Stephen Boyd
@stephenboydippr.bsky.social
Director IPPR Scotland
Views my own
Views my own
Boxing Day stroll up The Cobbler was quite glorious
December 26, 2025 at 4:32 PM
Boxing Day stroll up The Cobbler was quite glorious
Reposted by Stephen Boyd
In response to the reappearance of MMT, I have, somewhat reluctantly, written up where the current crop of 'pop MMT' goes wrong.
The short version: yes the central bank issues money; no this doesn't change anything.
criticalfinance.org/2025/12/19/w...
The short version: yes the central bank issues money; no this doesn't change anything.
criticalfinance.org/2025/12/19/w...
What’s wrong with MMT?
As Marc Lavoie and John Quiggin have noted, there are ‘two MMTs’. Scholars such as Randy Wray, Eric Tymoigne and Scott Fulwiler have contributed to debates on monetary economics, instit…
criticalfinance.org
December 19, 2025 at 10:34 AM
In response to the reappearance of MMT, I have, somewhat reluctantly, written up where the current crop of 'pop MMT' goes wrong.
The short version: yes the central bank issues money; no this doesn't change anything.
criticalfinance.org/2025/12/19/w...
The short version: yes the central bank issues money; no this doesn't change anything.
criticalfinance.org/2025/12/19/w...
Reposted by Stephen Boyd
New substack: why so many people are content with economic stagnation: chrisdillow.substack.com/p/wallowing-...
Wallowing in poverty
Why we're not bothered about economic growth.
chrisdillow.substack.com
December 20, 2025 at 10:39 AM
New substack: why so many people are content with economic stagnation: chrisdillow.substack.com/p/wallowing-...
Reposted by Stephen Boyd
Have written a piece teeing up tomorrow's labour market stats, pointing out the sort-of obvious - that we currently have a problem with unemployment (i.e. demand) not just participation (i.e. supply). www.resolutionfoundation.org/publications...
Labour Market Outlook Q4 2025 • Resolution Foundation
Employment has fallen over the past two years and is substantially lower than it was before the pandemic. Perhaps surprisingly given its central place in policy debates, participation is essentially u...
www.resolutionfoundation.org
December 15, 2025 at 9:58 AM
Have written a piece teeing up tomorrow's labour market stats, pointing out the sort-of obvious - that we currently have a problem with unemployment (i.e. demand) not just participation (i.e. supply). www.resolutionfoundation.org/publications...
New labour market stats, 16-64yrs, Aug-Oct '25:
Employment: Scotland 74.9%; UK 74.9%
Unemployment: 3.9%; 5.2%
Inactivity: 22%; 21%
Change on year:
Employment: Scotland +1.6%; UK 0%
Unemployment: +0.2%; +0.8%
Inactivity: -1.9%; -0.7%
Employment: Scotland 74.9%; UK 74.9%
Unemployment: 3.9%; 5.2%
Inactivity: 22%; 21%
Change on year:
Employment: Scotland +1.6%; UK 0%
Unemployment: +0.2%; +0.8%
Inactivity: -1.9%; -0.7%
December 16, 2025 at 8:37 AM
New labour market stats, 16-64yrs, Aug-Oct '25:
Employment: Scotland 74.9%; UK 74.9%
Unemployment: 3.9%; 5.2%
Inactivity: 22%; 21%
Change on year:
Employment: Scotland +1.6%; UK 0%
Unemployment: +0.2%; +0.8%
Inactivity: -1.9%; -0.7%
Employment: Scotland 74.9%; UK 74.9%
Unemployment: 3.9%; 5.2%
Inactivity: 22%; 21%
Change on year:
Employment: Scotland +1.6%; UK 0%
Unemployment: +0.2%; +0.8%
Inactivity: -1.9%; -0.7%
Reposted by Stephen Boyd
BLOG - You can have this information but it will cost you £630. Following a previous blog highlighting how land sale prices are being concealed, Registers of Scotland, has refused an FoI request & will charge £630 for the info on the price paid for land. andywightman.scot/2025/12/you-...
