The result of Gordon Brown’s upheaval was a system that offered better work incentives at a lower cost and with greater simplicity.
The labour rigidities of the late 1960s are a thing of the past, and the hire and fire culture of the early twentieth century is if anything tilted rather too far towards the “rights” of employers rather than workers
Here’s the transcript of my interview with Martin Weale of the Bank of England’s Monetary Policy Committee. The write-up will be published in The Independent tomorrow morning.
1) Warns that NGDP target likely to prove inflationary; emphasises practical problems of implementing
2) Says that QE “certainly not parked”
3) Sees no evidence that fiscal multipliers have been higher [...]
I’m not sure why anyone would talk about the value of UK exports to the EU as a share of GDP (rather than as a share of total exports) unless the purpose is to obscure the importance of the EU as an export market.
Including everything the Government has done will leave a couple with children and 1 earner worse off by 2015-16 by £65 a week, or around £3,300 a year
We have a Chancellor who complains about tax shopping by multinationals while at the same time slashing UK corporation tax to encourage multinationals to shop around and choose Britain.
The OBR thinks departments will underspend their capital budgets in both 2013-14 and 2014-15 by £1.5bn, thus effectively cancelling out 60% of the Chancellor’s stimulus.
What the Institute For Fiscal Studies found is that the public finances really have deteriorated and that underlying borrowing, on the OBR’s own forecasts, should be £131.9bn this financial year, £10.9bn up on the £121bn 2011/12 deficit.
The justification for deferring bonuses is to incentivise bankers to take more care over the risks they take. What this research shows is that a three-year delay just isn’t long enough to perform this job.
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