Ten years on from the global financial crisis – and the government bailouts that saved the financial system from collapse – the UK Prime Minister gave a speech at the Bank of England, extolling the virtues of free markets.
“‘There is no magic money tree,’ Theresa May said during the election campaign when confronted by a nurse complaining about low pay. Yet now that the Conservatives need the support of the DUP to give them a working majority, suddenly the magic money tree appears: £1 billion of additional spending has been promised to Northern Ireland. Can austerity survive such hypocrisy?”
Simon Wren-Lewis, Professor of Economic Policy, Oxford University, 7 July 2017
“Do you think it’s fair that the nurses get just a 1% increase year-in year-out regardless of inflation – so they get poorer, so some of them we’re told go to foodbanks? Is that fair? Do you sleep happy at that?”
David Dimbleby questions PM Theresa May, 2 Jun 2017
The richest 1% in the UK have doubled their share of the nation’s income from 6% in 1979 to 13% in 2012.
From post: Economic reform: government steps up, not back.
Theresa May has called a snap general election. Austerity has been the central policy of Conservative-led governments since 2010. This post looks at the economic and political dimensions of austerity, and Theresa May’s position on the policy.
In 2010, the Conservative-led government, under David Cameron, introduced a new “long term economic plan”, commonly known as austerity, to reduce the national debt by cutting government spending. This post looks at some of the cuts that have been made, their impact, and whether Theresa May is continuing with the Cameron budget plans.
In the previous two posts we’ve seen May’s bold vision to lead a government that pro-actively intervenes in the economy to prioritise the interests of working class people and tackle inequality. This post looks at some specific areas where the economic system is failing and what plans Theresa May has to improve things.