Jo Michell
@jomichell.bsky.social
Professor of economics at UWE Bristol. Chair of Post-Keynesian Economics Society. Interested in macro, finance, banking, climate change, inequality, demographics.
https://people.uwe.ac.uk/Person/JoMichell
https://people.uwe.ac.uk/Person/JoMichell
Pinned
Wealth tax and looser fiscal rules won’t save the Budget | British Politics and Policy at LSE
The narrative on the left that a wealth tax and looser fiscal rules would solve the Chancellor's 2025 Budget headaches has got out of hand.
blogs.lse.ac.uk
My pre-budget take for the LSE Politics blog is up:
Labour are unable to articulate any vision or sense of purpose.
Much of the left has convinced itself that government spending can be maintained without broad-based tax increases.
Not a great budget backdrop.
blogs.lse.ac.uk/politicsandp...
Labour are unable to articulate any vision or sense of purpose.
Much of the left has convinced itself that government spending can be maintained without broad-based tax increases.
Not a great budget backdrop.
blogs.lse.ac.uk/politicsandp...
Reposted by Jo Michell
Study by University of Liverpool economist Costas Milas suggests BoE QT has raised the 10yr gilt yield by an average of 25 to 30 bps, compared with a counterfactual where the BoE ran down its stock of gilts at half the pace.
Somewhat bigger impact than BoE reckons 👇
www.reuters.com/world/uk/boe...
Somewhat bigger impact than BoE reckons 👇
www.reuters.com/world/uk/boe...
www.reuters.com
November 25, 2025 at 9:28 PM
Study by University of Liverpool economist Costas Milas suggests BoE QT has raised the 10yr gilt yield by an average of 25 to 30 bps, compared with a counterfactual where the BoE ran down its stock of gilts at half the pace.
Somewhat bigger impact than BoE reckons 👇
www.reuters.com/world/uk/boe...
Somewhat bigger impact than BoE reckons 👇
www.reuters.com/world/uk/boe...
Reposted by Jo Michell
Honestly, I think some centre-left criticisms of Green policy are fair. But if Labour keeps alienating its natural supporters the Greens will become more viable, more progressive policy experts could start gravitating towards them, and their policy offer could gradually become more compelling.
tbh Polanski seems to have avoided most of the big MMT heffalump traps (allowing that "inflation doesn't go higher" was a misspeak), I'm relatively impressed at whoever's advising him.
November 25, 2025 at 12:43 PM
Honestly, I think some centre-left criticisms of Green policy are fair. But if Labour keeps alienating its natural supporters the Greens will become more viable, more progressive policy experts could start gravitating towards them, and their policy offer could gradually become more compelling.
Reposted by Jo Michell
"Much of the left appears to have convinced itself that wealth tax is all that is needed. This is incorrect — and an incessant focus on wealth taxation is obscuring the need for broader tax increases." Clear and interesting piece by @jomichell.bsky.social:
blogs.lse.ac.uk/politicsandp...
blogs.lse.ac.uk/politicsandp...
Wealth tax and looser fiscal rules won’t save the Budget | British Politics and Policy at LSE
The narrative on the left that a wealth tax and looser fiscal rules would solve the Chancellor's 2025 Budget headaches has got out of hand.
blogs.lse.ac.uk
November 25, 2025 at 5:03 PM
"Much of the left appears to have convinced itself that wealth tax is all that is needed. This is incorrect — and an incessant focus on wealth taxation is obscuring the need for broader tax increases." Clear and interesting piece by @jomichell.bsky.social:
blogs.lse.ac.uk/politicsandp...
blogs.lse.ac.uk/politicsandp...
My pre-budget take for the LSE Politics blog is up:
Labour are unable to articulate any vision or sense of purpose.
Much of the left has convinced itself that government spending can be maintained without broad-based tax increases.
Not a great budget backdrop.
blogs.lse.ac.uk/politicsandp...
Labour are unable to articulate any vision or sense of purpose.
Much of the left has convinced itself that government spending can be maintained without broad-based tax increases.
Not a great budget backdrop.
blogs.lse.ac.uk/politicsandp...
