Grattan Institute’s Post

https://lnkd.in/ecVhZc_S Welcome news, this, as public service is on its knees and struggling to meet demands. More austerity would have completely crippled many government departments and councils. The plans for the new industrial strategy should hopefully open up the doors to welcome growth in the private sector and improved public services. The next few years should be interesting!

Check out our quick preview of economic issues that may come up in tonight's SOTU: https://lnkd.in/gbN3WWS5

The report “Rich States, Poor States” newly released by the American Legislative Exchange Council (ALEC) ranked Texas sixth nationally on “economic outlook” based on 15 factors, many of which evaluated tax burdens. Learn more, and see how Texas scored on each of these factors using the interactive map: https://lnkd.in/gW5WPmGm #Tax #Economy

My latest piece for the #BennettInstitute on what the next UK government needs to do to boost productivity across manufacturing (through regulatory alignment) and knowledge intensive services (via large scale urban extensions). The definition of PSND used for the UK's fiscal rules penalises investment supported by market revenues which is an unnecessary and economically damaging divergence from EU rules https://lnkd.in/gz72BXUz

Overall WI rank is 21st. Worst ranks are 42nd for Workers Comp costs (WMC has pushed for a fee schedule) 41st for personal income tax progressivity and 40th for top marginal personal income tax rate (Gov. Evers vetoed lowering them). Wisconsin - State Economic Profile - Rich States, Poor States (richstatespoorstates.org)

What I hope to hear from the Chancellor of the Exchequer in tomorrow’s Autumn Statement is a commitment to clarity and transparency on regulatory changes impacting UK businesses, especially on their Companies House filing requirements.   We know that changes are afoot, but greater clarity allows businesses, large and small, to be able to plan for shifts in the regime. It would be great to think that, tomorrow, the Government will provide clear, practical guidance on any proposed changes and the timelines involved. We’ve recently had a sketch of those timelines, but now feels like the right time for the detail.   So much of the UK’s economic success has been as a home for businesses overseas to expand, and the ease with which people can establish companies, and the confidence people have in the system remain touchstones upon which that success is built.   This topic may not grab the headlines tomorrow or even over coming days, but that’s not to mistake its importance to how we conduct business in the UK.   #CompaniesHouse   https://lnkd.in/egYEJ7Ah

My latest study for the European Parliament has just been published, see https://lnkd.in/eXNTtz4s Becoming ever more exposed to global developments that transcend the powers of national governments, the European Union needs to widen the spectrum of strategic public goods it provides. To avoid fruitless conflicts over the ‘juste retour’, this should be funded by new permanent EU fiscal resources, with an appropriate mix of taxation and debt issuance, and underpinned by proper democratic governance. Not only would this advance the Union’s strategic goals but also yield benefits for economic stability, convergence and growth.

In today’s full UK political intelligence report we set out how this administration is primarily motivated by the best interests of the public sector in general, and the Civil Service in particular. We also highlight how the Chancellor intends to use the Budget to introduce some dramatic fiscal reforms through a series of incremental steps. Overall, we expect the Budget to create upward pressure on interest rates as HMG’s appetite for more borrowing is made clear. Labour’s macroeconomic strategy is predicated on an assumption that the gilt markets will allow HMG to reclassify some public liabilities as assets and fail to demand higher debt servicing costs when Ministers borrow more. This is unlikely. In foreign affairs, the Chancellor intends to strike a dissonant note on China. In contrast to the growing consensus among Western Governments’ leading figures, Reeves plans to establish a new round of trade talks with China within the next six months and to visit the country in person. The Chancellor’s visit is likely to be preceded by one by the Foreign Secretary, too. Regarding raw domestic politics, the dismissal of one No.10 Chief of Staff and the appointment of another is unlikely to have a significant impact on HMG’s efficacy. The biggest determinants of HMG’s ability to design and execute strategic policy choices are Starmer’s and Reeves’s own political acumen and management skills. Neither of those will be changed by staff promotions in No.10. To receive subscription details for the full reports, please get in touch.

With the presidential election in flux, I wanted to share my latest insight piece: A Comparison of the Biden and Trump Economic Platforms. In it, I provide a comparison of the economic platforms of Biden and Trump. The implications for economic performance, in the U.S. and globally, are important. If there are changes between now and November, I will provide updated analysis: https://lnkd.in/e2ZGej-M

In the new coalition agreement "Hope, guts and pride," the PVV, VVD, NSC and BBB explain in 26 pages what their plans are for the upcoming government period.