Actors over athletes

Beneath the Cultural Olympiad, the Criterion theatre will show the funny side of the Olympics in two new plays.

The build-up to the sport explosion that looms over London is heightening, but the Olympics bring more than just inspiration to exercise in logo-coated vests. Since 2008 London has borne witness to the “Cultural Olympiad”, which triangulates various expressions of culture in the form of theatre productions, festivals and workshops. The Olympiad boasts more than 8 300 past workshops with a total attendance of 169 000 people, and over 16 million people have seen an offical London 2012 cultural performance. But, slightly outside the official team's monopoly on cultural events, London holds a number of theatrical sparks beneath the Olympic radar.

Coinciding with the Olympic dates, the Criterion Theatre in Piccadilly Circus will be holding a programme titled Playing the Games. The series of events is technically part of the Olympiad in the London 2012 Festival, but being London's only independent West End theatre and with a humble capacity of 588, it falls slightly under the array of official events. Playing the Games holds an opportunity to see both up-and-coming and well-established talents in the form of comedians, musicians, playwrights and Olympians. With the aim to bring together sport and culture, encompassing the attempts of the London 2012 Olympics itself, the programme holds two new Olympic-related plays. Taking Part by Adam Brace strings together all the relevant spirits of self-belief and opportunism, and not excluding the timely Olympic tradition of things going wrong. The story follows a Congolese security guard training as an Olympic swimmer to compete in the London Games. His Russian coach doesn't have much hope for him, but unlike the audience watching real underdogs competing in the real Games, the audience will support his determination and optimism to the end. Alternatively, for the less sporty types, the Criterion will also be showing Serge Cartwright's After the Party. This follows Sean and Ray, two 30-ish-year-old former DJs trying to shove their feet back in the heavy doors of the music industry. With the world flocking around their Statford homes for London 2012 they have their last chance at a musical career, and the audience has yet another opportunity for Olympic merriment.

If your cultural aim this summer is to avoid the Olympic theme altogether, Playing the Games will also hold performances aimed at the less athletic audience, or at those poor Londoners afflicted with Olympic-bitterness. The renowned and skilled arts group, Paper Cinema, will be showing for one day only a version of Homer's the Oddysey using hand-drawn paper puppets. In what the Times has called “ingeniously effective”, Paper Cinema will use their skilled puppet masters and riveting live musicians to bring cardboard cut-outs to life. For a more informal theatrical experience, the Criterion is also holding a number of lunchtime interviews by such comedy personalities as Stephen Fry and Alan Davies, and sporting inspirations as Edwin Moses and Haile Gebrselassie.

The Criterion will not be the only theatre to bring drama to the Olympics. At Headlong, Citizens Theatre and Watford Palace Theatre, a new opportunity to see the classic Euripides tragedy Medea will come to light. Mike Bartlett has audaciously written a modern version in association with the Warwick Arts Centre that makes the ancient drama even more horrifying in contemporary context. Or, on the lighter side, you could see a play about a man in labour. Birthday by Joe Penhall at the Royal Court Theatre tells a more comic story about a world with artificial wombs and truly equal partnership in childbirth. Arriving into the world kicking and screaming, Birthday will be showing throughout the summer and shows the wide variety of entertainment available to London in place of sweaty Olympic crowds.

Obi Abili plays an amateur Congolese Olympic swimmer in a new production at the Criterion theatre. Photograph: Bill Knight
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The Autumn Statement proved it – we need a real alternative to austerity, now

Theresa May’s Tories have missed their chance to rescue the British economy.

After six wasted years of failed Conservative austerity measures, Philip Hammond had the opportunity last month in the Autumn Statement to change course and put in place the economic policies that would deliver greater prosperity, and make sure it was fairly shared.

Instead, he chose to continue with cuts to public services and in-work benefits while failing to deliver the scale of investment needed to secure future prosperity. The sense of betrayal is palpable.

