1 The Scary Warnings and the 21 st Century Unlikely Moderniser: Part 2 Lesley Brennan The main focus of Part 1 is to unpick assertions made regarding Jeremy Corbyn, whereas Part 2 is a wee jaunt through the economic, social and political changes of the last 35 years, as it is important to remember where we came from, in order to understand where we ought to go. Saying Bye Bye to the Keynesians: The Neoliberal Steamroller The setting up of the welfare state by the Attlee government from signalled solidarity by sharing risk (Baldwin, 1999). By providing a comprehensive safety net, it created cohesion and stability by enriching the concrete substance of civilised life, reducing risk and insecurity, and improving the equalisation between the more and the less fortunate at all levels (Marshall, 1950). The adoption of Keynesian economics of full employment and nationalisation also strengthened these bonds. Consecutive Labour and Conservative governments up to 1979 recognised the benefits of this social-democratic welfare state (Harrison and Boyd, 2003:177) and strengthen it for the benefit of all sections of society. Thatcher s Conservative victory in 1979 led to the mainstreaming of neoliberal policies. These policies transformed British attitudes to ownership and economic responsibility (Moores, 1992); started the erosion of this cohesion; and, promoted individualism where society is little more than a system of economic relations.
2 Thus, individuals rely on their own abilities for success (Macpherson, 1962) and successes derive from the individual, not society. Winners are celebrated and the less successful are over-looked. Saying Buy Buy to Voters: Politics in the Age of Materialism The political traction for the neoliberal steamroller was the growth of a new middle class, the affluent worker, who did not adhere to any political allegiances; their voting behaviour was determined by maximising their own material interests (Haseler, 1989:32). Traditional voting patterns associated with class were largely disregarded, although, this may have been over-estimated (Miliband, 1983). Thatcherism targeted middle class voters as well as ambitious sections of the working classes with her ideas of popular capitalism and traditional values (Harrison and Boyd, 2003:178). Neoliberal economic liberalism ideas of competition, entrepreneurship, individual freedoms, minimum government intervention, the reduction of public expenditure, are based on the assumption that individuals are motivated by self-interest (Harvey, 2009). Thatcher designed policies which were attractive to prosperous middle class households as well as the ambitious working class, such as Right to Buy and people s capitalism (Perlo, 1959) with the opportunity to buy shares in the privatising of the nationalised industries. To ensure the majority of the country would support the desired outcome economic incentives would need to be designed, such as selling off the nationalised companies below their value.
3 Thus, by purchasing shares in British Telecom or British Gas below their value, the share price would increase once open market trading began. Consequently, these policies brought commodification and consumerism to the centre of government policy (Forrest and Murie, 1986). The pinnacle of the neoliberal roll-out was the deregulation of the financial sector, which generated a massive credit boom and this coupled with the income tax cuts caused personal consumption to grow by 6% per annum for three consecutive years (Hutton, 1996:13). The UK s financial sector helped to reshape the housing market and created an environment for household debt to grow. This deregulation led to increased borrowing, choice in the mortgage market (Smith and Searle, 2010:339) and low risk households found cheaper rates. This expansion in the mortgage market allowed thousands of public sector tenants the opportunity to buy their home. Thus, without the deregulation of the financial sector Right to Buy would not have been possible. From the 1980s onwards, more capital was invested in the mortgage market. Mortgages are an unproductive use of capital as these investments do not create wealth for the economy, as mortgagors are not exploiting the capital for return they are simply buying a house. Additionally, the funds lent cannot be used again.
4 By the late 1990s, the mortgage market had matured with an average growth rate of 5% in comparison to 15% in the 1980s (McLaughlin and Fenton, 2000:3). Banks and buildings societies facing limited future profits especially as the rate of first time buyers had dropped needed to innovate to make sure the stock market was confident in their future rate of return. Therefore we see how the financial sector had become inextricably linked to the housing market and underpinned the economic performance of the country. Coupled with these changes, the British economy underwent a dramatic restructuring from having a solid manufacturing base employing 7.26 million in 1979 to 2.8 million by 1992 (Hine and Wright, 1998:1500). With this reduction and the increase in imports, British citizens were encouraged to think of themselves as consumers rather than producers (Forrest and Williams, 1984:1164). Thatcher s emphasis on individual choice and freedoms came to be seen as the origin of the atomised society (Minogue, 2006) and the eroding of collective identities. Policies aimed at shifting away from collectivism may have stemmed from the desire to reduce trade union power and increase flexibility in the labour market, but an unintended consequence was the decrease in community cohesion. Following the depressions in the 1930s, many economists rejected free markets philosophies due to the massive inequalities (Stiglitz, 2002). Thatcher s radical policies were regressive, taking British social cohesion for granted while recreating the conditions that in the early part of the [last] century had endangered the very social order she purported to admire (Hutton, 1996:54).
