The UK Government Spending Ratio: Back to the 1930s?
Public spending will be at levels of Gordon Brown, says Politeia's new economic spending analysis
David B. Smith
As the debate over reductions to Government spending ratios looks set to dominate the electoral campaign, Politeia’s analysis by the economist, David B. Smith*, considers what the figures for public spending really are.
In The UK Government Spending Ratio: Back to the 1930s?, David B. Smith shows that the changes to accounting procedures and the measures officially used to report public spending ratios tend to underestimate levels of public spending. In particular, the new European rules which have just come into force (ESA 2010) make a like for like comparison difficult to establish. To this problem must be added the further complication of what is, or is not, included by government for calculating public spending.
After Osbrown: Mending Monetary Policy
As the summer months, the news from the Treasury seems upbeat. Growth is back. Economic forecasts are being revised upwards. The mood has switched from gloom to boom.
In After Osbrown: Mending Monetary Policy, Douglas Carswell MP for Clacton, who previously worked in fund management, warns all is not what it seems. The warning signs are already there: this may yet prove to be another credit-induced recovery. The UK is increasingly dependent on consumer spending and mortgage debt. Savings and investment are down. The UK’s current account deficit is widening.
Nuclear Options: Powering the Future
Energy costs are now centre-stage in the policy debate at Westminster as both government and opposition promise to tackle rising costs. But if energy is to be affordable in the longer term, a secure supply of energy is needed. So too is a variety of sources. For that, says Politeia’s Nuclear Options: Powering the Future, nuclear will be needed.
On Monday 19th May, Nick Sherry gave the third lecture in Politeia's 2014 series, Paying for the Future.
The Budget returned pensions to the centre of the economic agenda. While the Chancellor's plan to liberalise access to private pension pots has been welcomed, the real debate has yet to take place. Can the state pension be sustained at the levels now envisaged? Britain, like other western economies faces increased costs to pay for demographic change.
On Tuesday 13th May, Martin Howe QC gave the first lecture in Politeia's 2014 series, The UK and the EU: What principles should guide re-negotiation?
Britain's relations with the European Union have moved to the centre of the political stage. While many people support the principles on which free trade with the EU rests and want such arrangements to continue, they are concerned at the increased dominance of the EU in national life.