{"id":8371,"date":"2023-06-26T16:20:36","date_gmt":"2023-06-26T16:20:36","guid":{"rendered":"https:\/\/davelevy.info\/wiki\/?p=8371"},"modified":"2024-09-11T18:44:41","modified_gmt":"2024-09-11T18:44:41","slug":"backtracking-on-macro","status":"publish","type":"post","link":"https:\/\/davelevy.info\/wiki\/backtracking-on-macro\/","title":{"rendered":"Backtracking on macro- &#038; climate change"},"content":{"rendered":"\n<p>What&#8217;s going on with Labour&#8217;s policy making? We are waiting for an NPF meeting, but that doesn&#8217;t seem to inhibit the front bench? This is a note on Reeves, her rules and macroeconomics. <\/p>\n\n\n\n<!--more-->\n\n\n\n<p>This page was made in June 2023. I added to it since then, possibly moving away from the economics, in particular with respect to immigration. I have tracked her and Starmer&#8217;s speeches and over the spring 0f 2024, the focus returned to economics.<\/p>\n\n\n\n<p>And in June 2024 they publish <a title=\"Labour's Manifesto 2024\" href=\"https:\/\/drive.google.com\/file\/d\/1GEzlZpElHCECSGmqSqmG35-4-_zpwb2W\/view?usp=drive_link\">their i.e. the Party&#8217;s manifesto<\/a>. <\/p>\n\n\n\n<p class=\"has-text-align-center\">Bhattacharya&#8217;s Summary | Mais Lecture | <a title=\"a tweet by Leftie Stats started this off for me, and this section of the page has a number of links to other commentators\" href=\".\/#summer23\">Summer 23<\/a> | <a title=\"What are the fiscal rules, written in '23\" href=\".\/#fiscalrules\">The fiscal rules<\/a> | <a href=\".\/#energydemand\">Energy and Keynesianism 02\/24<\/a> | <a href=\"#demand\">Demand &amp; Benefit<\/a>s | <a href=\"#taxingwealth2024\">Taxing Wealth<\/a> | <a href=\".\/#endnotes\">End Notes &#8230;<\/a><\/p>\n\n\n\n<p>I found <a href=\"https:\/\/labourlist.org\/2024\/05\/securonomics-rachel-reeves-labour-economic-strategy\/\">this critique<\/a> of a further speech on Economics by Aveek Bhattacharya, who is interim director of the Social Market Foundation think tank. The article codifies and simplifies the strategy, it will plan for an industrial strategy, investment, cheap energy, a New Deal and planning will boost growth, but there will be less focus on education, skills, immigration, &amp; even trade.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Mais Lecture 2024<\/h3>\n\n\n\n<p>I made some notes on her delivery of <a href=\"https:\/\/www.youtube.com\/watch?v=W52ZrcazDvE\">the Mais Lecture<\/a>, 21\/3\/2024, and we also have the text version. <\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-wp-embed is-provider-the-labour-party wp-block-embed-the-labour-party\"><div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"wp-embedded-content\" data-secret=\"wFFVFQ2LNP\"><a href=\"https:\/\/labour.org.uk\/updates\/press-releases\/rachel-reeves-mais-lecture\/\">Rachel Reeves Mais Lecture 2024<\/a><\/blockquote><iframe loading=\"lazy\" class=\"wp-embedded-content\" sandbox=\"allow-scripts\" security=\"restricted\" style=\"position: absolute; clip: rect(1px, 1px, 1px, 1px);\" title=\"&#8220;Rachel Reeves Mais Lecture 2024&#8221; &#8212; The Labour Party\" src=\"https:\/\/labour.org.uk\/updates\/press-releases\/rachel-reeves-mais-lecture\/embed\/#?secret=qJJ8EOfUU3#?secret=wFFVFQ2LNP\" data-secret=\"wFFVFQ2LNP\" width=\"600\" height=\"338\" frameborder=\"0\" marginwidth=\"0\" marginheight=\"0\" scrolling=\"no\"><\/iframe>\n<\/div><\/figure>\n\n\n\n<p>I found <a href=\"https:\/\/www.thetimes.co.uk\/article\/a6b94e8e-6bd4-405e-ae3a-860a0416bf63?shareToken=af9bf7183c7c218d9e26e143478f1471\">an article from the times<\/a> which I find lightweight and rude; some may find it funny. Also <a href=\"https:\/\/www.taxresearch.org.uk\/Blog\/2024\/03\/19\/the-depravity-of-rachel-reeves-mais-lecture\/\">an article by Richard Murphy<\/a>, where he argues that all supply side reforms are bad; I am not sure that Reeves plans the sort of deregulatory reforms that Murphy fears. <\/p>\n\n\n\n<p>Meadway posts <a href=\"https:\/\/threadreaderapp.com\/thread\/1770402500069212189.html\">a twitter thread<\/a>, which argues that times have changed and that she retains room (although not much because of the fiscal rules) to co-fund investment. He nods towards <a href=\"https:\/\/www.ippr.org\/articles\/modern-supply-side-economics-a-new-consensus\">modern supply side<\/a>, which I am not certain is a coherent macro-economic theory.