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Economy

Autumn Statement: Rearranging deck chairs on the Titanic

When Boris Johnson recently promised to “make a titanic success” of Brexit, it is unlikely that he realised at the time just how apt his choice of words was. With the Philip Hammond, the Tory Chancellor, yesterday predicting slower growth and a £122bn hole in the government’s finances as a result of Britain’s forthcoming departure from the EU, it is clear that the UK economy is heading for an iceberg.

Deutsche Bank crisis highlights impasse of world capitalism

The spectre of Lehman Brothers is haunting Europe. Last week, on Monday 26th September, the price of shares in Deutsche bank, Germany’s largest lender, slumped to its lowest level since 1983. A slump of this magnitude in the shares of one of Europe’s biggest banks has dire implications, not only for the eurozone, but for the world economy as a whole.

Crisis looms for Britain and the world economy

Following the shock of the Brexit vote, Britain has now joined the centre of the world crisis of capitalism. Already in a fragile state, confidence in the British economy has plummeted, prompting the Bank of England to intervene. However with the world economy still in deep crisis, the Bank’s measures will be like trying to stick a plaster over a gaping wound.

Capitalism’s "Cataclysmic" Crisis

The world’s stock markets have fallen by over 10% in a matter of weeks. Some markets have not seen such falls since 1929. The Royal Bank of Scotland, Rob Sewell - editor of Socialist Appeal - reports, have warned that 2016 will be a “cataclysmic year”.

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