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The report by Toby Lloyd, "Don't Bet The House On It: Not turning back to housing boom and bust" was kindly supported by UNISON's General Political Fund, the TUC and Shelter. Since the financial crisis we have all had to become experts in economics - now is the time to become an expert in housing.

At midday this Monday 30 March 2009, just days before the G20 summit of world leaders, over 100 leading experts will gather at Friends Meeting House in London to draw up an alternative political economy fit for the 21st century.

John Harris and Neal Lawson authors of the recent No Turning Back New Statesman essay will be appearing at activist, comedian and writer Mark Thomas's weekly night "It's the economy, stupid!", at Islington's Pleasance Theatre on Monday March 30th, talking about the No Turning Back campaign and much more besides. It all starts at 7.30pm.

We are an economy falling into the unknown. No-one knows when or how we will land. The government continues its frenetic, piecemeal reforms to shore up the banks, but it has no long term strategy and no idea what kind of society it wants to create. The New Labour project is over. The Conservatives lead in the opinion polls but there is no great popular enthusiasm for them.

Just as 1929 and the start of the Great Depression has never been forgotten, so September 2008 and the collapse of Lehman Brothers will be a date etched on the collective conscious as it heralded a global financial meltdown.

Oh dear, I think Labour may have just lost the next general election. Tinkering with VAT and the top tax rate, failing to regulate financial and energy companies, and promising another stealth tax (a rise in National Insurance) for middle-income earners in 2011: it's not a manifesto I'm looking forward to selling on doorsteps.

Thatcherites and their progeny believe the books must balance despite the worse economic crisis in 50 years. Even Labour supporters worry publicly about the Chancellor's ‘record borrowing' and the fact that current receipts and expenditure may not match before 2013.

On Tuesday night Compass convened a special Westminster debate to discuss the current financial crisis. Compass events always pack in a crowd and this one was no exception. The event began with Compass Chair Neal Lawson, who quoted Marx saying "we make history, but not of our own choosing".

While Obama's team talks of the minimal package needed to fight recession being worth 2% of GDP, our own Alistair Darling has announced a stimulus package worth 1.3% of GDP by 2010, 80% of which comprises a VAT cut of dubious merit and a reduction in employers' NI contributions aimed at helping small businesses.

Compass has welcomed plans due to be announced in the Pre-Budget Report to reduce VAT and to introduce a new top rate of tax on the super-rich. A recent letter to The Sunday Telegraph co-ordinated by Compass specifically called on the government to pursue similar fiscal measures in the economic downturn and Compass has long advocated a New Political Economy.