petej + deficit   135

mainly macro: We need a political party that is tough on the causes of Brexit
Brexit was not an aberration in an otherwise well functioning UK democracy, any more than Trump was in the US. They are symptoms of a deeper malaise. I cannot put it better than Anthony Barnett when he says if all you want to do is stop Brexit and Trump and go back to what you regard as normal, you miss that what was normal led to Brexit and Trump. Unless we have politicians in power who understand the need for radical change, the snake oil sellers who sold us Brexit and US voters Trump will happily carry on plying their wares.
UK  EU  Brexit  austerity  politics  economics  finance  crisis  UKIP  ge2015  economy  coalition  deficit  ToryParty  media  propaganda  immigration  IndependentGroup  dctagged  dc:creator=Wren-LewisSimon 
7 weeks ago by petej
Made in Westminster – Sean Wallis | The Convention for Higher Education
This all changed with the removal in 2014 of caps on student numbers. Universities could now compete with each other for students, and market share. The first set of victims have been the post-92 universities, the ex-polytechnics, whose staff are not in the USS pension scheme. Students considering an expensive degree at London Metropolitan University, for example, now found places at King’s College. In London, LMU’s pain has been swiftly followed by that of Westminster University, currently engaged in serial cutbacks of staff.

In this first wave, the USS employers have boomed. Indeed, the Higher Education Statistics Agency reports that sector surpluses rose by a factor of 10 from £158m in 2005/6 to £1.5bn in 2016/17. However, to accommodate the new student numbers, universities needed estate capacity. They started a major programme of investment in new buildings, campuses and student accommodation. To do this they needed to borrow. Whereas some initial loans may have been on favourable terms, as construction costs have increased, institutions have had to borrow on the open market.

Of course, when you borrow in this way you have to declare your assets and your liabilities, including the liability toward the pension fund. It is this new obligation that I believe explains why, in the USS negotiations, UUK employers (led by the most expansionist Russell Group employers) focused on Defined Contribution, rather than, say, a worse Defined Benefit scheme.
education  higherEducation  universities  pensions  USS  valuation  deficit  risk  regulation  quantitativeEasing  banking  bailout  interestRates  gilts  expansion  investment  construction  UUK  RussellGroup 
march 2018 by petej
Reassessing Corbynism: success, contradictions and a difficult path ahead | SPERI
Every one of Corbyn’s much-vaunted manifesto pledges relies on an increased tax-take and growth strategy which are predicated upon remaining in the single market, and thus entail retaining free movement. Yet his manifesto promise to end free movement (reiterated by John McDonnell in the weekend after the election result) makes nationalist protectionism the axiomatic position of both major parties, one which for Labour cannot be overturned without shedding one half of the electoral coalition which has secured Corbyn’s position.
The struggle to win the support of the ex-UKIP Leave vote has led to Farage’s nativist agenda poisoning the well of the British polity as a whole, left and right – the real reason he is still never off the airwaves, despite UKIP’s ostensible collapse. The risk on one side is of economic catastrophe, on the other the development of a ‘stab in the back’ myth of national betrayal. No amount of energetic canvassing or witty memes can bridge such an abyss. It requires the political courage to be truly honest with the electorate about the consequences of withdrawal from the single market, traits which for all Corbyn’s purported authenticity have, in this context at least, been in short supply.
UK  generalElection  ge2017  politics  LabourParty  CorbynJeremy  deficit  publicSpending  triangulation  UKIP  Brexit  immigration  freedomOfMovement  welfare  benefits  dctagged  dc:creator=BoltonMatt  Corbynism 
june 2017 by petej
The crash in the pound punctures the delusion that Brexit Britain will flourish | Aditya Chakrabortty | Opinion | The Guardian
"Think about those figures: a Britain that doesn’t make things, that can’t pay its way in the world and where two generations have been brought up believing that what your wages won’t pay, your credit will buy. As the promises for Brexit are broken and people get poorer; as the consumerist model breaks down, who do you think will pay the price?

The answer, I’d suggest, was on show in Birmingham last week. Without Brussels, the right still has one set of scapegoats left. They number the Muslim woman in the headscarf, the Pole in the wrong kebab shop, and the African cleaner on the nightbus."
UK  EU  Brexit  delusion  nostalgia  history  currency  pound  exchangeRates  deficit  manufacturing  industry  inflation  benefits  consumerism  xenophobia  racism  dctagged  dc:creator=ChakraborttyAditya 
october 2016 by petej
George Osborne’s Tea Party settlement is the stuff of cold sweats | Aditya Chakrabortty | Comment is free | The Guardian
"The point of this law isn’t the letter, but its spirit. Osborne wants to use an apparently obscure, highly technical change in the economic rules to reshape British society. He says as much in his Mansion House address, calling it a “permanent change in our political debate” and “a new settlement” for the UK. Unlike in 2010, the chancellor is no longer claiming these cuts have been forced upon him – now he’s promising they’ll be good for us."
UK  politics  economics  austerity  debt  deficit  OsborneGeorge  democracy  privatisation  policy  dctagged  dc:creator=ChakraborttyAditya 
june 2015 by petej
The three big election questions that all the parties are simply ignoring | Aditya Chakrabortty | Comment is free | The Guardian
"Why aren’t politicians answering these existential questions? They’re certainly smart enough to do so. But democratic leaders have parted ways with their voters – literally. Membership of the main parties has dropped sharply over the past three decades, so that there are now more vegans in Britain than members of the Conservative party. What’s replaced mass democracy is big donors and a professional political elite. It no longer pays for politicians to think hard about fair growth or build more houses, because to do so would antagonise the big corporates or the big media, or deter those middle-class and retired voters who actually do turn out to the polling stations.

This is the definition of a democratic crisis: when the narrowness of a country’s politics means it can no longer deal with the serious problems that face it. Look past the television debates and the battle buses and this is where we are."
election  generalElection  ge2015  UK  politics  economics  growth  stagnation  debt  crisis  deficit  housing  welfare  benefits  socialSecurity  immigration  dctagged  dc:creator=ChakraborttyAditya 
april 2015 by petej
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