Unfortunately, economies don’t respond well to stirring words. They respond to facts. And, as I’ve long predicted, and as the OECD’s latest data also suggest, the British economy is back in recession. We’re not earning our way out of anything. The economy is shrinking. Our debt is growing. Continue reading

Budgets are overhyped. Half serious policy announcement, half political theatre. Truth is, almost everything that matters in the government’s fiscal policy was set out in June 2010. Back then, George Osborne announced the pace of the fiscal tightening which would dominate the next five or seven years. The events of... Continue reading