All the latest analysis of the day's news and stories
The mini-Budget was a spending spree. The ‘medium-term fiscal plan’ was meant to explain the funding. But what exactly is going to be in it? Liz Truss and Kwasi Kwarteng were thought to have (finally) come to terms with the need to address the need for some restraint, after their mini-Budget led to market chaos which
So Thérèse Coffey, the health secretary, is putting the tobacco control plan on ice. Or is she? As in many other areas of public policy these days, all we have are rumours. Someone may be flying a kite with this rumour, but it is not clear whether it is the health secretary or a disgruntled
Why block roads? Why make people’s lives miserable? Who do you think this is going to convince? So go the interminable TV-news debates after each disruptive piece of direct action by eco-troupe Extinction Rebellion and the various single-issue offshoots, such as Just Stop Oil, that it has inspired. These past two weeks, Just Stop Oil
It sounded like an exciting game of Consequences. The Duke of Sussex, Lady Lawrence (mother of Stephen), Sir Elton John, Liz Hurley and Sadie Frost said they will take the Daily Mail to court for alleged phone hacking. The leading lawyers in this case, Hamlins, put out a press release accusing Associated Newspapers, the Mail’s publishers, of
Kwasi Kwarteng’s mini-Budget was botched and the government has lost control of public spending. But this morning Jacob Rees-Mogg was not wrong to deflect at least some of the blame for current market turmoil on the Bank of England. The bank has been hopelessly behind the curve on inflation – in May last year it was
Critics moan that parliament is full of children – and next week it certainly will be. For Mr S has learned of a new scheme to champion Westminster’s outreach efforts across the country. The UK Youth Parliament for 11 to 18 year olds was one thing; now Tory MP Anna Firth is hosting the first
Liz Truss and Rishi Sunak spent the summer fighting it out in the Tory leadership contest, debating how they would make the economy grow. It turns out that, while that discussion raged on, the economy was contracting: GDP fell in August by 0.3 per cent, according to figures from the Office for National Statistics. This is an unexpected
On 27 October 1962, US Defense Secretary Robert McNamara stepped out of crisis meetings and looked up at the sky. ‘I thought it was the last Saturday I would ever see,’ he recalled. This month marks 60 years since the Cuban Missile Crisis. In 2002, Peregrine Worsthorne wrote about what it was like to be in Washington
If government bond sales by pension funds are the fundamental cause of a potential systemic crisis that could hurt us all, as the Bank of England says, why are pension funds taking so little advantage of the Bank’s offer to buy £65 billion of the bonds? And why are bond prices still falling? It seems
Speculation has been growing that the Bank of England might announce an extension of its emergency gilt-buying programme which is set to end on Friday. Despite the Treasury moving forward its ‘medium-term fiscal plan’ announcements from November to the end of this month, gilt yields have been rising yet again this week in the lead-up to
‘Calling someone crazy or hysterical completely dismisses their experience,’ says Meghan Markle in her strangely throaty professional podcast voice. ‘It minimises what they’re feeling. And you know it doesn’t stop there. It keeps going to the point where anyone who has been labelled it enough times can be gaslit into thinking that they’re actually unwell.
If I were boss of Shell I would be tempted to take the company overseas and live a quiet life. Do a Thungela Resources, in other words – the South African-based coal miner spun out of Anglo American in June 2021, dumped by British funds on its first day of trading. But, as coal power stations
Tory MPs were in an anxious mood as they returned to the Commons this afternoon after weeks of conference recess and government meltdown. Their first session in parliament was, appropriately enough, Treasury questions, where they had a chance to air some of their anxieties with the Chancellor and his team. It could have been a
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Parliament is back today and Kwasi Kwarteng is facing questions from the opposition as well as from those within his party. How much pressure is he under? Also on the podcast, looking ahead to another fiscal event at the end of the month, are we heading for a series of departmental spending cuts? What would
The verdict is in: European Union diplomats are useless. But this isn’t the view of one of the EU’s usual detractors. It’s the assessment of Josep Borrell, Brussels’ very own foreign affairs chief. In a damning briefing to the European External Action Service, Borrell said he was fed up finding out information from newspapers before hearing it from his own officials.