You can have this Information but it will Cost You £630 - Land Matters
Regular readers will recall my blog of 21 November 2025 where I expose the growing practice of entering “Implementation of Missives” as the consideration in deeds transferring ownership of land in Sco...
andywightman.scot
December 15, 2025 at 1:39 PM
BLOG - You can have this information but it will cost you £630. Following a previous blog highlighting how land sale prices are being concealed, Registers of Scotland, has refused an FoI request & will charge £630 for the info on the price paid for land. andywightman.scot/2025/12/you-...
Might be delivered with an investment banker's unwavering confidence but the grim shallowness of Reform's diagnosis of and prescription for Scotland's ills is laid bare in this interview.
And, no, being a bit skint at Uni doesn't give you any real insight into poverty
www.bbc.co.uk/iplayer/epis...
And, no, being a bit skint at Uni doesn't give you any real insight into poverty
www.bbc.co.uk/iplayer/epis...
Scotcast - Malcolm Offord interview
Martin Geissler speaks to Nigel Farage’s latest Scottish recruit, Lord Malcolm Offord.
www.bbc.co.uk
December 14, 2025 at 10:00 AM
Might be delivered with an investment banker's unwavering confidence but the grim shallowness of Reform's diagnosis of and prescription for Scotland's ills is laid bare in this interview.
And, no, being a bit skint at Uni doesn't give you any real insight into poverty
www.bbc.co.uk/iplayer/epis...
And, no, being a bit skint at Uni doesn't give you any real insight into poverty
www.bbc.co.uk/iplayer/epis...
On the face of it, the Scottish figures are remarkable. Anyone know of serious research currently taking place into Scotland's comparative performance on SEN?
www.ft.com/content/8252...
www.ft.com/content/8252...
How redefining special needs rocked education
Broadened criteria are benefiting the better-off, harming those facing greatest difficulty and straining the system
www.ft.com
December 13, 2025 at 9:52 AM
On the face of it, the Scottish figures are remarkable. Anyone know of serious research currently taking place into Scotland's comparative performance on SEN?
www.ft.com/content/8252...
www.ft.com/content/8252...
Reposted by Stephen Boyd
President Trump’s executive orders ended collective bargaining rights for more than 1 million federal workers, which sparked widespread concerns about the future of worker protections. UK Employment Rights Bill promises to reverse many of the restrictions placed on unions
cepr.org/voxeu/column...
cepr.org/voxeu/column...
The economic value of worker rights in union contracts
Collective bargaining agreements allocate rights and obligations beyond wages and benefits. This column analyses 30,000 Canadian agreements from 1986 to 2015 for non-wage worker rights. Unions secure a wide range of enforceable rights, including scheduling protections, grievance procedures, and dismissal safeguards. Such clauses increase when income tax rates rise or outside job opportunities improve, showing that worker rights have measurable economic value. The findings suggest that policy debates should consider the full legal content of contracts, not just pay.
cepr.org
December 12, 2025 at 8:36 PM
President Trump’s executive orders ended collective bargaining rights for more than 1 million federal workers, which sparked widespread concerns about the future of worker protections. UK Employment Rights Bill promises to reverse many of the restrictions placed on unions
cepr.org/voxeu/column...
cepr.org/voxeu/column...
Reposted by Stephen Boyd
Sure, we're the weak and decaying ones...
December 9, 2025 at 3:13 PM
Sure, we're the weak and decaying ones...
Reposted by Stephen Boyd
Scrapping the #TwoChildLimit is a huge win.
But child maintenance reform still leaves big gaps, and families deserve better.
We’re ready to help deliver real change.
Full statement: opfs.org.uk/get-involved...
But child maintenance reform still leaves big gaps, and families deserve better.
We’re ready to help deliver real change.
Full statement: opfs.org.uk/get-involved...
December 8, 2025 at 6:00 PM
Scrapping the #TwoChildLimit is a huge win.
But child maintenance reform still leaves big gaps, and families deserve better.
We’re ready to help deliver real change.
Full statement: opfs.org.uk/get-involved...
But child maintenance reform still leaves big gaps, and families deserve better.
We’re ready to help deliver real change.
Full statement: opfs.org.uk/get-involved...
Reposted by Stephen Boyd
Most households subject to the two-child limit already have at least one adult in work.
