The BoE’s decision to raise the Bank Rate to 0.75% is a mistake. It is a mistake comparable to those made by Alan Greenspan’s Federal Reserve in the years between 2003 and 2006.
So the UK Supreme Court (a bench of 11 judges) has delivered its judgment. Unaninmously. The prorogation of Parliament, based on the unlawful advice of Prime Minister Johnson, even if in form an act of the Queen, was null and void and of no effect.
Boris Johnson is a moral (or is it amoral?) coward, dispenser of racist remarks, teller of untruths and general political fantasist. Driven by ambition and lust for power, he appears to have no principles to guide him save expediency and openness to self-serving opportunity.
But sometimes, the truthless soundbite that seemed so useful for a particular moment leaves its author or articulator exposed. And thus it is with Mr Johnson’s “GATT 24” untruth which has now unravelled, and forced Johnson into a rare ‘clarification’.. After all, when even Liam Fox says you’re wrong, you know you’re on a sticky wicket.
If we are to restore stability within Europe, and if we are to defeat the authoritarian ambitions of extreme political forces, then restoring policy autonomy to democratic governments by managing capital mobility is essential. Economic forces cannot be detached from their entanglement with democratic, political institutions. A new European Clearing Union would help to restore a common purpose to the European project, and to defeat the rising ride of authoritarianism.
Although Theresa May has survived to fight another day as Prime Minister, the of her Brexit deal in parliament has blown the debate wide open. The Prime Minister has called on MPs to "put self-interest aside" and "work constructively together" to find a way forward. In this context, the Labour Party’s next steps are critical.
The debate about Lexit is now irrelevant. The only form of Brexit that is possible is one that will entrench the status quo or empower something far worse. The left must unite against it.
It’s budget time. Austerity has severely damaged Britain’s physical and social infrastructure. Coupled with a fall in real wages, austerity has shrunk Britain’s social wage. No wonder British voters are angry and disillusioned. So let’s examine the case for a £50 billion spend. For the NHS, local government, central government services, and unfreezing benefits…
It can be done within the levels of expenditure considered acceptable during the Thatcher era. All it takes is political will – and the overturning of the ‘Treasury View’.