The Trail To Nowhere Near Wigan Pier

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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

WHAT could be better than an economy converging rapidly on full employment? A central bank in no mood to get in the way.

The dark clouds around the silver lining

To conclude that America is closing in on full employment is to accept as permanent most of the damage done to labour markets by the Great Recession.

How rich we really are

Economists usually make do with GDP (which anyway gauges income rather than assets). But a report published by the United Nations offers a broader indicator: “inclusive wealth”.

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).

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