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David Smith’s EconomicsUK

EconomicsUK is the personal Original of David Smith, the Economics Editor of The Sunday Times, London. His easy to understand writing and clearly defined causes and consequences makes this an accessible blog for beginners.

Consumers will stay wary as long as the virus stalks us

Consumers will stay wary as long as the virus stalks us Posted by David Smith at 09:00 AMCategory: David Smith's other articles My regular column is available to subscribers on www.thesundaytimes.co.uk This is an excerpt. We enter a new period of uncertainty, in response to which the chancellor, Rishi Sunak, has announced another set of job support measures, which is becoming a regular occurrence. The Bank of England is heading for a Bonfire Night announcement of another £100 billion...

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How the ‘China virus’ hurt China less than most others

How the 'China virus' hurt China less than most others Posted by David Smith at 09:00 AMCategory: David Smith's other articles My regular column is available to subscribers on www.thesundaytimes.co.uk This is an excerpt. As we approach the end of this Covid year, with new restrictions popping up all over the place, cast your mind back nine months to January, when we had barely heard of the coronavirus, and it had yet to be christened Covid-19, let alone SARS-Cov-2, its current...

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There’s no quick fix for Britain’s deep productivity problem

There's no quick fix for Britain's deep productivity problem Posted by David Smith at 09:00 AMCategory: David Smith's other articles My regular column is available to subscribers on www.thesundaytimes.co.uk This is an excerpt. One of the topics I get asked a lot is about productivity. People don’t necessarily put it this way, but is this crisis unleashing the “creative destruction” that will propel us out of more than a decade of productivity stagnation? Is the working-from-home...

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This nation of unexpected savers has money to burn

This nation of unexpected savers has money to burn Posted by David Smith at 09:00 AMCategory: David Smith's other articles My regular column is available to subscribers on www.thesundaytimes.co.uk This is an excerpt. Extraordinary things have been happening during this coronavirus crisis, and it is throwing up some extraordinary numbers. I could give you second quarter gross domestic product, now revised down slightly to show a fall of 19.8% (from 20.4%), still more than seven times...

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A question of confidence as we face a long six months

A question of confidence as we face a long six months Posted by David Smith at 09:00 AMCategory: David Smith's other articles My regular column is available to subscribers on www.thesundaytimes.co.uk This is an excerpt. Weeks like the one just gone do not come along too often. For economy watchers, the cancellation of the planned November budget and the scaling back of the comprehensive spending review was big news, as was their replacement by another emergency economic package....

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For Britain, Covid has been the worst of all worlds

For Britain, Covid has been the worst of all worlds Posted by David Smith at 09:00 AMCategory: David Smith's other articles My regular column is available to subscribers on www.thesundaytimes.co.uk This is an excerpt. The Covid-19 crisis has seen the return of the public information broadcast, often accompanied these days by public information tweets. For those of us of a certain age, this brings back many memories, the broadcasts not the tweets. Public information films used to tell...

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We priced ourselves into jobs last time. Can it happen again?

We priced ourselves into jobs last time. Can it happen again? Posted by David Smith at 09:00 AMCategory: David Smith's other articles My regular column is available to subscribers on www.thesundaytimes.co.uk This is an excerpt. We are just coming up to the end of the first two weeks of September and you would have to say that the autumn has not started too well. On Covid-19, it has been a case of one step forward – the overwhelming majority of schools returning – and at least one back;...

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Sunak’s toxic tax problem as spending hits wartime levels

Sunak's toxic tax problem as spending hits wartime levels Posted by David Smith at 09:00 AMCategory: David Smith's other articles My regular column is available to subscribers on www.thesundaytimes.co.uk This is an excerpt. It is easy sometimes to forget what an extraordinary period we are living through. There are many ways to capture it with statistics but let me today provide you with just one. What will public spending be this year as a proportion of the economy? What will the...

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A post-lockdown housing boom. But will it turn to bust?

A post-lockdown housing boom. But will it turn to bust? Posted by David Smith at 09:00 AMCategory: David Smith's other articles My regular column is available to subscribers on www.thesundaytimes.co.uk This is an excerpt. There are many things you might have expected to happen as lockdown was eased but I suspect that a housing boom was not one of them. At a time when it has been harder than expected to get people out of their homes, it was not obvious that the first thing on the minds...

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Worried about debt? Not in a world running on MMT

Worried about debt? Not in a world running on MMT Posted by David Smith at 09:00 AMCategory: David Smith's other articles My regular column is available to subscribers on www.thesundaytimes.co.uk This is an excerpt. Today, something slightly different. This is in the nature of an economic version of a request show. I have had many requests to write about what is known as modern monetary theory (MMT) and this is my response. MMT has been around for some time, decades or even centuries...

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