1/ A lot went down with the Bank of England today. Brilliant to see increased coordination between the Bank and the Treasury's Debt Management Office (DMO) to reduce the fiscal cost of Quantitative Tightening -> the Bank selling off bonds it bought during QE. www.bloomberg.com/news/article...

BOE Scraps Long-End Gilt Sales in Plan to Unwind QE by 2034

The Bank of England gave Britain’s bond market some much needed relief with an overhaul of its plan for selling off excess gilts that piled up on its balance sheet in the previous decade.

bloomberg.com

Outdated fiscal accounting rules are holding back urgently needed investment. Our Senior Economist @jayasood.bsky.social explains ✍️👇 neweconomics.org/2026/08/brit...

Britain's state investment institutions can't compete with Europe's

Outdated fiscal accounting is holding us back

neweconomics.org

Lords Econ Affairs Cttee final report on the fiscal framework conclusion is, unfortunately, about as predictable as debt rising after a round of austerity. Hyper-fixating on the size of the fiscal buffer is completely the wrong conversation. [1/8] tinyurl.com/mscadtbm

Rachel Reeves’s fiscal rules buffer should be ‘significantly larger’, say peers

Peers say chancellor and recent predecessors have allowed themselves too little room for manoeuvre

tinyurl.com

“Lunch with George Clooney at Lake Como; a walk-on role in Star Wars; a Lamborghini blessed and signed by the late Pope Francis.” Some excellent stories about Omaze in this New Statesman piece by my colleague @hollies.bsky.social… with some reflections on what it says about our political economy.

Is Omaze too good to be true?

The property giveaway is just another facet of Britain's never ending housing crisis

newstatesman.com

Interesting suggestion that HM Treasury might consider regulating private rents. Putting aside the obviously unwise one-year rent freeze suggested here, there’s several modern rent control systems to learn from like in Ireland, Scotland, Spain and France. www.theguardian.com/politics/202...

Rachel Reeves considering rent freeze to limit Iran war fallout

Exclusive: Sources say chancellor is examining exceptional measures to protect household budgets

theguardian.com

Climate Inaction Will Destroy Europe’s Public Budgets By @sebmang.bsky.social and @jayasood.bsky.social from the @neweconomics.bsky.social in @greeneujournal.bsky.social www.greeneuropeanjournal.eu/climate-inac...

Climate inaction will destroy Europe’s public budgets

Without early investment in mitigation and adaptation, families and businesses will face rising costs while states are forced into consistent emergency spending.

greeneuropeanjournal.eu

“It’s hard to square senior Bank of England officials stating that climate has fallen down the list of priorities, whilst in the same breath describing it as an existential threat with risks now materializing on firms’ balance sheets.” Our Sr. Policy Manager in Bloomberg 👇 www.bloomberg.com/ne...

Very pleased to read the PR for the Warm Homes Plan this morning. The best insurance against energy price volatility is a solar + battery combo for a household. So it's excellent to see an ambition of tripling rooftops with PV. Combine it with a battery and its magic! www.gov.uk/government/n...

Families to save in biggest home upgrade plan in British history

Government launches Warm Homes Plan to upgrade the nation's homes, help families cut their energy bills, and tackle fuel poverty.

gov.uk

Inflation up again, from 3.2% in Nov to 3.4% in Dec, just as it seemed we might be on a downward trajectory. Mostly driven by alcohol & tobacco + air fares, so arguably not the bare essentials. But food prices are still climbing.

We're entering a new era where inflation will be caused by global shocks - and raising interest rates will not do much to address it, says @jayasood.bsky.social on LBC News.

UK Nov CPI inflation at 3.2% down from 3.8% over the summer and 3.6% in Oct, amidst economic contraction, a rise in unemployment and slow wage growth. No excuse for BoE not to cut rates tomorrow 1/4

1/5 Government recognising this budget that the Bank of England can't solve inflation alone is a step towards stronger monetary-fiscal coordination that NEF has been calling for some time: t.co/yc4IEFFamD

After years of austerity and a prolonged cost-of-living crisis, households are really struggling. Investment is essential. The Chancellor's budget must provide the support needed. NEF's senior economist @jayasood.bsky.social on @lbc.co.uk.

Great to see that following my colleague @chaitanyakumar.bsky.social's oral evidence session in June, the Treasury Select Committee has endorsed our recommendation for the Treasury to explore the merits of allowing the NWF to borrow funds directly from the market. bit.ly/4oaCGhM

"In the UK, these fiscal events have unfortunately become a scramble over how to fix a short-term, arbitrarily determined, so-called 'fiscal black hole." @jayasood.bsky.social on the upcoming autumn budget in @politicshome.bsky.social www.politicshome.com/news/article...