<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/davelevy.info\/labours-macroeconomics\/\">https:\/\/davelevy.info\/labours-macroeconomics\/<\/a>, an article reporting on #lab23<\/li>\n\n\n\n<li><a href=\"http:\/\/davelevy.info\/?s=rachel\">http:\/\/davelevy.info\/?s=rachel<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/davelevy.info\/?s=yellen\">https:\/\/davelevy.info\/?s=yellen<\/a><\/li>\n<\/ul>\n\n\n\n<a name=\"summer23\"><\/a>\n\n\n\n<h3 class=\"wp-block-heading\">Leftie Stats 06\/23<\/h3>\n\n\n\n<p>Leftie Stats posts this, <\/p>\n\n\n\n<blockquote class=\"twitter-tweet\"><p lang=\"en\" dir=\"ltr\">In the last 30 days, Labour has ditched these pledges:<br><br>&#x274c; Block new oil fields<br><br>&#x274c; Fund childcare for all<br><br>&#x274c; End indefinite detention of asylum seekers<br><br>&#x274c; Abolish tuition fees<br><br>&#x274c; Invest \u00a328bn in green economy from day one<br><br>&#x274c; Raise Digital Services Tax to 10%<br><br>All dumped.<\/p>&mdash; Stats for Lefties &#x1f3f3;&#xfe0f;&#x200d;&#x26a7;&#xfe0f; (@LeftieStats) <a href=\"https:\/\/twitter.com\/LeftieStats\/status\/1673310381148602368?ref_src=twsrc%5Etfw\">June 26, 2023<\/a><\/blockquote> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script>\n\n\n\n<p>I had noticed the Tuition Fees back slide, and the undermining of  the green new deal money was quite noisy and contested.<\/p>\n\n\n\n<p>The UK&#8217;s first green chancellor, looks like we&#8217;ll have to wait, her last stand up performance was the <a href=\"https:\/\/labour.org.uk\/press\/rachel-reeves-securonomics\/\">Securonomics <\/a>speech, delivered in the USA and <a href=\"https:\/\/www.labourtogether.uk\/all-reports\/a-new-business-model-for-britain\">boosted <\/a>in the UK by Labour Together and <a href=\"https:\/\/www.ft.com\/content\/87b8e568-70e5-410b-8ded-6cfafb9dcd29?accessToken=zwAF_HLUEoiokdOHuOVocOVBC9ON7Wz6-53NKQ.MEUCIQD-wbQaodQXKPs2V56U-CjlTyYwReUUedp51yZC1zE42QIgObd3npWV6QkU-XGl1XQtDt-uLB4wyAsZEKjBADUt6-c&amp;sharetype=gift&amp;token=a429180a-1e99-4295-bf9f-2a952fd418fb\">reported <\/a>in the FT. Most of the commentators I follow, felt that this could be lived with and that it was a return to Labour&#8217;s social democratic roots; this cannot be so if monetarist rules and a hand dealt by the Bank of England and the bond markets are allowed to push the need for public expenditure off the rail tracks. <\/p>\n\n\n\n<p>Here are some links, <\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>The FT <a href=\"https:\/\/www.ft.com\/content\/49f3b0a8-8f5a-493c-82d9-db940d4ac0c0\">writes <\/a>&#8220;Five times Keir Starmer has changed tack on policy&#8221; and they cover Reeves&#8217;s&#8221;<a href=\"https:\/\/www.ft.com\/content\/87b8e568-70e5-410b-8ded-6cfafb9dcd29\">securonomics&#8221; speech<\/a> also from May 2023<\/li>\n\n\n\n<li><a href=\"https:\/\/www.bbc.co.uk\/news\/uk-politics-65853872\">Rachel Reeves waters down Labour \u00a328bn green projects p<\/a>ledge by the BBC.