A lot of this discussion of the six-person rule appears wrongly premised on the idea that it defines a safe threshold i.e. "5 people meeting is safe, 7 isn't" or "six people meeting in work is fine, socially it isn't" which naturally inspires a lot of pointless facetiousness 1/
But that is OBVIOUSLY not what they are doing, right? They (HMG) are confronted with a vast collection of behaviours that together add up to a degree of infectiousness, and they are choosing which of them to bear down upon ...2/
... as smarter people than I am have put it: they have a budget, and since they think they are through their budget they are saving a chunk of behaviours, presumably those they deem to be least important economically or in some other wise 3/
so it is literally meaningless to say "the rule doesn't make sense, because if you can do X why can't you do Y?". Like when people say "what is the point of saving money on beer when you spend so much on coffee". It still saves you money. They are additive 4/
Anyway I am sure you all get this. I just needed to get it down to clarify what I thought. 5/5
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Reflection on yesterday's big moment from Reeves: this far, there's a pattern of the new government doing what was widely predicted, but still somehow managing to surprise on the upside in their delivery.
We all expected a "shocked face what a mess" moment...1/
It was visible from a distance that the Tories had set aside far too little spending to keep the public realm in a decent state, let alone deliver goodies like extra hospitals.
But the details, the vitriol and clear accusation of dishonesty were 🔥 2/
If the anger wasn't real, she's one helluva actor. The OBR's promised investigation into the circumstances of the last Budget means another big hit from this dishonesty accusation. It might build all summer, that narrative. They want it to land like 1992, like Truss...3/
When I saw that @IPPR (@GeorgeDibb and @carsjung specifically) had written a report eviscerating the UK's investment record, my first reaction was a shrug and "huh, yeah we know that". But it is well worth your time: 1/ ippr-org.files.svdcdn.com/production/Dow…
To start cheekily: it praises the Sunak/criticizes Labour's plans!
"The government’s plans for ‘full expensing’ capital allowances are a step in the right direction"
"a Starmer-led government would cut public investment more than the 2010-24 Conservative administration"
2/
Two: it is salutory to be reminded of how deep-seated is the UK's failure to invest.
If you are looking for culprits behind our growth failures, *you need to find big things*. This is a big one - £1.9tn cummulatively. Had that been invested, GDP would be much higher ... 3/
They share the Johnsonian Cakeist position that Green Growth is a three-fer - you win at growth, regional balance and environmental policy by going for it.
Most of us are reasonably convinced that Truss's economic programme (fwiw) was proven to have failed within a month. The market verdict was brutal.
But most policy isn't that clear.
I read a LOT of centre left pamphlet-speak calling for industrial policy ... 1/
which you could machine-write: "the UK needs a green innovative industrial strategy that invests in sectors of the future and cuts pollution while creating green jobs and rebalancing the economy/levelling up. It should borrow to do this/tax the rich".
What I seldom read... 2/
... is anything like a statement of what failure would look like. Give it 50 times longer than Truss - 5 years, say. What would force you to concede "this hasn't worked"? What metrics would count for evidence? Or is that too short?
"Budget blowouts and delays: why the UK struggles with infrastructure"
OK, this is a vitally important and *difficult* topic, and it plays directly into a subject I've been trying to force myself to think about: when markets or planning are better 1/on.ft.com/3S5WnbK
This observation crudely suggests to me that the UK has opted for the ever-more-market approach to doing stuff. Issue a tender, that gets sub-contracted and so on in an attempt to stimulate competitive dynamics that somehow produce the best outcome. But it hasn't worked! 2/
In my amateur estimation, we've been trying to exploit the insights of Hayek's Use of Knowledge in Society which emphasises the supreme knowledge difficulty of planning. But he understands that the right answer depends on circumstances! 3/ econlib.org/library/Essays…