The Myth Breaker

Opinions by J. Richard Graham

Economics

After The Vote

Economics, Politics

Has Britain really gone mad?

It is now over a year since my last blog on the subject of brexit. I became seriously ill just after the referendum vote and so here is my response to what has happened in the succeeding year.

In those weeks before the vote, most like me thought that it would be a clear vote to remain. All the arguments for brexit had boiled down to a set of petulant complaints and calls for regained sovereignty. There was no clear indication of what benefits would actually accrue other than an outrageous suggestion that 350 million pounds a week would be returned to Britain to help fund the National Health Service. If this were not such a serious lie it would have been laughable. [Read more…] about After The Vote

The Truth About Public Ownership and Nationalisation

Economics

It is time that the truth was told about public ownership and nationalisation.  In 1975 the McIntosh Enquiry, on which I worked, found that out of 32 publicly owned corporations and companies just four were making significant losses.  They were coal, which was running out, steel which had been starved of investment, railways suffering from cheap subsidised road transport, and the Royal Mail which had to maintain universal delivery.

All the others contributed profits to the Treasury amounting to many millions every year.  They were run by professional and well-trained managements.  Almost all had training establishments which nurtured long term professional careers. That commitment and stability meant sound long term planning.

They all had problems, often caused by government interference and low investment.  That was because they could only raise money from the National Loan Fund (which the Treasury insisted on including in the National Debt). But, even after the subsidies, they were profitable. [Read more…] about The Truth About Public Ownership and Nationalisation

The Scandal of Mass Unemployment.

Economics

Mass Unemployment - A queue forms outside the Job Centre

The fact that there are over two and a half million unemployed adults at a time when we are one of the richest countries in the world is nothing short of a disgrace. That we are wasting the talent and efforts of so many people when we need to promote economic growth should be a matter of permanent shame to the government. Most of the measures they have proposed have been embarrassingly ineffective and generally ridiculously small. [Read more…] about The Scandal of Mass Unemployment.