Sleeve notes

Records are more fun when you can see them.

I am in the process of moving house, again. Ever since university, this has involved lugging around huge piles of records to which I rarely listen; I haven't even any idea what the vast majority of them are. I'm thinking of getting rid of most of them. Curb your gasps - I won't be disposing of my 180-gram version of Nina Nastasia's On Leaving, but there has to be a cull: my arms hurt.

The main downside to this is that I'll miss the sleeves. I wander around record shops looking at all the bright colours, moody photos, funny shapes, sultry portraits and bad haircuts, wondering what these albums sound like. On many occasions, I have spent my earnings on these treasures only to return home to discover that I already owned them as faceless computer files.

So I thought I'd look up a few of my favourite new faceless albums. I'll now describe some of them to you, so you'll know what to look for when you're out shopping. On the first, there's a black-and-white drawing of a girl sleeping on a lion. This image doesn't relate well at all with the music inside. The band is called the Finches and their album On Golden Hill (Ulrike Records) is a very pretty and dreamy record that does, indeed, promote the joys of sleep, yet nowhere in the music is there a sense of the kind of anxiety one would feel should one try to take a nap on one of nature's most dangerous creatures. The album is simple and short but very sweet. I think a lion would enjoy it. And, come to think of it, I could imagine trotting around on a lion's back listening to this, perhaps gently stroking its mane.

The Babies have a great new album out. It is also called The Babies (Shrimper) and the sleeve is a rather chaotic thing: lots of junk displayed on a wall, postcards of the American wilderness, religious iconography, fairy lights and home-made models of pyramids. The Babies is a desperate, lost and tired-sounding record, but in the coolest possible fashion: it's full of great, lazy-sounding pop songs. It is also the perfect record to run away to, if anyone is considering that.

Next, a photograph of five serious-looking men sitting outside with a menacing-looking dog, all staring straight at the camera and, consequently, at you, almost daring you to listen to the album. It's called Mortika - Recordings from a Greek Underworld (Mississippi), a compilation of 21 underground Greek folk songs about drugs, sex, crime, poverty and heartbreak. I don't speak Greek, which makes it impossible for me to be shocked by the stories told in these songs.

What I am left with is a series of very innocent, lovable and scratchy-sounding archive recordings that could quite easily be about hugging your mum, eating sweets or doing charity work. Song titles such as "Hash Smoking Chicks" are the only indication that this might not be the case. Many of them are very suitable for dancing along to, but my favourites are those that are so worn that, at times, you can barely hear anything. They fade in and out as though the music is being played from another building and snippets of it keep managing to drift in through your open window. Bliss. l

Tom Ravenscroft's radio show is broadcast on BBC 6 Music every Friday at 9pm

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This article first appeared in the 21 March 2011 issue of the New Statesman, The drowned world

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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