Discover and read the best of Twitter Threads about #austerity

Most recents (24)

#THREAD on Sunak's "radical new plan" to "cut down on bureaucracy" (& further privatise the #NHS).

This "radical new plan has been around since at least the 1960s, when private landowners complained of "NHS bureaucracy" during Hospital site acquisition transactions.... Image
The 2005 '#NHS Management & Administration Staffing & Expenditure in a National & International Context' report made clear that "Expenditure on management & administration, in the NHS & all other health care systems, is a means to an end: its purpose is to improve patient care."
"Relatively ill-informed & superficial debates around whole system ‘bureaucracy’ make little attempt to assess the value of management & administration in particular activities, or accept that some such expenditure is essential to ensure the appropriate & efficient care delivery"
Read 42 tweets

Considering reducing the number of international students who choose to pay a fortune to study at our universities - worth £28.8 billion to the UK - is stupid: every part of the UK is financially better off, on average by £390/person, because of international students.🇬🇧
The net economic benefit of £25.9 billion is spread across every part of the UK. The contribution to the UK economy of international students in 2018/19 for Sheffield Central was £290M, Nottingham South £261M, Newcastle East £240M & Glasgow Central £171M.…
In historic terms, concern about immigration remains relatively low - remarkable given that net migration to the UK is at a record high of more than half a million in the year to June 2022. Ipsos MORI has charted the change in degree of concern over time.…
Read 16 tweets
After 5 months of intense work the @FT published this piece that involved a ton of hands-on work. Check it out ➡️…. It looks sleek but I do want to raise a few further points that I think could be discussed differently
#EnergyCrisis #EnergyBills #energy ImageImageImage
Point 1: We provided bill estimates under multiple price scenarios. Treating the #EnergyPriceGuarantee as the "price" I find problematic. The EPG implies a #EnergySubsidy benefitting mostly the well off that we all need to fund through #austerity and/or higher #taxation. So this
does not represent the full economic cost. It also ignores carbon prices which we all need should be MUCH higher. Using estimates based on the Oct 2022 Ofgem price cap ~ £3500 per year which is inline with predictions for most of 2023 (see forecasts from @CornwallInsight). Image
Read 15 tweets
#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
So, @Jeremy_Hunt now did a full and welcome u-turn on the #minibudget2022. And they are starting to tackle another policy that needs fixing, the #EnergyPriceguarantee #EPG. Why should this happen? This is a story that can ultimately be summarised in these two pictures.... 1/..
On the left, we have a classic end-terrace house. On the right, well, you have a mansion. The big difference: energy consumption. The left needs around 15,000 kWh per year, the right one, at least 70,000 kWh. How does this compare to the average UK household? Well: 2/..
The graph highlights one thing: energy consumption is strongly increasing in household income. But even in the highest income group there is huge variation. 50% of households even in top income group consume less than half as much energy than the top 5% in this group. 3/..
Read 11 tweets
Below a summary of "End Austerity: A Global Report on Budget Cuts and Harmful Social Reforms in 2022-25" co-published by @Policy_Dialogue @eurodad @FinTrCo @ActionAid @ituc @awcmena @latindadd @3rdworldnetwork @brettonwoodspr @PSIglobalunion

Download: Image
Analysis of IMF expenditure projections shows that #austerity is expected to impact 143 countries in 2023 in terms of GDP or 85% of the world population, and the trend continues at least until 2025. In red, countries affected by austerity 2022-24 - the whole world is on fire. Image
Which #austerity measures are being implemented? We reviewed the latest 267 IMF country reports to identify the main austerity measures being considered by Ministries of Finance and the IMF in each country, this is the summary of measures with negative social impacts Image
Read 6 tweets
Left Foot Forward:
Lurching the UK towards 'Reaganomics'

A ‘foot soldier’ for US economic fundamentalists, #Truss and her cabinet appear to be applying policy from an American right-wing playbook and lurching the country towards ‘#Reaganomics.’ /1
/2 For the most part, since 1980, #Republican economic policy has revolved around a single policy - hefty tax cuts heavily tilted towards the rich with enormous budgetary deficits as a consequence. Under the Reagan Presidency (1980-1988), income tax was cut across the board
/3 and the top rate of income tax reduced from 70% to 28%. Both Reagan and Bush ran up enormous deficits via huge tax cuts. When Clinton came to power in 1993, he had an awful mess to clean up.

