The all too brief premiership of Liz Truss began a year ago this week. The first anniversary is another good chance to reflect not just on what went wrong, but also on what she got right. (As a supporter of ‘Trussonomics’, I feel responsible as well.) There were two big mistakes. One was to underestimate … Continue reading Three big calls that Liz Truss got right
Tag: government borrowing
How valuable is ‘public sector net worth’?
Public finance geeks have been even more excited than usual about the latest statistical bulletin from the Office for National Statistics (ONS), which includes new data on a balance sheet aggregate known as ‘public sector net worth’. What is this, and why does it matter? Public sector net worth, or PSNW, is a relatively comprehensive … Continue reading How valuable is ‘public sector net worth’?
Latest misses show the danger of relying too much on OBR forecasts
It is always good to begin with some ‘good news’. The UK government recorded an unexpectedly large budget surplus in January, with revenues exceeding spending by £5.4 billion. This was £5.0 billion better than forecast by the Office for Budget Responsibility (OBR). It would be daft to focus on just one month’s figures, but this … Continue reading Latest misses show the danger of relying too much on OBR forecasts
The Treasury should look again at a simple option to save on debt interest
The latest monthly data on the UK’s public finances included the first of many payments from the Treasury to cover losses made by the Bank of England’s Asset Purchase Facility (APF). This may seem like an arcane subject, but the sums are huge and at least partly avoidable, so bear with me. First, the technical … Continue reading The Treasury should look again at a simple option to save on debt interest
Plain-speaking Economics 