Tag Archives: economics

Mitt Romney and the myth of self-created millionaires – George Monbiot

The parasitical ultra-rich often deny the role of others in the acquisition of their wealth ??? and even seek to punish them for it We could call it Romnesia: the ability of the very rich to forget the context in which they made their money. To forg… Continue reading

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Bank’s stimulus plan ‘has lined pockets of the rich’ – Independent

The Bank of England’s money-printing programme, intended to revive economic growth, has delivered a massive boost to the wealth of the most prosperous 10 per cent of households in Britain while delivering relatively scant returns for the poorest, … Continue reading

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Consumer borrowing jumps to ??732m in May

Unsecured debts have almost doubled, according to the Bank of England, raising concerns that households are borrowing to fund everyday spending The amount of unsecured credit taken on by consumers leapt to ?732m in May, driven by a sharp rise in b… Continue reading

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Behold, the British establishment, panicked – Paul Mason, BBC Newsnight economics editor

The chairman resigns to save the CEO. The CEO makes a public threat to drag the central bank into the mire. And the previous government. And the Treasury. Next morning, the CEO resigns and the chairman re-installs himself to “oversee transition”. … Continue reading

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Sir Mervyn King calls for bank culture change

Britain’s banks need a ???real change in culture??? following a series of scandals that have rocked the industry, Bank of England governor Sir Mervyn King said today. Sir Mervyn’s comments came as Britain’s biggest lenders were embroiled in fresh … Continue reading

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UK economic outlook getting worse, warns Bank of England

A sharp deterioration in the outlook for the global economy over the last six weeks provoked Bank of England governor Mervyn King to back an extra ?50bn of quantitative easing, MPs heard on Tuesday, adding to the gloom surrounding the UK’s prospec… Continue reading

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UK government borrowing higher than expected as income tax receipts fall

ONS figures showing borrowing of ?18bn in May ??? up from ?15bn in same month in 2011 ??? are blow for George Osborne Britain’s public finances sank deeper into the red last month as weaker tax receipts from the recession-hit economy depleted the … Continue reading

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