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…
On the M4 definition of the UK money supply, there has been a £125bn contraction (equivalent to 4 per cent)…
For those schooled in the generalised benefits of international trade, the past 15 years have been a source of dismay…
Somewhere along the line, during the past 25 years, economic contractions acquired a stigma. Consecutive quarterly declines in GDP, alias…
Deeper into the enchanted forest we go. Seen one pink unicorn, seen them all. And what could possibly go wrong…
Corporate insolvencies are rising sharply in the UK and France. A charitable interpretation is that this merely reflects a normalisation…
China’s macro-financial model appears to be in difficulty. The recent depreciation of the yuan, most notably against the US Dollar,…
A softening of the pace of nominal US pay growth in recent months has been welcomed by policymakers as a…