Of the minority of households that are not in work, more than nine-in-ten have a child under three or a disabled family member with additional care needs, making any return to the labour market challenging.
Of the minority of households that are not in work, more than nine-in-ten have a child under three or a disabled family member with additional care needs, making any return to the labour market challenging.
December 7, 2025 at 11:30 AM
Most households subject to the two-child limit already have at least one adult in work.
Of the minority of households that are not in work, more than nine-in-ten have a child under three or a disabled family member with additional care needs, making any return to the labour market challenging.
Of the minority of households that are not in work, more than nine-in-ten have a child under three or a disabled family member with additional care needs, making any return to the labour market challenging.
'us v them' framing in all its guises is utterly poisonous to social democracy and therefore should be avoided like the plague by anyone interested in progressing anything that vaguely looks like social democracy
December 7, 2025 at 9:56 AM
'us v them' framing in all its guises is utterly poisonous to social democracy and therefore should be avoided like the plague by anyone interested in progressing anything that vaguely looks like social democracy
Reposted by Stephen Boyd
This was very informative for me, if also rather worrying paulkrugman.substack.com/p/talking-wi...
Talking With Paul Kedrosky
So, about this AI thing ...
paulkrugman.substack.com
December 6, 2025 at 2:07 PM
This was very informative for me, if also rather worrying paulkrugman.substack.com/p/talking-wi...
Scotland has, quite understandably, something of an obsession with the Nordics. But if we're going to learn from them, let's try to do it properly.
My piece from Thursday's @heraldscotland.bsky.social business supplement
My piece from Thursday's @heraldscotland.bsky.social business supplement
December 6, 2025 at 10:30 AM
Scotland has, quite understandably, something of an obsession with the Nordics. But if we're going to learn from them, let's try to do it properly.
My piece from Thursday's @heraldscotland.bsky.social business supplement
My piece from Thursday's @heraldscotland.bsky.social business supplement
Quite seriously, this is the best song ever written about the destruction of social capital.
Jeely Piece songwriter Adam McNaughtan dies aged 86 - BBC News share.google/PZuS8dfwHD6j...
Jeely Piece songwriter Adam McNaughtan dies aged 86 - BBC News share.google/PZuS8dfwHD6j...
Jeely Piece songwriter Adam McNaughtan dies aged 86
Adam McNaughtan wrote a host of songs including The Yellow on the Broom and Oor Hamlet.
share.google
December 5, 2025 at 7:06 PM
Quite seriously, this is the best song ever written about the destruction of social capital.
Jeely Piece songwriter Adam McNaughtan dies aged 86 - BBC News share.google/PZuS8dfwHD6j...
Jeely Piece songwriter Adam McNaughtan dies aged 86 - BBC News share.google/PZuS8dfwHD6j...
Reposted by Stephen Boyd
I wrote a long essay on the myth of Scottish exceptionalism for @inkstickmedia.com, featuring Braveheart, anti-immigration protests in Falkirk, rise of the saltire flags, Thatcher in Scotland and so on. Thanks to @patrickobrienstrickland.com for giving this essay a lovely home 👇🏾 tinyurl.com/4n8u5tsu
The Reality Behind the Myth that Scotland is Immune to Racism
A recent rise in anti-immigrant protests pulls back the veil on Scotland's reputation as a country where racism isn't a problem.
tinyurl.com
December 5, 2025 at 11:17 AM
I wrote a long essay on the myth of Scottish exceptionalism for @inkstickmedia.com, featuring Braveheart, anti-immigration protests in Falkirk, rise of the saltire flags, Thatcher in Scotland and so on. Thanks to @patrickobrienstrickland.com for giving this essay a lovely home 👇🏾 tinyurl.com/4n8u5tsu
Reposted by Stephen Boyd
Britain’s largest long-term macro problem is a shortage of *private* investment.
This is not new.
This is not new.
December 2, 2025 at 8:44 PM
Britain’s largest long-term macro problem is a shortage of *private* investment.
This is not new.
This is not new.
beyond shocking to hear Krugman commit the 'Denmark has high a minimum wage' fallacy
www.ft.com/content/14c3...
www.ft.com/content/14c3...