5 Collectivism notes that neoliberalism undervalues the benefits of community (Buchanan, 1989); especially, communities in which there is a high level of solidarity. Solidarity derives from the collective identity and the commitment to shared ideals (Gamson, 1991:45). Moreover, trust is also created and strengthened by working together for common goals (Putnam, 2000). Where solidarity exists, individuals are expected to support each other (Hofstede and Hofstede, 2005). This interdependency connects individuals and creates social capital. During the 1980s and early 90s, the Labour Party faced defeat after defeat at the ballot box. There were calls for structural reforms within the Party, which began under Neil Kinnock s leadership. In 1987 and 1992, Labour s share of the vote and number of seats won both increased. Correspondingly, the Tories share of the vote declined from the 1979 level. John Smith never bought the invulnerability of Thatcher s misguided philosophy and thought that the political tide would eventually turn towards Labour (Stuart, 2005:142). Under Smith s leadership, the New Labour modernisers were concerned that unless the pace of change did not increase, Labour risked being out of government again (Stuart, 2005:290). Accelerated change occurred following John Smith s death.
6 The End of History: New Labour s Acceptance of Neoliberalism Politics is values and vision. Political visions are shaped by key influencers, such as Francis Fukuyama (1989), who celebrated the victory of neoliberalism following the end of communism. Moreover, he and others believed the only significant ideological challenge had been overcome. This conceit perhaps became most obvious with John Major s assertion at the 1991 Tory Conference that the UK was moving towards being a classless society, which neoliberals believed demonstrated Marx s exploitation of labour could be resolved. By 1998, over 60% of people considered themselves middle class (Gould, 1998:396), perhaps, the general population bought into the idea also. It was within this context under Tony Blair s leadership, the Labour Party re-positioned itself to appeal to this middle class. The revised task of the Party was to equip people for change, to shape its impact, to make sense of it, to embrace it in order that we make it work for us (Blair, 1998 as cited in Gould, 1998:395). Thus, the shift was from proactively managing the economy, to an acceptance of the dominance of the market and government s role in supporting the individual. In other words, the Labour Party moved away from setting the weather to helping people survive the storm.
7 The culture of consumerism and materialism was encouraged by Thatcherism and New Labour continued this theme. There is an acceptance that individualism has led to a decrease in strong social networks and support. This reduction caused the social tapestry to unravel and become more atomised. However, to minimise the impacts of this social fragmentation from 1997 the Labour government expanded formal support (e.g. anti-social behaviour teams) and networks to strengthen fragile communities. To ensure that the economy was not fragile, New Labour supported the financial sector, the Bank of England was made independent of government and there was light touch regulation of the sector allowing it to innovate to keep the economy growing. Innovations provided the liquidity for banks and building societies to offer more diverse products such as re-mortgages, this vehicle provided householders with a method for unlocking their housing equity; higher loan to value mortgages; and, buy to let mortgages. Therefore up until late 2007, it had become easier to acquire credit from lenders and inexpensive for low risk borrowers, whether it was a mortgage to buy a house, an unsecured loan, or a credit card. But the bubble burst, following the US subprime mortgage crisis. From the autumn of 2007 to the spring of 2009, the media in Britain were full of alarming reports about the western world s financial system and the dangers facing British banks, culminating in the news that some of these banks had been saved from imminent collapse at enormous public expense (Alford, 2010:2).
8 New Labour won three elections and during its 13 years in government, child and pensioner poverty radically reduced; large numbers of schools, hospitals and GP practices were built; peace in Northern Ireland was secured; Scotland, Wales and Northen Ireland established devolved legislative bodies; and, transparency increased with the introduction of the Freedom of Information Act and the Data Protection Act. However, growing inequality, globalization, market failures especially in the newly privatized sectors and housing were not sufficiently addressed. Moreover, many were disappointed that New Labour did not achieve much more given the size of the majorities they won in 1997, 2001 and 2005 (Hutton, 2011:283). Sadly, voters started questioning Labour s values. Money for Nothing: Housing Wealth During the 1970s, inheritance became a middle class issue as the first wave of owner occupiers from the 1930s started passing on their wealth. Wealth accumulates in two ways: interest-induced wealth and price-induced wealth (Speight, 1990:63). Price-induced wealth results from price changes. So, a home-owner may become wealthier if their home increases in value but this can only be realised in full if the property is sold. Wealth increases the GDP of a country; however, price-induced wealth from housing does not increase wealth as it is a transfer of resources from one generation to another.