Apart from leading to higher income inequality and punishing the poor –
Read 14 tweets
I start sounding like a broken record. The issue of UK is not primarily due to a high level of taxation but due to poor use of public money & the poor quality public goods bought in return. I have documented this across numerous pieces of careful research... here is a short 🧵⬇️
Exhibit 1: Most of austerity was a drag on growth. In "Did #Austerity Cause #Brexit?" I show that austerity itself was contractionary and the tax that could have been collected on higher incomes without austerity would have easily saved as much as austerity was projected to save.
Exhibit 2: Housing benefit cuts (FYI: these benefits are only so expensive as the UK's economic model is build on housing shortage)... but there weren't much savings as councils had to deal with the fallout: higher homeless prevention spending and putting up people in privately
Read 8 tweets

Just wanted to share a few lesser-known facts about 1930s Germany which given the #CostOfLivingCrisis & a new PM, seem salient, taken predominantly from The Third Reich Trilogy by British historian Richard J. Evans, hailed as a "masterpiece of historical scholarship."
Evans produced the report into the writings of David Irving who had claimed he'd been defamed as a Holocaust denier. The report proved irrefutable: Irving had deliberately distorted & manipulated historical evidence to bring it in line with his prejudices. Irving lost the case.
Almost every day I see the tired old claim that because the Nazis had 'socialist' in their official party name, they *were* socialists - despite overwhelming evidence to the contrary, including the fact they imprisoned & executed socialists, union organisers & other left-wingers.
Read 23 tweets
Chapter Three of 'Austerity, the media & the UK public', by Mike Berry, reveals how national news media reports had several key impacts on the response to the 2008 financial crash, not least in
increasing public support for #austerity policies.…
National news media reports:

a) played a key role in establishing the public belief that the deficit was the result of government overspending especially in areas such as welfare and immigration (rather than eg the highly risky deregulation of the financial services)
b) led the public to believe that the deficit was highly dangerous & needed to be dealt with quickly; and

c) limited discussion of responses to the rise in the deficit to minor variations of #austerity policies, which meant that viewers were left unaware of alternatives.
Read 4 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
@IsabellaMWeber @StephanieKelton @MegJacobs100 @washingtonpost A lot to lose if there is no recession.Very powerful people who have made mountains of money betting for 40 years on short term growth & rentership,who won't give up gold mine of a fossil fuel economy without a fight--creation of an illiberal democracy or waging a (hot) civil war
@IsabellaMWeber @StephanieKelton @MegJacobs100 @washingtonpost U.S.
The climate spending ($369bn), part of a broader bill ... “has the potential to be a historic turning point”
A Republican senator, Lindsey Graham “a massive tax increase in the name of climate change when our economy is in a *recession*."
@IsabellaMWeber @StephanieKelton @MegJacobs100 @washingtonpost "The Guardians of Capitalism [fossil fuels - 2020s]

Similar drivers of austerity in 1920s & today

A technocratic consensus by economists/financial elites that citizens & state have lived beyond their means, & is to make budget cuts..& rise interest rates.

#Austerity #Fascism
> Image
Read 17 tweets
Terms & phrases to look out for during the #ToryLeadershipContest, as used EVERY DAY by right-wing politicians & pundits, right-wing media, the alt, hard & far-right, Spiked, The Spectator, & a global network of billionaire funded free-market think-tanks:
The Right's creative, divisive, & profoundly misleading use of language has evolved over the last forty years, emerging hand-in-hand with deregulated free-market capitalism, which Britain's next PM will continue & accelerate with the introduction of antidemocratic Charter Cities.
The manufactured war on woke is a distraction, designed to keep voters divided. Under cover of COVID, wealth has been transferred from poor to rich on an unprecedented & unimaginable scale, eroding democracy & resulting in hardship, conflict, mass death & environmental collapse.
Read 10 tweets
Working class people are being told by Australian billionaire Rupert Murdoch & non-dom billionaire Jonathan Harmsworth that they must just accept high #inequality & the #CostOfLivingCrisis, but Britain was a much more equal society in the 1970s than it has been at any time since.
Govts are supposed to UNITE people & look after EVERYONE, but our Govt instead uses divisive 'wedge issues' like Rwanda & the strike to scare & manipulate people into believing scapegoats like asylum seekers & unions are responsible for Britain's problems.
Given a supportive news media, it's easy to manipulate people: having endured a decade of #austerity, & now a #CostOfLivingCrisis, it's hidden from voters that from 2009-19, the collective wealth of Britain's richest 1,000 people INCREASED by £480 BILLION.
Read 6 tweets
#THREAD on this great article by Bruno De Oliveira.

69% of low-income private renters in England will be unable to eat & heat their homes at least one day per week because of rising living costs, the UK charity Crisis recently warned.

