My Lords, in his Spring Statement, the Chancellor saw,
“light at the end of the tunnel”.—[Official Report, Commons, 13/3/18; col. 718.]
The light is pretty dim, and the tunnel has been much too long. The two are connected, the dimness of the light being largely the result of the length of the tunnel, as I shall try to demonstrate.
Continue reading “Economy: Spring Statement”
Lord Skidelsky (CB)
My Lords, I will concentrate, as is my wont, on the macroeconomic implications of the Budget. That is not to say that supply-side questions are not important—of course they are. I agree with the noble Lord, Lord Maude, that a Government should not be exempt from the efficiency expected of the private sector. However, in general, efficiency is closely related to investment. The more investment there is, the more efficient an economy is likely to be, for the simple reason that there will be much less resistance to cutting costs—which in practice usually means laying off workers—if there are plenty of alternative jobs available.
We have 1.4 million people out of work—“too many”, the Chancellor rightly says. Continue reading “Economy: Autumn Budget Statement”
Lord Skidelsky (CB)
My Lords, I, too, thank the noble Baroness, Lady McIntosh, for making this debate possible. The most dramatic economic effect of the United Kingdom’s Brexit vote has been the collapse of sterling. Since June, the pound has fallen by about 16% against a basket of currencies. Mervyn King, the former Governor of the Bank of England, has hailed the lower exchange rate as “a welcome change”. Indeed, with Britain’s current account deficit in the order of 7% of GDP—by far the largest since records started—depreciation could be regarded as a boon. But is it? That is the subject of our debate today.
Continue reading “Economy: Currency Fluctuations”
Motion to Take Note
Moved by Baroness Deech
That this House takes note of the protection of freedom of speech in universities.
Lord Skidelsky (CB): My Lords, I, too, thank the noble Baroness, Lady Deech, for making possible this debate. I shall draw your Lordships’ attention to two threats to free speech on the campus. In four minutes I have time for only two threats, but I think that they cover most of the ground.
Continue reading “Universities: Freedom of Speech”
Historians and economists see the world in a different way. Economists tend to see progress in terms of the linear ascent of reason. Historians tend to see progress as an ascent through disaster.
This year’s theme of EPS is the avoidance of a second cold war. It’s a very urgent and necessary topic, for on its achievement rest our hopes for peace and security in the post-communist era.
And by peace – to bring in an economic consideration – I mean a peace dividend – the end of the insane expenditure on armaments, which is the only exception our rulers allow to fiscal austerity.
Continue reading “Speech to the Boston Meeting of the Economists for Peace and Security (EPS)”
Infrastructure Bill Speech, 18 June 2014
Lord Skidelsky (CB): My Lords, a Bill on infrastructure that is mainly to do with the rearrangement of Whitehall agencies and minor improvements in planning application procedures invites the question of what the relationship is between its provisions and the promotion of investment in infrastructure.
Continue reading “Infrastructure Bill”
Leveson Inquiry Speech, Friday 11th January 2013
My Lords, almost everything that there is to say has already been said, not least by the noble Lord, Lord Prescott, so I will just concentrate on two points. First, there is the ingenuity of Leveson, which recognises that voluntary self-regulation via the almost toothless Press Complaints Commission has run its course. Therefore, any successor system of self-regulation needs to give confidence that it will not be toothless – hence the need for legislation to guarantee the teeth. I think that is the main thrust.
Continue reading “Leveson Inquiry”