Politics

Read about the latest UK political news, views and analysis.

Wednesday

Freddy Gray Freddy Gray

Ten handy phrases for bluffing your way through the new financial crisis

Aggggghhh! Woooaaaah! Urrrggghhhh! Those screams you hear are ten thousand self-appointed financial experts howling into the existential abyss. The Bank of England this morning announced its ‘operation’ in the gilt market, and every pundit with a social media account is thrashing around in the ever greater ocean of economic jargon and incomprehensible data. It’s hard enough to remember what a gilt is: now we are all expected to comment knowingly on how gilt yields operate, how government interventions shape the bond market, and how markets will react. ‘It’s unprecedented. Then again, we are living in an age when the unprecedented is the precedent’ Seasoned bluffers need not be afraid, however.

Mark Galeotti Mark Galeotti

The Nord Stream blasts are Putin’s warning shot to the West

While the Ukrainians are fighting a conventional war on their own territory, Russia and the West are engaged in an unconventional one fought by economic pressure, political subterfuge and dirty tricks. The apparent sabotage of the Nord Stream gas pipelines seems just the latest example. Both of these lines linking Russia to Germany have sprung devastating leaks. The cause, according to seismological readings, was a series of explosions off the Danish island of Bornholm, too directed (and powerful enough to breach 4cm of steel and a thick concrete mantle) and too synchronised to be any kind of an accident. There are those in Russia who, predictably enough, are blaming the

Isabel Hardman Isabel Hardman

Streeting and Phillipson shine on the last day

Wednesday morning at Labour conference is back to being the graveyard shift, with the delegates who are still there nursing hangovers and sharing videos of the speakers on the stage doing karaoke the night before. But this morning’s session covered two of the most important public services from two of the party’s rising stars – Wes Streeting and Bridget Phillipson. Streeting was in the gravest of the graveyard slots this morning Streeting is everywhere (including in the karaoke videos), and some of his colleagues are a bit irritated that he seems to have been anointed as the next Labour leader. Phillipson, though, is the one to watch because she unnerves

James Forsyth James Forsyth

Why is the Bank of England buying gilts?

In a dramatic about-turn, the Bank of England is now intervening in the gilts market to try and calm the reaction to Friday’s fiscal event. It will buy long-dated government gilts for the next two weeks, which will lower the cost of government borrowing. It is also postponing quantitative tightening (i.e. selling the securities it bought during QE). My understanding is that the Bank’s intervention was to prevent the pension market from imploding. The rise in gilt rates meant that traditional pension funds were becoming forced sellers to meet collateral demands from banks. This risked a doom loop. The Bank’s actions have stopped the bleeding but there will likely be

Debbie Hayton

The shame of Sussex police

Just what is happening at Sussex police? Yesterday, the police force issued a grim press release: ‘Woman convicted of historic offences against children in Sussex’. But the woman in question was, in fact, not a woman at all: it was Sally Ann Dixon, born John Stephen Dixon, a paedophile who was jailed for abusing several children between the ages of six and 15. When outraged women called out the police for this confusing statement, the response was swift:  ‘Hi, Sussex police do not tolerate any hateful comments towards their gender identity regardless of crimes committed. This is irrelevant to the crime that has been committed and investigated’ Whatever changes might have been made to Dixon’s

Gavin Mortimer Gavin Mortimer

France’s centrists look petty after their charity football boycott

There should be a charity football match this evening in Paris between a team of MPs and an XI made up of former footballers, such as World Cup winner Christian Karembeu and the ex-Arsenal star Robert Pires. All proceeds – estimated to be around €35,000 (£32,000) – will go to a charity that protects children from online abuse. But on Tuesday evening several left-wing MPs withdrew because they couldn’t bring themselves to play in a team that, for the first time since the side was formed in 2014, contained some players from Marine Le Pen’s National Rally. In statements issued by the Greens, Socialist party and La France Insoumise, they claimed

Robin Ashenden

Do Russia’s conscripts deserve our sympathy?