The poorest 10% of households spend up to three times more of their family budget on food & energy bills as compared to the wealthiest 10%, according to the Resolution Foundation. The IFS estimates that inflation rates for these poorest families could reach over 10% in 2022.
A growing body of evidence strongly suggests that #austerity policies are at least partially responsible for life expectancy stalling in England & Wales.

New research into social #inequality & mental distress shows, the psychological impact is profound.…
Read 12 tweets

According to the Sunday Times Rich List - which ranks the net wealth of Britain's richest 1,000 people - the 2008 financial crash meant that by April 2009, the number of billionaires fell for the first time since the Rich List started in 1989.…
In 2009, the number of billionaires in Britain fell from 75 to 43, the combined wealth of Britain's richest 1,000 people adding up to £258 billion.

Despite Lakshmi Mittal losing £16.9 billion, making his net worth £10.8 billion in 2009, he remained Britain's richest person.
Roman Abramovich was the second richest person in Britain in 2009, despite losing £4.7 billion, with a net worth of £7 billion.

The Duke of Westminster was the richest Briton & continued to occupy third position overall, with a fortune of £6.5 billion.
Read 12 tweets
"Oxfam found that '13 out of the 15 #IMF loan programs negotiated during the second year of the #pandemic require new #austerity measures such as taxes on food and fuel or spending cuts that could put vital public services at risk.'"…
"The Oxfam report notes that the conditions of a 2021 loan of $2.3 billion to #Kenya compelled the country to freeze public sector pay for three years, while mandating higher taxes on food and cooking gas"
"#Sudan has had to end fuel subsidies, a policy that has disproportionately affected the nearly 50% of the population that is impoverished."
Read 10 tweets
80,000 PIP decisions overturned last year - during the pandemic.

That's not 'human error' - it's systematic, state-sanctioned cruelty, & the deliberate persecution of some of Britain's most vulnerable people.

Utterly despicable. 🤬
In 2018 the Tory govt admitted they spent £200million fighting to stop people getting sickness & disability benefits: at least 4,600 disabled people were wrongly stripped of their benefits & it was found guilty by the UN of “grave & systematic violations” against disabled people.
As long ago as 2016, it was widely reported that a UN inquiry concluded that #austerity policies introduced into welfare and social care by the UK Tory government amount to “systematic violations” of the rights of people with disabilities.…
Read 10 tweets
Turns out that Boris Johnson & his government were lying about "levelling-up" too!

England’s north-south divide continues to deepen: the south-east is home to one-third of the UK population, but now accounts for 45% of its economy & 42% of its wealth.…
In the five years to 2019/20, London received the equivalent of £12,147 per person, while in the north the figure was only £8,125.

The stark disparities will fuel concerns among “red wall” Tory MPs that the govt’s "flagship policy" is just another cheap, manipulative, slogan.
If investment in the north had matched that in London over the five years from 2014/15, it would have meant an extra £61bn of spending in areas such as transport, infrastructure & skills. Rishi Sunak has effectively capped the main levelling-up fund at £4.8bn for this parliament.
Read 6 tweets

'Social work & the #COVID19 pandemic: International insights' - book review by Natalia Phillips.

2020 brought a series of major international crises in the form of climate emergency, human rights violations, & the global coronavirus pandemic.

These interlinked global emergencies accentuate the division & alienation of the most disadvantaged in society caused by modern capitalism.

Governments’ biopolitics surrounding #COVID19 revolves around the prioritisation of “economy” & neglect of Health & Social Care services.
Structural racism prevails & those who require state support are the ones left helpless & suffering the most in these unprecedented times.

'Social Work and the Covid-19 Pandemic' is a collection of collaborative work of many academics, social work practitioners & activists.
Read 20 tweets
The UK government once again faces accusations of passing responsibility to individual employers – trusting them to consult workers & act compassionately.

This is classic #neoliberalism, individualising responsibility & risking public health & safety.…
It is the latest incarnation of a UK government jobs policy that fetishises laissez-faire economics, perpetual consumerism & profit maximisation. For 40 years, The winners-take-all rule by the market-world elite has dominated for forty years.
Neoliberalism has eroded the social world of collective social institutions such as public services & trade unions, while greatly increasing casualised low-paid jobs under a disposable flexible labour-market model.

Read 7 tweets
1/7 I’ve been reflecting on work I’ve done over the past decade and attitudes to it. Maybe I’m being unfair but I sometimes sense a bit of hypocrisy from some people
2/7 People who condemn restrictions on freedom but took away the freedom of so many others to live, love, and work in the EU after #Brexit
3/7 People concerned about the mental health of people affected by pandemic countermeasures, but were silent when we showed the mental health harm caused by #austerity
Read 9 tweets

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