Scandals within the NHS have finally made us question the angelic halo of our doctors
Much of the narrative around the health service over the past few years has depicted nurses as angels and doctors as living saints. Soap operas are helpful purveyors of this narrative. Perhaps the most famous is George Clooney as the charismatic Dr Ross in the long running American medical drama ER. Dr Ross, despite the […]
Despite what we wish, there are no miracle economics Rishi can pull out of his hat
The economic pressures now known as “the cost of living crisis” were at the core of the criticism of the spring statement last week. Those who once eulogised the Chancellor have now been selling their stocks of Sunak. While much of the commentary is unfair, politics is a trade in which the concept of fairness […]
A renewed focus on defence spending could turbocharge Britain’s scientific innovation
Germany, along with most of the rest of the EU, has finally woken up to the folly of relying on other countries – mainly the US but also the UK – to defend them. At the end of last month, Chancellor Olaf Schulz announced that €100bn will be put into a new defence procurement fund. […]
As government debt jumps to fund defence spending, our economy will pay the price
Sanctions will clearly hit the Russian economy very hard. But economic prospects for the West are not exactly rosy. Twice in the 1970s and again in the early 90s, there were rapid spikes in oil prices; each instance was followed by economic recessions. The deep recession following 2008 was, of course, due to financial causes […]
Rishi Sunak vs Boris Johnson: to spend or not to spend?
Rishi Sunak has directed his energy into recasting the Treasury back to its traditional role – the guardian of the public finances. The Chancellor notched up a substantial victory after education recovery tsar, Kevan Collins, resigned earlier this month, after his demand for £15 billion for catch-up programmes in schools was beaten down to a […]
Watch out fiscal conservatives – the mood has shifted and the spending taps are on
The Autumn Spending Review announced by the chancellor Sajid Javid barely raised a ripple last week. Yet the increase planned in 2020/21 for what the Treasury calls “day-to-day departmental spending” is the highest for 15 years, no less than 4.1 per cent in real terms. This spending pays the running costs of public services, the […]
Government debt addiction means you can be sure of one thing: Stealth taxes will rise
Elections create uncertainty. But we can be sure of one thing. Regardless of the result, during the course of the next Parliament, stealth taxes will rise. This week, we have a sharp rise in speeding fines. Even doing between 31 and 40mph in a 30mph zone can now land you with a penalty of 50 […]
Brexit was the final straw: it’s time to scrap the IMF
Sports fans will all be familiar with the commentator who almost always gets things wrong. “Arsenal are very much on top here” he – it is invariably a “he” – will pronounce, or “Root is looking very settled”, only for the opposition to score a goal immediately and for the Yorkshireman to be clean bowled. […]
The coming explosion in natural debt is a serious risk to the economy
Martin Feldstein of Harvard is an economist who should always be taken seriously. Writing in 1997 about the forthcoming introduction of the euro, for example, he argued that “the adverse economic effects of a single currency on unemployment would outweigh any potential gains from trade flows”. He went on to predict that the euro was […]
No more whingeing, please. The recovery is solid.
Last month saw some very positive economic news. The US Federal Reserve raised interest rates for the first time in over seven years. The Bank of England reported on the major stress test of UK banks which it launched in March 2015. It concluded that “the banking system is capitalised to support the real economy […]
