British politics | Utopia, you are standing in it!

The 35 heroes of #toriesforcorbyn

23 Jul 2015 Leave a comment

by Jim Rose in constitutional political economy, Marxist economics, Public Choice Tags: British Labour Party, British politics, Leftover Left

MPs nominations for Leader of the Labour Party – 35 MPs required

Burnham – 68	Cooper – 56	Corbyn – 35	Kendall – 40
Ian Lavery	Jess Phillips	Jon Trickett	Tristram Hunt
Steve Rotheram	Diana Johnson	Clive Lewis	Phil Wilson
Rachel Reeves	Khalid Mahmood	John McDonnell	Stephen Timms
Dan Jarvis	Sharon Hodgson	Michael Meacher	John Woodcock
Michael Dugher	David Hanson	Ronnie Campbell	Mike Gapes
Debbie Abrahams	Shabana Mahmood	Diane Abbott	Wes Streeting
Owen Smith	Steve Pound	Kelvin Hopkins	Margaret Hodge
Karl Turner	Helen Goodman	Richard Burgon	Toby Perkins
Emma Lewell-Buck	Helen Jones	Dennis Skinner	Alison McGovern
Yvonne Fovargue	Kevan Jones	Grahame Morris	Stephen Doughty
Kevin Brennan	Chris Bryant	Frank Field	Siobhain McDonagh
Luciana Berger	Seema Malhotra	Kate Osamor	Ann Coffey
Barbara Keeley	Kate Green	Cat Smith	Gavin Shuker
David Crausby	Vernon Coaker	Dawn Butler	Pat McFadden
Yasmin Qureshi	John Spellar	Jeremy Corbyn	Ivan Lewis
Lisa Nandy	Paula Sherriff	Chi Onwurah	Simon Danczuk
Andrew Gwynne	John Healey	Sarah Champion	Chuka Umunna
Lucy Powell	Daniel Zeichner	Emily Thornberry	Stephen Twigg
Graham Jones	Ian Austin	Sadiq Khan	Emma Reynolds
David Anderson	Jim Cunningham	Huw Irranca-Davies	Jonathan Reynolds
Conor McGinn	Karen Buck	Louise Haigh	Gisela Stuart
Anna Turley	Lyn Brown	Jo Cox	Paul Flynn
Keir Starmer	Steve McCabe	Imran Hussein	Nick Smith
Pat Glass	Liam Byrne	David Lammy	Chris Evans
Stephen Hepburn	Virendra Sharma	Rebecca Long-Bailey	Kevin Barron
Paul Farrelly	Judith Cummins	Margaret Beckett	Jenny Chapman
Bill Esterson	Ruth Cadbury	Jon Cruddas	Jim Dowd
Peter Dowd	Marie Rimmer	Gareth Thomas	Fiona MacTaggart
Harry Harpham	Andy Slaughter	Tulip Siddiq	Steve Reed
Rob Flello	Geraint Davies	Rushanara Ali	Joan Ryan
Rachael Maskell	Fabian Hamilton	Rupa Huq	Barry Sheerman
Justin Madders…	Geoffrey Robinson…	Andrew Smith	Angela Smith…

Source: Who’s backing whom and who did endorsers vote to be leader in 2010? | LabourList.

Creative destruction in London newspapers

12 Jul 2015 Leave a comment

by Jim Rose in economic history, economics of information, economics of media and culture, entrepreneurship, industrial organisation, Public Choice Tags: British economy, British politics, creative destruction, London, media bias

Truth is that editorialising has v little influence – less now than ever. Here's why: specc.ie/1c58mAr http://t.co/m8UM22W0zj—
Fraser Nelson (@FraserNelson) May 07, 2015

The share market speaks on recent British elections

12 Jul 2015 Leave a comment

by Jim Rose in financial economics Tags: British politics, efficient markets hypothesis, event studies

Do British general election results have a big impact on the stockmarket? Yes, sometimes econ.st/1PUBhEh http://t.co/Ye7ede34HA—
The Economist (@ECONdailycharts) May 19, 2015

Market segmentation in the London newspaper market

11 Jul 2015 Leave a comment

by Jim Rose in constitutional political economy, economic history, economics of media and culture, entrepreneurship, industrial organisation, Public Choice, survivor principle Tags: British elections, British politics, consumer sovereignty, creative destruction, entrepreneurial alertness, expressive voting, London newspapers, market selection, media bias, product differentiation, rational ignorance, rational irrationality, The meaning of competition

The truth about the press and power? Readers, not editors, decide elections. @RobertdgSmith specc.ie/1c58mAr http://t.co/Vhit9P9iM7—
Fraser Nelson (@FraserNelson) May 06, 2015

A living wage helps well-off households more!