Wealth tax and looser fiscal rules won’t save the Budget | British Politics and Policy at LSE
The narrative on the left that a wealth tax and looser fiscal rules would solve the Chancellor's 2025 Budget headaches has got out of hand.
blogs.lse.ac.uk
November 25, 2025 at 4:05 PM
My pre-budget take for the LSE Politics blog is up:
Labour are unable to articulate any vision or sense of purpose.
Much of the left has convinced itself that government spending can be maintained without broad-based tax increases.
Not a great budget backdrop.
blogs.lse.ac.uk/politicsandp...
Labour are unable to articulate any vision or sense of purpose.
Much of the left has convinced itself that government spending can be maintained without broad-based tax increases.
Not a great budget backdrop.
blogs.lse.ac.uk/politicsandp...
Reposted by Jo Michell
There's real concern this Budget could be very bad for nature (and do little to actually deliver more homes) www.businessgreen.com/news/4522276...
'Perfect storm': RSPB and Wildlife Trusts warn Budget could push nature into 'freefall'
Conservation groups warn Planning and Infrastructure Bill and proposals to water down Biodiversity Net Gain scheme are set to badly undermine Labour's pre-election promises to drive nature recovery ef...
www.businessgreen.com
November 25, 2025 at 10:50 AM
There's real concern this Budget could be very bad for nature (and do little to actually deliver more homes) www.businessgreen.com/news/4522276...
Reposted by Jo Michell
I wish I didn’t have to share this. But the BBC has decided to censor my first Reith Lecture.
They deleted the line in which I describe Donald Trump as “the most openly corrupt president in American history.” /1
They deleted the line in which I describe Donald Trump as “the most openly corrupt president in American history.” /1
November 25, 2025 at 9:26 AM
I wish I didn’t have to share this. But the BBC has decided to censor my first Reith Lecture.
They deleted the line in which I describe Donald Trump as “the most openly corrupt president in American history.” /1
They deleted the line in which I describe Donald Trump as “the most openly corrupt president in American history.” /1
Textbook example of how not to do this. Straight from the Laura Kuenssberg/Nick Robinson school of silly analogies.
November 25, 2025 at 9:35 AM
Textbook example of how not to do this. Straight from the Laura Kuenssberg/Nick Robinson school of silly analogies.
Reposted by Jo Michell
Gibb; “ I had no editorial role whatsoever at the Jewish Chronicle”. Lee Harpin, reporter at the paper; “RG made a habit of calling into the office on print days to check up on what stories were topping the news list, and offering a view’”
November 24, 2025 at 5:55 PM
Gibb; “ I had no editorial role whatsoever at the Jewish Chronicle”. Lee Harpin, reporter at the paper; “RG made a habit of calling into the office on print days to check up on what stories were topping the news list, and offering a view’”
Rupert Harrison is able to present himself as the voice of the bond markets here and goes largely unchallenged on “what the bond markets want”. The answer is much less clear cut than he makes out. We need to move past the idea that the primary deficit is the only relevant indicator for markets.
Debate today with a Labour MP on the economy.
Also with a former advisor to George Osborne.
Very striking how much Labour & the Tories agree on our economic system.
Time for change. Let's make hope normal again. Enjoy! 🙌🏼👇🏼
youtu.be/1onr7pAEFRE?...
Also with a former advisor to George Osborne.
Very striking how much Labour & the Tories agree on our economic system.
Time for change. Let's make hope normal again. Enjoy! 🙌🏼👇🏼
youtu.be/1onr7pAEFRE?...
Is Labour being outflanked by Polanski and Farage? Reeves budget debate
YouTube video by Channel 4 News
youtu.be
November 24, 2025 at 8:54 PM
Rupert Harrison is able to present himself as the voice of the bond markets here and goes largely unchallenged on “what the bond markets want”. The answer is much less clear cut than he makes out. We need to move past the idea that the primary deficit is the only relevant indicator for markets.
Clicked through to X from a post on here and had a quick scan of the timeline -- wall to wall people yelling incoherently at each other about Polanski, Kuenssberg, bond markets and MMT. Horror show ...
