The former world bank economist argues that neoliberalism paves the way for populism In 1944 the Austrian-born economist Friedrich Hayek, displaced to Britain, was disquieted by his leftwing academic peers. As Hayek saw it, their political philosophy committed the same error as the fascism that was ravaging his homeland. He wrote that the desire to plan an economy centrally was – in what became the title of his most famous book – The Road to Serfdom: “many who sincerely hate all of nazism’s manifestations are working for ideals whose realisation would lead straight to the abhorred tyranny ..read more

Miatta Fahnbulleh is running for parliament – and, as a black female economist, hopes to broaden parliament’s outlook on ‘the rules of the game’ Miatta Fahnbulleh has been talking about economic transformation for as long as she can remember. After she and her family fled civil war in Liberia as a child, the main topics of conversation around the breakfast table in London were politics and economics. “When other people were talking about EastEnders, we were on about changing the economic settlement,” says the 44-year-old former chief executive of the New Economics Foundation (NEF), who is stan ..read more

First-time buyers targeting smaller properties, with flats closing ‘growth gap’ on houses, says Halifax Business live – latest updates House prices in the UK were steady in April after falling in March, as higher mortgage rates prompt first-time buyers to go for smaller properties, according to the mortgage lender Halifax. The price of a typical home rose by less than £200 last month to £288,949, a 0.1% monthly gain, compared with a 0.9% drop in March, which was the first decline in six months. On an annual basis, prices rose 1.1% in April, up from March’s rate of 0.4%, largely because there ..read more

Consumer caution over high interest rates and energy bills adds to bleak start to the year for sector Cold wet weather and caution about spending amid high interest rates and energy bills have delivered a dismal start to spring for retailers and restaurants, the latest industry figures show. Sales were virtually flat across March and April against the same period a year ago, according to the latest figures from the British Retail Consortium (BRC) trade body and advisory firm KPMG. That was despite prices continuing to rise with inflation, suggesting a drop in the volume of items sold over the ..read more

Rolling coverage of the latest economic and financial news, as Halifax reports a small rise in average house prices last month. ‘They’re everywhere’: Labour’s wooing of City goes into overdrive The small increase in UK house prices in April has left them broadly flat since the turn of the year, says Peter Arnold, EY UK chief economist: The stabilisation in market conditions reflects the large fall in mortgage rates since last summer, with transactions and prices appearing to have passed their trough. However, the recent rise in mortgage rates is likely to dampen the recovery in the short-ter ..read more

Shadow chancellor to say Hunt’s and Sunak’s message of ‘the plan is working’, does not reflect economic reality Good morning. Whenever Rishi Sunak or any other minister speaks in public and tries to explain why the Conservative government deserves to be re-elected, their main argument is to insist that “the plan is working”. In a speech this morning, Rachel Reeves, the shadow chancellor, will confront that claim head on. As Pippa Crerar reports in her preview story, Reeves will say that Tory claims that the economy is reviving are “deluded and completely out of touch”. By the time of the next ..read more

Tories will crow about falling inflation and Britain’s waning recession. But the public sees the reality in its shopping basket Labour’s tanks roll relentlessly across Tory lawns, not pausing a heartbeat to celebrate phenomenal local election results in England. It treated the local polls as a military rehearsal for the general election, with ruthless focus on places that will deliver most seats: that includes the south, as well as the north and Midlands, and the party is heading for Scottish turf too. But the mesmerising ferocity of blue-on-blue abuse is the current news-making drama. Fightin ..read more

Jane Dent calls out Labour’s hypocrisy about the party. Plus a letter from Tom Parkin Re the letters on the Liberal Democrats losing their way (Letters, 1 May), all I can say is that life is more complicated than the dogma that some espoused. All parties make mistakes and the Lib Dems have not been immune. But please excuse me while I reach for the smelling salts after reading the hypocrisy of the words and actions of Labour and its acolytes. The Lib Dems have been shouting from the rooftops about Brexit, but mealy-mouthed Labour didn’t support our attempts to correct the disaster that has bef ..read more

Bloc ‘will not waver’ from making tough decisions to protect economy and security, says Ursula von der Leyen Europe live – latest updates The EU has restated its readiness to launch a trade war with China over imports of cheap electric cars, steel and cheap solar and wind technology, with Ursula von der Leyen saying the bloc will “not waver” from protecting industries and jobs after a meeting with the Chinese president, Xi Jinping. The European Commission chief said she was “convinced that if the competition is fair” from China, then Europe “will have thriving durable economies ..read more

Three key economic indicators loom large but none offer great hope for the Conservatives’ survival Tory MPs have been busy this past week and probably not found the time to watch Shardlake, the adaptation of CJ Sansom’s book set during the dissolution of the monasteries in the 1530s, but once the dust has settled from last week’s elections they might want to take a look. This was a turbulent period. Having forced through his own version of Brexit through the break with Rome, Henry VIII then in effect nationalised the assets of religious houses dotted around England, Wales and Ireland. It was a ..read more