Key points
http://www.bbc.co.uk/news/uk-politics-15937446
More detailed points on the statement.
http://www.bbc.co.uk/news/uk-politics-15931086
Ed Balls’ response.
Tuesday, 29 November 2011
Monday, 28 November 2011
Plan B "Writing's on the Wall"
Is it plan B or just plan A+
The Guardian suggests (or probably thinks wishfully) for a partial U turn
http://www.guardian.co.uk/uk/2011/nov/27/autumn-statement-osborne-u-turn
The Telegraph says keep going with Plan A
http://www.telegraph.co.uk/finance/comment/jeffrandall/8919655/Autumn-Statement-2011-Dont-spare-the-horses-tomorrow-George-Osborne.html
Sunday, 27 November 2011
Economic split in coalition
The Guardian is carrying a story today that Vince Cable, the Lib Dem Business Secretary is teaming up with former Tory Minister and now Lord Heseltine to block a Downing Street Plan to relax employment laws to make it easier for micro companies employing fewer than ten staff to fire staff. Heseltine told the Politics Show on BBC1 on Sunday: “When you start talking about enabling people to sack people, well, I have two observations. The first is this, the sort of companies that I understand don’t sit there saying, ‘by golly, we’ve got to be able to get rid of people, so therefore we mustn’t invest because the risks are too high.’ If you’re really an enterprising business, you invest because you think it’s going to be a success. You may have to readjust but you can do that, as quite obviously is happening right through industry as significant numbers of people are being laid off.” This is a great story for those tricky economy questions where synoptic points about the divisions within parties will really earn you marks.
Wednesday, 23 November 2011
http://www.youtube.com/watch?v=7b7DgOeMnW4
A great Pulp song that says all you need to know about the Blair years.
(Source: http://www.youtube.com/)
10 things about your money and how they spend it
Nick Robinson’s blog has some useful information about tax in the UK http://www.bbc.co.uk/news/uk-politics-15843746
The Tax calculator proves that I am a member of the squeezed middle. Net payment to the Treasury every year of 5K+.
I grow more Conservative every day!
Top rate of taxation too high?
Interesting post from the Spectator about cutting the top rate of tax. Obviously a very right wing view and some quite tendentious use of figures:
“Just 44 per cent of millionaires are committed to staying in the UK, while nearly 8 per cent are actually planning to leave, according to a June survey by Skandia. High taxation was the most frequently cited reason for leaving”
Note they have no figures for people actually leaving!
I am, however, struck by a couple of points that are worth using in any essay about how little government control there is over the economy.
For the rich, taxes are a voluntary contribution
With the new science of ‘wealth management’, there are now convenient and legal ways for high earners to arrange their finances so they effectively decide how much tax they pay. A ‘tax-yah’ – spending a mid-career tax year abroad so one can claim non-residency to Britain – is now de rigueur among the rich.
The wealthy can also: move from income investments to investments that are subject to capital-gains tax; transfer income-producing investments to a spouse; set themselves up as a company; engage in ‘salary sacrifice’ such as opting for enhanced benefits at work rather than a pay rise. Venture capital trusts, offshore bonds, enterprise investment schemes – all these financial products
The UK is plunging in tax competitiveness
All over the world, nations are using income tax as a tool to attract high-income individuals, slashing top rates and the like. This means the revenue-maximising rate of income tax is falling globally, as the wealthy move money to friendlier tax regimes. While it’s hard to compare income-tax structures across countries, given their complex nature, the global revenue-optimising rate of corporation tax has fallen to 26 per cent, from 34 per cent in the 1980s.
Meanwhile Britain has gone the other way – our tax structure has been made more punitive. The results are only too real – Twitter relocated its international HQ to Ireland partly because of the lower corporation tax rates there, for instance. The UK now has one of the least competitive tax environments in the world. Since 1997, we have dropped from 4th place to 95th in the World Economic Forum’s tax competitiveness ratings.
The whole article can be found here - http://bit.ly/t2Hu14
Monday, 21 November 2011
Government mortgage indemnity scheme
The new government housing scheme is a classic conservative policy proposal from page 1 of the playbook: ensure that we have a home owning democracy of floating voters.
