s Autumn Statement. It was an attempt to repair the damage caused by his disastrous conference speech and to reduce the Conservative lead in the polls for economic credibility.In his speech, Miliband accepted that deficit reduction was necessary for economic ...
  • 8 myths about spending cuts

    8 myths about spending cuts

    Adam Memon | | Economy
    1. Spending cuts will take us back to the 1930sIn the immediate aftermath of the Autumn Statement, much of the criticism came from those decrying the fact that total public spending will be 35.2% of GDP by 2020. Mark Ferguson over on LabourList called it a “nightmare vision” which would take ...
  • Are the impending cuts colossal? Maybe. Essential? Yes

    Are the impending cuts colossal? Maybe. Essential? Yes

    Adam Memon | | Economy
    Over the last 18 months, the recovery has gained strength with economic growth accelerating and unemployment falling sharply. However the context in which the Chancellor delivered his Autumn Statement speech yesterday was far less rosy. Borrowing from April to October this year was £64.1 billion, an increase of £3.7 billion ...
  • Pensions regulation: governance to the fore?

    Pensions regulation: governance to the fore?

    Michael Johnson | | Economy
    During the second reading of the Pension Schemes Bill, Steve Webb, the pensions minister, told the House of Commons that the complexities of drawing up the Bill had made him “more sympathetic” to there being a single pensions regulator. Today there are two: The Pensions Regulator (TPR) and the Financial ...
  • Grand Bargain on Roaming is Possible

    Grand Bargain on Roaming is Possible

    Adam Memon | | Economy
    Mobile technology is essential for the British economy. It is right that universal mobile access should be recognised as a key part of national infrastructure. Calling and texting is now not only essential for business but also in everyday personal life. However these services are not guaranteed for people living ...