Economic updates 2019 - this is an unfinished open post and more will be added:
The Economy Going Forward - Labour or Tories?
As major banks warm to the idea of Jeremy Corbyn as Prime Minister, economic forecasts predict the economy would be 5% bigger under a Labour government and Britain could be significantly better off under his stewardship.
Labour will spend 1.2tn - this is a completely false made-up figure by the Conservatives - This figure included things the party ruled out, doubled the cost of other policies, counted 10-year commitments as happening over 5 years etc.
Nationalising Water, Energy & Royal Mail will save UK households £7.8bn per year and pay for itself within seven years.
Labour Do Economists Agree with Labour's Economic Proposals?
129 Economists and Academics back Corbyn's economic proposals - https://www.theguardian.com/news/2017/jun/03/the-big-issue-labour-manifesto-what-economy-needs
41 Economists back Corbyn - "His opposition to austerity is actually mainstream economics, even backed by the conservative IMF."
Economic Competence - Labour or Tories?
Our UK economy is one of the worst-performing in the developed world
Strong on the economy? The Tories are weak - and the media should say so.
Labour Governments GDP growth per head averages at 1.7% 1997-2009. The Conservatives 2010-2018 averages at 1.2%. This is a much better measure of how much prosperity is growing than GDP growth and demonstrates that the economy under a Conservative chancellor since 2010 has been weak, not strong.
Historically Labour have always been more economically competent than the Tories.
https://mainlymacro.blogspot.co.uk/2017/04/economic-competence-revisited.html
Labour borrows less and pays back more. Labour also invests more in society.
"Labour has a record, in key respects, of being more fiscally conservative than Conservatives" - Economist Ann Pettifor - Why Business could prosper under a Corbyn government.
Trickle Down Economics
An IMF (International Monetary Fund) report authored by 5 economists found that income distribution matters for growth. If the income share of the top 20% increases GDP growth declines, so the benefits do not trickle down. Increasing the income share to the bottom 20% of citizens results in a 0.38% increase in GDP growth. Increasing the income share of the top 20% citizens yields a decline in GDP growth of 0.08%.
Austerity - was it Necessary or a Political Choice?
The Conservatives imposed austerity against majority academic opinion
https://mainlymacro.blogspot.co.uk/2017/04/economic-competence-revisited.html
Austerity cost the average household £10,000 in lost resources.
Austerity cost the average household £10,000 in lost resources.
The Deficit
The Tories often point out that they have reduced the deficit, but the way they have done this has damaged the economy and society, demonstrating severe economic incompetence.
The Crash and Resultant Debt by 2010 was all Labour's fault - The Overspending Myth.
The Tories can't keep blaming Labour for their mistakes. The financial crisis would have been even worse under the Tories who wanted less regulation for the banks.
Former Bank of England Govenor - Labour were not responsible for the crash.
Even Peston at the BBC has to agree that Labour did not overspend and that Thatcher's public spending was significantly higher, he forgets to mention that the Conservatives also wanted less regulation for the banks.
The Overspending Myth exposed.
Here is a video of George Osbourne admitting that Labour did not cause the crash. He states 'The (Labour) government did what was necessary in a difficult situation'. Also, noted is that the Conservatives were promising to match Labour's spending and calling for less regulation for the banks. Link to the full interview here. The difficult economic situation would have been worse under a Conservative government.
Here is a video of George Osbourne admitting that Labour did not cause the crash. He states 'The (Labour) government did what was necessary in a difficult situation'. Also, noted is that the Conservatives were promising to match Labour's spending and calling for less regulation for the banks. Link to the full interview here. The difficult economic situation would have been worse under a Conservative government.
George Osborne finally admits that the "Labour crashed the economy" lie is well.... a lie. pic.twitter.com/jpYf5R80pw— EL4C (@EL4JC) 16 October 2017
Tories Economic Incompetence
The Tories have refused to allow the Office for Budget Responsibility
to compare their manifesto with Labour's so that the public can be
properly advised. Ask yourself why?
https://www.youtube.com/watch?v=R7pgpVlhYig&t=3s 2:50 onwards
Welfare cuts - Tories spend more than they save.
Benefit sanctions regime costs taxpayers 153million more per year than it saves https://www.dailyrecord.co.uk/news/scottish-news/official-report-reveals-hated-benefit-9361944
Even Plutocrats agree with Corbyn's Economics
https://www.youtube.com/watch?v=q2gO4DKVpa8
Despite the severe and socially destructive austerity cuts the Tories have almost doubled the national debt since they came to power in 2010:
Despite the severe and socially destructive austerity cuts the Tories have almost doubled the national debt since they came to power in 2010:
Source: https://www.ukpublicspending.co.uk/uk_national_debt_analysis
Where has all the money gone?
WANT TO KNOW MORE?
Some excellent articles on debt, where money comes from, how we keep inflation in check and how are taxes don't pay for everything: https://duncanpoundcake.wordpress.com/2018/11/01/rethinkmoney-part-5-taxits-all-lies/
