Discover and read the best of Twitter Threads about #SpendingReview

Most recents (9)

I’ve read some utter tosh on the state of the UK public finances in the last few days. Here's an attempt to correct some of the biggest misunderstandings.

Most importantly, government debt does not have to be ‘repaid’, only serviced... (1/19)

#SR20 #SpendingReview #RishiSunak
As long as the government can meet the interest payments (I’ll discuss the risks here later), maturing debt can simply be rolled over. (2/19)
This is what usually happens. The last time the UK ran a budget surplus was in 2000-01, since when public debt has increased by more than £1,700 billion. (3/19)
Read 19 tweets
“Even the most simple understandings are lost in the public debate about budget deficits and public debt. The Flat Earth Theorists who whip up deficit hysteria each day like to stun people with large numbers.”
“We would then learn that budget deficits are just the mirror image of non-government savings. Saving is usually considered to be something we should aim for. Increased wealth is also something we usually aspire to.”
#SpendingReview
bilbo.economicoutlook.net/blog/?p=10384&…
“As a matter of accounting between the sectors, a government budget deficit adds net financial assets (adding to non government savings) available to the private sector and a budget surplus has the opposite effect. “

bilbo.economicoutlook.net/blog/?p=332
Read 11 tweets
FWIW, I’ve been comparing my UK economic forecasts with those of the #OBR. There is a much more positive story than the Chancellor told in Wednesday’s #SpendingReview #SR20 📢

Let’s start with the near-term outlook… (1/8)
The #OBR assumes that the economic impact of #lockdown2 will be ‘three-fifths’ that seen during the first lockdown, when #GDP fell by 25% in March and April. This means that lockdown2 would take the level of #GDP back to 15% below its pre-Covid peak… (2/8)
Given that #GDP was 8.2% lower in September than February, and assuming little change in October, this is consistent with a fall of around 7% m/m in November, which is what’s in the #OBR’s ‘central forecast’. This seems about right to me... (3/8)
Read 8 tweets
Our Executive Director Nigel Wilcock responds to the #SpendingReview: “There are no surprises in what the Chancellor has had to say, but like the household that avoids opening credit card statements, nobody wants to stare at the hard reality...." #economicdevelopment (1/4)
"Nevertheless, the funding review is disappointing in one regard irrespective of the financial black hole. The time has come for a different and radical compact between central and local government...(2/4)
"Small scale bailout funds for local government are too small to make a difference – but also completely miss the point. Covid has shown that local government is essential in delivering services for communities...(3/4)
Read 4 tweets
.@RishiSunak has announced that there is a focus on our public services (£3bn to local councils) in this #SpendingReview. @ODIHQ offers free tools to help these services use data: hubs.ly/H0Bxx8b0
The UK government has announced £280bn for #Covid_19 recovery in the #SpendingReview. @ODIHQ thinks that access to data is a key part of this recovery: theodi.org/topic/covid-19/
UK gov has announced funding for communities to pilot new programmes. @ODIHQ research shows that they should focus on enabling cities to access private sector data: theodi.org/article/do-cit… #SpendingReview
Read 7 tweets
📣 @alisonthewliss responding to Rishi Sunak's #SpendingReview:

"£29 million for a Festival of Brexit, while they let weans go hungry at home and abroad, just about sums this Tory government up."
📣 @alisonthewliss: "The Chancellor speaks about getting young people into jobs, but he utterly failed to address the problem of low paid, part time and precarious work.

What he should be announcing today is a real Living Wage for the under-25s." #SpendingReview
📣@alisonthewliss: "It feels like this UK government is punishing people for working in the public sector.

The absolute heroes who saw us through this pandemic have more than earned their fair pay." #SpendingReview
Read 4 tweets
A few big picture points to keep in mind as we listen to Rishi Sunak's #SpendingReview -
1. Successive Conservative governments have spent a decade levelling down the UK. Today's spending plans are an admission that they have taken us down the wrong road and caused damage #SR20
2. Any plans to level up the UK will fail without a proper strategy for poverty eradication, tackling low pay & job insecurity & redistribution of power. More on this in @CLASSthinktank recent publication here classonline.org.uk/docs/Report_Le…
3. Any comparison between private & public sector pay is like comparing apples & oranges. Public sector pay freezes hurt the recovery under Osborne. Feels like groundhog day for those of us trying to rebut these arguments a decade ago, frustrating that gov still doesn't get it
Read 9 tweets
La @AIReF_es analiza siete tipos de incentivos, cuyo importe supuso alrededor de 2.000 millones de euros en 2018 #SpendingReview
La @AIReF_es concluye que los incentivos facilitan la obtención de empleo en épocas de crisis, pero los efectos son modestos y no perduran en el tiempo.Cree que hay que dirigirlos a colectivos específicos y homogeneizar los requisitos de las empresas beneficiarias #SpendingReview
La @AIReF_es reclama una mayor coordinación entre todas las administraciones y con las demás políticas activas, en particular la formación, y afirma que hay que realizar un seguimiento y evaluación continuos del sistema de incentivos #SpendingReview
Read 7 tweets
[thread] Una #rendita è per sempre? Nel corso del dibattito sul decreto #sbloccacantieri, è stato presentato un emendamento che farebbe inceppare la #liberalizzazione della notifica degli atti giudiziari. Vediamo perché mantenere questo privilegio medievale sarebbe assurdo 1/n
Antefatto: fino a due anni fa, la consegna a mezzo posta degli atti giudiziari e delle notifiche di sanzione era riservata PER LEGGE a @PosteNews. Non si trattava di un affidamento diretto, ma proprio di una riserva legale 2/n
In tutta l’Unione europea, una previsione simile esisteva, oltre che in Italia, solo in Portogallo e Ungheria. Per questa ragione, diverse istituzioni (tra cui @antitrust_it, @agcomunica e @eu_commission) hanno a lungo e invano raccomandato di rendere contendibile il servizio 3/n
Read 19 tweets

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