<\/li>\n\n\n\n<li>And in 2022, &#8220;<a href=\"https:\/\/www.theguardian.com\/politics\/2022\/jul\/12\/labour-to-pledge-ironclad-discipline-with-public-finances\">Labour to pledge \u2018ironclad discipline\u2019 with public fina<\/a>nces&#8221; in the Guardian<\/li>\n\n\n\n<li><a href=\"https:\/\/www.socialscience.international\/the-campaign-against-labour-borrowing-to-invest\">The Campaign Against Labour Borrowing To Invest<\/a> by Simon Wren Lewis. He justifies the need for rules to distinguish between investment and consumption but thinks that Reeves&#8217;s rules which include a debt reduction goal are an overreach. He also argues that the bond markets were spooked by fears of interest rate changes, not borrowing targets. (This fear was exacerbated by Kwartung\/Truss&#8217;s plan to reduce taxes.) Also, <a href=\"https:\/\/twitter.com\/sjwrenlewis\/status\/1667091086366457858?s=20\">Wren Lewis again<\/a>, &#8220;What is arbitrary is having a target for debt to be falling regardless of whether that debt arises from current spending or investment&#8221; on twitter. Probably sums his argument well. <\/li>\n\n\n\n<li>Richard Murphy on <a href=\"https:\/\/www.taxresearch.org.uk\/Blog\/2023\/06\/26\/has-the-two-party-system-now-reached-its-nadir\/\">the independence of the Bank of England<\/a>, he thinks its time is past and he mirrors Colin Hines&#8217; letter to the Guardian, <a href=\"https:\/\/www.taxresearch.org.uk\/Blog\/2023\/06\/13\/hope-to-fund-labours-28-billion-spending-plan-and-more\/\">&#8220;How to fund labours 28 billion spending plan and more&#8221;<\/a>, Hines proposes directing the pension funds to invest, a fairer taxation system, and if necessary, it will be, restart QE and borrow. <\/li>\n\n\n\n<li><a href=\"https:\/\/labourlist.org\/2023\/06\/labour-green-prosperity-plan-economy-environment-james-meadway\/\">Meadway in Labour List<\/a>  argues that the packaged position, will cost votes, and that taxes must be raised. He also argues that conceding to debt fetishism traps Labour&#8217;s policy freedoms. He argues for clarity on tax, clarity on the financial rules and detail on the investment plan. It&#8217;s possible this is the most important part of the argument, that conceding the need to reduce debt will enable attacks on the policy not defend it. <\/li>\n\n\n\n<li><a href=\"https:\/\/labourlist.org\/2023\/06\/rachel-reeves-green-prosperity-plan-delay-economy-fiscal-responsibility\/\">Labour faces left and right backlash as \u00a328bn green plan survives but delayed<\/a> by Neame &amp; Belger quotes Reeves &#8217;21 conference speech, and shows <acronym title=\"I had come to believe it was \u00a328bn for the parliament.\">the plan is\/was \u00a328bn p.a.<\/acronym>, otherwise, this article is a review of the  balance of [anonymous] class forces arguing for and against the backtrack. <\/li>\n\n\n\n<li>The IfG <a href=\"https:\/\/www.instituteforgovernment.org.uk\/comment\/rachel-reeves-fiscal-policymaking\">comments<\/a>, praising the process reform arounf the OBR in Labour&#8217;s planned budget regime. (I mean we lived for two hundred years without one.) This is more of the outsourcing of decisions to technocrats. <\/li>\n\n\n\n<li><a href=\"https:\/\/urbanramblings19687496.city\/2023\/06\/11\/9-questions-for-rachel-reeves-and-keir-starmer\/\">9 questions for Rachel Reeves and Keir Starmer<\/a> from a blog called Urban Ramblings, more detailed and raises the question of tax raising on the energy companies<\/li>\n\n\n\n<li><a href=\"https:\/\/www.newstatesman.com\/spotlight\/climate-energy-nature\/2023\/06\/how-labour-should-spend-28bn-a-year-on-the-green-economy\">https:\/\/www.newstatesman.com\/spotlight\/climate-energy-nature\/2023\/06\/how-labour-should-spend-28bn-a-year-on-the-green-economy<\/a> India Bourke on the impact on climate change. She raises taht &#8220;Starmer may soon propose a ban on new North Sea oil and gas licences \u2013 something the International <a href=\"https:\/\/www.newstatesman.com\/tag\/energy\" target=\"_blank\" rel=\"noreferrer noopener\">Energy<\/a> Agency has advised to meet <a href=\"https:\/\/www.newstatesman.com\/tag\/net-zero\" target=\"_blank\" rel=\"noreferrer