Government & Politics

Negative interest rates offer only a sugar high. They won’t revive monetary policy

Both Wall Street and the City of London are speculating whether the next innovation in monetary policy will be the use of negative interest rates as a deliberate tool. The new Governor of the Bank of England, Andrew Bailey, has changed the Bank’s position from that of the previous Governor, Mark Carney, who made clear that negative interest rates were not a proposition he was seriously considering. The central bank’s Chief Economist, Andrew Haldane, and one member of the Monetary Policy Committee (MPC), Silvana Tenreyro, have canvassed the idea.

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New Statesman highlights Policy Exchange work on modernising the United Kingdom

“Some attention has been given post-election to the Conservative plans for a constitutional commission. But less focus has been given to the significant plans being put together for a re-servicing of the Union. The Policy Exchange think-tank has called for ‘a Grand Strategy to modernise the United Kingdom.’ This is an activist Unionism of a kind only glimpsed before.”

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How to transform the Government’s digital leadership

The call from the Prime Minister’s Senior Adviser, Dominic Cummings, for “data scientists, project managers, policy experts and assorted weirdos” has sent heads spinning in Westminster and on Twitter. But what does this mean in practice and where should he start? Well, as Policy Exchange pointed out in Whitehall Reimagined, the Government has a unique opportunity to revitalise its digital leadership. Key to the fulfilment of their digital ambitions will be the appointment of the newly-created Government Chief Digital Information Officer (CDIO).

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Whitehall Reimagined

The Government should use the opportunity of the stability created by the election result to reform the civil service to make it more democratically accountable and better able to deliver on the mandate of the government of the day. Better decision making, streamlined processes and improved accountability will lead to improved policy making and legislation, more effective delivery and improved public services, benefiting every part of the UK.

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Constitutional government, parliamentary democracy and judicial power

Richard Ekins revisits the nature of constitutional government in a parliamentary democracy, answering some related criticisms of the Judicial Power Project.

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UK Parliament

The Speaker should allow a third meaningful vote on the Brexit deal

The Speaker is right that the “same question” rule is well precedented and would need consideration in this case. But it would be quite wrong to apply the “same question” rule to disallow a third meaningful vote on the Government’s Brexit deal.

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Theresa May’s Leadership and the Post-Brexit Conservative Opportunity: creating a popular people’s party

Theresa May’s Leadership and the Post-Brexit Conservative Opportunity: creating a popular people’s party

Warwick Lightfoot — Policy Exchange’s Director of Research, and Head of Economics and Social Policy — was special adviser to three Chancellors of the Exchequer during the ERM controversy. Here he responds to last week’s Conservative Party manifesto, noting that the ‘electoral earthquake’ of Brexit has offered Theresa May ‘the opportunity to reunite the Conservative Party and the wider centre-right spectrum’ on the issue of Europe, in a way which is ‘little short of astonishing’.

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