The headline figures are grim. An analysis by the Institute for Fiscal Studies shows that real wages will not recover their 2008 levels even after 2020. The Tories are overseeing a lost decade in earnings that is, in the words Paul Johnson, the director of the IFS, “dreadful” and unprecedented in modern British history.

Meanwhile, the Treasury’s own analysis shows the cuts falling hardest on the poorest 30 per cent of the population. The Office for Budget Responsibility has reported that it expects a £122bn worsening in the public finances over the next five years. Of this, less than half – £59bn – is due to the Tories’ shambolic handling of Brexit. Most of the rest is thanks to their mishandling of the domestic economy.

 

Time to invest

The Tories may think that those people who are “just about managing” are an electoral demographic, but for Labour they are our friends, neighbours and the people we represent. People in all walks of life needed something better from this government, but the Autumn Statement was a betrayal of the hopes that they tried to raise beforehand.

Because the Tories cut when they should have invested, we now have a fundamentally weak economy that is unprepared for the challenges of Brexit. Low investment has meant that instead of installing new machinery, or building the new infrastructure that would support productive high-wage jobs, we have an economy that is more and more dependent on low-productivity, low-paid work. Every hour worked in the US, Germany or France produces on average a third more than an hour of work here.

Labour has different priorities. We will deliver the necessary investment in infrastructure and research funding, and back it up with an industrial strategy that can sustain well-paid, secure jobs in the industries of the future such as renewables. We will fight for Britain’s continued tariff-free access to the single market. We will reverse the tax giveaways to the mega-rich and the giant companies, instead using the money to make sure the NHS and our education system are properly funded. In 2020 we will introduce a real living wage, expected to be £10 an hour, to make sure every job pays a wage you can actually live on. And we will rebuild and transform our economy so no one and no community is left behind.

 

May’s missing alternative

This week, the Bank of England governor, Mark Carney, gave an important speech in which he hit the proverbial nail on the head. He was completely right to point out that societies need to redistribute the gains from trade and technology, and to educate and empower their citizens. We are going through a lost decade of earnings growth, as Carney highlights, and the crisis of productivity will not be solved without major government investment, backed up by an industrial strategy that can deliver growth.

Labour in government is committed to tackling the challenges of rising inequality, low wage growth, and driving up Britain’s productivity growth. But it is becoming clearer each day since Theresa May became Prime Minister that she, like her predecessor, has no credible solutions to the challenges our economy faces.

 

Crisis in Italy

The Italian people have decisively rejected the changes to their constitution proposed by Prime Minister Matteo Renzi, with nearly 60 per cent voting No. The Italian economy has not grown for close to two decades. A succession of governments has attempted to introduce free-market policies, including slashing pensions and undermining rights at work, but these have had little impact.

Renzi wanted extra powers to push through more free-market reforms, but he has now resigned after encountering opposition from across the Italian political spectrum. The absence of growth has left Italian banks with €360bn of loans that are not being repaid. Usually, these debts would be written off, but Italian banks lack the reserves to be able to absorb the losses. They need outside assistance to survive.

 

Bail in or bail out

The oldest bank in the world, Monte dei Paschi di Siena, needs €5bn before the end of the year if it is to avoid collapse. Renzi had arranged a financing deal but this is now under threat. Under new EU rules, governments are not allowed to bail out banks, like in the 2008 crisis. This is intended to protect taxpayers. Instead, bank investors are supposed to take a loss through a “bail-in”.

Unusually, however, Italian bank investors are not only big financial institutions such as insurance companies, but ordinary households. One-third of all Italian bank bonds are held by households, so a bail-in would hit them hard. And should Italy’s banks fail, the danger is that investors will pull money out of banks across Europe, causing further failures. British banks have been reducing their investments in Italy, but concerned UK regulators have asked recently for details of their exposure.

John McDonnell is the shadow chancellor


John McDonnell is Labour MP for Hayes and Harlington and has been shadow chancellor since September 2015. 

This article first appeared in the 08 December 2016 issue of the New Statesman, Brexit to Trump