Speech on the Autumn Statement 2018

My Lords, I welcome the general thrust of the Budget. As the OBR says, it represents the “largest fiscal loosening” since 2010. Noble Lords have suggested that the Chancellor is spending his windfall, but I mistrust the language of “windfalls”. Windfalls are only forecasts of revenue based on forecasts of growth; they are not there under the bed, so to speak, and should be given the credence they deserve—which is very little.

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Beyond Austerity: The Challenge Facing Labour

This essay, published in the New Statesman, is based on a lecture hosted on 19th September by the Progressive Economy Forum, of which Lord Skidelsky is a Council member. 

Labour has always been set a higher standard on the economy than the Conservatives: it had to be more orthodox, more competent, more successful to win equal praise or escape equal blame. The reason is not hard to find: created and financed by the trade unions, and committed to the abolition of capitalism, the Labour Party faced obvious difficulties in guaranteeing what John Maynard Keynes called a “political and social atmosphere congenial to the average business man”. Not that it necessarily wanted to: it was torn between wanting to “manage capitalism” better than the Conservatives and the desire to achieve socialism.

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Good Politics, Bad Economics

LONDON – Bad economics breeds bad politics. The global financial crisis, and the botched recovery thereafter, put wind in the sails of political extremism. Between 2007 and 2016, support for extremist parties in Europe doubled. France’s National Rally (formerly the National Front), Germany’s Alternative für Deutschland (AfD), Italy’s League party, the Freedom Party of Austria (FPÖ), and the Sweden Democrats have all made electoral gains in the past two years. And I haven’t even mentioned Donald Trump or Brexit.

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