Robert Skidelsky
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Articles from The Guardian

Cameron is right to warn of another recession, but wrong to blame the world
Robert Skidelsky
Guardian | Wednesday, November 19, 2014

 
Ministers are up to their old game of blaming everyone but themselves for Britain’s economic woes. First, they said they were “clearing up the mess” left by Labour. When recovery stalled in 2010, it was because of the Greek crisis. Now David Cameron warns of a new recession even before it has happened– because Europe is not doing its job of recovering properly.
 
Cameron is right to warn that the world is on the brink of a third recession. But he is wrong to say that this makes it even more necessary for Britain to stick to its “long-term economic plan” of deficit and debt reduction. Because it is these deficit and debt-reduction policies, implemented throughout the European Union, that have been causing the “red lights” of recession to

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Labour must expose the fallacy of George Osborne’s ‘recovery’
Robert Skidelsky
Guardian | Friday, October 10, 2014

 
Where has the conference silly season left the debate on economic policy? George Osborne claims to have routed his critics: fiscal austerity has produced recovery. Labour, seemingly amazed that recovery has happened, has promised that a Labour government will continue to cut the deficit, albeit a little more slowly. The Liberal Democrats would join them in the slower lane. The main point of difference seems to be that “Labour cuts” will be fairer than “Tory cuts”.
 
The budget outcomes tell a different story. Osborne will have failed by a wide margin to meet his deficit-reduction targets in this parliament. The deficit is now likely to be more than £70bn in March 2015, when it should have been zero. This is a prima facie indication that

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Labour should hammer home one simple message on the economy
Robert Skidelsky
Guardian | Wednesday, August 14, 2013

 
The Labour party faces a political dilemma. Barely a day goes past without the more excitable parts of the British press trumpeting some new signal of Britain's economic success. Every other headline screams that Britain is "booming" or that its factories are "roaring to life". Every little jump in the flimsiest of economic indicators, every upward revision of economic forecasts, is celebrated as if it were a triumph worthy of song. And the propaganda seems to be working: voters' confidence in Conservative economic management has soared, and in Labour's has slumped.
 
So how should Labour respond? The first requirement is to separate the politics from the facts. Britain is not booming. Growth is forecast to be 1.2% this year – a dismal

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High-speed rail could set us on the path to recovery
Robert Skidelsky
Guardian | Wednesday, February 06, 2013

 
When George Osborne took over the Treasury, he decided that fiscal policy would be governed not by the state of the real economy but by the state of the public finances, as measured by pre-set fiscal targets, particularly the rate of deficit reduction. Those targets were designed to reassure investors in government debt that the state was solvent and would remain so.
 
Halfway through the life of this parliament, it is clear that the effects of that policy in terms of output and growth have been disastrous. Britain, like the eurozone, remains stuck in the slow lane. We did not grow at all last year, and we enter 2013 with a realistic prospect of a triple-dip recession. Despite our freedom to devalue and massive open-market operations by

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Why we need weekends
Robert and Edward Skidelsky
The Guardian | Saturday, September 08, 2012

 
Did you think that it was only in Victorian England that debtors were forced into the workhouse? Think again. This week a leaked letter revealed that Greece's eurozone creditors are demanding a six-day week as a condition of the latest bailout.
 
Of all the far-out ideas for solving the Greek crisis, this one surely takes the biscuit. First, it is completely unenforceable. Second, those Greeks in full-time employment already work the longest hours in the European Union. Finally, how does the troika (the EU, International Monetary Fund and European Central Bank) propose to provide work for the 25% of Greeks unemployed? And yet, as preposterous as the demand may sound, it needs to be taken seriously – not least as a symptom of a growing

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