The Left must reject Neoliberal Political Framing. Taxes do not pay for government spending. Taxes are a consequence of spending.

Earlier this month, in his first major speech as the UK’s new Chancellor, John Healey stood in Coventry and reiterated his commitment to “fiscal discipline”. It is not hard to understand why: the UK f...

The fiscal framework of the European Union (EU) sets common fiscal rules for Member States, which are in effect simultaneously with national fiscal rules. A common view is that the requirements of ...

Prem Sikka is an Emeritus Professor of Accounting at the University of Essex and the University of Sheffield, a Labour member of the House of Lords, and Contributing Editor at Left Foot Forward. Mi...

Prem Sikka is an Emeritus Professor of Accounting at the University of Essex and the University of Sheffield, a Labour member of the House of Lords, and Contributing Editor at Left Foot Forward. Mi...

In a major boost to Andy Burnham Labour has overtaken Reform in the latest poll of voting intention, giving it the largest lead since March 2025. The poll, carried out by More in Common, between 24...

In a major boost to Andy Burnham Labour has overtaken Reform in the latest poll of voting intention, giving it the largest lead since March 2025. The poll, carried out by More in Common, between 24...

Greater Manchester Mayor Andy Burnham has confirmed his commitment to the government's current fiscal rules, signalling a more cautious approach to potential economic reforms. In recent weeks, Burnham had suggested the possibility of modifying these rules, such as exempting increased defence spending, similar to measures taken in Germany. Concerns over his potential leadership of the Labour Party and a possible win in the Makerfield by-election had contributed to a rise in UK borrowing costs. Burnham's clarification on adhering to the existing fiscal framework appears to have calmed market reactions, with UK 10-year gilt yields falling following his statement. Analysts, including Mohamed El-Erian, highlighted that this reassurance is particularly important given current global market volatility, partly driven by the US-Israel conflict with Iran and risks to oil supply routes. Burnham emphasised the need for a plan to reduce national debt while also advocating for political stability to mitigate market uncertainty. While he supports infrastructure projects such as high-speed rail in Northern England, adherence to fiscal rules may necessitate difficult choices in areas like taxation and welfare spending. The debate over fiscal rules continues, with some think tanks proposing gradual reforms once budget surpluses are achieved, whereas the International Monetary Fund and the current Chancellor stress their importance for economic stability.

A list of Labour’s reforms that would make Thatcher smile and nod approvingly. From the winter fuel allowance and the two child benefit cap to more NHS privatisation and harsh cuts for the di…

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