Haigh’s essay here is well worth reading. This is not some MMT-adjacent treatise - it genuinely engages with the constraint.

Duncan Weldon@duncanweldon.bsky.social · 5mo ago

“The question is not simply what the optimal fiscal framework looks like, but how reform can be sequenced in a context of elevated borrowing costs and heightened market sensitivity”. V interesting, lots to agree with. renewal.org.uk/articles/a-n...

Current inflation is actually much lower than the headlines and most media commentary would seem to imply. Yes the CPI did rise by 3.8% in the 12 months from October 2024 to September 2025. But since April, CPI has only been rising at an annualised rate of 1.9%.

I'm glad NEF are are one of 11 NGOs calling today for the Bank of England to stop holding back the green transition. IMHO the Bank's outdated narrow-mindedness has led to an intransigence which is undermining not only the transition, but the UK's chances of economic prosperity and stability.

New Economics Foundation@neweconomics.bsky.social · last yr.

WARNING: The Bank of England is holding back the government’s plans for clean energy and higher living standards. That’s why we’ve joined with leading economic and environmental organisations to urge MPs to put pressure on the Bank to support the green transition. 1/3

Our framework for tackling inflation is damaging the economy - we need a more targeted and proactive approach. @theoharris.bsky.social was on the Standard podcast to talk about interest rates, inflation and growth

Big climate news from the European Central Bank: @ecb.europa.eu announced today that it will introduce a climate-factor into how it values the corporate bonds that financial institutions pledge as collateral in return for ECB loans.

ECB to adapt collateral framework to address climate-related transition risks

The European Central Bank (ECB) is the central bank of the European Union countries which have adopted the euro. Our main task is to maintain price stability in the euro area and so preserve the purchasing power of the single currency.

ecb.europa.eu

Thought I would try my hand at AI-powered satirical cartooning, in reaction to this government's rhetoric about the role of the financial sector and the need to de-regulate.

I just published a blog for NEF on the European Central Bank’s track record on climate! neweconomics.org/2025/07/as-e... #climatepolicy #monetarypolicy #ECB

As Europe burns, can the ECB turn words into action on green policy?

The European Central Bank’s updated strategy reaffirms its support for climate policy, but it has a mixed track record when it comes to concrete actions

neweconomics.org

The ECB must turn its compelling arguments on climate and nature into concrete policy action. In the last few years we've seen: ⌚ constant delays on greening the collateral framework 🔻 high rates brutalising the renewables industry 💨 green tilting made redundant by QT Time to put this right!

New Economics Foundation@neweconomics.bsky.social · last yr.

Today the European Central Bank published it's strategy statement and it was good to see them acknowledge the implications of climate change for price stability and financial stability. BUT we urgently need them to put that learning into practice...

Those blaming Reeves entirely for jobs cuts forget to mention that the Bank of England is purposefully trying to increase unemployment and depress wage-growth. Our outdated inflation-targeting framework is completely inept for dealing with supply-side shocks; and workers always pay the price.

Wrote a briefing for @NEF about how Europe needs an ambitious, coordinated, and long-termist macroeconomic approach in order to achieve its goals in this age of shocks and challenges. Whereas current policy is incremental, piecemeal, and short-termist... neweconomics.org/2025/06/a-co...

A coordinated macroeconomic framework for Europe

EU macroeconomic policy in an age of shocks and the case for monetary-fiscal coordination

neweconomics.org

“To deliver the change people voted for, the government should free itself from its self-imposed fiscal rules, recognise the value of social spending and be willing to tax wealth fairly” NEF's @theoharris.bsky.social in @theguardian.com #SpendingReview analysis. www.theguardian.com/education/20...

Councils in England warn of mass bankruptcies as Send deficits soar

Local authorities say a £5bn shortfall in special needs funding could leave dozens effectively insolvent within months

theguardian.com

I think it's great that there's a spending boost for the NHS and for education, and higher capital investment all round. But this has essentially come at the expense of not increasing (or even cutting) spending in the other departments. In aggregate, not exactly national renewal.

New Economics Foundation@neweconomics.bsky.social · last yr.

This may not be an austerity #SpendingReview, but it certainly isn't the start of a decade of renewal. Departmental spending will be increasing at its lowest rate since the 2015 spending review from George Osbourne. 1/2

Had my first live radio interview on Sunday morning! Hopefully I said something sensible about resilience and protecting the hardest-off from global economic shocks…

New Economics Foundation@neweconomics.bsky.social · last yr.

