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Labour Announces New Economic Advisory Committee

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Looks like a decent line-up...

Labour has today unveiled its Economic Advisory Committee that will be convened by the Shadow Chancellor John McDonnell MP, and will report directly to Labour leader Jeremy Corbyn MP.

Meeting quarterly, the purpose of the Committee will be to discuss and develop ideas around the official economic strategy that Labour will be advocating under the new leadership.

The Committee, which contains a broad based group of world leading economists, includes:

  • Mariana Mazzucato, Professor, University of Sussex
  • Joseph Stiglitz, Professor, Columbia University, recipient of the 2001 Nobel Memorial Prize in economics.
  • Thomas Piketty, Professor, Paris School of Economics
  • Anastasia Nesvetailova, Professor, City University London
  • Danny Blanchflower, Bruce V, Rauner Professor of Economics Dartmouth and Stirling, Ex-member of the MPC
  • Ann Pettiffor, Director of Policy Research in Macroeconomics (PRIME), and an Honorary Research Fellow at the Political Economy Research Centre of City University
  • Simon Wren-Lewis, Professor of Economic Policy, Blavatnik School of Government, University of Oxford.

Speaking ahead of the announcement, Jeremy Corbyn MP, Leader of the Labour Party, said:

“I was elected on a clear mandate to oppose austerity and to set out an economic strategy based on investment in skills, jobs and infrastructure. Our economy must deliver security for all, not just riches for a few.

“I am delighted that John McDonnell as Shadow Chancellor has convened this group to advise the leadership as we set out our economic vision.”

John McDonnell MP, Labour’s Shadow Chancellor, added:

“I am delighted to convene this Economic Advisory Committee that will assist in developing a radical but pragmatic and deliverable economic policy for our country.

“Our Economic Advisory Committee will assist in developing a fairer and more prosperous economic alternative based upon investment and growth which reaches all sections of society.

“Austerity is failing the people of this country. Working alongside world leading economists Labour will present the coherent alternative our country desperately needs.”

Member of the new Committee, Professor Thomas Piketty, said:

“I am very happy to take part in this Economic Advisory Committee and assist the Labour Party in constructing an economic policy that helps tackle some of the biggest issues facing people in the UK.

“There is now a brilliant opportunity for the Labour party to construct a fresh and new political economy which will expose austerity for the failure it has been in the UK and Europe.”

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All great, but I don`t think we really have "austerity" yet though? Does anyone think we have? If they came out and said "House prices were inflated to unaffordable levels in the greatest banking scam of the century, Labour were implicated in this, but we plan to reverse the damage we helped create" or something like that, I would vote for them.

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I would liked to have seen Steve Keen on that list.

Yes me too. Also a leading MMTer such as Bill Mitchell would have been nice. Still a decent looking line-up though.

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I can't believe Corbyn overlooked HPCers in favour of leading economists including a nobel prize-winner. Must have been an oversight I'm sure. :D

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Sounds pretty f***ing good to me. Even if they get it wrong at least they will be a load of academic work that other academics can pull apart and get it right eventually. George Osborne maybe the best Chancellor that has ever lived. However no one who follows him could copy him because no one has a clue where he stands on anything.

I think GO is just a puppet with no idea's of his own. It should be made law all Chancellor should have a back ground in economics same as you shouldn't be able to practice medicine without first having studied the subject.

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Seven more economists to replace some others in some other quango style committee - how about some other professions as it seems a very narrow representation if Corbyn wants to improve "skills, jobs and infrastructure" but let's see what they come up with. A qualified accountant to ensure the sums add up would have been good.

It would also be good if they could agree a suitable word to describe what's actually happening to the general economy. The word "austerity" isn't at all adequate while the debt is growing faster than topsy - as some sectors are clearly benefiting from the massive debt (far more than others). Otherwise using the word austerity in a general sense just seems to be yet another political confidence trick in a long line of confidence tricks from all the main parties - and that isn't very politic for a politician who currently is (apparently) polled as twice as honest as Cameron.

Edited by billybong

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I think all this "what spending cuts?" stuff forgets an important thing. When Jo/anna Public talks about "spending cuts", s/he means "cuts in public services", not "government spending has reduced as a proportion of GDP". And there have, undeniably, been cuts in public services.

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Oh of course how could there possibly be a different strategy to Osborne. No Austerity ? Try telling that to my sister in law who couldn't get a bed in a mental health unit. Except you can't because thanks to the cuts she's dead now.

If this 'recovery' has to produce even more wealth for the 1% on the backs of even more deaths I'm against it.

Good luck to Labour for trying to find another way. For those of you who think having a panel of top economists is a stupid idea compared to Osborne who just does whatever the latest Tory party hedge fund donor asks for you must be smoking the same stuff as George.

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Oh of course how could there possibly be a different strategy to Osborne. No Austerity ? Try telling that to my sister in law who couldn't get a bed in a mental health unit. Except you can't because thanks to the cuts she's dead now.

If this 'recovery' has to produce even more wealth for the 1% on the backs of even more deaths I'm against it.

Good luck to Labour for trying to find another way. For those of you who think having a panel of top economists is a stupid idea compared to Osborne who just does whatever the latest Tory party hedge fund donor asks for you must be smoking the same stuff as George.

I suspect Gidiot gets most of his instructions from the Treasury and the BoE (just as Brown did before him). Hearing McDonnell say this morning that he wanted to stress test Labour's new economic plans with the 'expert models' developed by the Bank and the OBR left me reaching for something to throw at the television.

Edited by zugzwang

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Sounds pretty f***ing good to me. Even if they get it wrong at least they will be a load of academic work that other academics can pull apart and get it right eventually. George Osborne maybe the best Chancellor that has ever lived. However no one who follows him could copy him because no one has a clue where he stands on anything.

I think GO is just a puppet with no idea's of his own. It should be made law all Chancellor should have a back ground in economics same as you shouldn't be able to practice medicine without first having studied the subject.

I agree with the puppet idea. He did some austerity. Then pumped the housing market. This is class war, no mistake.

If GO was a doctor and he said the only knowledge he had was a 2:1 in History, coke snorting and how to fail at becoming a journalist, you'd leave!

Yet the sheeple clap.. He's probably the best conman of the decade.

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