9 Rising house prices mean that new home owners need to borrow absolutely and relatively more than previous generations. Consequently, younger households are transferring a higher proportion of their income to older generations. Thus, it is inequitable. The Wealth in Great Britain Survey 2006/08 notes that 38% of individuals expect their home to fund their retirement and a further 10% expect a future inheritance (i.e. the sale of a parental home) to provide the income for retirement (Daffin, 2009:xxvi). This equates to nearly half of the respondents being dependent on the housing market for their future income. In other words, older generations are assuming that younger owner occupiers will become overly indebted and fund the older generations retirement. This shift in attitudes is significant, and this explains why there has been a growth in financial assets and debt accumulation. In the last five and to ten years, this has resulted in a situation whereby there are transfers from older to younger generations, with respect to housing. Owner occupier parents are increasingly releasing equity in their home to provide a substantial deposit for their children to be able to buy a property, as this is the only way in which the younger generation can get on the housing ladder. Thus, once the next generation buys in to the housing market, this continues the complicit cycle of owner occupiers wanting high house price inflation at the expense of the next generation.
10 It is an unsustainable model. The real losers of house price inflation are renters, the children of renters and future generations. The Right to Buy policy extended home ownership and allowed renters to jump on to this housing market escalator. But those tenants who did not, or could not, buy have been left behind. Renters have no housing wealth and significantly lower values of private pensions than owner occupiers (Daffin, 2009:57). Their children, therefore, find it difficult to become a new household as the social housing stock has decline and owner occupation has become more unaffordable. Thus, inequality deepens. Increasing Inequality: Increasing Despair Inequality can arise from income and wealth. Inequalities of wealth between individuals fell considerably between the 1920s and the 1970s (Hills, 2013). However, it started to rise again from the 1970s but internationally the speed of this growth varies, which indicates political and institutional differences (Piketty, 2014:237). Thus, political choices are influencing this inequality. In 1974, the top one percent of families [in USA] took home nine percent of GDP; by 2007, that share had increased to 23.5 percent (Fukuyama, 2012). The UK is the fourth most unequal with respect to the income equality, out of the 30 OECD countries (The Equality Trust, 2015).
11 This is a result of political decisions. New Labour was concerned with not to cap the top but to raise the bottom (Hutton, 2011:282). Between 1997 and 2007, income inequalities caused during the Tory years were almost perfectly preserved (Dorling, 2011:139). Inequality is an issue for society. There are negative societal effects associated with inequality, such as it can increase distrust (Gustavsson & Jordahl, 2008); reduce voter turnout (Solt, 2008), reduced participation in cultural activities (Szlendak & Karwacki, 2012), and ill-health (Pickett & Wilkinson, 2015, Rowlingson, 2011). Fairness is central to a decent society. Thus, inequality must be reduced. In order to reduce inequality, it is vital to recognise that some people and groups have more influence and access to power than others, including lobbyists. Organisations that engage lobbyists gain a competitive advantage (Schuler & Cramer, 2002). Or as Fukuyama states, elites in all societies use their superior access to the political system to protect their interests, absent a countervailing democratic mobilization to rectify the situation (2012). Thus, the domination of corporate and elite interest groups in politics needs to be addressed if more redistribution and a significant reduction in inequality is to be achieved.
12 A mobilised movement is needed too, to ensure democracy. Challenging the Acceptance of Austerity When New Labour entered government in 1997, it inherited a debt of 42% of GDP from the Tories, at the start of the banking crisis this had fallen to 35%, and having bailed-out the banks, it increased to 60% (ONS, 2011). Following Labour s defeat in 2010, the Tory-Lib Dem coalition government embarked on austerity programme, its aim was to reduce the deficit, which is the gap between the government s spending and its income. However, these cuts contracted demand in the economy. It is important to remember that the UK is the sixth richest in the world. When the economy contracts, economic theory suggests the solution is fiscal expansion: increase government spending both to create jobs directly and to put money in consumers pockets; cut taxes to put more money in those pockets. But based on ideology, the Tories opted to continue the fiscal cuts. The impact of these cuts has been devastating from job losses in the public sector; the additional stress and personal debt from the introduction of the bedroom tax; street lighting being switched off after midnight; increased charges for social services; to the cruel sanctions by DWP; and now child tax credits will be cut. Jeremy Corbyn recognises that it is low income families, disabled people, young people, public sector workers, and our public services that are bearing the brunt of the Tories political choices, not economic necessities.
13 This is why he voted against the Welfare Bill. Jeremy s paper An Economy for 2020 highlights the Tory s political choices including to cut inheritance tax changes, which will lose the government over 2.5 billion in revenue between now and It is a political choice to have a corporation tax that is half of the United States rate. Inequality is deepening due to the extreme Tory neoliberalism. This has to be robustly challenged. The reason Jeremy is standing for leader is because Labour shouldn t be swallowing the story that austerity is anything other than a new facade for the same Tory plans. The Way Forward: Building a Social Movement Jermey Corbyn recognises that Britain is not working well for most people and that more of the same won t work. He, with members and supporters, will build a new social movement to bring about real change in our country. Thus, his candidacy is not about simply being an oppositionist but gaining power and changing society. Jeremy Corbyn aims to modernise the Labour Party in order for it to adapt to the contemporary times.
