Head of Policy & Advocacy @positivemoneyUK. Visiting Research Fellow University of Manchester @mcrlawtech. Occasional words @ wherever will have them. Own views
Rishi's Sunak NFT should not only make us cringe, but also worried that a supposedly serious government has drunk the cryptobro koolaid
Me for @openDemocracy's @_ourEconomy
https://t.co/6VFt39tNFX
@SonnerSounds@AaronBastani Because, again, depositors lend to banks below market rates. Most bank deposits have a negative real rate - £450bn (20%) pay no interest at all! Banks which aren't compelled to maximise short term returns on shareholder equity could quite easily invest in social housing
@SonnerSounds@AaronBastani All banks engage in money-financed maturity transformation - purchasing longer-term higher-yielding assets by issuing short-term deposits which are treated as money. No reason that can't be used to support public purpose
@baylissbaghdad@PMarlowe1939 "highly original, brilliantly written and disturbing persuasive" would perhaps be appropriate feedback if this was handed in as a gcse essay
As the transatlantic alliance falters, there’s a new kind of military Keynesianism emerging from Labour’s “Anglo-Gaullist” circles. Rearmament will, they say, deliver us from our broken, post-2008 growth model & produce a manufacturing renaissance/industrial revival.
It’s a delusion. There are few worse ways to catalyse growth than defence spending. Its multipliers are weak + long-term productivity benefits are non-existent. Better to build true resilience, & channel £££ into infrastructure, capital projects, R&D & fixed public assets, not another MoD procurement money pit.
Before we restore our ability to “project influence” abroad, perhaps we should think about how to raise living standards/real wages for the first time in 2 decades at home?🤔
Time to drop the post-imperial delusions, Bevinite nostalgia & the “Gaullist” posture & start thinking like a developing country. ANGLO-DENGISM over Anglo-Gaullism, Comrades!: look inwards, build, develop, grow, Make Britain Rich Again.
FULL ARTICLE👉👉👉 https://t.co/X8KEOLIiIa
Bit of a brass neck on Reeves here in her Mais lecture. Don't recall her or Labour shouting about the priceless opportunity to invest in the early 2010s - quite the opposite
It's a time honoured tradition in the UK: everyone with ambitions to become Prime Minister has to go to the City of London, and promise not to do anything.
If I was a political journalist who started paying attention to gilt yields around 3 years ago I would be liable to interpret this as the bond markets screaming for Keir Starmer to go
@paulmasonnews Hahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahaha come on man labour are not going to give you a job. They're not going to have enough seats!
@RachelReevesMP Why was this?
Could it be because of lobbying from banks (eerily similar to that advised by Peter Mandelson), as uncovered by @EJShone93 for @openDemocracy ?
https://t.co/jILAe8kzS3
Now that HSBC have reported 2025 results I calculate that @RachelReevesMP could've brought in *£12.5bn* from the UK's big 4 banks alone by taxing their net income from domestic retail depositors above a threshold of £800m at a 38% rate (in line with the oil & gas windfall tax)
@RachelReevesMP This would have brought in more than the stealth income tax rises - yet the Chancellor made a choice to raise taxes on workers rather than banks.