Gordon Brown’s first act after he became Chancellor of the Exchequer in 1997 was to grant the Bank of England operational independence.

The move was meant to signal a newfound pragmatism in Labour’s approach to the economy – no more reckless spending, no more excessive borrowing, no more outlandish leftwing demands for full employment. Instead, in stark contrast to the behaviour of previous Labour governments, the Blair-Brown administration would be a responsible steward of Britain’s national finances.

Read More

When Alexandria Ocasio-Cortez beat Joe Crowley in a headline-blitzing New York primary race last month, the first thing the Democratic Party establishment tried to do was minimise the significance of her victory.

“They made a choice in one district,” the House minority leader Nancy Pelosi told reporters the following day. “It is not to be viewed as something that stands for anything else.”

Read More

In the summer of 2010, the UK embarked on a strange economic experiment.

Britain, then in the grip of a post-crash recession, had just elected a new government led by the Conservative party. In his first budget, the Tory finance minister, George Osborne, reeled-off a litany of cuts: public sector pay would be frozen, pensions reformed, disability and housing benefits slashed, and a raft of progressive tax credits abolished. In total, more than £30bn ($50bn CAD) would be stripped from state expenditure every year until 2015.

Read More

In the late 1990s and early 2000s, Western leaders made a series of lofty claims regarding the benefits of globalisation.

“The global economy is giving billions around the world the chance to work and live and raise their families with dignity,” Bill Clinton remarked during the final months of his presidency. “The problem is not [that] there’s too much of it,” Tony Blair told the Labour party conference in 2001. “On the contrary, there’s too little.” “I want globalisation’s children, the coming generation, to enjoy the vastly increased opportunities it brings,” Gordon Brown evangelised a few years later.

Read More

In the aftermath of Britain’s vote to leave the EU in June 2016, Scotland seemed to be on the brink of independence.

Scots rejected Brexit by an overwhelming 24 point margin, prompting Scottish National Party (SNP) leader Nicola Sturgeon – the head of Scotland’s semi-autonomous government in Edinburgh – to start preparing the ground for a fresh referendum on separation from the UK.

Read More