14 The tragedy of New Labour was that it offered no serious intellectual challenge to neoliberalism (Hutton, 2011:397). The only way to move on is to recognise that the classless society is a fallacy and neoliberalism does not address this conflict that the system is dependent on exploiting workers. The Party needs to move from this ideological vacuum. Over the last 35 years, risk shifted from the state to individuals. Vulnerability and insecurity has increased. Neoliberalism with its culture of consumerism and materialism has boosted the economy but reduced our well-being (Kasser, 2002). Jeremy s vision for free university education inspires our young people. Jeremy understands the issues facing women. Jeremy s plan for a fairer economy is focused on hi-tech and innovation and the infrastructure to support that, rebuilding supply chains to stimulate private sector demand. Thus, the economy will be boosted and private sector will benefit. Jeremy also plans to rebalance the economy away from finance towards the highgrowth, sustainable sectors of the future. Thus, diversifying the economy will make it less vulnerable to financial shocks.
15 People across the whole of the UK are feeling a large degree of discontent with the Westminster system. There is a real sense that their own involvement in politics will have little effect on the way the country is run and supports the view that they have very little influence on decision making: only 26% feel they have at least some influence locally and only 14% nationally (Hansard, 2014). I see Jeremy leading reform of Westminster, such as a citizen led politics of everyday democracy not just a vote once every five years (Lawson, 2014). People are hungry for the changes that Jeremy has spoken of and, are joining the Labour Party or are registering as supporters in their tens of thousands. His campaign is building momentum. His campaign is engaging the next generation of Labour voters. His campaign is building a social movement to create change. Optimism is the faith that leads to achievement; nothing can be done without hope (Keller, 1903). I strongly believe that beacons of hope must have a realistic chance of being delivered. Progressive change is needed within the UK. Progressive change is achievable within the UK. Progressive change is within touching distance for the whole UK by voting for Jeremy Corbyn as leader of the Labour Party.
16 References Akehurst, L. (2012) Labour vs the SDP: 31 years on who was right? LabourList 26/03/2012 Akehurst, L. (2015) An Open Letter to Progress from Labour First. correspondence. 27/07/2015. Alford, R. (2010) Some Help in Understanding Britain s Banking Crisis, , Special Paper LSE Financial Markets Group Paper Series, October 2010 Baldwin, P. (1999) The Politics of Social Solidarity: class bases of the European welfare state, CambridgeUniversity Press: Cambridge. BBC (2015) Election 2015: Scotlandhttp://www.bbc.co.uk/news/election/2015/results/scotland Buchanan, A.E. (1989) Assessing the communitarian Critique of Liberalism. Ethics, 99(4), Castles, F. G., & Mair, P. (1984). Left right political scales: Some expert judgments. European Journal of Political Research, 12(1), Daffin, C. (2009). Wealth in Great Britain, Main Results from the Wealth and Assets Survey 2006/08. Newport: Office for National Statistics (http://www. statistics. gov. uk/downloads/theme_economy/wealth-assets /wealth_in_gb_2006_2008. pdf). Dorling, D., & Thomas, B. (2011). Bankrupt Britain: An atlas of social change. Policy Press. Driver, S., & Martell, L. (1997) New Labour's communitarianisms. Critical social policy, 17(52), Forrest, R., & Murie, A. (1986). Marginalization and subsidized individualism: the sale of council houses in the restructuring of the British welfare state. International Journal of Urban and Regional Research, 10(1), Forrest, R., & Williams, P. (1984). Commodification and housing: emerging issues and contradictions. Environment and Planning A, 16(9), Fukuyama, F. (1989). The end of history? The national interest, 3-18.
17 Fukuyama, F. (2012)The Future of History: Can Liberal Democracy Survive the Decline of the Middle Class? Foreign Affairs. January/February Fyfe, M. (2014) A Problem Like Maria: A Women s Eye View of Life as an MP. Luath Press Limited, Edinburgh. Gamson, W. (1991) Commitment and Agency in Social Movements, Sociological Forum, 6(1), Goodwin, J., Jasper, J. M., & Polletta, F. (Eds.). (2009). Passionate politics: Emotions and social movements. University of Chicago Press. Gould, P.,(1998) The Unfinished Revolution: How The Modernisers Saved The Labour Party. Abacus, London Gustavsson, M., & Jordahl, H. (2008) Inequality and trust in Sweden: Some inequalities are more harmful than others. Journal of Public Economics, 92(1), Hansard (2014) Audit of Political Engagement 11 The 2014 Report with a focus on the accountability and conduct of MPs. Accessed online at Engagement pdf on 27 May Harrison, K., & Boyd, T. (2003). Understanding political ideas and movements. Manchester University Press. Harvey, D. (2009) A Brief History of Neoliberalism. OxfordUniversity Press: UK. Hills, J. (2013) Wealth in the UK: distribution, accumulation, and policy. Oxford University Press. Hine, R.C. and Wright, P.W. (1998) Trade with low wage economies, employment and productivity in UK manufacturing. The Economic Journal, 108 (September), Hofstede, G. and Hostede, G.J. (2005) Cultures and Organizations: software of the Mind. McGraw-HillUSA. Hutton, W. (1996). The State We're In.Random House. Hutton, W. (2011). Them and Us: Changing Britain--why We Need a Fair Society. Little, Brown. Kasser, T. (2002). The high price of materialism. MIT Press. Keller, H. (1903). Optimism: an essay. New York: TY Crowell.