Russia’s new crop of conscripts are a desperate, dejected bunch. A photograph showing an Orthodox priest blessing these men as they headed off to fight from the settlement of Bataysk in the Rostov region summed up their hopelessness. The names of such little known Russian localities must – to an English reader – all merge into one. They are simply over there, in Russia, where the suffering it has inflicted on a neighbouring country has finally come back to haunt it. But I know where Bataysk is very well. It is a dull suburb of Rostov-on-Don, a city where I lived for four years – a kind of nothing village of one-storey villas,

Isabel Hardman Isabel Hardman

What Starmer still lacks

Keir Starmer has spent the hours since his successful conference speech lapping up the praise from party members, frontbench colleagues and business. He had the air of a man who had hit his stride when he appeared in the broadcast studios this morning, ridiculing questions about whether he was a bit boring by saying ‘if I came on and said I’ve done a bungee jump, you wouldn’t say “oh great, now we’ve got the prime minister we need”.’ You could hear his eye-roll as he said ‘bungee jump’ into the Today programme microphone. Starmer’s success this week has been to cement Labour as a party worth listening to But his

James Forsyth James Forsyth

Will cyberwar be next?

Neither the Danes nor Nato have made a direct attribution for yesterday’s pipeline damage. But the fingers are pointing at Russia. The thinking goes that Putin was trying to trigger panic in the energy markets by showing that there’ll be no rapid resumption of gas supplies to Europe and by demonstrating how vulnerable this energy infrastructure is. The UK would struggle to get through this winter without energy rationing if, for example, the interconnectors and gas pipeline from Norway were disrupted Now, given that Russia has turned off Nord Stream 1 for maintenance, the damage to the pipeline will have little immediate impact. But if it is the beginning of

John Oxley

Is it time to kill the Conservative party?

Dominic Cummings’s response to the plight of the Conservative party is typically bellicose. He calls for it to be driven into the earth, the furrows planted with salt, and banished for eternity like some latter day Carthage. He sees no sense in reviving or reforming it, only blood-eagling it. It is a strong take, and perhaps unexpected from someone who was at the heart of a Conservative government just a few years ago. Cummings is not, of course, a Conservative. He has never professed to be one, nor seemingly been a member of the party at any point. His relationship with it was always a temporary alliance driven by his

Wolfgang Münchau Wolfgang Münchau

Britain’s economic crisis is a warning to the world

A falling exchange rate and rising bond yields are the typical characteristics of a financial crisis in an emerging market. Those who never forgave the UK for its decision to leave the EU like to remind us of this fact right now. But an emerging market crisis doesn’t even begin to capture what is going on. This is a macro financial crisis story; EU membership is not the issue here. The UK had its independent macro policies when it was still in the EU. What is happening in the UK, and worldwide, is the realisation that fiscal and monetary policies have run out of our control. You can’t have 4-5

Steerpike Steerpike

Labour conference 2022 in pictures

As day four of Labour conference begins here in Brighton, Mr S has been touring the conference centre and World Transformed festival to see how Keir Starmer’s party is preparing for government. A quick tour reveals that there’s far less cranks now attending the official shindig, with far less Hawaiian shirts, Corbyn merchandise and Socialist Worker newspapers than last year’s Brighton bash. Still, whether it’s Beijing Barry Gardiner on the decks at Dawn Butler’s Jamaica night, Wes Streeting on the mike at the Mirror’s karaoke night or Mark Drakeford snapping pics on a Massey Ferguson,  all sorts of exotic creatures have been spotted among the clubs, pubs, fringes and forums of Brighton. Below

Nick Cohen Nick Cohen

The City still runs on nepotism

When Liz Truss says she wants to give tax cuts to the wealthiest, she thinks she is making a moral argument. The rich deserve to keep their money because they are the best and brightest among us. They have succeeded on their own merit and not because of their class, sex or ethnicity. This, she believes, is a Thatcherite view of society. But the crisis that her government has imposed on Britain is as much due to her misreading of modern history as of her economic illiteracy. Her support for the City rests on a misunderstanding of how Thatcherism transformed the top of British society, as a new and devastating

Tuesday

Kate Andrews Kate Andrews

Will Liz Truss take on the IMF?

