Notes by William Gaskell

Bristol Festival of Economics with Vince Cable

@Bristol

12^th November 2015

George Osborne may be a Euro sympathiser as his policy could lead to the collapse of the British Pound currency.

UK is 2% of world economy but a shrinking proportion, with just 1% of world population.

Macroeconomic policy:

As chief economist of Shell, Vince marshalled the attempts to shape the world economy with 20 year plans to build up infrastructure for when the markets around the world matured in order to profit.

In government the situation was much shallower, with 24 hour news emergencies changing the situation all the time but still needed to think 20-30 years ahead. The long term plans are realised through short-term successes in the financial markets.

Sir John Willets was #2 in BIS under Vince Cable.

Vince Cable is blaming China’s cash reserves for the low interest rates around the world.

Andrew Holdane, #2 at the Bank of England, says in his latest research paper that interest rates are lowest since the times of ancient Babylonia!

· Economic growth is needed to reduce poverty

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