18 King, P. (2010). Housing Policy Transformed: The right to buy and the desire to own. Policy Press. Lawson, N. (2014) Post-election statement: Leaving the 20th century. Accessed online at on 27 May Macpherson, C.B. (1962) The Political Theory of Possessive Individualism: Hobbes to Locke. Clarendon Press: Oxford. Maddux, J. E., and Rogers, R.W. (1983) "Protection motivation and self-efficacy: A revised theory of fear appeals and attitude change." Journal of experimental social psychology 19.5: Marshall, T.H. (1950) Citizenship and social class. Reprinted in Pierson, C. and Castles, F. (eds.) (2007) The Welfare State Reader. Blackwell Publishing Ltd.: USA. McLaughlin, A., & Fenton, D. (2000). Prospects for Profitability in the UK Mortgage Market. HOUSING FINANCE-LONDON-BUILDING SOCIETIES ASSOCIATION THEN COUNCIL OF MORTGAGE LENDERS-, (47), Miliband, R. (1983). Socialist advance in Britain. Socialist Register, 20(20). Minogue, K. (2006) Thatcher. The English Historical Review, CXXI(494), Moore, J. (1992) British privatization--taking capitalism to the people. Harvard Business Review, 70(1), Morgan, K. O. (1987). Labour people: leaders and lieutenants, Hardie to Kinnock. Pattie, C. and Johnston, R. (2001), A Low Turnout Landslide: Abstention at the British General Election of Political Studies, 49: Perlo, V. (1959) People s Capitalism and Stock-Ownership. The American Economic Review, 48(3), Pickett, K. E., & Wilkinson, R. G. (2015) Income inequality and health: a causal review. Social Science & Medicine, 128, Piketty, T. (2014). Capital in the 21st Century. Cambridge: Harvard Uni. Putnam (2000) Bowling Alone: the collapse and revival of American community. Simon and Schuster: USA. Rowlingson, K. (2011) Does income inequality cause health and social problems? Joseph Rowntree Foundation.
19 Sanders, D., Ward, H., Marsh, D., & Fletcher, T. (1987). Government popularity and the Falklands War: a reassessment. British Journal of Political Science, 17(03), Schuler, D. A., Rehbein, K., & Cramer, R. D. (2002) Pursuing strategic advantage through political means: A multivariate approach. Academy of Management Journal, 45(4), Shaw, E. (2002). The Labour party since 1979: Crisis and transformation. Routledge. Smith, S.J. and Searle, B.A. (2010) Housing wealth as insurance: insights from the UK. In Smith, S.J. and Searle, B.A. (eds.) The Blackwell Companion to the Economics of Housing: The Housing Wealth of Nations. Wiley-Blackwell, London. Solt, F. (2008) Economic inequality and democratic political engagement. American Journal of Political Science, 52(1), Speight, A. E. (1990). Consumption, rational expectations and liquidity: theory and evidence. Harvester Wheatsheaf. Stiglitz, J. (2002) Globalization and its discontents. Penguin Books: UK Stuart, M. (2005). John Smith: a life. Methuen Pub Ltd. Szlendak, T., & Karwacki, A. (2012) Do the Swedes really aspire to sense and the Portuguese to status? Cultural activity and income gap in the member states of the European Union. International Sociology, 27(6), Whiteley, P. (1984) "Perceptions of economic performance and voting behavior in the 1983 general election in Britain." Political Behavior 6.4: Lesley Brennan
The Economy in 2020 The Economy in 2020 JEREMY CORBYN 22nd July 2015 Wealth creation is a good thing: we all want greater prosperity. But let us have a serious debate about how wealth is created. If you
1 The Business of Higher Education in England Ken Jones Since the devolution of some political power from London to Wales, Scotland and Northern Ireland in the late 1990s, education in the 4 territories
COUNCIL of MORTGAGE LENDERS Briefing Paper on Equity Release What is equity release? 1. Equity is the difference between any mortgage you may have and the value of your home. Equity release is a way of
PUBLIC SERVICES ELECTION General Election Manifesto 2015 Page 2 This Election Matters The vast majority of UNISON Scotland s members work in areas which are devolved to the Scottish Parliament, but even
PUBLIC BANK BERHAD ECONOMICS DIVISION MENARA PUBLIC BANK 146 JALAN AMPANG 50450 KUALA LUMPUR TEL : 03 2176 6000/666 FAX : 03 2163 9929 Public Bank Economic Review is published bi monthly by Economics Division,
Post-election economic challenges: Scotland and the UK Professor Brian Ashcroft Fraser of Allander Institute Strathclyde Business School 1 July 2015 Outline 1. Capacity utilisation Any room to spare? Can
Hitotsubashi Symposium Fundamental Tax Reforms in Japan In Search of Equity-Efficiency Balance Shigeki Morinobu Professor, Chuo Law School President of Japan Tax Institute 1. Introduction Upon entering
