About John Mills

John Mills is a businessman and economist. He is chairman of direct to consumer retailer, JML, and has published widely as an economist. His most recent book is Exchange Rate Allignments.

Articles by John Mills

This week's guest editors

The UK isn't investing anything in its future

When all things are taken into account, the UK is in effect investing nothing in its future economy. The coalition may have conjured some temporary growth, but we need serious change if we wish to avoid long term decline.

Response to Curzon Price on a British devaluation

Devaluation alone is not the solution to the UK's economic woes. But it is the necessary foundation needed for other policies to work.

The scale of debt in the western world now threatens a serious collapse

There can likely be no repeat of the 2008 bailouts, sovereign states do not have the capacity. But the accumulating debt is now so large, the point of no return may have been breached. Euro collapse could trigger far wider meltdowns.

Why cutting expenditure won't reduce the UK's deficit

The deficit is the consequence, not the cause, of Britain's financial problems. Reducing it would require big increases in spending from corporates and consumers. Could the trade balance component be the easiest route out of austerity?

"Currency war" rhetoric obscures the real need for realignment

Global economy remains so imbalanced that significant currency shifts are needed, not only to help pull the West out of its slump but to ensure a stable and viable world for us all.

Foreign ownership of British assets has damaged our economy

Unlike any other developed nation the UK has sold off considerable amounts of its major industries and assets to overseas owners. This has weakened democratic control of industry, inflated our exchange rate and seriously undermined our manufacturing base. Here's why.

Norman Tebbit exchange with John Mills - how to fix Britain's industry

John Mills and Norman Tebbit discuss Britain's approach to manufacturing, home-grown industry, foreign ownership of assets, the exchange rate, and re-examine the choices of former governments and how they have affected Britain's economy today.

Mills responds to Curzon-Price on productivity, wages and the UK's low earners

We may not be able to do much about the top decile protecting their earnings, but we can drive the bottom up if we focus on areas of existing strength in productivity - here's why

Why devaluation could reduce inequality

It is not just Britain's balance of trade that would be aided by a substantial devaluation but also inequality and the host of ills it brings with it. John Mills explains why in this second round of articles from the debate Devalue or Else.

Mills replies to Skidelski: without more devaluation nothing will turn round the UK economy

In this thoughtful reply to Robert Skideslky, John Mills examines the UK's trade performance post-crash and argues that, though requiring a more rounded industrial policy as a whole, any measures taken without further devaluation will fail to turn the economy around. 

A price that matters

Reproduced with thanks to Civitas, in this 2012 pamphlet John Mills sets out the case for devaluation as the best means of returning the British economy to balance and prosperity. It is published here in full, except for tables and footnotes, as part of OurKingdom's new series - Devalue or Else!

Economic and social good sense requires the UK to target a lower exchange rate

The exchange rate is the most important single price in the economy: it determines the price of goods for export and the real value of foreign-owned debt. The UK needs a more competitive external sector and can achieve it by much greater quantitative easing
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