This Chart of the Month shows who holds UK government debt. What is striking here is the increase in total debt after the 2008 financial crisis, as well as subtle changes to its ownership. Significantly, the total value of bonds held by the Bank of England (BoE) has increased from £0 to almost £895 billion, worth 25% of total government debt. This is due to the … Continue reading Chart of the Month – April 2021
The dreaded second surge has already arrived, and with that a second national lockdown in England and more measures to come in Wales, Scotland, and Northern Ireland. Any hopes of a steady economic recovery have disappeared, with most analysts pointing to a deep and protracted recession (thanks to the combination of a severe supply-side and demand-side shock). This has prompted emergency action both from the … Continue reading Britain’s Economy: What will happen next?
In the midst of a global public health emergency, Iceland has fared exceptionally well amongst Western nations, with only 1,804 reported cases and 10 deaths. Twelve years ago, however, the story was very different; Iceland was facing collapse as a result of a Wall Street contagion, another pandemic that would expose the fundamental weaknesses of deregulated financial systems. Within a week, the entire banking sector … Continue reading Unregulated and Unchallenged: Iceland’s Banking Saga
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