The Rock Star of the Recovery : Explaining Sweden s Strong Economic Performance Johan Berggren Political Advisor to the Swedish Ministry of Finance E urope is beset by economic and financial risks: uneven
Estonia and the European Debt Crisis Juhan Parts Estonia has had a quick recovery from the recent recession and its economy is in better shape than before the crisis. It is now much leaner and significantly
Europe s Financial Crisis: The Euro s Flawed Design and the Consequences of Lack of a Government Banker Abstract This paper argues the euro zone requires a government banker that manages the bond market
Council Tax Abolition and Service Tax Introduction (Scotland) Bill Written Submission to the Transport and Local Government Committee 1. Introduction 1.1 The Poverty Alliance acts as the national anti-poverty
2001 Health Care Conference Can Equity Release Mechanisms fund long term care costs? Desmond Le Grys 1 Introduction 1.1 Scope This paper attempts to explain why equity release products have rarely been
A New Role for Housing Associations By Alister Steele September 2012 Introduction Housing association s core role is providing housing for those in greatest need underpinned by traditionally high levels
Martin Feldstein the u.s. savings rate and the global economy The savings rate of American households has been declining for more than a decade and recently turned negative. This decrease has dramatically
Making Homes Affordable Labour s Plan for Housing Labour Making Homes Affordable.indd 1 10/02/2016 15:47 Every person should have access to good quality, secure, affordable housing, appropriate to their
Employment Relations Comment The productivity challenge and what the next government should do about it February 2015 Employment Relations Comment will be distributed free of charge via email. Copies can
The History of Crisis What is going on? Privatisation of money supply Financialisation: commodification of money and debt (linked to accounting) Deregulated global flow of capital (but not labour) (linked
2.5 Monetary policy: Interest rates Learning Outcomes Describe the role of central banks as regulators of commercial banks and bankers to governments. Explain that central banks are usually made responsible
The financial crisis What led up to the crisis? Short-term interest rates were very low, starting as a policy by the federal reserve, and stayed low in 2000-2005 partly due to policy, partly to expanding
Help to Buy House Builder and Developer Participation Guidance July 2014 Page 1 of 15 Contents Ministerial Foreword page 3 Introduction... page 4 Help to Buy overview... page 5 Help to Buy registration...
By Social Entrepreneurs For Social Entrepreneurs THE RENTAL EXCHANGE Helping social tenants build a positive credit history to gain equal access to financial services INTRODUCTION THE BIG ISSUE GROUP The
ENCOURAGING A DYNAMIC LIFE INSURANCE INDUSTRY: ECONOMIC BENEFITS AND POLICY ISSUES by Gerry Dickinson Professor and Director, Centre for Insurance & Investment Studies, City University Business School,
JANUARY 1999 Key questions and concepts In its April 1998 Green Paper on welfare reform, the new Government argues that its policy reforms will follow a third way : The welfare state now faces a choice
Speech by the Taoiseach, Mr. Enda Kenny T.D. Ireland: Economic Recovery and the EU Presidency Stability, Jobs & Growth at the London School of Economics Check against delivery Good afternoon, Ladies and
Testimony of Mark A. Calabria, Ph.D. Director, Financial Regulation Studies, Cato Institute Submitted to the Subcommittee on Insurance, Housing, & Community Opportunity House Committee on Financial Services
April 2015: How your business can capitalise on a market that s been thrown open. Pension freedom Picking out the business winners and losers Introduction: Making sense of a new world of choice The new
LABOUR S PLAN FOR A STRATEGIC INVESTMENT BANK Table of Contents Executive Summary...3 Overview...3 Operation...3 Introduction...5 An investment economy...5 The Long-term Case for a Strategic Investment
Disabled people and financial well-being Savings and insurance Key messages Disabled people are less likely to have savings and less likely to have insurance. Disabled people sometimes feel that they are
Achievements and challenges of the single market S&D responses to citizens top 10 concerns The European economic model must be based on three principles: competition which stimulates, co-operation which
