Treasury

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 »

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Shadow Banking, the Elephant in the Room

david phillips labour economy

Recent developments in bank regulation have increased capital requirements for banks and so constrained lending, which shows up in small business struggling to secure finance. The regulations originate from the Basel Committee on Banking Supervision (BCBS) (Basel III – new measures to strengthen regulation, supervision and risk management) and the European Union Capital Requirements Directive… Read More »

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UK Financial Sector Needs Better Not More Regulation

UK financial services regulation

Douglas Flint, Chairman HSBC along with a number of other senior bankers (FT 7th August) are said to be critical of the ways UK financial regulators are now operating. Other press articles have also give the impression that the UK Government’s financial services regulatory requirements applicable now and being consulted on for the future, are… Read More »

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IPPR Sets a Direction for Labour on Welfare

elliot bidgood uk economy competitive inclusion

This month IPPR published its Condition of Britain report, a spiritual successor to the 1994 Commission on Social Justice that laid the groundwork for the previous Labour government. Condition of Britain focuses on how Labour can bring about social renewal in leaner times and empower individuals and communities, rather than relying solely on monolithic state… Read More »

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Accounting in UK Banking Sector Needs Drastic Reform

In November 2012, the Bank of England released its autumn Financial Stability Report (FSR). Chapter two shows the market capitalisation of the banks is significantly lower than their reported asset values. This indicates market mistrust of the accounting numbers amongst various other problems.  While the FSR states that some banks’ assets are overvalued by billions,… Read More »

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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 »

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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 »

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Strivers Tax and Coalition’s Fiscal Failure

When he delivered his Autumn Statement the Chancellor was forced to admit he had failed. Far from securing the recovery, he had to admit that not only has the economy flatlined over the last two years but is set to shrink this year. Growth forecasts were downgraded yet again for this year, next year and… Read More »

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Reinventing Community Banking, Supporting Local Business

by Seema Malhotra; 19 November 2012 A radical change in banking is needed to rebuild the British economy so that is works for entrepreneurs and small businesses. The Government has failed to get lending going to small and medium sized firms, holding them back from expanding and taking on extra workers. Despite promises from Ministers… Read More »

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