10 Jul 2015 Leave a comment

by Jim Rose in applied price theory, applied welfare economics, econometerics, income redistribution, politics - Australia, politics - New Zealand, politics - USA, Public Choice, rentseeking Tags: activists, British economy, British politics, do gooders, expressive voting, living wage, rational ignorance, rational irrationality, The fatal conceit, The pretence to knowledge, unintended consequences

Do Living Wage advocates realise it helps richer households more than poorer ones? My take: telegraph.co.uk/finance/budget… … http://t.co/YPTB6v7tSB—
Fraser Nelson (@FraserNelson) July 10, 2015

Scotland already has its own currency ripe for a currency board?

07 Jul 2015 Leave a comment

by Jim Rose in currency unions, economic history, macroeconomics, monetary economics Tags: British economy, British politics, currency boards, free banking, Ireland, Scotland, Scottish independence

Since 1844, the Bank of Scotland, Clydesdale Bank and The Royal Bank of Scotland have been allowed to issue banknotes in denominations of £5, £10, £20, £50 and £100. Only the Royal Bank of Scotland continues to issue a small volume of £1 notes. Two Northern Irish banks have similar prerogatives.

These Scottish banknotes are not legal tender in England. No banknotes have legal tender status in Scotland, whether issued by Scottish banks or the Bank of England. The Bank of England says:

Scottish and Northern Ireland banknotes are fully backed at all times by ring-fenced backing assets partly held in Bank of England notes and UK coin, and partly as balances on accounts maintained by the issuing banks at the Bank of England.

Consequently, holders of genuine Scottish and Northern Ireland banknotes have the same level of protection as that available to holders of genuine Bank of England notes.

The acceptability of any means of payment, including banknotes, is essentially a matter for agreement between the parties involved in a transaction in Scotland.

Bank of England keeps control Scottish bank notes in issue by stipulating that the issuing bank hold in their reserves the same amount of UK money (either in cash or on deposit at the Bank of England) as the Scottish notes they issue. These reserves could easily be converted to a currency board.

A currency board issues local notes and coins anchored to a foreign currency (e.g. Sterling) backed by government bonds with 1 pound sterling pound sterling and British government bonds for every Scottish pound currency note issued.
A currency board issues domestic notes and coins only when there are foreign-exchange reserves to back it. In the case of a Scottish currency board, there would be pounds Sterling reserves to back any Scottish pounds and currency notes on issue.

The Hong Kong currency board has operated successfully through 30 years of financial turbulence and radical constitutional change. There is no reason why a Scottish currency board could not do likewise, guaranteeing the convertibility of a Scots pound, initially at parity with the English pound sterling.

After independence, Ireland acted effectively as a currency board until the 1970s. Currency boards were commonplace throughout the British Empire and were highly successful.

On the independence of the Irish Free State in 1922, the introduction of an independent currency was a low priority because 98% of exports and 80% of imports were with the UK.
British banknotes and notes issued by Irish banks circulated (but only the first were legal tender) and coins remained in circulation.

Under the Currency Act 1927, the Saorstát Pound (Free State Pound) was created at parity with the British Pound Sterling. A Currency Commission kept British government securities, sterling cash, and gold to keep a 1:1 relationship between the two currencies.

Although a Central Bank of Ireland was created in 1943, the Irish punt remained linked to sterling with the central bank operated as a de facto currency board policy until joining the European Exchange Rate Mechanism in 1979.

A currency board has no capacity to act as a lender of last resort to a Scottish banking system.