November 24, 2025 at 5:34 PM
Clicked through to X from a post on here and had a quick scan of the timeline -- wall to wall people yelling incoherently at each other about Polanski, Kuenssberg, bond markets and MMT. Horror show ...
Reposted by Jo Michell
Michael Prescott says "I never even Googled Historians Reclaimed" before putting them into the report. Which feels quite negligent for something you include in a memo sent to the entire BBC board?
November 24, 2025 at 4:30 PM
Michael Prescott says "I never even Googled Historians Reclaimed" before putting them into the report. Which feels quite negligent for something you include in a memo sent to the entire BBC board?
Are they really not going to ask him about his own misleading edit of the Trump quote?
One frustration of watching MPs ask questions for an hour is that they're not very good at it. Prescott has not been asked about the fairly glaring errors in his own report – that *it misquoted Trump in exactly the same way it says Panorama did*
www.thenewworld.co.uk/james-ball-e...
www.thenewworld.co.uk/james-ball-e...
EXCLUSIVE: Michael Prescott himself doctored Trump quote in his anti-BBC report
A report alleging Panorama broadcast misleading Trump quotes contains misleading quotes itself
www.thenewworld.co.uk
November 24, 2025 at 4:31 PM
Are they really not going to ask him about his own misleading edit of the Trump quote?
Reposted by Jo Michell
He seems genuinely unable to explain what a Kamala Harris Panorama episode should have reported, given she did not actually lead an insurrection against the Capitol. And yet it's a point he keeps returning to as if it's one of his best.
November 24, 2025 at 4:24 PM
He seems genuinely unable to explain what a Kamala Harris Panorama episode should have reported, given she did not actually lead an insurrection against the Capitol. And yet it's a point he keeps returning to as if it's one of his best.
Prescott keeps repeating "I thought they'd show a programme about Harris the week after". He really doesn't understand the difference between balance, impartiality and objectivity.
November 24, 2025 at 4:16 PM
Prescott keeps repeating "I thought they'd show a programme about Harris the week after". He really doesn't understand the difference between balance, impartiality and objectivity.
This is what we should really be devoting substantial time and energy to. Unfortunately the current political backdrop means that that there's almost no spare capacity for the important stuff these days.
More than 80 countries have backed the call for a roadmap to “transition away from fossil fuels”, but scores of countries are against it. The Arab Group, of which Saudi Arabia is the most prominent member, has led the opposition.
#ClimateCrisis Argghhh
www.theguardian.com/environment/...
#ClimateCrisis Argghhh
www.theguardian.com/environment/...
Miliband urges Cop30 to find ‘creative’ routes to roadmap on phasing out fossil fuel
UK energy secretary says UN climate talks must find way to keep proposals alive despite significant resistance
www.theguardian.com
November 24, 2025 at 1:54 PM
This is what we should really be devoting substantial time and energy to. Unfortunately the current political backdrop means that that there's almost no spare capacity for the important stuff these days.
Reposted by Jo Michell
Everything about this might be the saddest thing I’ve ever seen
November 24, 2025 at 1:07 PM
Everything about this might be the saddest thing I’ve ever seen
RIP Jimmy Cliff. www.theguardian.com/music/2025/n...
Jimmy Cliff, Jamaican reggae singer, actor and cultural icon, dies aged 81
Star of The Harder They Come had hits including You Can Get It If You Really Want and I Can See Clearly Now
www.theguardian.com
November 24, 2025 at 12:09 PM
RIP Jimmy Cliff. www.theguardian.com/music/2025/n...
A lot of not very well-informed debate about wealth taxes at the moment.
This discussion this evening will have plenty of considered expert opinion. www.lse.ac.uk/events/the-w...
This discussion this evening will have plenty of considered expert opinion. www.lse.ac.uk/events/the-w...
Should the UK have a wealth tax? | The viability of wealth tax
6.30pm Mon 1 Dec | Arun Advani, Emma Chamberlain, Andy Summers | Ticket Required | Free public event at LSE
www.lse.ac.uk
November 24, 2025 at 11:28 AM
A lot of not very well-informed debate about wealth taxes at the moment.
