Discover and read the best of Twitter Threads about #ToryEconomics

Most recents (6)

#CostOfLivingCrisis #Austerity #ThereIsNoBlackHole #ToryLies
We’re going to have austerity on the basis of some very dubious accounting for the national debt
~ Richard Murphy…
#ToryEconomics #SunakHasNoMandate #FudgeIt #budget
/2 The UK’s #nationaldebt is a strange figure. For example, to most people's surprise it includes all our notes and coins, as well as premium bonds. But much more worrying is the fact that a significant part of it is created by what I think to be dubious #Accounting . A thread…
/3 The way the national debt is calculated makes a massive difference when it comes to calculating so-called ‘#fiscalblackhole s’,which are the supposed reason why we need to have #austerity and #tax rises now. But some of the accounting for this debt is dubious to say the least.
Read 9 tweets
#Truss? #Brexit? #Covid? Who is really to blame for the #Tories’ ‘fiscal hole’?
The succession of PMs have all spoken out on who or what has caused the state of UK finances. They’re all partly right, but conveniently miss out one or two other key reasons…
/2 The #Cameron/#Osborne #Austerity years
The austerity of the coalition government and post-2015 Conservative administrations allowed many public services to fall into a state of disrepair. The #NHS was ill-prepared for the #Covid #pandemic
/3 and it has become clear that the absence of slack in the health system has caused huge knock-on effects for the #economy.
Analysis by the #HealthFoundation found that by the second quarter of 2022, 200,000 older workers (age 50 to 69) had left employment due to ill-health
Read 4 tweets
/2 #JeremyHunt, the latest of the four chancellors that Britain has burned through this year, takes a more orthodox Treasury view than Mr Kwarteng. His autumn economic statement will nonetheless be the defining financial and political moment of the Rishi Sunak government.
/3 Next Thursday will show whether it has learned the lessons not just of Mr Kwarteng’s dash for growth while Mr Hunt was on the backbenches, but also of the prolonged #austerity under George Osborne when Mr Hunt served as a senior member of cabinet.
Read 4 tweets
#Banks raking in #billions by not to passing on #benefits of rising #interestrates
Britain's biggest banks have not passed on the gains of interest rate risers to #savers, earning them billions.…
#ToryEconomics #ShellGame #Economy #bubble
/2 According to The #Times, the latest results of #Barclays, #HSBC, #Lloyds, #NatWest and #Santander show they held as much as £673.5 billion in cash and balances at central banks at the end of June.

Most of this is expected to be held at the #bankofengland
/3 analysts said, where it is earning interest at a 14-year high of 1.75 per cent.
If the £673.5 billion was held at the Bank for a year at the present rate, it would earn the five biggest banks £11.78 billion in #interest.
Read 5 tweets
Companies are paying inflation busting #dividends at cost to the rest of the #economy, including their #employees
#ToryEconomics #ToriesDestroyingOurCountry #Inflation…
/2 Richard Murphy: "We are continually being told by Tory politicians and the #bankofengland that #businesses must not give #employees #payrises that might match #inflation because this would create an inflationary spiral. But what about dividends?
/3 Aren’t they the real cause of the problem? A thread…
We researched 182 companies that had continuously been in the FTSE 100 from 2009 to 2019 to provide data for the research. Some of these are amongst the biggest companies you’ve heard of. Others are somewhat smaller.
Read 19 tweets
/2 "There is a darker alternative. The sometimes controversial Canadian writer and activist #NaomiKlein coined the term “#disastercapitalism”. This is when corporations, and those on the #Right politically aligned with them, use natural disasters around the world
/3 to force #neoliberal, extreme free market measures on populations so desperate they will accept anything to lessen their #misery.

One could speculate that the political trajectory of the past few years has been moving towards this. Collapse the UK #economy,
Read 10 tweets

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