"as well as trying to do trade deals, the (UK) government should be focusing on providing an adequate social security system to protect people from poverty" NEF's @theoharris.bsky.social discusses the latest on what Trump's tariffs and related rulings mean for the UK, on BBC Radio London.

🧵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

My new report on the question: Should the ECB pretend that 2022 never happened? Short answer: no

Max Krahé@maxkrahe.bsky.social · last yr.

Tomorrow, the @ecb.europa.eu Gov Council starts its annual retreat. On the agenda: the first strategy review since the post-pandemic inflation wave. Today, we're publishing @jvtk.bsky.social's report on the review. How can the ECB better deliver price stability? Here's the gist 👇🧵. Link at end 1/9

Last day of our fundraiser towards tackling extreme wealth, to defend democracy and the planet. All donations to support this work are being doubled!

New Economics Foundation@neweconomics.bsky.social · last yr.

Extreme wealth is threatening our planet. Here’s why we’re drawing a line. Watch. Share. Donate. This week, every donation will be doubled by @biggive.bsky.social's #GreenMatchFund. Support the Extreme Wealth Line: donate.biggive.org/campaign/a05... #ExtremeWealthLine #BigGive #EarthDay

Really exciting event we have coming up in Brussels on May 15th! What macroeconomic approach does the EU need in order to meet its economic goals in this new era of shocks? We'll hear from Swati Dhingra of the Bank of England, and two expert panels chaired by @paolatamma.bsky.social

New Economics Foundation@neweconomics.bsky.social · last yr.

EVENT: Join us in Brussels on 15 May for an afternoon of discussion and debate on Europe's macroeconomic framework in an age of shocks. We're delighted to be joined by a series of expert speakers! Find out more about them and secure you place here: www.eventbrite.co.uk/e/eu-macroec...

At the end of a slightly terrifying week, where a major financial crisis was averted – for now – I thought I’d reflect on whether such a crisis might happen anyway, and what this means for UK financial sector policy. A thread. /1

The National Wealth Fund is the centrepiece of the government’s industrial strategy. But its predecessor, UKIB, struggled to invest even a fraction of its full budget. @jayasood.bsky.social and I argue the NWF needs to take a more proactive investment approach neweconomics.org/2025/03/firi...

Firing up the fund

Empowering the National Wealth Fund to meet the UK's needs

neweconomics.org

As the Chancellor reaches for growth there's one place she won't find it - OBR forecasts. OBR multipliers devalue public spending and keep us in a doom-loop of austerity Our new report offers a framework that flexibly embraces the positive potential of public spending

As the ECB re-assesses its monetary policy strategy this year, @neweconomics.bsky.social are one of 41 civil society organisations who have signed a manifesto calling for the ECB to do more to support the green transition. You can read it here: reclaimfinance.org/site/en/2025...

Excited by this new concept from my colleagues - an extreme wealth line. Like a mirror of the extreme poverty line: to set a level for when too much individual accumulation is unhealthy for societies

New Economics Foundation@neweconomics.bsky.social · 2y ago

NEW: How much wealth is too much?🤔 In partnership with @patrioticmillionaires.org we've published a new report exploring the case for an Extreme Wealth Line. We spoke to politicians, policy makers and millionaires to get their thoughts on the concept - here's some of what we found.

I'm pretty furious if the rumours are true that the chancellor is planning to support airport expansion. This would spit in the face of all our other efforts to limit global warming, and won't even bring economic growth: just sending more Brits to spend their £s overseas. Convince me otherwise?

New Economics Foundation@neweconomics.bsky.social · 2y ago

Reeves' plan to drive growth through airport expansion suggests they haven't done their homework. It won't create the growth she so desperately wants. Business air travel has collapsed and the UK is sending 3 times as many tourists out of the country as it is bringing in. 1/3

It's a mistake for the Bank of England to keep rates higher for longer, punishing workers and mortgage-payers. We’re living under a broken macroeconomic framework where, whatever happens, it’s the hard-at-heel who pay the price and banks that reap the profits.

Today's wage data: a sign of "unanchored inflation expectations"? Or just workers' pay catching up with where it was in 2021. Higher wages are a good thing. It's disappointing to see the media report today's data as bad news. The problem isn't wages going up, it's our monetary policy framework...

Fossil fuel prices were a primary driver of the UK's three biggest inflation spikes of the last 50 years. So it would be logical for @bankofengland.bsky.social - whose job it is to control inflation - to be supporting the UK's clean energy goals. neweconomics.org/2024/12/redu...

Reducing interest rates for clean energy investments

How the Bank of England can better protect against inflation and contribute to lower energy bills

neweconomics.org