Rachel Reeves own economics advisor says ditch the fiscal rules.

Keir Starmer & Rachel Reeves arbitrary adherence to fiscal rules has been attacked by Reeves' own economics adviser.
Right so who’s sick and tired of hearling Labour refuse to commit to anything right now on the basis that we’ve got no money left, the Tories have trashed the country and Rachel Reeves bleating about her fiscal rules as being the reason why Labour can’t commit to anything? It can’t be just me surely? All it does is give Starmer and Co the excuse to not find any policy positions to stick to because he’s got a well earned reputation for breaking his promises as we know and if he can say, well we’ll have to see how things look, we’ll do what we can based on our fiscal rules, we’ll see what things are looking like, but it’s not looking promising, he can continue to benefit from the anti Tory vote without telling anyone what he’d actually do once in power, likely nothing different from what the Tories are doing now. The fiscal rules excuse has got very old, very fast because we know Starmer and Reeves have just made them up, they aren’t based on any concrete evidence, they are totally arbitrary and meaningless, amounting to, according to Reeves that day to day spending would be paid for via general taxation and getting the debt down. Taxation pays for nothing, it’s a control on inflation that lets governments print to spend and getting what debt down? National debt? Well that’s money we owe ourselves, it isn’t a debt, just a financial device that nations that control their own currency have that we as households don’t. So it’s nonsense, Reeves might as well have said monopoly money is the new UK currency, it’d make just as much sense. But Reeves has been called out for it now, so often has the line been used by none other than one of her own economics advisors. Jim O’Neill, Baron O’Neill of Gatley, former head of economic research at Goldman Sachs, put into the Lords by Theresa May, as a Tory peer, he was formery a commercial economics adviser to David Cameron but has since left the Tories and now sits as a crossbencher, so we have a situation where a former Tory adviser is advising a wannabe Labour chancellor on economics and he’s calling her out, along with his former party on economics it must be said, for talking twaddle about these fiscal rules. It’s not so much who is the right winger, but who is more right wing these days between both main parties on different issues? Anyway, he’s come out and said both Labour and the Tories need to ditch petty and arbitrary fiscal rules which are holding back growth. I mean for God’s sake we’re now in the position where a former Tory Lord is now talking more economic sense than Labour is.

►SOURCES:
https://www.independent.co.uk/news/uk/politics/labour-fiscal-rules-investment-jim-oneill-b2388449.html?utm_source=reddit.com
https://www.independent.co.uk/voices/uk-economy-government-jim-oneill-rachel-reeves-b2388433.html
https://www.economicsonline.co.uk/managing_the_economy/the_multiplier_effect.html/
https://www.tuc.org.uk/blogs/more-funding-isnt-just-good-nhs-its-good-economy

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