This discussion this evening will have plenty of considered expert opinion. www.lse.ac.uk/events/the-w...
This discussion this evening will have plenty of considered expert opinion. www.lse.ac.uk/events/the-w...
Reposted by Jo Michell
🔎 Read Damian Whittard, Van Phan, & Armagan Gezici on productivity in the West of England 👇 buff.ly/3zj93ym
How productive is the West of England? - Economics Observatory
The West of England has a diverse economy, including rural areas, services-based jobs and advanced manufacturing hubs. Investment in infrastructure, skills and research and development (R&D) could…
buff.ly
November 24, 2025 at 11:18 AM
🔎 Read Damian Whittard, Van Phan, & Armagan Gezici on productivity in the West of England 👇 buff.ly/3zj93ym
Interesting that this is currently being discussed. This is pretty much exactly what I and co-authors proposed a couple of years ago in this paper: www.researchgate.net/publication/...
November 24, 2025 at 11:17 AM
Interesting that this is currently being discussed. This is pretty much exactly what I and co-authors proposed a couple of years ago in this paper: www.researchgate.net/publication/...
Reconstructing the hifi after some construction and decoration. I’m not the only one who has an Ethernet router as part of their hifi setup, right?
November 23, 2025 at 12:24 PM
Reconstructing the hifi after some construction and decoration. I’m not the only one who has an Ethernet router as part of their hifi setup, right?
Reposted by Jo Michell
Hmmm - so tacking hard right on immigration led the Danish equivalent of Labour to lose the capital city for the first time in a century to a “Green-Left” party?
And all the seats on London’s borough councils are up next May? Including the progressive packed ones held by Labour for generations?
And all the seats on London’s borough councils are up next May? Including the progressive packed ones held by Labour for generations?
November 22, 2025 at 11:46 AM
Hmmm - so tacking hard right on immigration led the Danish equivalent of Labour to lose the capital city for the first time in a century to a “Green-Left” party?
And all the seats on London’s borough councils are up next May? Including the progressive packed ones held by Labour for generations?
And all the seats on London’s borough councils are up next May? Including the progressive packed ones held by Labour for generations?
Reposted by Jo Michell
this guy constantly manages to do shit like this and displace it in the media and discourse with something that goes with a laugh track somehow
bsky.app/profile/newy...
bsky.app/profile/newy...
One analytical model shows that, as of November 5th, the dismantling of U.S.A.I.D. has already caused the deaths of 600,000 people, two-thirds of them children. https://newyorkermag.visitlink.me/jUzNSc
The Shutdown of U.S.A.I.D. Has Already Killed Hundreds of Thousands
The short documentary “Rovina’s Choice” tells the story of what goes when aid goes.
newyorkermag.visitlink.me
November 21, 2025 at 9:40 PM
this guy constantly manages to do shit like this and displace it in the media and discourse with something that goes with a laugh track somehow
bsky.app/profile/newy...
bsky.app/profile/newy...
Reposted by Jo Michell
TRUMP [after spending 5 minutes with Zohran]: surplus value, it’s a very wonderful thing, very wonderful, and they’re stealing it. Can you believe that?
We’re going to be looking very strongly at the bourgeoisie, what they’re up to
We’re going to be looking very strongly at the bourgeoisie, what they’re up to
November 21, 2025 at 9:25 PM
TRUMP [after spending 5 minutes with Zohran]: surplus value, it’s a very wonderful thing, very wonderful, and they’re stealing it. Can you believe that?
We’re going to be looking very strongly at the bourgeoisie, what they’re up to
We’re going to be looking very strongly at the bourgeoisie, what they’re up to
Reposted by Jo Michell
Trump in a room with a very charismatic person results in like half a day of Trump agreeing with everything that person said, so this has the potential to be very, very funny.
Trump says he’s meeting with “communist” Mamdani at the White House on Friday
November 20, 2025 at 1:55 AM
Trump in a room with a very charismatic person results in like half a day of Trump agreeing with everything that person said, so this has the potential to be very, very funny.