#fiscalrules — Public Fediverse posts
Live and recent posts from across the Fediverse tagged #fiscalrules, aggregated by home.social.
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As Diane Coyle (writing in the FT) implies, Andy Burnham & John Healey need to take full advantage of the shift in the way public investment can be reported through (Rachel Reeves' revised) fiscal rules, to allow an easing of the burden of Treasury short-termism.
She argues such short-termism is driven by the Treasury's lack of control over day-to-day expenditure locally prompting a hard grip on initial policy decisions, forcing a focus only on immediate gains....
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Its all very well having 734 planned infrastructure projects in the pipeline with a total budget of over £700bn, but if they don't actually get under way then this is just more declaratory politics;
You can declare you're going to invest in infrastructure, and then you can amend your fiscal rules to allow that sort if investment not to undermine the fiscal position.... but actually, the project *do* need to get under way!
At the moment, way too few do!
#infrastructure #FiscalRules
h/t FT -
#Germany refuses to rule out violating EU budget limit: Whether #Germany will flout the EU's #fiscalrules to boost defence spending will "be clarified in the next few weeks," said new finance minister Lars Klingbeil. https://www.euractiv.com/section/economy-jobs/news/germany-refuses-to-rule-out-violating-eu-budget-limit/?utm_source=mastodon&utm_medium=dlvr.it
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#Germany refuses to rule out violating EU budget limit: Whether #Germany will flout the EU's #fiscalrules to boost defence spending will "be clarified in the next few weeks," said new finance minister Lars Klingbeil. https://www.euractiv.com/section/economy-jobs/news/germany-refuses-to-rule-out-violating-eu-budget-limit/?utm_source=mastodon&utm_medium=dlvr.it
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This could get nasty for the Starmer/Reeves government. They can find money for the military but not for public sector workers. Fiscal rules for some, not for others. I begin to think Starmer is a mole sent to sink the Labour Party once and for all.
Unions warn teachers, councils and NHS workers may go out on strike after government says it won't fund pay rises | Morning Star https://morningstaronline.co.uk/article/unions-warn-teachers-councils-and-nhs-workers-may-go-out-strike-after-government-says-it
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A bit old now but this chapter deals with the question of government and other debt, topical again given Reeves's self-imposed fiscal straightjacket.
(PDF) Debt Dynamics in the UK and Beyond: How Propaganda Impedes Effective Political Action https://www.researchgate.net/publication/304805654_Debt_Dynamics_in_the_UK_and_Beyond_How_Propaganda_Impedes_Effective_Political_Action
#GovernmentDebt #FIscalRules #Labour #Austerity2 -
If you're not sure about Rachel Reeves' shift i the fiscal rules governing what counts as public debt for the purposes of assessing the levels & sustainability of state borrowing, here's Chris Parry's account of the change(s) which should help a bit....
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Great letter from Professor John Muellbauer in the FT, on why Rachel Reeves recalibrated fiscal rules should include land values held by the state.... and how this could then be used too help fund Angela Rayner's plans for the expansion of social housing....
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So Rachel Reeves will tell the IMF today that the UK's fiscal rules are going to change (again) & while not specifying ahead of next week's budget exactly what the change will entail, it appears it will see public debt re-calculated using a public sector net financial liabilities (PSNFL) framework.
By including both liabilities *and* assets, it produces a lower figure for public debt, thereby allowing more public sector borrowing for investment!
#PublicDebt #FiscalRules
https://www.theguardian.com/business/2024/oct/23/reeves-to-announce-major-change-to-fiscal-rules-releasing-50bn-for-spending -
"Can somebody please tell the Labour party that they won the election?"
William Keegan continues to put the boot into Labour’s dire economic policy, with particular reference to Rachel 'Call Me Thatcher' Reeves.
#LabourGovernment #Economics #FiscalRules #Benefits #UKPolitics #RachelReeves
Britain didn’t vote Labour just to get a new iron chancellor | William Keegan | The Guardian
https://www.theguardian.com/business/article/2024/aug/04/britain-didnt-vote-labour-just-to-get-a-new-iron-chancellor?CMP=GTUK_email -
So kieth stalin, the cop, wants to setup a new #police unit to go after low level #EDL thugs and control social media, likely at great expense. But won't criticize the right honourable member for the #brexit party, Nigelle Farridge, which costs nothing.