noopener\">net zero<\/a> goals&#8221; He did and then he didn&#8217;t. <\/li>\n\n\n\n<li>Prior to these  <a href=\"https:\/\/www.independent.co.uk\/news\/uk\/politics\/keir-starmer-policies-benefit-cuts-reeves-b2399406.html\">Top economists pile pressure on Keir Starmer to reverse Tory cuts | The Independent<\/a>  was posted, documenting an open letter signed by 70 economists. The article also points at <a href=\"https:\/\/www.independent.co.uk\/news\/uk\/politics\/labour-fiscal-rules-investment-jim-oneill-b2388449.html\">Scrap \u2018petty and arbitrary\u2019 fiscal rules and invest, Rachel Reeves\u2019 economic advisor says | The Independent<\/a>, quoting Lord Jim O&#8217;Neil<\/li>\n\n\n\n<li><a href=\"https:\/\/novaramedia.com\/2022\/09\/26\/rachel-reeves-speech-labour-is-rehashing-corbynite-policies-without-explaining-how-it-would-pay-for-them\/ \">Rachel Reeves-speech: Labour-is-rehashing-corbynite-policies-without-explaining how it would pay for them<\/a>, Meadway in Novara Media. <\/li>\n\n\n\n<li>I wrote <a href=\"https:\/\/davelevy.info\/wiki\/brexit-and-gdp\/\">a note<\/a> on Growth &amp; Brexit. <\/li>\n<\/ul>\n\n\n\n<figure class=\"wp-block-embed is-type-wp-embed is-provider-davelevy-info-wiki wp-block-embed-davelevy-info-wiki\"><div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"wp-embedded-content\" data-secret=\"P4yCeagXO0\"><a href=\"https:\/\/davelevy.info\/wiki\/brexit-and-gdp\/\">Brexit and GDP<\/a><\/blockquote><iframe loading=\"lazy\" class=\"wp-embedded-content\" sandbox=\"allow-scripts\" security=\"restricted\" style=\"position: absolute; clip: rect(1px, 1px, 1px, 1px);\" title=\"&#8220;Brexit and GDP&#8221; &#8212; davelevy . info \/ wiki\" src=\"https:\/\/davelevy.info\/wiki\/brexit-and-gdp\/embed\/#?secret=AV7TV63fXh#?secret=P4yCeagXO0\" data-secret=\"P4yCeagXO0\" width=\"600\" height=\"338\" frameborder=\"0\" marginwidth=\"0\" marginheight=\"0\" scrolling=\"no\"><\/iframe>\n<\/div><\/figure>\n\n\n\n<a name=\"fiscalrules\"><\/a>\n\n\n\n<h3 class=\"wp-block-heading\">What are the rules?<\/h3>\n\n\n\n<p>This <a href=\"https:\/\/www.bbc.co.uk\/news\/uk-politics-65857109\">Why has Labour U-turned on its green investment pledge?<\/a> from the BBC gives us a clue, here&#8217;s what I think the rule is, <\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>To reduce the deficit (excluding investment) as a proportion of GDP; I remain unclear if this is a per annum rule (Miliband\/Balls), or per parliament (Osborn &amp; McDonnell) or a per trade cycle (Brown)? <\/li>\n<\/ul>\n\n\n\n<p>I say the inverse is the key, the only way to reduce the deficit is to grow the economy, and that requires public expenditure, in investment, in current account services, and in public sector pay, so that public servants can afford to buy the new goods that the investment creates. <\/p>\n\n\n\n<p>I am also concerned that throughout the education expenditure debate, no-one is arguing that education is an investment and that if one has a golden rule that permits borrowing to invest, then education should be considered part of this investment. This also shows the strange permeability of the distinction between investment and consumption. For instance, seed potatoes are an investment, a poke of chips is not. <\/p>\n\n\n\n<p>Barry Gardiner writes on<a href=\"https:\/\/labourlist.org\/2023\/06\/green-prosperity-plan-fiscal-rules-rachel-reeves-barry-gardiner\/\"> the rules in Labour List<\/a>. I reflect on Mish Raman&#8217;s understanding of the rules, in <a href=\"https:\/\/davelevy.info\/wiki\/labours-programme-2023\/\">this article on the 2023 NPF<\/a> on this wiki.