That has prompted accusations that the government wants the country to go back to the late-1930s—and the Britain Orwell describes in his cri de coeur against poverty. The Office of Budget Responsibility, Britain's fiscal watchdog, stated that Mr Osborne's plans would force public spending down "below the previous post-war lows reached in 1957-58 and 1999-00 to what would probably be its lowest level in 80 years". "You're back to...
The best of all worlds
The dark clouds around the silver lining
How rich we really are
Two lost decades?
On December 3rd George Osborne, Britain's chancellor, delivered the autumn statement, the country's annual mini-budget. We are hosting a round-table discussion of the statement and the direction of British economic policy. Our final contributor is Matthew Whittaker, chief economist at the Resolution Foundation.
Thanks but no thanks
Despite these generous terms, banks were chary about accepting the offer, borrowing only €83 billion in September. The low take-up has continued in the second operation held this week. The ECB revealed today that banks borrowed only €130 billion. In other words banks have helped themselves to little more than half the amount that was available this year. This week’s lending operation does not end the offer. There will be six further tenders at quarterly intervals until mid-2016.
What's really there?
But Russia’s official figures do not tell the whole story. About $170 billion of its assets sit in two big wealth funds, the Reserve Fund (worth about $89 billion) and the National Wealth Fund (worth about $82 billion).