In the details of Philip Hammond’s Autumn Statement came a worrying confirmation for those of us campaigning for a pay rise for Britain’s workforce. The Autumn Statement’s accompanying OBR forecast shows that the average annual wage will be £1,000 lower in 2020 than predicted at…Read more…
Ernest Bevin and three lessons for ‘Rethinking Economics’
(This post is the fuller version of remarks I made at the launch of Econocracy: The Perils of Leaving Economics to the Experts, by Joe Earle, Cahal Moran and Zach Ward-Perkins of ‘Rethinking Economics, London School of Economics, 21ST November 2016.) Parallels have rightly been drawn between the…Read more…
Workers on boards would become part of a new, and better, normal
The Prime Minister used her speech to the CBI this morning to appear to dilute her previous commitment to put workers on company boards. If this is the case, it represents a huge missed opportunity to put in place a different model for British business…Read more…
The vindictive policy that punishes children for having more than one brother or sister
Last year, in his summer Budget, George Osborne announced a couple of measures designed to penalise large low-income families. One was the reduction in the Benefit Cap, from £26,000 to £23,000 in London, £20,000 elsewhere. The limit mainly applies to people who need to claim Housing Benefit for…Read more…
What would an #AutumnStatement for everyone look like?
The Prime Minister says she wants ‘an economy that works for everyone’. The Autumn Statement – or mini budget – on the 23rd of November, will be the first test of her commitment, and that of the Chancellor, to put that into practice. Here’s the actions we believe would show she’s serious about that…Read more…
UK languishing near bottom of OECD rankings for investment in vital infrastructure
New TUC analysis shows the UK ranking towards the bottom of OECD countries across a number of categories of investment vital for economic development. The analysis has been issued to support our submission to the Treasury on the Autumn Statement which is published today (see Kate’ Bell’s blog…Read more…
CPI shows retailers resisting exchange rate pressures – for now
Inflation figures today show that, so far, retailers are absorbing the costs of the fall in sterling. CPI inflation came in below expectations to fall back to 0.9% from 1.0% in September (the Bank of England expected a rise to 1.1%). While the rise in inflation is still significant (it’s 2.0% on…Read more…
The Econocracy: the stunning new book from Rethinking Economics
The ‘rethinking economics’ student movement has been one of the few highlights of the dismal years since the financial crisis. In their new book The Econocracy: The perils of leaving economics to the experts, three of their number – Joe Earle, Cahal Moran and Zach Ward-Perkins – set out in full…Read more…
‘Monumental Victory’ In Uber Case
This is the official GMB press release: Similar contracts masquerading as bogus self employment will all be reviewed says GMB GMB, the union for professional drivers, has won their case against Uber…Read more…
Q3 GDP growth survives the referendum vote, but points to one reason for the outcome
In the wake of the Brexit vote, 2016Q3 quarterly GDP growth of 0.5% (down from 0.7% in Q2) is regarded as a ‘result’. Growth compared with the same quarter a year ago is 2.3%, the highest since 2015 Q2 (when 2.4%). In the industry detail, however, it’s business as usual. Contributions…Read more…
UK real wages are still down 6%, in the East Midlands it’s nearly 10%
Earnings figures put any economic ‘recovery’ into perspective. There has now been a two-year real wage revival (i.e. with earnings growth outstripping inflation), and in 2016 median UK full time earnings were up nearly 4 per cent on the low point in 2014. But that low point was nearly 10 per cent…Read more…
Putting the flesh on the government’s industrial strategy
Last Thursday (20 October) saw a backbench Commons debate on industrial strategy. This debate coincides with, but is distinct from, an inquiry by the BEIS Select Committee into industrial strategy, to which the TUC gave evidence. Jo Johnson, the Univer…Read more…
What’s up with self-employment?
Last week I was perusing the latest Business; activity, size and location statistics on the ONS website (which counts as a good time in your 30s) when I noticed an interesting quirk: the number of private sector businesses continues to grow but the num…Read more…
Q. How did George Osborne end up borrowing FOUR TIMES more than he said he would?
A. His spending cuts crushed economic growth, meaning that in 2015-16 tax revenue fell short of expectations by £85bn. New analysis from the Office for Budgetary Responsibility (OBR) carefully details exactly how Osborne managed to end up with this colossal failure to stick to his original plans:…Read more…
The Brexit economy: the ship seems steady, but the waters are choppy
If you’re confused about the state of the UK economy in the wake of the Brexit vote, we don’t blame you. In the past few days alone you might have heard that consumer confidence is at its highest level for two years. Maybe you’ve read that business confidence is “bouncing back” with optimism…Read more…
Unite will not stand by and see good jobs scrapped amid Brexit
This week Unite will set out its strategy on manufacturing and Brexit. Called Brexit On Our Terms, Unite has consulted and listened to our shop stewards and reps in manufacturing, the Trades Union…Read more…
All Aboard Making worker representation on company boards a reality
Speaking today at the Conservative Party Conference, the Prime Minister repeated her commitment to introduce worker representation on company boards. The TUC has just published a new report All Aboard that sets out proposals for making this a reality, …Read more…
Is the decline of manufacturing really ‘natural evolution’?
According to conventional wisdom, industrial trends follow a natural evolution from agriculture to manufacturing and finally to services. Fascinating long-run data from the ONS (based on employment information from census records since the mid-C19) sug…Read more…
Early Reflections on Labour Conference 2016
The portents were not good a few weeks ago – the conference was expected to expose a giant chasm and split the party; Ian McNichol was for the chop; they were struggling to find a new security…Read more…
IMF warn of global deflation
The precarious condition of the global economy is back in the spotlight. Last week the OECD issued their interim economic outlook, headed: “global growth warning: weak trade, financial distortions’. This week it is the turn of the IMF, who are leading on the threat of global deflation and the…Read more…