Daily Archives: April 13, 2010

Chris Giles

Unnamed “experts” are wheeled out in the Conservative manifesto to bolster the Tories’ fight against the planned rise in national insurance contributions. The manifesto warns:

“This jobs tax, which will hit small businesses especially hard, will kill off the recovery. Experts predict it will cost 57,000 jobs in small and medium-sized businesses alone”.

But there is another expert the party has, for some reason, decided not to quote in its manifesto—Rupert Harrison, the Conservatives’ chief economic adviser. Yesterday, the party referred enquirers on national insurance to a peer-reviewed article he co-authored in the esteemed Economic Journal in 2007.

Perhaps the party did not expect journalists to bother to read or understand the equations. Read more

First the euro rose—on relief—and then it fell—on concern.

Relief because there was plenty of demand for Greek debt: today’s €1.2bn auction of 26- and 52- week rollover debt was oversubscribed. So Greece can, for now, still raise debt through the market – no bail-out required. Read more

A new record as Chinese foreign exchange reserves hit $2,450bn – but the rate of increase is slowing, relative to last year.

China already has by far the world’s largest foreign exchange reserves (see comparison). A slowdown has happened before, and did not prevent subsequent growth: during late 2008 and early 2009 reserves were stagnant, actually decreasing in some months. Read more