SPARE A THOUGHT (OR PRAYER) FOR THE NEW PM – AND HIS CHANCELLOR! EMILE WOOLF – ECONOMIC PERSPECTIVES 58 The global economy is entering dangerous territory. In Britain’s case, the standard scapegoat for any slowdown is Brexit, of course. But how to explain the contraction in other major manufacturing countries? Forewarnings of serious decline are […]

  ECONOMIC PERSPECTIVES – 57 JULY 2019 Considering that the UK has a rag-bag of the most terrible taxes, did you note the competitive strategies for tax reform put forward by Tory candidates in their bid for election to high office? ONLY WHAT’S NECESSARY….   Most of their suggested “reforms” involved some judicious cutting of […]

By Emile Woolf [ECONOMIC PERSPECTIVES – 55] A couple of months back, in the context of blaming the government’s inflexibility for its failure to achieve a deal with the EU over Brexit, Jeremy Corbyn railed against the Tory Party, declaring that it “actually wants to turn this country into a deregulated, low-tax society that will […]

[Economic perspectives 53] It must be clearly stated that Theresa May’s “deal” was not a compromise at all – it would have been nothing short of a humiliating capitulation. Let’s be in no doubt – the PM’s proposed “alignment” with the EU’s single market and continuing membership of the “customs union”, and the obligation to […]

  It is a curious development in professional auditing circles that being sued for negligence has almost been overtaken in the “nightmare-stakes” by the threat of a regulatory mauling. Widely broadcast findings that an auditor’s work has been negligent lead to severe reputational attrition and massive fines – and unlike judgments in case law, none […]

THOUGHTS ON “LEGAL TENDER” AND GAMES OF PRETENCE Economic Perspectives 54 – April 2019 Few people understand the purpose of so-called “legal tender”. It is widely believed that the government’s legal tender laws protect citizens’ money by formally designating it as the official medium for the settlement of transactions. The Latin root is “tendere”, to […]

Unregulated regulation – a contagious malady EMILE WOOLF – EP 52 [Going Postal – 8 April 2019] More often than not, regulation is a cover-up for exploitation or protectionism – probably both. Thoughtless, invasive regulation has become unstoppable. Traders and consumers adhere to the idea that highly regulated markets serve their interests, and it suits […]

The French economist Frederic Bastiat is chiefly remembered for having developed the concept of “opportunity cost” or, more colourfully, “that which is seen, and that which is not seen”. We could put it more simply: there is no such thing as something for nothing. There is a persistent tendency to see only one side of […]

[Economic Perspectives – 49] BACK TO BASICS – AND THANKS FOR ALL THE FEEDBACK Last week’s economics essay [EP 48] posted on the “Going Postal” platform generated almost 4,000 comments. The following four responses represent views expressed by many, and prompted me to expand on their subject matter this week. As follows: 1 – Understanding […]

‘DEBUNKING ECONOMIC MYTHOLOGY – PART 6’ [ECONOMIC PERSPECTIVES 47] EXPOSING THE “NO DEAL” MYTHOLOGY Emile Woolf – December 2018 ____________________________________________________________________________ The myth that a “no deal” Brexit will bring catastrophe to the UK is at last being shown up for the fiction that it truly is. “Remain” stalwarts are not giving up easily, however, and […]