The National Institute of Economic and Social Research (NIESR) put is it as well as anyone. “Today’s Budget locks in a high-tax, high-debt steady state in a world of low productivity growth and higher interest rates. Even the historically large tax share of GDP now planned is only just enough to stabilise – not reduce – a debt ratio stuck around 100 per cent of GDP for the … [Read more...] about UK Budget 2025? Get real. The world has changed
economy
Testing times for Scottish Parliament
With much of Scotland in semi-lockdown, there’s no live entertainment for around four million of us. No theatres, no cinemas, no concert halls, no basement gigs. But there is Scottish Parliament TV Not a packed house – Covid requirements leave many chamber seats unfilled, and no-one in the public gallery. But nicely filmed, streamed live to your living room and (perhaps even … [Read more...] about Testing times for Scottish Parliament
COVID19 and fiscal solidarity
The measures to contain the coronavirus pandemic not only comprise a unique experiment in health policy. They have socio-political and economic implications so great that the outcome will shape the fate of humanity in the long term. For economists, in principle, the primacy of health policy must be accepted. Therefore, it must now be a matter of keeping the unavoidable economic … [Read more...] about COVID19 and fiscal solidarity
A letter to my grandchildren
This is how Jim Whyte begins the last part of his autobiography, A Letter to My Grandchildren: With a growing family of three children and nine grandchildren, I am more than ever convinced that my generation is leaving our future generations with problems which, on a best case scenario, will be very difficult to solve.More pessimistically, I believe we could be leaving a … [Read more...] about A letter to my grandchildren
Brexit: bad for Scottish manufacturing
Manufacturing industry in Scotland is suffering.As a consequence of the relative strength of sterling, weakness in export markets and the knock on effect of the collapsing oil price, manufacturing here contracted in the first three quarters of 2015 (Q4 data will not be published till April). Manufacturing is in technical recession and there are few signs that a durable … [Read more...] about Brexit: bad for Scottish manufacturing