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Cable calls for return of industrial policy
According to the Financial Times (£), business secretary Vince Cable has written to both David Cameron and Nick Clegg calling for a more strategic approach to industrial policy. The letter says:...
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Transforming the financial sector from a bad master to a good servant
In the last few decades deregulation of the financial sector has made crisis the norm. But this is not inevitable. The financial sector must be reformed to ensure it contributes to fair and long-term...
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If RBS’s board is not held to account, it could become a new Leyland
The demise of Leyland, a publicly owned car manufacturer, became a byword for the worst aspects of nationalisation policy in the 1970s; Cormac Hollingsworth looks at whether RBS is following suit...
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Britain is the sick man of the G7 – and no-one’s to blame but ourselves
The print edition of today’s Daily Mirror includes an article headlined ‘Tory-led Britain is “sick man of G7”’. The article is based on new IPPR research showing how badly Britain is faring against...
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ECB bailing out British banks exposes coalition’s finance failure
It’s reported today by the Financial Times that RBS and Lloyds are going to borrow €15 billion from the European Central Banks’ long-term refinancing operation. It’s the mark of the government’s...
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The Bank of England is like a lifeguard who’s afraid of rubber rings
Suppose you were on the interview panel for a new lifeguard at your local swimming pool, and the interview inevitably comes round to the best technique of saving lives. There’s a pause, and the...
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Alec Baldwin, not Michael Douglas, will improve corporate ethics
Michael Douglas has made a public information broadcast for the FBI to tell Wall Street traders that insider trading is wrong. Wall Street traders already know it’s wrong; the level of regulatory...
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Northern Rock and Bradford & Bingley: Labour’s gift that keeps on giving?
Forget the sale to Virgin Money of Northern Rock, the profitable part of the Labour’s nationalization of the Rock and Bradford & Bingley is still within UK Asset Resolution (UKAR) that announced...
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The evidence-free dogma of demutualisation
. There is enough evidence from the double crisis of the last five years that demutualisation is a good predictor of future financial instability. Investment banks all sold out of their partnerships...
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Miliband redirects Barclays rage to Cameron over PM’s inaction
. Ed Miliband sought to refocus public anger over the Barclays Libor scandal toward David Cameron and George Osborne over the prime minister’s inaction and his chancellor’s hypocrisy. Addressing the...
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The government needs to take the growth of payday lenders more seriously
Payday lending has historically been referred to as fringe banking in the United States, but you couldn’t deny it’s anything other than big business today. In 1992 there was one solitary outlet of The...
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UK banking regulation is still too weak: a response to Respublica
TweetI’ve just read Respublica’s great new report on civic finance and the commercial potential of Community Development Finance Institutions (CDFIs), as well as the response from Peter Kelly, the...
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Banking needs to become boring again
TweetDavid Powell is an economics campaigner for Friends of the Earth This weekend, the Sunday Times reported that Ed Miliband has been urged by some of his parliamentary candidates to stop making...
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Britain’s burgeoning personal debt crisis
TweetCarl Packman reviews Solving Britain’s Personal Debt Crisis, by Damon Gibbons There is absolutely no doubt that signs of economic recovery are a good thing. In just one quarter the economy has...
View ArticleAnti-Miliband scaremongering ignores the first rule of financial markets
Of all the allies enlisted by those in the press seeking to discredit the Labour party, the volatility of financial markets is the most risible. MoneyWeek published an ‘Emergency election broadcast‘...
View ArticleCredit unions are not enough to help people cope with austerity
The chancellor George Osborne has personally cost the average household the equivalent of £4,000. This, according to Oxford economist Simon Wren-Lewis, is down to the delayed recovery, and his...
View ArticleBanks must not use ‘digitisation’ as an excuse to close branches
Barely a month passes when Unite is not given notice that a bank is closing more local branches because customers are now increasingly banking online. In July 2016, Move your Money reported that:...
View ArticleThis key part of Labour’s economic strategy just received a significant...
Labour’s plan for a National Investment Bank is at the heart of its economic strategy – significant and constant investment into every part of the UK. This would be about reshaping the British economy...
View ArticleWe have a choice: business as usual, or breaking with neoliberalism. Pick a...
Ten years ago, with eyes wide open, a choice was made to back the banks and sell us out. The choice that matters now is whether we continue to pay the price for that – or re-write the rules. A decade...
View ArticleBrexit: Why we need to stop talking about GDP and start talking about the...
A few months before Britain voted to leave the European Union, a debate took place in Newcastle. A professor from King’s College London had travelled to the area to discuss the economic impact of the...
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