The key proposals:
- Mortgages of up to 95% of the value of new homes to be offered with government underwriting part of the risk
- £400m public fund to help developers “unblock” stalled housing schemes
- Largest discounts for social tenants wanting to own their properties under right to buy
- More public sector land to be made available for building
- Planning obligations on stalled projects reviewed
- Up to £150m to help bring empty housing back into use
http://www.bbc.co.uk/news/uk-politics-15810966
Interestingly this seems to be a policy that has some kind of consensus and it has been broadly accepted as a good idea, though those on the Left think it hasn’t gone far enough, as does the Homebuilder’s Federation (quelle surprise!)
http://www.bbc.co.uk/news/business-15817982
Perhaps it is a sign of the current crisis and talk of a return to recession that the Right have accepted government involvement in the market quite so readily.
؟Still if it artificially boosts prices and provides everyone with a wealth effect that makes them spend that’ll be good؟
Sunday, 20 November 2011
Is America a democracy
US philosophy uses Plato to look at America’s democracy
http://opinionator.blogs.nytimes.com/2011/11/09/are-we-a-democracy/
Why the Robin Hood Tax won't work
The Robin Hood tax or Tobin Tax is the cause de jour for celebrities. A great idea in principle but economically illiterate in practice. It would help if Bono and his mates actually paid their full share of taxes http://www.guardian.co.uk/music/2011/jun/25/u2-bono-tax-protest-glastonbury
http://timharford.com/2010/02/if-that%E2%80%99s-the-robin-hood-tax-i%E2%80%99m-the-sheriff-of-nottingham/
Inflation
Explanation of inflation in simple terms
http://timharford.com/2011/05/only-mervyn-king-and-the-tooth-fairy/
The perfect rate of inflation
http://www.ft.com/cms/s/2/49c0b8a2-4ed2-11dc-85e7-0000779fd2ac.html#axzz1eGy5OjFx
Good background on why the right are so anti inflation.
http://www.economist.com/blogs/democracyinamerica/2011/07/free-marketeers-and-inflation
Taxation debate
Some useful background articles on taxation in the UK
http://www.economist.com/debate/overview/142
http://www.economist.com/node/13356664?story_id=13356664
Housing and taxation. Pickles weighs in.
Recession watch
Recession watching in the UK
http://www.thisismoney.co.uk/money/news/article-1616085/Economy-watch-What-Britain.html
New Labour to blame? http://www.economist.com/debate/days/view/488
A classic rightwing diatribe from Heffer.
http://www.telegraph.co.uk/comment/columnists/simonheffer/7080429/This-recession-was-no-accident-and-we-know-whos-to-blame.html
An expert blames consumers
http://www.youtube.com/watch?v=aCiKdbB9M6Q
Newsnight on the recession.
http://www.youtube.com/watch?v=NYU277BvrVI&feature=related
http://www.youtube.com/user/liarpoliticians#p/search/2/wVyR_M5ogmI
[vimeo http://www.vimeo.com/3261363 w=500&h=281]
Credit Crunch explained
(Source: http://player.vimeo.com/)
Credit Crunch
Saturday, 19 November 2011
Youth Unemployment
Sky News has some good material on the Youth Unemployment crisis, particularly the statistics and comparisons with other European countries. This topic has useful ramifications for us on the Economy, Benefits and Education parts of the course.
Milliband on the Economy
Ed Milliband has finally produced a Labour policy on the Economy. Better still it includes a student friendly 5 Point Plan for more responsible capitalism which will provide plenty of milage in the summer on the inevitable economy question. This Guardian article has a good video clip of Milliband talking about the policy.
Thursday, 17 November 2011
Irish budget decided in Berlin
As ever from Guido Fawkes a very Eurosceptical line but a good example for A2 politicians of the right’s view of economic control in Europe.
http://order-order.com/2011/11/18/irish-budget-decided-in-berlin/?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+guidofawkes+%28Guy+Fawkes%27+blog+of+parliamentary+plots%2C+rumours+and+conspiracy%29&utm_content=Google+Reader
A rump at the bottom of society
An excellent (left wing) analysis of the government’s and some members of New Labour’s views on jobs and training - especially mandatory training!