Talk about #FiscalRules - not so much "rules" as rough guidelines subordinate to the prime directive: "do anything that gives me more power, and damn the consequences."
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@judejack surely not, Chancellor #RachelReeves has pledged no spending without explaining where the money is coming from. Surely, under the #FiscalRules, #Ukraine has to grow our economy before we can use some of the revenue generated to fund Ukraine.
Or maybe #Austerity doesn't apply to arms?
Someone will have to explain it to me
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If one of the keys to delivering the NHS England from its (current) continual crisis is adopting & funding its new workforce plan, then Rachel Reeves will need to find a way of going beyond their manifesto commitments (perhaps by revising the 'fiscal rules'?)...
Of course, many will suspect that the gap between the red & blue lines is the initial amount Streeting will want to allocate to private provision.....
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Britain is awash with failed prime ministers. The cost of their security detail rises as a function of how hated they are (a lot) and how much they travel overseas (a lot).
There's no #MagicMoneyTree for this stuff... We need to impose the #FiscalRules
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A new report from the Institute for Government (IfG) says it is not plausible for the victorious party on 4 July to stick to current spending plans at a time when the performance of hospitals is arguably the worst in the history of the NHS, prisons are at crisis point, and councils are shutting libraries and cutting back on waste collection and social care.
#Austerity #ToryBritain #GeneralElection #FiscalRules #SpendingCuts
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@Judeet88
Sorry I don't see the difference between the 2 main parties.
#Reeves is ex Bof E and thinks tax pays for everything. Her #fiscalrules are the same as Tories. This means more austerity.
Government creates money and tax controls the amount in circulation to avoid inflation.
National debt is not debt but is in fact national savings.
Look up @richardjmurphy and his taxing wealth report. -
From the Guardian:
What are the chancellor’s options?
Hunt could choose to ignore his main fiscal rule, or rip it up and announce new targets instead. The government has changed its fiscal rules nine times since they were first introduced in the 1990s, with seven different sets since 2010.
#fiscalrules -
#fiscalrules
A new set of fiscal rules or ignore them?
When are TV pundits going to say what a load of boll@@@s
they are.
"So what are these ‘fiscal rules’?
"The main constraints on the chancellor are in fact self-imposed, through fiscal rules the government has set. The OBR is tasked with assessing whether these rules are being met, but Hunt could choose to ignore them, or decide a new set of fiscal rules instead."
https://www.theguardian.com/uk-news/2024/mar/05/uks-fiscal-rules-obr-treasury-budget-jremy-hunt -
@ChrisMayLA6 @fkamiah17
No #reeves is ex BOE. So continuing with invented #fiscalrules -
'The first step to our economic liberation is to tear up these crippling #FiscalRules
How are we to get out of this #recession if not through #investment, investment, investment'
https://www.theguardian.com/commentisfree/2024/feb/18/first-step-to-economic-liberation-is-to-tear-up-these-fiscal-rules-will-hutton
#ToryPoliciesInAction #AlternativePolicies #UK -
https://bit.ly/48fF66h Like many on this platform, I've spent a long time trying to explain, to folk that do not really want anything explained to them, why, in #Economic terms, the state is not like a household. Another explanation I've long tried is why the state cannot 'max out the credit card', & that #fiscal headroom isn't like hitting your O/D limit, & #fiscalrules are arbitrary. I've basically given up. Thankfully, the Greek God, #yanisvaroufakis does a far better job than I in the link
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EU Parliament’s econ committee OKs position on fiscal rules reform https://www.euractiv.com/section/economy-jobs/news/eu-parliaments-econ-committee-oks-position-on-fiscal-rules-reform/?utm_source=dlvr.it&utm_medium=mastodon #EUfiscalrules #fiscalrules #publicinvestment #publicinvestments
