Jose Tomas Labarca

@jtlabarca.bsky.social

INT Academic Career Development Fellow, University of Cambridge | British politics, Political economy, Economic/Historical sociology, Latin American politics | https://www.josetomaslabarca.com/

If Arsenal do win the Premier League this season, they'll need to have the parade in the Cardiac Care unit because that's where everyone will be.

Congratulations to our PhD Francisca Valenzuela for passing her viva this Wednesday for her thesis "A comparative history of land telegraphy in nineteenth century South America." And many thanks to her examiners, Richard Noakes and Ana María Otero.

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Chunky falls in 10 year gilt yields going a bit under the radar given all else going on. Good news for fiscal headroom. Would be different if move had been in the other direction; accusations would be levelled (mostly unfairly) at Reeves. Gilt market moves are mostly not driven by fiscal policy.

A chart of 10 year U.K. gilt yields showing a recent fall to under 4.4%

"The government needs to take ownership of the Budget and use it to construct a convincing narrative. That means not blaming the OBR or HMT but explaining why tax reform is necessary, why it will be good for growth and public services and how pain will be fairly shared. www.ft.com/content/a06d...

Blaming the OBR for the Budget maths is a waste of time

The government must explain why tax reform is necessary and desirable for fiscal sustainability

ft.com

"Los hombres y los pueblos sin memoria de nada sirven, ya que ellos no saben rendir culto a los hechos del pasado que tienen trascendencia y significación; por esto son incapaces de combatir y crear nada grande para el futuro". Salvador Allende, C Diputados, 1939. Allende vive.

As far as I can tell, and as you would expect, NIESR do not mention a "50bn black hole" anywhere in their report or commentary. Who is the BBC quoting here? No indication of where the phrase has come from, or what it refers to. Nor is there a link to the interview. www.bbc.co.uk/news/article...

Rachel Reeves rejects claims of £50bn ‘black hole’ in finances

The chancellor hit back at the idea that the government faces so large a gap between spending and tax income.

bbc.co.uk

Three things to note on Gilts: i. The 30yr yield is historically quite elevated at 5.6%, the 10yr at 4.7-4.8% is a bit more normal - levels that were typical in the 2000s. What's (possibly) different is it was also normal for the economy to grow at 2.5% real, 5% nominal back then.

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How do federal and state governments drive innovation in the US? My new paper @cjres.bsky.social shows how the 'Polycentric Innovation State' with multi-level, place-based policies is reshaping regional growth in places like Michigan and Maine academic.oup.com/cjres/advanc...

The US’ Polycentric Innovation State

Abstract. This paper analyses US innovation policymaking since the 2008 Global Financial Crisis, as prevailing political economy accounts, such as the Vari

academic.oup.com

Great. As ever, this actually isn't about 'Green Book reforms' but much more about 'clearly stated strategic policy objectives *as set set by ministers* that form the basis for any objective appraisal of projects'. But, granted, that's much less catchy.

Rachel Reeves to announce billions in regional spending after Treasury rule changes

Extra investment lined up for schemes such as energy projects, roads and rails outside London and south-east

theguardian.com