Key Takeaways The Eurodollar system remains a predominantly private, offshore network of dollar credit, but it can no longer be understood as wholly beyond the reach of the Federal Reserve. Since 2008, dollar shortages in that system have repeatedly drawn the Fed into the role of ultimate crisis backstop. Federal Reserve swap lines are the...Read More
This article concentrates on an analysis of the UK monetary policy operated by the Bank of England in attempting to control inflation, though some of the points made may have wider validity to other central banks. The essay develops its argumentation along five broad themes across five main sections. The first section looks at some...Read More
Reeves has herself set two metrics against which her budget should be assessed: a) that current expenditure should be matched by tax income (in any one year), and b) that there must be fiscal room, via borrowing, to fund public investment expenditure. These are her fiscal rules in outline. Generally, this is a sensible and...Read More
The Local Government Chronicle has reported (25 Sept 2024) that the government will set out the remit for the Council of the Nations and Regions in the devolution bill sometime next year. The minister for local government Mr McMahon states that his aim is to establish combined authorities with mayors for the whole of England....Read More
The advent of digital stablecoins and the continuing decline of cash are prompting central banks across the world to explore developing their own digital currencies. Although few have launched so far, the potential for central bank digital currency (CBDC) promises a revolution in banking. Michael Lloyd considers the opportunities and threats that the arrival of...Read More
Jeremy Hunt’s Autumn Statement will be judged in terms of its perceived ability to lift the UK economic growth rate. The signs are not propitious, most economic commentators, taking account of the lack of growth over the past two quarters, are expecting relatively limited growth during the 2024. It is as well to note that...Read More
In his party conference speech, Chancellor Jeremy Hunt painted a rosy picture of our future leadership in technology sectors. His words didn’t match the scale of the economic challenge. In the Labour conference, Shadow Chancellor Rachel Reeves avoided the trap of major economic policy commitments, and her vision may be too pedestrian. Rod Dowler writes...Read More
The recently published Bank of England (BoE) update on its secondary objectives: a secondary competition objective (SCO and a secondary competitiveness and growth objective (SCGO), both delivered via the Bank’s Prudential Regulatory Authority (PRA) role is a significant annual event (BoE 2023). This is also the week when the Bank has announced its decision on...Read More
I believe that the recent developments in artificial intelligence (AI) offer immense opportunities for the field of education. The recent developments in artificial intelligence have created a wave of fear-based responses in the education sector. Many schools and policymakers have reacted to the rise of AI by creating software that can detect AI-generated content and...Read More
In September 2022 a new Conservative government led by Liz Truss embarked on a new path for economic policy, ostensibly challenging “Treasury orthodoxy”, leaving aside the fact that they never defined what Treasury orthodoxy was. The initiative did not start well! Chancellor Kwarteng’s statement in the UK parliament on Friday, September 23rd led to a...Read More
The Global Policy Institute is a research institute on international affairs. It is based in the City of London, and draws on both a rich pool of international thinkers, academics as well as policy and business professionals. The Institute gives non-partisan guidance to policymakers and decision takers in business, government, and NGOs.