How many U-turns can a government perform before it starts spinning out of control? Liz Truss is reportedly considering yet another change of heart over existing policy: this time over plans to end no-fault evictions. In the month or so Truss has been Prime Minister, she’s U-turned on a key Treasury appointment and scrapping the 45p
Could a snap election be around the corner? That’s the message Keir Starmer relayed to party staff in a conference call this morning. He told those assembled that the economic turmoil following the Chancellor’s not-so-mini Budget means the government ‘could fall at any time’. As a result, his party needs to be election ready: ‘We
When Kwasi Kwarteng stood up to deliver his mini-Budget last month, the assumption by the government was that the markets would jump for joy over its growth strategy. Less than three weeks later, the Bank of England is staging its third intervention to keep the UK’s bond market afloat, warning this morning of ‘material risk’
Some nine million working-age people are out of work and are not looking for it either. Figures released by the Office for National Statistics this morning reveal this number has grown by 630,000 since before the pandemic began. This is an increase from the previous quarter and from the same time last year too. Now
As Russia continues to get routed in eastern Ukraine – losing territory, machinery and personnel to an emboldened Ukrainian counteroffensive – infighting has intensified in the Kremlin. Looking for someone to blame, the various factions are increasingly attacking Defense Minister Sergei Shoigu and his Ministry, and seeking an escalation of hostilities in Ukraine. When Russia lost the
Which toilet should a trans pupil be allowed to use? Teachers like me have enough on our plates with the day job, but we must also face questions like this. Whatever our answer, we are bound to annoy someone. Yet for too long, ministers have shied away from offering a helping hand in this toxic debate.
‘Grow the pie’. Somebody thought ‘grow the pie’ was The Thing, that ‘grow the pie’ was it. That this knockout phrase would silence the army of doubters and bring millions of voters back on side. They were proud of ‘grow the pie’. They thought ‘grow the pie’ was a great idea that people can really
Since the beginning of the Ukraine war and the sanctions it triggered, energy prices have skyrocketed. Liz Truss has warned that soaring energy bills are a ‘price worth paying’ in order to stand up against Vladimir Putin. President Joe Biden has called this year’s rocketing bills ‘Putin’s price hike.’ Margrethe Vestager, vice president of the European Commission,
‘Permanent revolution’ is the on dit in Whitehall these days – and what it means is that the Truss administration U-turns so often the whole machinery of government is constantly spinning round on its axis. The latest volte-face is the decision to appoint James Bowler, a 20-year establishment veteran, as Permanent Secretary to the Treasury.
There was a truly electric moment at the Morrissey gig at the Palladium in London last night. Moz was introducing his new song, ‘Bonfire of Teenagers’. It’s about the Manchester Arena bombing in which 22 people were killed. He looked out at the audience and asked us a question. How come you know the name
Who blew up the Kerch bridge? One of President Zelensky’s most senior advisers, Mikhailo Podolyak, has suggested that the Russians did it themselves. ‘Isn’t it obvious who made an explosion?’ he asked on Twitter. ‘Truck arrived from RF (Russian Federation).’ Officially, the Ukrainian government is saying nothing: its secret service has said it will remain quiet until
When Kwasi Kwarteng sacked Tom Scholar as permanent secretary at the Treasury, it was taken as the clearest indication yet that he was determined to shake up the so-called Treasury orthodoxy. Unlike previous Tory governments, Liz Truss and her Chancellor would take on the economic consensus. Only one month in and they appear to be
Is Emmanuel Macron a friend of the United Kingdom? Liz Truss said over the summer that she didn’t know, which was a reasonable response in the circumstances. This is a president surrounded by close advisors who hold Britain in barely disguised contempt. Other than a brief pretend bromance with Boris Johnson, whom Macron promptly knifed
Chancellor Kwasi Kwarteng has written to the Treasury select committee this morning, announcing that the date of his medium-term fiscal plan is moving forward by almost a month: from 23 November to 31 October. Mel Stride, the committee’s chair, tweeted the letter in full, adding that he ‘strongly welcome[s]’ the move (which, he says, he
The Crimean Bridge bombing was an unwelcome gift to both Vladimir Putin – who had celebrated his 70th birthday the day before – and the new overall commander of the ‘Special Military Operation,’ General Sergei Surovikin. Today, they returned the favour with a missile bombardment of Kyiv and other major cities of the like not
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This morning the Chancellor has announced that the government will bring forward both its medium term fiscal event and the accompanying Office for Budget Responsibility forecast. Will Kwarteng exercise some spending restraint to calm the Bank of England? Also on the podcast, after Truss appointed Sunak ally Greg Hands as Minister of State for Trade
Since the attack on the Kerch bridge in Crimea, the world has been awaiting Putin’s answer. It came this morning in the form of Russian missiles fired over Ukrainian cities. To add to this, Belarusian media is also reporting the deployment of Belarusian troops to the conflict for the first time. Of the 83 Russian
It depends on when you are reading this but it’s possible that as you do, Russian missiles are still falling on Kyiv. The Ukrainian capital, and cities across the country, have been subject to a devastating missile barrage last night and this morning. The attacks on Kyiv are intended to create nothing but terror. Missiles