Our economy should work for everyone, but if your pay has stagnated for several years in a row and fixed items of spending keep going up, it doesn’t feel like it’s working for you Theresa May, Conservative Party conference, October 2016 Yesterday our budget blog set out our case for investment in…Read more…
Budget blogs – we need a budget for public services
In 2018/19, in real terms, NHS spending is going to go down – 10 years after Lehman brothers and austerity began Simon Stevens, Chief Executive of NHS England, wasn’t pulling his punches at the Public Accounts Committee last month. “There are very clearly substantial pressures and it doesn’t…Read more…
Budget blogs: Looking to the longer term
So far this week we’ve outlined the main challenges facing the Chancellor as he prepares his budget, and looked at the sharp rise in insecurity at work, and the hole it’s punching in the public finances. Today’s post looks at the longer term challenge of producing more good jobs and an economy that…Read more…
European Parliament vote for CETA brings the battle for fair trade deals home
Today the European Parliament voted 458 in favour of the EU-Canada deal known as CETA with 254 votes against. This means that about 90% of the deal comes into force and paves the way for the deal to be sent to the UK parliament for approval. If the UK parliament agrees to CETA we will…
The…Read more…
Budget blogs: The fiscal cost of insecure work
Yesterday’s Budget blog focused on challenges facing the Chancellor as he prepares for the last Spring Budget. New TUC research out today shows why tackling the rise of insecure work should be high on the Chancellor’s agenda, revealing the £4bn a year cost of the rise in low-paid self employment…Read more…
Workers’ rights beyond Brexit
When the government published a white paper on Brexit priorities, we hoped it would give more certainty to working people on what the future holds. But it poses more questions than it answers. And it fails to give the reassurances workers need for thei…Read more…
Kerslake review of Treasury warns that austerity has failed
Today Lord Kerslake (the head of the home civil service, 2012-2014) published his independent review of the Treasury, with launch events in London and Manchester. The report was commissioned by Shadow Chancellor John McDonnell; TUC General Secretary Frances O’Grady was on the panel amongst others…Read more…
Budget blogs: Springing into action…
The new(ish) Chancellor’s first Budget, due on 7th March, would normally be seen as a key political moments in the year. It’s an opportunity for Government to dominate the headlines and give a cash based indication of their priorities. But with Brexit hoovering up political attention, not to…Read more…
Labour market update; why ‘more of the same’ is cause for concern
The next set of labour market data is out next Wednesday. This blog looks at recent trends in the figures to give some pointers as to what we should be looking out for. In summary, our view of the labour market hasn’t changed much; the headline employment figures are strong, but we’re seeing a…Read more…
Industrial CCS in Teesside: the cinderella project that could set the UK towards its climate and growth goals
The recent TUC report ‘Powering Ahead’ argues that Carbon Capture and Storage (CCS) is an investment in our industrial and environmental future. It will be important for the economic regeneration of key industries by stimulating future clean growth in the UK. Teesside Collective is working to make…Read more…
Brushing the dust off Collective pensions: TUC Pensions Conference
The subject of Collective Defined Contribution (CDC) pensions got an unexpected airing at the TUC Pensions Conference last week. The topic was not even on the conference agenda. For, after losing its most high profile backer in former Pensions Minister Steve Webb with the end of the Coalition…Read more…
What does Brexit mean now? (According to the White Paper)
Last Thursday, the Government published its hastily promised and delivered white paper on exiting the European Union. The United Kingdom’s exit from and new partnership with the European Union was longer than many expected, but did not really add much to what the Prime Minister said in her…Read more…
Pensions designed by men for men: TUC Pensions Conference
If you mingled among the delegates at the TUC Pensions Conference last week, then you would be sure to hear people chatting about one of the presentations: the barnstorming contribution of Baroness Hollis on women and pensions. The Labour peer gave a r…Read more…
Insecure work is up by a quarter since 2011. Which sectors are driving this?
The number of people in insecure work, those working without guaranteed hours or baseline employment rights, has rapidly increased by more than 660,000 (27%) over the past five years. The TUC estimates that over 3 million people now work in insecure jo…Read more…
1000 More Euro millionaires is a symptom of a disordered banking sector
In 2015 there were 4,133 €-millionaire bankers in UK. This figure is up 20% on 2,926 the previous year. In the rest of Europe, the increase was more modest from 934 to 1002 (+7%). The sharp eyed will gather that we are home to 4,133 of 5,035 €-millionaire bankers in Europe as a whole,…Read more…
Banks are lending to buy houses, not build businesses
The days of the credit crunch can seem to be well and truly behind us. 2016 was the second successive year when bank lending to the economy was in positive territory – that is the total loans issued were greater than repayments. In total bank (net) lending in 2016 was £79bn, up from £39bn…Read more…
Designing a responsible corporate tax policy for Brexit Britain
Last month, the Prime Minister announced the government’s new industrial strategy through a green paper, inviting responses via a consultation. In a 132-page document, tax was mentioned just 14 times. Yet it is undoubtedly the case that taxation is a core component of a government’s economy policy….Read more…
David Gauke’s response to our NHS funding campaign just isn’t adding up – #FullyFundourNHS
Our petition calling on Philip Hammond to commit to a financial reset for the NHS in the Autumn Statement received 11,764 signatures. We delivered it to the HM Treasury – only to find NHS funding was completely missing in the Autumn Statement. We have a number of concerns over the response we…Read more…
How can we respond to Trumponomics?
How to respond to the populism and protectionism of Donald Trump will be one of the biggest challenges facing mainstream economists and politicians in 2017. A good starting point for that debate might be Martin Wolf’s wide ranging article in today’s Financial Times (£), ‘Donald Trump’s tough…Read more…
MPs debate Brexit: we want to know what will happen to our rights at work
Today, the second reading debate for the European Union (Notification of Withdrawal) Bill 2016-17 begins. Or in shorthand, MPs will finally start debating Article 50, or the start of the Brexit negotiations. It has taken a long time to get something substantive debated – something more than…Read more…