Deficits

A crisis of confidence in the European project

Headshot of Peter Droussitis

Greece is in a mess primarily because successive Greek governments failed to take the tough measures necessary to modernise the country’s economy and institutions. If the country was not in the eurozone then it could have taken radical steps of its own to correct mistakes of the past just as the United Kingdom did following… Read More »


A Dynamic Rebalanced Economy Supporting Strong Public Finances

david phillips labour economy

A BETTER PLAN FOR BUSINESS: A Dynamic, Rebalanced Economy with Strong Public Finances The first day of the 2015 general election campaign saw Ed Miliband launch Labour’s compelling Plan for British Business at Bloomberg’s in London. His overarching vision is one where our business sector succeeds when working people succeed. Focusing on the great strengths… Read More »


Editorial: On Course…for the Rocks

on course for rocks autumn statement 2014

The Chancellor declared in his Autumn Statement that Britain was on course for a budget surplus, growth and national recovery. Yet at the outset he had staked his credibility on removing the deficit within this Parliament. Not only has the government failed in this overarching goal, but the deficit is unlikely to be eliminated until… Read More »


The Dawn of Virtuous Finance and the Public Good

david phillips global financial stability

EDITORIAL: Yet another major financial institution made the headlines recently with Lloyds Banking Group’s £218 million fine, paid to the UK Financial Conduct Authority (FCA) and various US financial regulators over its manipulation of LIBOR and the Special Liquidity Scheme, a rate used by the Bank of England. These follow similarly hefty fines by other… Read More »


Mark Carney and the Bank of England: The Challenges Ahead

Educated at Harvard and Oxford University, having experienced a successful period of just over five years as governor at the bank of Canada, Mark Carney soon stepped into the role of governor at the Bank of England ready to take on the challenges facing UK. As governor of the Canadian central bank, Carney pledged to… Read More »


On Money, Banks and Social Justice, The Real Challenges Ahead

A review of ‘Where Does Money Come From?’ (2nd edition 2012). By Josh Ryan-Collins, Tony Greenham, Richard Werner and Andrew Jackson. New Economics Foundation. Money is at the source of the greatest misconceptions in economics, amongst the general public, trained economists and professional financiers. And yet a proper understanding of money is key to grasping… Read More »


Minsky: Money, Banks and Debt Crucial to Understanding Economics

The start of the financial crisis in 2007 has often been described as a ‘Minsky moment’, named after the late American economist Hyman Minsky. Minsky challenged mainstream theory about the way business cycles worked, and the impact of the financial sector. Outside the world of academic economics it may be a commonplace cliché to say… Read More »


Co-operative Councils, Empowering Local Communities

Public services are at a turning point. The money’s run out just as our ageing population and rising unemployment mean there is more demand for social support than ever before. We need to find ways to do different for less, because, if we don’t, those people who need public services the most will find them… Read More »