Autumn Statement

On Wednesday, Britain's Chancellor of the Exchequer delivered what is known as the "Autumn statement" to the House of Commons. This is one of two economics-forecast statements each year.

It was much anticipated. Parliament wanted to know what the government knows, or believes, about the consequences of Brexit.

The Chancellor, and those who work under him at the Office for Budget Responsibility, haven't given many hostages to fortune in their statements, though. They assume that the UK will leave the European Union in April 2019. They guesstimate that the purely administrative costs of departure will amount to GB₤412 million (around US$511 million).

But on the critical issue of "passporting," they don't take a view. That is: in a "soft Brexit" scenario the banks headquartered in London will be able to negotiate for themselves or with the help of their government "passports" with the EU or constituent nations that will allow them to continue business-as-usual throughout Europe. In a "hard Brexit" scenario passports will be expensive, or unavailable and doing business on the other side of the channel will itself become a good deal trickier. The Exchequer and its OBR have no view on this. "We've not attempted to predict end point of the negotiations."

There will be no shrinkage of imports or exports across the Channel, although growth will slow.

But the most fascinating tidbit to come out of the coverage of the Autumn Statement was the simple fact that the Chancellor, Philip Hammond, is member of parliament for Runnymede. Yes, Runnymede! Where the Magna Carta was signed. What a great spot of world-historical real estate!

Comments

A Story About Coleridge

This is a quote from a memoir by Dorothy Wordsworth, reflecting on a trip she took with two famous poets, her brother, William Wordsworth, and their similarly gifted companion, Samuel Taylor Coleridge. We sat upon a bench, placed for the sake of one of these views, whence we looked down upon the waterfall, and over the open country ... A lady and gentleman, more expeditious tourists than ourselves, came to the spot; they left us at the seat, and we found them again at another station above the Falls. Coleridge, who is always good-natured enough to enter into conversation with anybody whom he meets in his way, began to talk with the gentleman, who observed that it was a majestic waterfall. Coleridge was delighted with the accuracy of the epithet, particularly as he had been settling in his own mind the precise meaning of the words grand, majestic, sublime, etc., and had discussed the subject with William at some length the day before. “Yes, sir,” says Coleridge, “it is a maj...

The Lyrics of "Live Like You Were Dying"

Back in 2004 Tim McGraw recorded the song "Live Like You were Dying." As a way of marking the one-decade anniversary of this song, I'd like to admit that a couple of the lines have confused me for years. I could use your help understanding them. In the first couple of verses, the song seems easy to follow. Two men are talking, and one tells the other about his diagnosis. The doctors have (recently? or a long time ago and mistakenly? that isn't clear) given him the news that he would die soon. "I spent most of the next days/Looking at the X-rays." Then we get a couple of lines about a man crossing items off of his bucket list. "I went sky diving, I went rocky mountain climbing, I went two point seven seconds on a bull named Fu Man Chu." Then the speaker -- presumably still the old man -- shifts to the more characterological consequences of the news. As he was doing those things, he found he was loving deeper and speaking sweeter, and givin...

Five Lessons from the Allegory of the Cave

Please correct me if there are others. But it seems to be there are five lessons the reader is meant to draw from the story about the cave. First, Plato is working to devalue what we would call empiricism. He is saying that keeping track of the shadows on the cave wall, trying to make sense of what you see there, will NOT get you to wisdom. Second, Plato is contending that reality comes in levels. The shadows on the wall are illusions. The solid objects being passed around behind my back are more real than their shadows are. BUT … the world outside the the cave is more real than that — and the sun by which that world is illuminated is the top of the hierarchy. So there isn’t a binary choice of real/unreal. There are levels. Third, he equates realness with knowability. I only have opinions about the shadows. Could I turn around, I could have at least the glimmerings of knowledge. Could I get outside the cave, I would really Know. Fourth, the parable a...

Jamesian Philosophy Refreshed

Search This Blog