<\/p>\n\n\n\n<a name=\"energydemand\"><\/a>\n\n\n\n<h3 class=\"wp-block-heading\">Feb 2024 &#8211; Energy and Keynesianism<\/h3>\n\n\n\n<p>And finally the \u00a328bn p.a. on Climate Justice and Investment is buried. The Guardian <a href=\"https:\/\/www.theguardian.com\/politics\/2024\/feb\/08\/labour-cuts-28bn-green-investment-pledge-by-half\">reports<\/a> &#8220;<em>Labour announced the \u00a328bn spending plan in 2021, as Reeves promised to be the UK\u2019s \u201cfirst green chancellor\u201d. She said at the time the money would be spent on battery manufacturing, hydrogen power, offshore wind, tree planting, flood defences and home insulation.<\/em>&#8221; but will now cut this to \u00a314.7bn, with the bulk of the cuts being in the home insulation programme, that which most immediately impacts the poorest and their energy bills. Ed Miliband remains on board, <\/p>\n\n\n\n<center><blockquote class=\"twitter-tweet\"><p lang=\"en\" dir=\"ltr\">Following today\u2019s announcements, Labour have confirmed we will fight the election with a world-leading climate agenda:<br><br>Great British Energy &#x1f1ec;&#x1f1e7;<br>National Wealth Fund &#x1f3d7;&#xfe0f;<br>Warm Homes Plan &#x1f3e0;<br>British Jobs Bonus &#x1f469;&#x1f3fc;&#x200d;&#x1f527;<br>Local Power Plan &#x1f50b;<br>No new oil &amp; gas licenses &#x1f6e2;&#xfe0f;<br>2030 clean power &#x2600;&#xfe0f; <a href=\"https:\/\/t.co\/KvnMAeZ1IZ\">https:\/\/t.co\/KvnMAeZ1IZ<\/a><\/p>&mdash; Ed Miliband (@Ed_Miliband) <a href=\"https:\/\/twitter.com\/Ed_Miliband\/status\/1755646356364898806?ref_src=twsrc%5Etfw\">February 8, 2024<\/a><\/blockquote> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script> <\/center>\n\n\n\n<p>I comment, &#8220;It\u2019s a retreat from Keynesianism, Climate Justice is just collateral damage. And deficit funded expenditure is funded by the private sector, through their bond purchases.&#8221; If you read the political background in the Guardian article, you can see the fear in Labour HQ&#8217;s hearts that even borrowing to invest is politically toxic. Another point I would make, and have made before, is that if our hopes are in giga-batteries, and windmills then they&#8217;ve already gone and the <a href=\"https:\/\/www.theguardian.com\/business\/2024\/jan\/19\/port-talbot-steelworks-blast-furnaces-to-close-costing-almost-3000-jobs-tata\">opportunity to invest in clean steel has also probably gone down the toilet<\/a>. <\/p>\n\n\n\n<a name=\"demand\"><\/a>\n\n\n\n<h3 class=\"wp-block-heading\">Demand, public sector pay and benefits<\/h3>\n\n\n\n<p>Over the next week, Starmer says that his government will <a title=\"Admittedly this is a tweet from Andrea Leadsom, quoting the Express, although they seem to be quoting Laura Keunsberg on the BBC.\" href=\"https:\/\/twitter.com\/andrealeadsom\/status\/1680513234485272577\">not settle the dispute with the public sector workers<\/a>, nor <a href=\"https:\/\/twitter.com\/martin_oneill\/status\/1680524883564830725?s=20\">repeal the two child cap on benefits<\/a>. FFS. &#x1f620; This backtracking <a href=\"https:\/\/www.politico.eu\/newsletter\/london-playbook\/london-playbook-pm-labour-civil-war-and-a-postcard-from-selby\/\">observed <\/a>on Politico.eu by <strong>EMILIO CASALICCHIO<\/strong> who catalogues the front benchers cowardly supporting the Starmer\/Reeves line. Starmer <a href=\"https:\/\/twitter.com\/GraemeDemianyk\/status\/1681360712541536256?s=20\">repeats the pledge, or is it an unpledge<\/a>, at the Tony Blair institute summit, by saying that Labour will need to make hard choices; I like and agree with <a href=\"https:\/\/twitter.com\/meadwaj\/status\/1681557078047899648?s=20\">the Meadway point<\/a>, the choice is between starving children and taxing the better off. <\/p>\n\n\n\n<p>And then we had the benefits\/sanctions row, <\/p>\n\n\n\n<blockquote class=\"twitter-tweet\"><p lang=\"en\" dir=\"ltr\">Hunt&#39;s monstrous Budget proposal 4 sanctions on DISABLED unemployed!