Greece would not have been able to borrow if European banks had not been willing to lend. The ECB cautions about profligate borrowing by sovereigns. But what about profligate lending by banks?
The Government says that the IFS researchers are being obtuse and failing to factor in the revolution in work incentives that the Government’s welfare overhaul will create.
Our Stock Market Reporter has heard a rumour.
A mixed picture. On a longer view we’re better off. Total output is higher than we thought. But in terms of recovering from the recession, Britain is doing less well than we believed.
Mr Osborne characterises the idea that the government should cut more slowly as a huge gamble. But the Chancellor is making a gamble himself. He’s betting that the British economy can withstand an average fiscal tightening of 1.6 per cent of GDP per year over the Parliamentary term.
The Institute of Directors, distinguished as it might sound, is a business lobby group. And like all business lobby groups its primary job is to benefit its members, rather than to present the public with the full picture.
Banks were on average paying out twice as much in bonuses to staff as they were paying out in dividends to shareholders in the boom years.
John Kay articulates the sort of post-Thatcher/post-Blair economic argument that Ed Miliband sounds like he is reaching for.
It’s worrying that the pan-eurozone rescue fund is seen as a greater credit risk than the German government.
The benefits, both from trade and migration, are not just marginal or “nice-to-have”. For a small, open, service-based economy like the UK, they are essential to any growth strategy worthy of the name.
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