The ‘grown-ups’ have all but ensured that UK debt will exceed 100% of GDP, and that the only way from there is down

Introduction

Underline 21st July 2024 in your diaries.

This will be the publication date of the Office for National Statistics data for the UK’s public debt in June 2024.

Barring a turnaround in the direction-of-travel, the debt will exceed 100% of GDP.

UK public finances between January and May 2024

Debt was 99.8% of GDP in May, although for some […]

Remainers admit that Labour’s economic growth plans are pie-in-the-sky

Labour’s plans for the economy

Labour’s plans for growing the UK economy have been highlighted as being based on fresh air by a group of prominent Remainers and Rejoiners:

https://www.theguardian.com/uk-news/article/2024/jun/22/starmer-growth-plan-doomed-access-eu-markets-economists

Their argument is that Labour’s plans for growth are unachievable without a shot-in-the-arm from somewhere. That we can agree on. They contend that rejoining the EU is this […]

De-coding Rachel Reeves – Labour is the no-risk economic option as the outcome is certain: it’s disaster

Cover of Global Britain paper

Labour’s plans for the economy once they are in power have been dressed up in words like ‘stability’, ‘investment’, and ‘security’. They represent a great leap forward – over the precipice on the edge of which the UK already teeters.

This is laid out in the Global Britain paper ‘De-coding Rachel Reeves […]

Treasury Select Committee report on the digital pound

TSC report headline

Published on 9th December 2023

The Treasury Select Committee has issued report about the Bank of England’s digital pound project, also known as ‘Britcoin’, and a UK ‘central bank digital currency’ or ‘CBDC’.

You can download the report here

Its headlines are:

‘Britcoin’ must be introduced via primary legislation that is subject to full Parliamentary scrutiny, and […]

Greensill Capital case damages the UK’s credit standing on the world stage

As published by IREF Online

Published on 2nd December 2023

Introduction

The UK government has cancelled its guarantees to a private lender – Greensill Capital – under the UK’s coronavirus support, without the obligation that was guaranteed having been discharged. This puts a major question mark against the UK’s good faith in its financial dealings: if the UK […]

Bank of England bond-buying disaster and the Treasury Select Committee

The TSC has finally started to nail the Bank of England

Published on 1st December 2023

It has inexplicably fallen below the radar that the Treasury Select Committee on 22nd November finally succeeded in cornering the Bank of England about key features of their bond buying (Quantitative Easing) and selling (Quantitative Tightening).

The upshot is that further questioning, […]

Treasury Select Committee and Quantitative Easing

Published on 30th November 2023

The Treasury Select Committee on 22nd November finally succeeded in cornering the Bank of England about key features of their bond buying (Quantitative Easing) and selling (Quantitative Tightening).

The upshot is that further questioning, apart from nailing down one or two details about how the new Bank Levy can be used, can […]