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Budget: Osborne declares war on welfare state

OsborneOne word can summarise George Osborne’s first budget. Brutal. £11bn off welfare spending, from child benefits to Disability Living Allowance. VAT up to 20 per cent. And an average 25 per cent cut for most departmental budgets.

  • Written by James Meadway
  • Category: Analysis

OBR: Unelected body to prepare us for massive cuts

OBR and George OsborneThe unelected body established by the Tories - the Office for Budget Responsibility (OBR) - is intended to provide "independent", reputable support for massive cuts in public services.

  • Written by James Meadway
  • Category: Analysis

Oh Canada: Osborne’s cuts fairytale

George OsborneGeorge Osborne has discovered Canada. It is, he tells us, a marvellous faraway land where a fearless government once managed to eliminate its entire budget deficit in three years.

  • Written by James Meadway
  • Category: Analysis

The Bankers’ Coup

Mervyn King and George OsborneIf they had done it with tanks, we would call it a ‘military coup’. But they didn’t need to. The global political elite, echo-chambers of the bankers for a generation, did if for them. No tanks, no drama, no fanfare. Just the small print of an official communiqu√©.

  • Written by Neil Faulkner
  • Category: Analysis

Lost at Sea: Israel and international law

Israeli Pirate flagIn rejecting UN and EU proposals for an independent inquiry into the Gaza Flotilla Incident, Israeli Prime Minister Benjamin Netanyahu has stated that “it would create a problematic precedent” - that Israel is accountable to the international community and is subject to international law.

Euro: Merkel’s gamble unlikely to pay off

Euro rouletteAngela Merkel’s government shocked markets earlier this week by imposing a ban in Germany on so-called “naked short selling” in euro-area government bonds and in shares of major German financial institutions.

  • Written by James Meadway
  • Category: Analysis

Cameron, Clegg, and the cuts

bankers partyThe Bankers’ Party did not stand any candidates, but it won the British General Election. It does not depend on votes and seats. It deals in currencies, bonds, and shares.

  • Written by Neil Faulkner
  • Category: Analysis

Euro rescue - crisis postponed?

Euro cracksThe markets breathed a sigh of relief after the announcement of a huge bail-out fund for the crisis ridden Eurozone but will it be enough?

  • Written by James Meadway
  • Category: Analysis

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