If we consider politics over the past 10 years or so, what is clear is that there was a distinct step to the right in the UK, in the US and elsewhere in the world; the consensus around dealing with the fall-out of the financial crisis taking us in that direction. But there is evidence that we are now set for something of a left turn. And a look at the policies coming from the main UK political parties ahead of the General Election gives credence to this view.
Both Germany and the UK escaped recession, figures last week showed. But both have reason to be concerned about their near-term outlook. UK election campaigning suggests either a (i) large or (ii) enormous dollop of government spending is coming. Germany could do with either.
The 2019 General Election is officially underway, with politicians of all colours off in search of votes. At stake is not only the future of Brexit but of fiscal policy, our response to climate change and more besides. The UK economy looks pale and weak in contrast to the frenzy of activity amongst would-be-MPs. Business surveys suggest that output stagnated in October, while the Bank of England downgraded it’s growth forecasts, prompting two Monetary Policy Committee members to vote in favour of an immediate 0.25% rate cut.
The UK Supreme Court ruled unanimously that proroguing of the Parliament was unlawful. The Parliamentary session has resumed, but there is little clarity on Brexit’s form, date or on the timing of a general election. In the US the House of Representatives has started an impeachment inquiry. At the UN Climate Summit 66 countries, 93 companies and more than 100 cities announced commitments to reach net-zero emissions by 2050.