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Carsten Jung @carsjung.bsky.social · 10d

At Labour Conference today, I think it was the right call for the Chancellor to clearly signal adherence to her fiscal rules. With borrowing costs and interest payments at very high levels, it's important that she signals to markets she's sticking to her fiscal plans.

Reposted by Carsten Jung

Centre for the Analysis of Taxation @centaxuk.bsky.social · 10d

'How can we fund public services?' with
@IPPR

🕘9am, Tuesday
📍Museum of Liverpool

👉 @dantomlinson.bsky.social
👉 @yuanfenyang.bsky.social
👉 @andy-summers.bsky.social
👉 @guardianheather.bsky.social
👉 Chair: @carsjung.bsky.social

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Reposted by Carsten Jung

Institute for Public Policy Research @ippr.org · 21d

The Bank of England was right to ease up on quantitative tightening — it had been adding needless pressure to gilt yields amid global strains. In fact, it should go further and halt gilt sales altogether says @carsjung.bsky.social.

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Carsten Jung @carsjung.bsky.social · 21d

Great piece by @ChrisGiles_ arguing why it would be wise for the BoE to stop active QT sales, especially on the longer end.

We called for a complete stop of active sales, combined with tackling APF interest losses. All eyes on the MPC decision tomorrow.

www.ft.com/content/544e...

The Bank of England’s gilty secret

The central bank will set the coming year’s asset sales target without much clue of the effects

www.ft.com

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Carsten Jung @carsjung.bsky.social · 23d

Support is growing for adressing the £22 billion annual taxpayer losses at the Bank of England.

To do so, both BoE and HMT would need to act. On Thursday the Bank should stop active bond sales. And HMT should claw back interest rate losses via a targeted levy.

www.telegraph.co.uk/gift/5259508...

Andrew Bailey under political attack on all fronts

Legacy of Bank of England’s quantitative easing policy is coming back to bite the Governor

www.telegraph.co.uk

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Carsten Jung @carsjung.bsky.social · 26d

Some very good proposals by @danneidle.bsky.social in here, including capital gains tax reform - it could raise money while boosting investment and growth.

It would also be fairer- the current system helps many avoid income tax.

www.ft.com/content/59f1...

Stop talking about wealth taxes — make these reforms instead

Any sane discussion of changes that both right and left could agree on is being crowded out by tax populism

www.ft.com

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Reposted by Carsten Jung

William Ellis @willellisecon.bsky.social · 28d

Very pleased to see my analysis on UK productivity growth picked up by the FT this morning. Their piece highlights the uncertainty around the OBR’s productivity forecast — and how stark the fiscal implications could be at the Budget. A few of my reflections below 👇

The ‘educated guess’ set to decide Keir Starmer’s fiscal fate

OBR judgment on productivity comes as Labour backbenchers fret about watchdog’s influence

www.ft.com

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Carsten Jung @carsjung.bsky.social · 29d

On the other hand, I hugely applaud the publication of confidence intervals! Public policy debate seems to be allergic against communicating uncertainty.

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Carsten Jung @carsjung.bsky.social · Sep 9

Yes agreed

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Carsten Jung @carsjung.bsky.social · Sep 9

Yes I think we agree here. Will be interesting to see how much uncertainty around the fiscal policy stance - which will hopefully be resolved in the autumn - impact the yield curve.

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Carsten Jung @carsjung.bsky.social · Sep 9

Sorry I read this more as being cognisant of the inflation impact of fiscal decisions and that they’re keen to act in a way that lowers inflation pressures. The IMF talks about this all the time. Don’t quite see what the issue is

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Carsten Jung @carsjung.bsky.social · Sep 9

Hm so is your problem the word “help”?

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Carsten Jung @carsjung.bsky.social · Sep 9

Disagree. Eg some of the tax/levy increases this year have contributed to inflation stickiness right? And obvs fiscal stance expectations have huge bearing on BoE monetary policy stance.