Fabian Society and Church of England caught out as hypocrites on London Living Wage of £18,000

06 Jul 2015 Leave a comment

by Jim Rose in income redistribution, industrial organisation, labour economics, minimum wage, poverty and inequality, Public Choice, rentseeking, survivor principle Tags: British economy, British politics, Church of England, expressive voting, Fabian Society, hard budget constraints, Left-wing hypocrisy, living wage, market selection

https://twitter.com/GuidoFawkes/status/617999678634917888/photo/1

A blow to Director’s Law?

03 Jul 2015 Leave a comment

by Jim Rose in constitutional political economy, income redistribution, Public Choice, public economics, rentseeking Tags: British economy, British politics, Director's Law, expressive voting, growth of government, median voter theorem, size of government

No, most U.K. homes do not get more in benefits than they pay in tax ow.ly/3y0nEo http://t.co/LaXvGa8ro2—
Bloomberg VisualData (@BBGVisualData) July 02, 2015

…the poorest 30 percent of households receive significantly more in cash benefits than they pay in tax. The next 10 percent receive on average £596 pounds a year more in cash benefits than they pay in tax, and the top 60 percent all pay more in tax than they get back in cash benefits.

New data from the ONS show the huge growth in state dependency under New Labour. Analysis at cps.org.uk/files/factshee… http://t.co/OLjRoxt3eg—
CPS Think Tank (@CPSThinkTank) June 29, 2015

My one blog on Russell Brand

24 May 2015 Leave a comment

Via @PrivateEyeNews http://t.co/w3IMNRViJJ—
Emily Gray (@missemilygray) May 15, 2015

Image by Jim Rose

Voting shares in British general elections since 1832

08 May 2015 Leave a comment

by Jim Rose in Public Choice Tags: British general election, British politics, voter demographics

Labourites ought to realise that their party has been in decline since 1950s – it's terminal http://t.co/xRuStRhr0a—
Jon Holbrook (@JonHolb) May 07, 2015

Professor Maitland on parliamentary sovereignty

07 May 2015 Leave a comment

Image by Jim Rose

Essay questions for the Royal Economic Society Economics Essay Competition for 2015

19 Apr 2015 Leave a comment

by Jim Rose in applied welfare economics, behavioural economics, economics of education, history of economic thought Tags: academic bias, British politics, UK politics

Here are the choices of essay questions for the RES Economics Essay Competition for 2015 beta.tutor2u.net/economics/blog… http://t.co/iurHfRGOd9—
tutor2u Economics (@economicsuk) April 19, 2015

The Tories used to win a lot of votes in Scotland

16 Apr 2015 Leave a comment

by Jim Rose in Public Choice Tags: British general election, British politics, Scotland, Tory party

There was a time when Scotland was more Conservative than England. blogs.lse.ac.uk/politicsandpol… http://t.co/JykfZuq4iZ—
(@UberSerf) March 27, 2015

The Scottish National Party manifesto

15 Apr 2015 Leave a comment

by Jim Rose in income redistribution, Public Choice, rentseeking Tags: British general election, British politics, Scotland, Scottish National party

SNP manifesto. #PrivateEye http://t.co/oD3iuyajBl—
Wire Spy (@wirespyuk) April 02, 2015

A very British recovery

01 Apr 2015 Leave a comment

#Anglosphere, not EU! pic.twitter.com/4hq3kDQ5j1

— Daniel Hannan (@DanielJHannan) March 31, 2015

Image by Jim Rose

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Utopia, you are standing in it!

The 35 heroes of #toriesforcorbyn

Creative destruction in London newspapers

The share market speaks on recent British elections

Market segmentation in the London newspaper market

A living wage helps well-off households more!

Scotland already has its own currency ripe for a currency board?

Fabian Society and Church of England caught out as hypocrites on London Living Wage of £18,000

A blow to Director’s Law?

My one blog on Russell Brand

Voting shares in British general elections since 1832

Professor Maitland on parliamentary sovereignty

Essay questions for the Royal Economic Society Economics Essay Competition for 2015

The Tories used to win a lot of votes in Scotland

The Scottish National Party manifesto

A very British recovery

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