<br><br>FREEZE: them by removing heating support<br><br>IMPRISON: them by removing buspass<br><br>KILL: them by removing free NHS medicine<br><br>WHY is there no outcry against this Murdochian\/Daily Mail billionaire medieval fascism?! <a href=\"https:\/\/t.co\/WI0rb7gD45\">https:\/\/t.co\/WI0rb7gD45<\/a><\/p>&mdash; Donnachadh McCarthy (@DonnachadhMc) <a href=\"https:\/\/twitter.com\/DonnachadhMc\/status\/1728320633434718627?ref_src=twsrc%5Etfw\">November 25, 2023<\/a><\/blockquote> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script>\n\n\n\n<p>More intellectually, Richard Murphy <a href=\"https:\/\/www.taxresearch.org.uk\/Blog\/2023\/07\/15\/why-the-obrs-view-of-the-economy-is-so-wrong\/\">critiques\/destroys the ONS\/OBR analysis of public debt<\/a>. (I need to read with more care what he says about the BoE assets, but this is pretty spot-on).<\/p>\n\n\n\n<p>Robert Shrimsley, of all people examines <a href=\"https:\/\/www.ft.com\/content\/c70a0522-aa06-4c47-81ee-95d01ab332f7\">the politics of triangulation in the FT (\u00a3|(-))<\/a>, amongst many good points, he says,<\/p>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>Starmer has clamped down on spending promises, recently refusing to guarantee to roll back a welfare cut he once called a \u201cvast social injustice\u201d. He says existing tax levels are too high and, like the Tories, talks up public service reforms to fund improvements.<\/p>\n<cite>Shrimsley, FT.<\/cite><\/blockquote>\n\n\n\n<figure class=\"wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter\"><div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\"><p lang=\"en\" dir=\"ltr\">Jonathan Portes, prof of economics at King\u2019s College London, said claim was \u201claughable\u201d.<br>\u201c..an absurd way of talking about policymaking,\u201d he told The Independent. \u201cTalking about there being no money left is the economics of the kindergarten.\u201d <a href=\"https:\/\/t.co\/OLvtomdj3m\">https:\/\/t.co\/OLvtomdj3m<\/a><\/p>&mdash; Ann Pettifor (@AnnPettifor) <a href=\"https:\/\/twitter.com\/AnnPettifor\/status\/1681381880917000195?ref_src=twsrc%5Etfw\">July 18, 2023<\/a><\/blockquote><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script>\n<\/div><\/figure>\n\n\n\n<a name=\"endnotes\"><\/a>\n\n\n\n<h3 class=\"wp-block-heading\">More from twitter<\/h3>\n\n\n\n<p>The day after posting these notes, I came across <a href=\"https:\/\/twitter.com\/DickMackintosh\/status\/1673998538324291585?s=20\">this<\/a>, in June 23, reneging on the promise to introduce rent controls. I also decided to record the URLs of two more tweets, <\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter\"><div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\"><p lang=\"en\" dir=\"ltr\">Labour\u2019s missions will build a Britain that works for working people.<a href=\"https:\/\/twitter.com\/hashtag\/FutureOfBritain?src=hash&amp;ref_src=twsrc%5Etfw\">#FutureOfBritain<\/a> <a href=\"https:\/\/t.co\/V8oaazTWji\">pic.twitter.com\/V8oaazTWji<\/a><\/p>&mdash; Keir Starmer (@Keir_Starmer) <a href=\"https:\/\/twitter.com\/Keir_Starmer\/status\/1681723260528934913?ref_src=twsrc%5Etfw\">July 19, 2023<\/a><\/blockquote><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script>\n<\/div><figcaption class=\"wp-element-caption\">And<\/figcaption><\/figure>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<a name=\"taxingwealth2024\"><\/a>\n\n\n\n<h3 class=\"wp-block-heading\">Taxing Wealth<\/h3>\n\n\n\n<p>As we count down to the election, I collect some notes from Richard Murphy, who has just published a report called <a href=\"https:\/\/taxingwealth.uk\/\">Taxing Wealth 2024<\/a>, I have note three articles from his blog,<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>On <a href=\"https:\/\/www.taxresearch.org.uk\/Blog\/2023\/12\/31\/tackling-the-nonsense-talked-about-the-national-debt-and-its-cost\/\">Public Debt<\/a>, he says, it is a response to the drivel being put out by the Tories on wrong-footing Labour on the national debt, which neither party seems to understand.