Successful value investing: the long term approach Neil Walton, Head of Global Strategic Solutions, Schroders Do you have the patience to be a value investor? The long-term outperformance of a value investment
1. The financial crisis of 2007/2008 and its impact on the UK and other economies Do you still feel vague about the causes and the effects of the financial crisis of 2007/8? Are you preparing for a job
THE WAY TO BUILDING A BETTER ONTARIO 2016 Ontario Pre-Budget Submission February 2016 Tel/Tél: 416.497.4110 Toll-free/Sans frais: 1.800.268.5763 Fax/Téléc: 416.496.6552 Who is Unifor Unifor is a new Canadian
Scottish Journal of Residential Child Care December 2015 Vol.14, No.3 The implications of self-directed support for residential child care Simon Duffy Abstract The Social Care (Self-directed Support) (Scotland)
largeequityrelease.com EQUITY RELEASE GUIDE Speak to one of our specialists today on 020 3824 0904 CONTENTS What is equity release?... 3 How much money could I raise through an equity release?... 4 What
A Short Guide to NHS Foundation Trusts 1. A new type of NHS hospital 1.1 The next five years will see major changes to the way hospital services are provided. Local communities and staff are to be given
WHAT IS EQUITY RELEASE? Equity Release can free some of the capital tied up in your home, while you continue to live there. This money can be in the form of a tax-free lump sum, a regular income or a combination
FIXING OUR BROKEN ECONOMY a simple guide for the rest of us 1. PRIVATISED MONEY We see all around that the economy is broken. We have an unemployed labour force and we have empty factories, offices and
SPEECH BY MINISTER OF FINANCE MR NHLANHLA NENE South Africa s tax system and the tax reform agenda for 2015 and beyond BER Conference VENUE: Balalaika Hotel, Sandton DATE: 12 June 2015 Good morning and
Economic Systems The way a country s resources are owned and the way that country takes decisions as to what to produce, how much to produce and how to distribute what has been produced determine the type
The Money Statistics January 2015 Welcome to the January 2015 edition of The Money Statistics The Money Charity s monthly roundup of statistics about how we use money in the UK. These were previously published
Universal Credit: Frequently Asked Questions October 2012 Introduction Universal Credit (UC) is the Government s new, simplified working age welfare system, rolling several benefits and tax credits into
Effects on pensioners from leaving the EU Summary 1.1 HM Treasury s short-term document presented two scenarios for the immediate impact of leaving the EU on the UK economy: the shock scenario and severe
Submission to: Aged Care Review By Margaret Kearney Aged Care Review Cremorne 2090 NSW The Aged care Review by the Productivity Commission raises a number of issues which require a response. The following
BBA Consultation on the Future of Savings Response from The True Potential Centre for the Public Understanding of Finance (PUFin) August 2014 Based at The Open University Business School, PUFin is a pioneering
UNITED NATIONS INDEPENDENT EXPERT ON THE QUESTION OF HUMAN RIGHTS AND EXTREME POVERTY Questionnaire JAN/2011 Post-crisis adjustment and fiscal consolidation processes (2010 onwards) 1. Has your country
Negative Equity and House Price Risk in Australia Wood, G. & Parkinson, S. February 5 th 2009 Gavin Wood & Sharon Parkinson AHURI RMIT Research Centre Bldg 15 Level 4, GPO Box 2476V, Melbourne, Vic 3001
THE MORTGAGE INTEREST DEDUCTION Frequently Asked Questions Prepared by the National Low Income Housing Coalition Updated April 2013 Owning one s home is a strong American value. Most Americans consider
European Consumer Debt Network Conference Tackling Household Over-indebtedness Mybudget.ie Budgeting for a better life - Ireland Debt Prevention - Financial Education Michael Mulhall Athens, 21-23 November
Introducing equity release Equity release refers to a range of products that let your clients access the cash tied up in their homes. The equity release market has seen low interest rates, a rise in property
Customer loyalty: how to measure it, understand it and use it to drive business success. Since it is now widely recognised that it is much less costly and much more profitable to keep existing customers
Crisis response to the review of barriers to institutional investment in private rented homes April 2012 Introduction Crisis, the national charity for single homeless people, warmly welcomes this review.