Tonight the International Monetary Fund has weighed in on the UK’s mini-Budget, offering a direct rebuke of Liz Truss and Kwasi Kwarteng’s tax cuts. ‘We are closely monitoring recent economic developments in the UK and are engaged with the authorities,’ its spokesperson said, in reference to the fluctuating pound and rising borrowing costs. ‘Given elevated inflation pressures in many countries, including the UK, we do not recommend large and untargeted fiscal packages at this juncture’ – suggesting some concern that the measures could be inflationary. The IMF seems more frustrated with the ethics of the policies rather than their economic impact It’s the kind of intervention that does little to

Jacob Heilbrunn

Did Russia sabotage its own pipelines?

It almost seems worthy of the opening scene in a Bond film. Vital Russian gas pipelines running beneath the Baltic Sea close to Denmark and Sweden are the victims of sabotage. The two countries have warned of leaks from both Nord Stream 1 and 2 after seismologists suggested there had been underwater explosions. No one wants to claim credit for the deed – yet. Who is the Blofeld behind this dastardly scheme? Former Polish foreign minister Radek Sikorski, no fan of Russia, sardonically declared on Twitter, ‘Thank you, USA’. That set the conspiracy theorists off. As has a video resurfacing of Joe Biden in February promising America would put an end to

Ross Clark Ross Clark

The problem with nationalising energy

Is nationalisation the vote-winner which Keir Starmer believes it to be? We will find out in due course, but my hunch is that the British public as a whole care a lot less about who owns the train carriages they ride in and the power stations which generate their electricity than Labour MPs do.  No one who remembers British Rail will be under any illusions that public ownership is a panacea What they care about rather more, surely, is whether their trains arrive on time and whether their lights stay on. No one who remembers British Rail will be under any illusions that public ownership is a panacea for a

Toby Young Toby Young

PayPal backs down

At 5.30 p.m. this evening, PayPal notified me that it has restored all three of the accounts it cancelled a couple of weeks ago – the accounts for the Daily Sceptic, the Free Speech Union and my personal account. In all three cases, the email read as follows: We have continued to review the information provided in connection with your account and we take seriously the input from our customers and stakeholders. Based on these ongoing reviews, we have made the decision to reinstate your account. You should now be able to use your account in the normal way. We sincerely appreciate your business and offer our apologies for any inconvenience

John Ferry John Ferry

Trussonomics shows that Scottish independence doesn’t add up

As the pound fell to a record low on Monday on the back of Kwasi Kwarteng’s ‘mini-budget’, the pings on SNP MPs and MSPs private WhatsApp groups must have ballooned in line with Gilt yields. There were many aspects to consider: the challenge of responding to the 45 per cent rate of income tax being scrapped and cuts to stamp duty, and how this new tax competition will impact Scotland’s budget; the impact on cost-of-living challenges; international concerns that the volatility induced in financial markets could destabilise the global economy. All too predictably, the messaging from senior SNPers focused on this being yet another reason for Scotland to exit the

Lisa Haseldine Lisa Haseldine

Could Russia shut its borders?

In Putin’s Russia, fortunes can change rapidly. A week on from the partial mobilisation of the army, Russians are gripped by the fear that the closure of the country’s borders is next. Those who are not willing to risk death in Ukraine are looking for a way out. In the six days since 21 September, when Putin announced his plan in a pre-recorded television address, protests have sprung up in at least 43 towns across the country; the human rights organisation OVD News has said that more than 2,300 people have been arrested for taking part. According to the official terms of the Kremlin’s partial mobilisation, those with military experience

James Heale James Heale

Is Starmer ready for No.10?

10 min listen

Keir Stamer took centre stage for his speech at the Labour party conference today. Unlike last year, there were several standing ovations and loud cheers from the audience. Was his speech one to remember in Labour’s history? And has he secured his position as the man to lead Labour back into government? James Heale speaks to Katy Ball and Isabel Hardman. Produced by Natasha Feroze.