There is no ‘People’s Brexit’

10th March 2017 Socialist Action 0

By Tom O’Leary

The certainty that Brexit will push living standards lower is not really a forecast- it is already happening. Immediately following the referendum the pound fell sharply and has more or less stayed at that lower level since. The 13 per cent decline means that CPI inflation is moving remorselessly higher and will continue to do so. Higher inflation means lower wages and incomes in real terms.

Autumn Statement shows Brexit makes us poorer

8th December 2016 Socialist Action 0

The article below by Tom O’Leary provides an analysis of the recent Autumn Statement including the forecasts for growth and living standards that have been revised sharply lower by the Office of Budget Responsibility. A key point is that the OBR is clear: around 60 per cent of the cuts made to those forecasts are a result of the Brexit referendum vote. Brexit will make us poorer.

Labour’s economic alternative to the budget should centre on a National Investment Bank

15th February 2016 Socialist Action 0

The following article, by Michael Burke and John Ross, on Labour’s economic policy, was previously published by Socialist Economic Bulletin.


Introduction

Labour is now carrying out extremely effective campaigning against Tory policies – on tax credits, on the sweetheart Google taxation deal, in support of the junior doctors and pinning the responsibility for the crisis in the NHS squarely on the Tories. This excellent work needs to continue and be strengthened.

Alternative Autumn Statements: continued Tory failure versus Corbynomics

1st December 2015 Socialist Action 0

There is a concerted effort in the Tory press and beyond to prettify the latest Autumn Statement from George Osborne. There have even been ridiculous claims that it represented ‘An end to austerity’. At the same time the Tories have attempted to seize the political initiative by immediately switching the political agenda to bombing Syria.

The article below, by Michael Burke, demolishes the myth that austerity is over. In fact there is a renewed austerity offensive. The article first appeared on Socialist Economic Bulletin here.

Hester’s bonus and Goodwin’s knighthood – hue and cry conceals the real scandal

1st February 2012 Socialist Action 0

By Jane West

While it is welcome that Stephen Hester, CEO of the publicly-owned Royal Bank of Scotland (RBS) has been forced to forego his grotesquely inflated bonus – and that his predecessor Fred ‘the Shred’ Goodwin has been stripped of his knighthood – the truth is the whole furore has been used to divert attention from the most central issue and real scandal relating to the banks.