Wednesday, 16 November 2011
Smoking Ban in cars
One of the key concepts in the Pressure Groups section of the course is ‘countervailing’ groups. i.e pressure groups that act against each other. The classic examples are the CBI vs the TUC, though I’m not personally sure how relevant the TUC is now. The link below has a good example, the BMA calling for a smoking ban in cars vs the pro choice smoking group FOREST.
http://www.channel4.com/news/doctors-call-for-smoking-ban-in-cars
Smoking Ban in cars
One of the key concepts in the Pressure Groups section of the course is ‘countervailing’ groups. i.e pressure groups that act against each other. The classic examples are the CBI vs the TUC, though I’m not personally sure how relevant the TUC is now. The link below has a good example, the BMA calling for a smoking ban in cars vs the pro choice smoking group FOREST.
http://www.channel4.com/news/doctors-call-for-smoking-ban-in-cars
Thursday, 10 November 2011
Wednesday, 9 November 2011
Traders are just lucky
Link: Traders are just lucky
Nobel prize winning economist says that bankers and traders attribute their success to their skill when it is just luck
Recidivism
The Guardian going big on reoffending rates, (recidivism) and the fact that that four in ten of the young people in jail are black and The Telegraph lauding Ken Clarke’s announcement that jail terms will be handed out to those who threaten with a knife and mandatory life sentences would be the norm for those convicted of a second violent sexual crime. Finally the BBC is carrying news that Armley Jail in Leeds is to be involved in a pilot where it will be paid according to the success it has in preventing reoffending.
http://www.youtube.com/watch/?v=qYtNwmXKIvM
Tobin Tax (AKA Robin Hood tax)
A nice memorable little pressure group which serves a useful purpose for both AS and A2 students, lots of high profile celebrity support means that there are some excellent quality materials available that explain the idea including the video below
(Source: http://www.youtube.com/)
Recidivism
The Guardian going big on reoffending rates, (recidivism) and the fact that that four in ten of the young people in jail are black and The Telegraph lauding Ken Clarke’s announcement that jail terms will be handed out to those who threaten with a knife and mandatory life sentences would be the norm for those convicted of a second violent sexual crime. Finally the BBC is carrying news that Armley Jail in Leeds is to be involved in a pilot where it will be paid according to the success it has in preventing reoffending.
Tuesday, 8 November 2011
Greek crisis in perspective
A brilliant blog post from Adam Curtis putting the current Greek crisis in historical perspective.
Greek crisis in perspective
A brilliant blog post from Adam Curtis putting the current Greek crisis in historical perspective.
Thursday, 3 November 2011
The decline of the West?
If you ignore Ferguson’s attempt to be down with the kids, (killer apps!) this is a very interesting idea that seems to be gathering momentum with the current economic crisis.
http://bigthink.com/ideas/20070
Paul Mason, the Economic Correspondent of Newsnight, seems to agree.
http://www.bbc.co.uk/news/business-15576651
He makes the link between the 1930s and globalisation.
David Cameron: One Nation Tory?
Prime minister places himself in tradition of Super-Mac by describing deficit reduction plan as One Nation Conservatism
http://www.guardian.co.uk/politics/wintour-and-watt/2011/oct/05/davidcameron-toryconference
http://blogs.telegraph.co.uk/news/benedictbrogan/100109240/david-cameron-at-conservative-party-conference-a-touch-of-british-bulldog-spirit-points-to-brighter-times/
The decline of the West?
If you ignore Ferguson’s attempt to be down with the kids, (killer apps!) this is a very interesting idea that seems to be gathering momentum with the current economic crisis.
http://bigthink.com/ideas/20070
Paul Mason, the Economic Correspondent of Newsnight, seems to agree.
http://www.bbc.co.uk/news/business-15576651
He makes the link between the 1930s and globalisation.
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