George Osborne’s austerity choked off the recovery: Brexit is his legacy | Aditya Chakrabortty

The former chancellor’s reputation lies in tatters after six years of punishing the poor and rewarding the rich prompted the referendum revolt

By March 2015, George Osborne was pulling together his final budget before the general election. The austerity chancellor had already hacked billions from health, education and social security; now he planned to slash billions more. But he had prepared one massive give-away: the complete abolition of taxes on savings, worth well over £1bn in lost revenue.

Related: The Brexit vote will kill austerity | David Blanchflower

Osborne used evidence the way a drunk uses lampposts – not for illumination, merely to support him in his excesses

Related: Austerity is far more than just cuts. It’s about privatising everything we own |

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Ha-Joon Chang: Economics Is For Everyone!

Really interesting stuff (“This is the video economists don’t want you to see!”):

‘Economics is for everyone’, argues legendary economist Ha-Joon Chang in a mind-blowing RSA Animate.

Chang explains why every single person can and SHOULD get their head around basic economics. He pulls back the curtain on the often mystifying language of derivatives and quantitive easing, and explains how easily economic myths and assumptions become gospel. Arm yourself with some facts, and get involved in discussions about the fundamentals that underpin our day-to-day lives.

The post Ha-Joon Chang: Economics Is For Everyone! appeared first on The Big Picture.


BlackRock chief warns Brexit will lead to ‘short-term’ recession in UK

Larry Fink says he expects Britain’s GDP would fall to as low as minus-1% amid economic uncertainty that in part caused his own firm’s revenues to drop 3%

The head of the world’s largest asset manager has warned that the UK’s decision to leave the European Union will trigger a recession.

Larry Fink, chairman and chief executive of BlackRock, said UK gross domestic product (GDP) will face a “short-term” recession despite the Bank of England’s decision to keep interest rates unchanged at 0.5%.

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Tata Steel’s fate shuffles over to new business secretary

Greg Clark takes charge of plight of 11,000 employees after dealings with much criticised predecessor Sajd Javid

The fate of 11,000 workers at Tata Steel is now in the hands of Greg Clark after he was named as the new business, energy and industrial strategy secretary.

Tata Steel announced in March that it was considering pulling out of the UK, but is now working on a deal to keep the business that is reliant on government support.

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