Last week’s Budget takes its place in the growing catalogue of exercises in national self-harm. Our reckless credit bingeing in…
An obscure working paper of the Office for Budget Responsibility (OBR) appears to have become the cornerstone of UK economic…
There are, broadly speaking, two contrasting approaches to the management of financial stability risk. The first is pre-emptive and preventative…
Rachel Reeves is rumoured to be considering a change to the government’s public debt ratio target in her 30 October…
An endogenous financial system is one in which central banks have become embedded into the machinery of the private financial…
Over the past 30 years, we have grown used to seeing historical relationships of economic and financial variables at record…
In a financialised economy, debt mimics, even constitutes, a factor of production. Consumer credit finances the marginal purchase of consumer…
The broad money stock remains a deeply unfashionable aggregate in 2024. However, the tide of disintermediation – from banks to…
Contrary to my expectations, the UK economy limped through 2023, rather than stumbling into full-blooded recession. Full credit to those…
The UK net international investment position (NIIP) deteriorated markedly last year, erasing all the post-GFC improvement and confirming the negative…