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Carsten Jung @carsjung.bsky.social · Sep 3

Is it just me or is the FT economics coverage becoming ever more clickbaity?

Carsten Jung @carsjung.bsky.social · Sep 2

Thank god for some sense here by
@chrisgiles.ft.com, on a day of much poor analysis. No, the UK’s finances are not unsustainable. And no, investors don’t price in higher UK inflation in 30 years (!) time. Key point is lower pension fund demand for 30 year gilts.

www.ft.com/content/bd3d...

The UK is a fiscal saint, not a sinner

Markets ultimately will take notice if the government demonstrates its ability to lower deficits

www.ft.com

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Carsten Jung @carsjung.bsky.social · Aug 29

Indeed. A pretty surreal experience!

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Reposted by Carsten Jung

Institute for Public Policy Research @ippr.org · Aug 29

The Bank of England is making record losses. The Treasury is paying for these losses, and the sums involved are staggering: Bank of England losses will cost the taxpayer £22 billion a year in every year of this parliament.

📻 @carsjung.bsky.social on @lbc.co.uk 👇

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Carsten Jung @carsjung.bsky.social · Aug 29

bsky.app/profile/cars...

Carsten Jung @carsjung.bsky.social · Aug 29

NEW: UK taxpayers are losing £22 billion every year from losses at the Bank of England - the same as the entire Home Office annual budget. This is the result of a flawed implementation of the BoE's quantitative easing programme. We propose two steps to fix this leak. (1/4)

Carsten Jung @carsjung.bsky.social · Aug 29

Really wild that UK bank shares are down by 3-4% this morning, apparently in response to my new report! Worth keeping in mind that share prices were up 60-140% since interest rates increased. To some degree thanks to the taxpayer subsidy, which we're proposing the government should reverse.

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Carsten Jung @carsjung.bsky.social · Aug 29

Full report here: ippr-org.files.svdcdn.com/production/D...

ippr-org.files.svdcdn.com

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Carsten Jung @carsjung.bsky.social · Aug 29

The UK is an international outlier here in making such gigantic taxpayer losses at the central bank. Even many in financial markets are puzzled as to why the BoE and Treasury are allowing this to happen. It's time to fix this leak now, saving us £20 billion yearly.

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Carsten Jung @carsjung.bsky.social · Aug 29

2) The other aspect of Bank of England losses is that it is actively selling QE bonds at dumping prices. This causes more than £12 billion annual taxpayer losses. No other central bank from advanced economies is doing this. The Bank should urgently review it and slow sales.

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Carsten Jung @carsjung.bsky.social · Aug 29

1) About half of the taxpayer losses currently go straight to commercial banks. And much of this straight to shareholders. Banks' share prices doubled. The government can stop this flow via a Thatcher-style targeted tax on commercial banks. This could save £7 billion in 2029/30.

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Carsten Jung @carsjung.bsky.social · Aug 29

NEW: UK taxpayers are losing £22 billion every year from losses at the Bank of England - the same as the entire Home Office annual budget. This is the result of a flawed implementation of the BoE's quantitative easing programme. We propose two steps to fix this leak. (1/4)

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Reposted by Carsten Jung

Robert Hutton @roberthutton.co.uk · Aug 18

Another story about a very rich man determined to strip London's cultural assets. And another story that highlights the job that the London Evening Standard *hasn't* been doing: reporting on London.

Andrew Kersley @andrewkersley.bsky.social · Aug 17

Billionaire developer Asif Aziz is one of London's most powerful and influential landowners.

In my latest investigation for @londonermag.bsky.social I found out how he has brought and shut down dozens of London pubs for redevelopment.

www.the-londoner.co.uk/exclusive-th...

Exclusive: The billionaire developer closing London's pubs

Companies linked to Asif Aziz have been buying up and shutting down some of the capital’s most beloved boozers. Now, we’ve mapped them.

www.the-londoner.co.uk

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