THE GLOBAL AGENDA FOR SOCIAL WORK AND SOCIAL DEVELOPMENT COMMITMENT TO ACTION March 2012 OUR COMMITMENTS As social workers, educators and social development practitioners, we witness the daily realities
Lecture 4: The Aftermath of the Crisis 2 The Fed s Efforts to Restore Financial Stability A financial panic in fall 2008 threatened the stability of the global financial system. In its lender-of-last-resort
Deutsche Bank UK Banks Conference 07 April 2011 Chris Lucas, Group Finance Director Slide: Name Slide Thanks very much, it s a great pleasure to be here today and I d like to thank our hosts Deutsche Bank
Italy and the political economy of decline Mario Pianta University of Urbino, Sbilanciamoci! Euro Memo conference London, 20-22 September 2013 The downward spiral The current depression and the EU context
Insight. Education. Analysis. S e p t e m b e r 2 0 1 4 Student Debt Being Smart about Student Loans By Kevin Chambers During the 2008 crisis, total American household debt fell. The amount of money borrowed
Investing in community shares Investing in community shares Introduction Give, lend or invest? Have you been invited to buy shares in a community enterprise? Then you are not alone. You are one of thousands
The Key to Stabilizing House Prices: Bring Them Down Dean Baker December 2008 Center for Economic and Policy Research 1611 Connecticut Avenue, NW, Suite 400 Washington, D.C. 20009 202-293-5380 www.cepr.net
7 Reasons Why Property Investment can t be ignored. Know your options before it s too late. What is in this report? This report is a must read for anyone looking to improve their lifestyle and enjoy greater
NISAs a simple explanation A NISA is a New Individual Savings Account. As the name suggests, these are accounts that can be accessed by individuals (you cannot have a NISA in joint names). ISAs were introduced
Economics 101 Multiple Choice Questions for Final Examination Miller PLEASE DO NOT WRITE ON THIS EXAMINATION FORM. 1. Which of the following statements is correct? a. Real GDP is the total market value
Tips for potential Capital Market Investors A financial advisor once told It doesn t matter how good of job someone has, if they want to acquire wealth in this life, at some point they are going to have
Council of Mortgage Lenders Equity release leaflet unlocking the value of your home What is equity release? Equity is the difference between any mortgage you may have and the value of your home. Equity
Inquiry into microeconomic reform in Western Australia Submission by Martin Sheridan, December 2013 Executive Summary Martin Sheridan is an infrastructure specialist with significant public and private
Buyer s Guide : Content Page 1: What is equity release? Page 2: Is equity release the right choice for you? Page 3: Protecting yourself If it isn t right for you, what are the alternatives? Page 4: Lifetime
Equity release has provided me with financial stability. I now have the opportunity to help my family, go on holiday, and make some home improvements. Mr W, East Sussex Your Guide to Equity Release Contents
The Allianz American Legacies Pulse Survey Exploring the impact of the financial crisis on legacy strategies Allianz Life Insurance Company of North America Allianz Life Insurance Company of New York ENT-1371-N
Policy Focus The Need for Social Security Reform Recipes for Rational Government from the Independent Women s Forum Carrie Lukas, Managing Director, Independent Women s Forum August 2011 Volume 1, Number
Address to the Melbourne Business School Mike Smith Chief Executive Officer, ANZ Good evening and thank you for the warm welcome. It s a great pleasure to have the opportunity to talk to the School s students,
Achieving Pay Equity What needs to happen? Report of CLEW seminar from Sue Ryall, Centre Manager, CLEW The current court case on equal pay (Terranova vs Bartlett) has reinvigorated the discussion and debate
Summer 2015 Mind the gap Income protection gap study Western Europe Foreword There is growing awareness of the pension gap, but most people underestimate an even greater risk to their standard of living:
Public perceptions of manufacturing and efforts to rebalance the UK economy Dr. Finbarr Livesey Director, Centre for Industry and Government IfM, University of Cambridge March 2012 Executive summary This
Equity release has enabled me to go on more holidays, purchase a new car and make some major household purchases. The service provided met our financial needs in an efficient and helpful way. John, Sutton
Greater Manchester Chamber of Commerce Election 2015 Manifesto Brief This document represents the key elements of the party manifestos as they relate to our 5 campaign themes of ; Infrastructure; Finance
Equity Release Guide www.seniorissues.co.uk For more information or to speak to one of our trained advisers please telephone our Senior Issues Team on 0845 855 4411 The Caesar & Howie Group 7/3/2008 EQUITY
M&G Guide to Retirement Income 2 Working out how to make adequate financial provision for retirement is one of the most important financial decisions most of us will ever face. However, it can be a daunting
10 November 2015, Brussels Live Long and Prosper? Demographic Change and Europe s Pensions Crisis Key Note Speech Dr. Jochen Pimpertz Head of Research Unit Public Finance, Social Security, Income and Wealth
Unemployment AS Economics Presentation 2005 Key Issues The meaning of unemployment Different types of unemployment Consequences of unemployment Unemployment and economic growth Recent trends in UK unemployment
The reform of the Hungarian pension system (A reformed reform) Focus The objective of the comprehensive pension reform currently under way in Hungary is to return to the two-pillar pension system, based
3 rd ITUC World Congress 18-23 May 2014 Berlin Sustainable jobs, secure incomes and social protection Framework for Action INTERNATIONAL TRADE UNION CONFEDERATION Sustainable jobs, secure incomes and social
Helping customers protect their lifestyles in these challenging times insurance services Recent consumer focus group activity that we have carried out in conjunction with YouGov within the 30 to 54 year
A number of studies have attempted to calculate the cost of alcohol to society. This is tricky for two reasons. First, because many of the costs are difficult to estimate accurately. Second, because there