&nbsp;<\/li>\n\n\n\n<li><a href=\"https:\/\/www.taxresearch.org.uk\/Blog\/2024\/01\/17\/you-could-have-a-wealth-tax-raising-a-few-billion-or-major-reforms-to-existing-taxes-that-could-raise-100-billion-or-more-which-would-you-prefer-if-you-wanted-to-tackle-inequality\/\">Wealth Tax<\/a>, where he argues that there&#8217;s more to be raised by tuning a bunch of taxes rather than inventing a new one, including <a href=\"https:\/\/www.taxresearch.org.uk\/Blog\/2023\/11\/30\/reforming-the-conditions-attached-to-pension-tax-relief-could-release-35-billion-a-year-for-investment-in-a-uk-green-new-deal\/\">reforming pension investment tax relief<\/a> which would raise \u00a335bn.<\/li>\n\n\n\n<li><a href=\"https:\/\/www.taxresearch.org.uk\/Blog\/2024\/01\/23\/the-taxing-wealth-report-2024-an-update\/\">Student Loans<\/a>, it&#8217;s an inequitable graduate tax, and should go<\/li>\n<\/ul>\n\n\n\n<p>From Taxing Wealth front page, he says, <\/p>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>This project has turned out to be a much bigger one than I expected when I started on it last summer. It makes substantially larger suggestions as to tax revenues that might be raised than I ever expected even whilst sticking strictly within the self-imposed remit that all reforms proposed should be adjustments to existing taxes that make them fair in the sense that horizontal and <a href=\"https:\/\/www.taxresearch.org.uk\/Blog\/glossary\/V\/#vertical-tax-equity\" target=\"_blank\" rel=\"noreferrer noopener\">vertical tax equity<\/a> are enhanced. The glossary explains both these terms.<\/p>\n<cite>Richard Murphy &#8211; <a href=\"https:\/\/www.taxresearch.org.uk\/Blog\/2024\/01\/23\/the-taxing-wealth-report-2024-an-update\/\">Taxing Wealth &#8230; an update<\/a><\/cite><\/blockquote>\n","protected":false},"excerpt":{"rendered":"<p>What&#8217;s going on with Labour&#8217;s policy making? We are waiting for an NPF meeting, but that doesn&#8217;t seem to inhibit the front bench? This is a note on Reeves, her rules and macroeconomics.<\/p>\n","protected":false},"author":1,"featured_media":8375,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":"","_share_on_mastodon":"0"},"categories":[137,140],"tags":[1333,138,142,1334,141],"class_list":["post-8371","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economics","category-politics","tag-climate-change","tag-economics-2","tag-labour","tag-macroeconomics","tag-politics-2"],"share_on_mastodon":{"url":"","error":""},"jetpack_featured_media_url":"https:\/\/davelevy.info\/wiki\/wp-content\/uploads\/2023\/06\/RR-Picture-scaled.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/davelevy.info\/wiki\/wp-json\/wp\/v2\/posts\/8371","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/davelevy.info\/wiki\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/davelevy.info\/wiki\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/davelevy.info\/wiki\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/davelevy.info\/wiki\/wp-json\/wp\/v2\/comments?post=8371"}],"version-history":[{"count":52,"href":"https:\/\/davelevy.info\/wiki\/wp-json\/wp\/v2\/posts\/8371\/revisions"}],"predecessor-version":[{"id":11429,"href":"https:\/\/davelevy.info\/wiki\/wp-json\/wp\/v2\/posts\/8371\/revisions\/11429"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/davelevy.info\/wiki\/wp-json\/wp\/v2\/media\/8375"}],"wp:attachment":[{"href":"https:\/\/davelevy.info\/wiki\/wp-json\/wp\/v2\/media?parent=8371"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/davelevy.info\/wiki\/wp-json\/wp\/v2\/categories?post=8371"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/davelevy.info\/wiki\/wp-json\/wp\/v2\/tags?post=8371"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}