Why Rachel Reeves Faces A Very Tricky Autumn Budget

The Chancellor is walking an economic tightrope heading into the Autumn Budget.

politicshome.com

UK 30y gilt yields hit 5.7% yesterday - the highest in G7. Even the US borrows cheaper after firing a Fed governor. Yields are rising everywhere, but why are UK bonds being punished so harshly & what does it mean for the Autumn Budget? www.theguardian.com/business/202...

UK hit by fresh sell-off in government bond markets as pound weakens

Yield on 30-year gilts hit highest level since 1998, indicating it will cost UK more to borrow from markets

theguardian.com

Food prices drove yesterday's unexpected rise in inflation. But why are our groceries getting more expensive? NEF's @jayasood.bsky.social explains on @skynewsrss.bsky.social

Information published today shows the Treasury sent the Bank of England £40 billion last year. That's more than the entire budget of the Department for Transport. And where does this money ultimately end up? Lining the pockets of commercial banks.

Here is another solution to stop the harms of extreme wealth in the UK. And with an upcoming Autumn Budget, Rachel Reeves and Keir Starmer can put it to action. We need a problem solving approach to UK policy. #extremewealth

Positive Money UK@positivemoneyuk.bsky.social · last yr.

Taxing banks’ windfall profits could bring in £11.3 billion 💰 …but Rachel Reeves & Keir Starmer are refusing to get out of bed with the banks and make it happen❗ Tell them to #TaxTheBanks today: bit.ly/TaxTheBanks

The harsh reality is this government will never deliver meaningful growth if it sticks to its current economic dogma. @jayasood.bsky.social responds to today's GDP figures.

This sluggish growth story is getting old. Blaming specific policy measures like NICs, or global uncertainty that is out of our hands, doesn't cut it. Our governing economic institutions, that set the tone for how our economy functions, are failing. They need a serious re-think 1/5 bit.ly/3V1JZeO

UK economic growth slows to 0.3% between April and June

Chancellor Rachel Reeves has made growing the economy a priority - but many economists and politicians are concerned that it is not improving fast enough.

bbc.co.uk

OBR's new Fiscal Risks and Sustainability Report out today: obr.uk/frs/fiscal-r... -- what's the verdict on climate impacts on UK debt? 1/6

NEF's Head of Economics and Environment @chaitanyakumar.bsky.social spoke to the Treasury Committee about the #NationalWealthFund. Here he addresses the question "How does the level of British public investment compare to other peer nations?" Listen in full: www.parliamentlive.tv/Event/Index/...

Scrapping stealth subsidies to banks to release children from poverty: Gordon Brown plan includes NEF proposal for raising £3bn from tiered reserves. This would reduce the interest the Bank of England pays on commercial reserves - money which could go to improving kids' lives.

🧵New polling from @investinbritain.bsky.social by @survation.bsky.social reveals a majority of Labour MPs want the Chancellor to change course on fiscal policy. 1/8 thetimes.com/article/6448...

Majority of Labour MPs oppose Rachel Reeves’s fiscal rules

Divisions within the party are exposed as two thirds of MPs are against the Rachel Reeves’ fiscal plans

thetimes.com

Yesterday's UK government borrowing figures for April were actually £3.5bn below the OBR’s forecast, yet media coverage focused on the fact that the figure was slightly higher than the forecasts of “city economists”. This is not a cause for alarm. obr.uk

"It’s a mistake to think that mature technologies are out of the woods, or that markets alone will deliver them at the pace and scale required" @jayasood.bsky.social , senior economist ‪@neweconomics.bsky.social , makes the case for renewed public financing for mature tech like wind and solar:

Lack of finance is holding back existing, as well as new, green technology

buff.ly

"I think there's a really big danger here that the Bank of England looks at these figures and decides to hold interest rates." @jayasood.bsky.social explains why holding interest rates in response to today's inflation stats would be bad for people and the economy

Excited to be kicking off our event in Brussels! We'll be discussing the case for monetary-fiscal co-ordination in this new age of economic shocks. Follow this thread to find out what our great line up of speakers (including MPC member Swati Dhingra) have to say👇

Touched down in Brussels for @neweconomics.bsky.social monetary-fiscal coordination event featuring Swati Dhingra & Hans Stegeman 🥳