Archive for May 20th, 2010

Nipping Public Spending In The Budd

I came across mention on today’s Irish Times Business Podcast of Alan Budd.

BBC News – Chancellor announces new fiscal watchdog

Chancellor George Osborne has announced that a independent Office for Budget Responsibility will be set up to make economic forecasts.

He said these forecasts, the first of which will come out before the Budget, would create a “rod for my back down the line and for future chancellors. That’s the whole point.”

The office will be headed by former Bank of England Monetary Policy Committee member Alan Budd.

Alan Budd puts in an early appearance in David Harvey’s new book, The Enigma of Capital.

..both Reagan and Thatcher orchestrated confrontations with big labour, either directly in the case of Reagan’s showdown with the air traffic controllers and Thatcher’s fierce fight with the miners and the print unions, or indirectly through the creation of unemployment. Alan Budd, Thatcher’s chief economic adviser, later admitted that ‘the 1980s policies of attacking inflation by squeezing the economy and public spending were a cover to bash the workers’, and so create an ‘industrial reserve army’ which would undermine the power of labour and permit capitalists to make easy profits ever after.

That’ll work. For capitalists.

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