In September 2010, the IMF beheld the coalition's cuts programme, and saw that it was good. "The UK economy is on the mend," it pronounced in the very first line of its report. With the recovery apparently secure, "credible fiscal tightening is essential". Just a month before George Osborne's spending review, the IMF's economists backed the still-new chancellor to the hilt: "With steadfast fiscal adjustment, forward-looking monetary policy aimed at achieving the inflation target, and … strong financial sector reforms, economic fundamentals should … establish the basis for sustainable recovery." Far from harming growth, the cuts would ensure it. The phrase of that moment, indeed of the whole honeymoon period for the coalition, was "appropriately ambitious".None of that breezy confidence was in evidence when the ... Continue reading →
In September 2010, the IMF beheld the coalition's cuts programme, and saw that it was good. "The UK economy is on the mend," it pronounced in the very first line of its report. With the recovery apparently secure, "credible fiscal tightening is essential". Just a month before George Osborne's spending review, the IMF's economists backed the still-new chancellor to the hilt: "With steadfast fiscal adjustment, forward-looking monetary policy aimed at achieving the inflation target, and … strong financial sector reforms, economic fundamentals should … establish the basis for sustainable recovery." Far from harming growth, the cuts would ensure it. The phrase of that moment, indeed of the whole honeymoon period for the coalition, was "appropriately ambitious".None of that breezy confidence was in evidence when the ... Continue reading →
So you think you're having a hard time, what with the cuts and the scrapping of public services and those threats of losing your job? Well, I bring good news. The austerity we've heard so much time about – this historic, unparalleled slashing of spending – is all made up. David Cameron is simply fudging his figures. Those Jobcentre staff haven't been made redundant. And remember the Sure Start centre that you thought had shut? Why, it's still open, and bursting with toddlers.This magical thinking comes from one of the world's biggest money brokers, Tullett Prebon. It argued last week that Britain's austerity is "mendacious" spin, and a "con" and, in case you hadn't got the message and been bathed in sufficient spittle, "bare-faced deception".Predictably ... Continue reading →
Twitter uses the t.co domain as part of a service to protect users from harmful activity, to provide value for the developer ecosystem, and as a quality signal for surfacing relevant, interesting Tweets. Back to Twitter Learn more Continue reading →
European politicians failed to see that the single currency’s existence is in peril, trying to blame the system’s failures on individual countries, Aditya Chakrabortty, lead economics writer for The Guardian newspaper, told RT. The result is that, at least for Greece, every feasible way of dealing with the crisis would involve the army maintaining martial law and order on the streets.RT: We’ve recently seen elections in Greece, which have shown that the Greek people reject austerity. How long do you think this rebellion is going to go on for?Aditya Chakrabortty: I think it has already been going on for the best part of two years, ever since the European Union and the IMF imposed the really severe program of spending cuts and reform of welfare ... Continue reading →