The Wolf-Krugman Exchange: Maga man and Mamdani
Martin Wolf and Paul Krugman on exploiting male rage – and America’s affordability crisis
www.ft.com
December 3, 2025 at 8:06 AM
beyond shocking to hear Krugman commit the 'Denmark has high a minimum wage' fallacy
www.ft.com/content/14c3...
www.ft.com/content/14c3...
Reposted by Stephen Boyd
Something that is likely to be overlooked in all this: Richard helped broaden fiscal thinking on public investment, the wider balance sheet & the crucial implications of health/disability for growth, spending & revenues. Hope that thinking continues.
www.bbc.co.uk/news/article...
www.bbc.co.uk/news/article...
OBR chair Richard Hughes resigns over Budget day publishing error
The government's official forecaster inadvertently published a crucial Budget document early.
www.bbc.co.uk
December 1, 2025 at 7:31 PM
Something that is likely to be overlooked in all this: Richard helped broaden fiscal thinking on public investment, the wider balance sheet & the crucial implications of health/disability for growth, spending & revenues. Hope that thinking continues.
www.bbc.co.uk/news/article...
www.bbc.co.uk/news/article...
All the 2 child limit did was to "increase poverty" explains @ruthpatrick0.bsky.social
We didn't hear nearly enough this week about the 2CL being an abject failure on its own terms. A different kind of conversation about social security is badly needed
theconversation.com/the-two-chil...
We didn't hear nearly enough this week about the 2CL being an abject failure on its own terms. A different kind of conversation about social security is badly needed
theconversation.com/the-two-chil...
The two-child limit failed – all it did was increase poverty
The controversial policy was a product of the UK’s austerity period.
theconversation.com
November 28, 2025 at 9:07 AM
All the 2 child limit did was to "increase poverty" explains @ruthpatrick0.bsky.social
We didn't hear nearly enough this week about the 2CL being an abject failure on its own terms. A different kind of conversation about social security is badly needed
theconversation.com/the-two-chil...
We didn't hear nearly enough this week about the 2CL being an abject failure on its own terms. A different kind of conversation about social security is badly needed
theconversation.com/the-two-chil...
Reposted by Stephen Boyd
Absolutely disagree with stopping state pension for wealthiest and means-testing. Doesn’t cost much and would be the road to reducing year after year who is eligible. Keep universal benefits universal. No other wealthy country means tests state pensions.
November 27, 2025 at 10:42 PM
Absolutely disagree with stopping state pension for wealthiest and means-testing. Doesn’t cost much and would be the road to reducing year after year who is eligible. Keep universal benefits universal. No other wealthy country means tests state pensions.
Reposted by Stephen Boyd
No, welfare spending is not 'out of control'.
(There is an underlying rise in health-related benfits, but this needs sensible reform - not knee jerk cuts.)
(There is an underlying rise in health-related benfits, but this needs sensible reform - not knee jerk cuts.)
November 27, 2025 at 12:58 PM
No, welfare spending is not 'out of control'.
(There is an underlying rise in health-related benfits, but this needs sensible reform - not knee jerk cuts.)
(There is an underlying rise in health-related benfits, but this needs sensible reform - not knee jerk cuts.)
Been wearing this t-shirt for the last 15 years so it's nice to see the OBR (kinda) catch-up.
Considering the productivity revision was of such importance to this budget the treatment of structural drivers/sectoral composition is worryingly flimsy. Not a single ref to Baumol in 60 pgs. Remarkable.
Considering the productivity revision was of such importance to this budget the treatment of structural drivers/sectoral composition is worryingly flimsy. Not a single ref to Baumol in 60 pgs. Remarkable.
November 27, 2025 at 8:42 AM
Been wearing this t-shirt for the last 15 years so it's nice to see the OBR (kinda) catch-up.
Considering the productivity revision was of such importance to this budget the treatment of structural drivers/sectoral composition is worryingly flimsy. Not a single ref to Baumol in 60 pgs. Remarkable.
Considering the productivity revision was of such importance to this budget the treatment of structural drivers/sectoral composition is worryingly flimsy. Not a single ref to Baumol in 60 pgs. Remarkable.
Reposted by Stephen Boyd
