Chart of the month – UK bank rate at a 326 year low – March 2020
The UK’s Bank Rate is at a 326-year low… … with possibly more easing to follow 1. More than ever, the world is in an era of historically-depressed interest rates. 2. UK Bank Rate has never been lower. − Follo… Become a member to read the rest of this article Username or E-mail Password Remember Me […]
UK/EU: Towards extending the transition
There is the growing expectation that the Covid-19 crisis will force Prime Minister Boris Johnson to perform a U-turn and request an extension to prolong the Brexit transition period beyond 31 December 2020. This outcome is becoming likelier with every day that UK infection numbe… Become a member to read the rest of this […]
UK: Sunak’s big moment – and he delivered
Chancellor Rishi Sunak announced a major new rescue package aimed at shoring up jobs and supporting small businesses during the coronavirus crisis. Sunak’s claim that the measures were “unprecedented” in the recent history of British politics is no exaggeration, and the chancello… Become a member to read the rest of this article
Macro Series – Comment – War footing? Not Really
The fight against COVID-19 may be likened to a war: but in fiscal terms it is smaller. The spread of the COVID-19 virus is now dominating lives to the extent that at least two national leaders, President Macron of France and Prime Minister Johnson of the UK, and latt… Become a member to read […]
UK: Questions mount over the effectiveness of government’s crisis response
The government finds itself under growing pressure given its comparably relaxed approach to the coronavirus crisis so far. While other European countries have taken drastic steps to curtail public life, a ban on mass gatherings is expected to be introduced only today, and restaur… Become a member to read the rest of this article
Macro Series – Global Letter – Easy Target
The Bank of England has come under attack for cutting rates. This is unfair and misguided. Back to the bottom The Bank of England has followed the example of the Federal Reserve, and slashed its major policy rate by 50bps. UK Bank Rate is now back down at a 326-year low … Become a […]
Macro Series – Postcard – Lessons from Liverpool
Liverpool exemplifies a post-industrial syndrome that challenges many countries. The accent has gone. I have spent 50-odd years living elsewhere. But Liverpool is my birthplace and spiritual home. Much of my family still resides there. Its colourful, if latterly troubled, … Become a member to read the rest of this article
Chart of the month – UK long run productivity growth has collapsed – February 2020
UK labour productivity growth has collapsed The economy’s recent productivity performance is the worst on record 1. The level of UK labour productivity has barely increased at all since the Global Financial Crisis. 2. Hence, producti… Become a member to read the rest of this article
UK/EU: Brexit means Brexit – but what does Canada mean?
European Union (EU) member states are expected to agree their negotiation mandate for chief negotiator Michel Barnier by 25 February, but the main conflict lines with the UK are already on display. In public comments, UK negotiator David Frost has re-iterated the UK’s rejection o… Become a member to read the rest of this […]