Politics

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

Nick Cohen

Truss can’t hide from the crisis she created

For a politician who only a few days ago was bravely mocking Vladimir Putin as a ‘sabre-rattling’ loudmouth ‘desperately trying to justify his catastrophic failures,’ Liz Truss has turned out to be the greatest coward ever to be prime minister. At least Putin feels the need to justify the catastrophe he has inflicted. Truss and her Chancellor believe they can hide away like children putting pillows over their heads to escape a bad dream, and say nothing at all. The public may not understand the full ramifications of the crisis the Conservatives have unleashed in a moment of ideological delirium. The technical reasons why the Bank of England had to promise

Katy Balls

Tory nerves are growing over Truss’s tax cuts

Tory nerves are growing over Liz Truss’s economic plans. As the fallout from Chancellor Kwasi Kwarteng’s not-so-mini-budget continues to dominate the news, the Prime Minister has doubled down. In a pool clip this afternoon, Treasury minister Andrew Griffith has rejected calls for the government to row back on Friday’s fiscal event – insisting Truss’s plans are the ‘right plans’ to grow the UK economy. Government sources have also made it clear that Truss has no plans to part ways with her Chancellor. Smith’s call for changes to the growth plan is echoed privately by a growing number of Tory MPs Yet Truss could still be forced to look again. Unease

Kate Andrews

Why is the Bank of England buying gilts?

18 min listen

The Bank of England has today announced a major intervention into gilts to prevent a ‘material risk’ to financial stability as a result of government policy. How unprecedented is this move? Will Liz Truss and Kwasi Kwarteng break their silence? Are we heading for another leadership election? Kate Andrews speaks with Fraser Nelson and James Forsyth. Produced by Oscar Edmondson.

Isabel Hardman

What next for Labour?

Now that delegates have sung reedily along to the ‘Red Flag’ and ‘Jerusalem’, Labour is going home from its annual conference feeling pretty pleased with itself. Keir Starmer’s speech went very well, members were in an excited mood, and frontbenchers sounded serious and sober.  But it’s not as though any of this has actually sealed a Labour election victory, even with the current bin fire in the Tory party. Here are the key challenges for Labour now: What does Starmerism actually mean? The purpose of this conference has been to show the country that Labour is now a sober, serious party that’s ready to govern. It was about showing that

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

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

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

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

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

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

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

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

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

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

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

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

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

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