Net zero immigration and shelf contacts min wage post Brexit
The case for net zero immigration and shelf contacts post Brexit - Brexit and Labour
Post Brexit introduction of a shelf contacts at the minimum wage ("Job Guarantee") as well as immigration controls will allow ending all child poverty and increase turnover in the UK. The private sector will hire many as it is easier to hire those already employed ("transition jobs") say half of the people in the JG, so it will 'pay for itself' in conventional economic terms (come onto heterodox MMT later.) Examples of a contact on a shelf include side of a motorway, trim back a row of trees, open source programming, social care, environmental work, tour guides etc. In conventional economic terms, more private sector employment for the same level of inflation. It could be sold as insurance and a strong auto stabilised as soon as people come off the JG there is an automatic reduction in state spending. It could also include mothering as a caring job (limit to 2 children under 10) as a JG job.
Now according to heterodox MMT, all government spend works via crediting bank accounts (all "printing money" diagram at bottom link intraday overdraft BoE balance at end of day) , lowering interest rates and bank regulation (e.g. banning all bank lending except capital development) function much the same as interest rate or tax rises. Also, loans create deposits and reserves are lent between banks with a 'discount window" as last resort with a penalty usually(BoE paper, "Debunking money multiplier taught econ classes".) So heterodox MMT very much supports the Job Guarantee auto stabiliser. Limit is real resources e.g. banning private healthcare or custom jobs retired doctors limit qualified doctors.
Net zero immigration means not stealing skilled staff from other countries. It would be ideally a friendly exchange of people between countries instead of the current system of mass migration. Doctor in, doctor out.
Post Brexit introduction of a shelf contacts at the minimum wage ("Job Guarantee") as well as immigration controls will allow ending all child poverty and increase turnover in the UK. The private sector will hire many as it is easier to hire those already employed ("transition jobs") say half of the people in the JG, so it will 'pay for itself' in conventional economic terms (come onto heterodox MMT later.) Examples of a contact on a shelf include side of a motorway, trim back a row of trees, open source programming, social care, environmental work, tour guides etc. In conventional economic terms, more private sector employment for the same level of inflation. It could be sold as insurance and a strong auto stabilised as soon as people come off the JG there is an automatic reduction in state spending. It could also include mothering as a caring job (limit to 2 children under 10) as a JG job.
Now according to heterodox MMT, all government spend works via crediting bank accounts (all "printing money" diagram at bottom link intraday overdraft BoE balance at end of day) , lowering interest rates and bank regulation (e.g. banning all bank lending except capital development) function much the same as interest rate or tax rises. Also, loans create deposits and reserves are lent between banks with a 'discount window" as last resort with a penalty usually(BoE paper, "Debunking money multiplier taught econ classes".) So heterodox MMT very much supports the Job Guarantee auto stabiliser. Limit is real resources e.g. banning private healthcare or custom jobs retired doctors limit qualified doctors.
Net zero immigration means not stealing skilled staff from other countries. It would be ideally a friendly exchange of people between countries instead of the current system of mass migration. Doctor in, doctor out.
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