All the latest analysis of the day's news and stories
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Kwasi Kwarteng has today announced what has been dubbed as his mini-Budget, but looking at the scale of the package it is far from small. The Coffee House Shots team take us through what has been revealed. Who are the winners and who are the losers? Katy Balls speaks to Fraser Nelson, James Forsyth and
Levelling Up secretary Simon Clarke described today’s fiscal event as a ‘game changer’ for Britain’s economy. Was he right? The announcement from Chancellor Kwasi Kwarteng was not so much an ‘event’ as a major Budget, which ushered in £45 billion worth of tax cuts – the ‘biggest tax cutting event since 1972’, according to the
Oh dear. Liz Truss’s team were hoping for a welcome reaction from the markets as Kwasi Kwarteng unveiled a whopping £45 billion in tax cuts from the dispatch box this morning. The Chancellor is placing a bet on growth with this mini-Budget, and hopes that this will take the edge off increases in government borrowing. Mr
Hilary Mantel has died at the age of 70. She became the first-ever winner of The Spectator/Shiva Naipaul Memorial Prize for travel writing in 1987. Mantel wrote for The Spectator as its film critic until 1991. She went on to win the 2009 and 2012 Booker Prize for Wolf Hall and Bring Up the Bodies.
Labour has a populist argument against Liz Truss’s spendaholic plans to borrow money from the international money markets and direct it into the bank accounts of the privileged. ‘What do you get?’ Rachel Reeves and Keir Starmer will ask the public. ‘And who picks up the bill?’ For the overwhelming majority of the population the
George Osborne dreamed about it and Rishi Sunak told friends that he’d like to do it if everything went well and he was feeling brave. But this morning Kwasi Kwarteng has gone ahead and done it. The ‘additional rate of tax’ – set up by Gordon Brown as a trap for the Tories in 2009 –
Rachel Reeves’ response to the not-a-budget was one of the best Budget responses a shadow chancellor has produced in Labour’s 12 long years of opposition. It helps that the ‘Plan for Growth’ was so striking and ideological: not only does it create a clear dividing line with Labour, it also creates a division with the
Kwasi Kwarteng and Liz Truss are a Chancellor and a Prime Minister in a hurry, they know they have only got 18 months to get the economy growing if they are to win-re-election. So, they went all out in today’s non-budget Budget. Not only did they cancel the corporation tax rise and reverse the National
Chancellor Kwasi Kwarteng has just announced a surprise 5p cut to the top rate of income tax and a 1p cut to the basic rate of tax. Together with stamp duty cuts and others, it will reduce tax by £45 billion by 2026-27 according to the Treasury’s analysis. The IFS says this is the biggest
‘Russians are fleeing their country in droves’. That’s how Andrei Soldatov and Irina Borogan, partners in life and journalism, sum up in seven words one of the many tragedies of Russia, from which they too have fled – further than most, to Britain. Had they stayed, Soldatov at least would be in jail, charged with
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With hours to go till the Chancellor’s fiscal statement, we’ve heard today that the National Insurance hike will be scrapped, as promised during Liz Truss’s leadership campaign. This comes as the Bank of England increases the base rate to 2.25 per cent. How much further will Kwasi Kwarteng go, and just how willing is the
Putin has been preparing for this war for a long time. I first began writing about Putin and Nikolai Patrushev’s [head of the Russian security council] doctrine in 2009. It was based on the fact that these two, these scoundrels, thought that they had come up with a way to beat the West using blackmail
In the wake of Vladimir Putin’s surprise announcement of partial mobilisation on Wednesday, thousands of young Russian men decided that the time had come to flee. Google searches for ways to leave Russia (as well as for ‘how to break your own arm’, another way out of military service) spiked. Flights sold out, and long
How much of a difference will the ‘Plan for Patients’ unveiled by Therese Coffey really make to the NHS crisis? The health service is already operating in winter mode (which generally means not really working and under extreme pressure) and the temperatures have scarcely dropped. The Health Secretary’s opening big announcement today was what she
Liz Truss is in a race against time. It’s not just the prospect of an election in two years. It’s the political problems – from party management to events outside of one’s control – that quickly clog up a prime minister’s in-tray. It’s why for all the efforts to play down Friday’s fiscal event as
Rising interest rates is a key pillar of Trussonomics. Liz Truss herself has always stopped short of saying this explicitly, pointing fingers instead at the Bank of England for its failure to curb spiralling inflation. But the economists advising her have made clear, in no uncertain terms, that they think interest rates have been too
For the first time in Northern Ireland’s history, Catholics now outnumber Protestants. Census data on national identity and religious from 2021, which was published today, shows that Catholics born into or practising their religion make up 45.7 per cent of the population, with Protestants at 43.5 per cent. In the bleak zero-sum world of Irish
Life expectancy is perhaps the surest sign of a country’s welfare, which makes it all the more worrying that Scotland’s is going down. Figures out today show that when it comes to life expectancy, Scotland is no longer near the bottom range of western European countries and has instead joined the ranks of the post-Soviet states.
Brussels appeared to be finally getting serious with a rogue member state this week. A couple of days ago it announced that it would use its power – which it obtained last year – to withhold €7.5 billion (approximately £6.4 billion) from Hungary unless Viktor Orbán’s Fidesz government cleaned up its act on corruption. The
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This week Freddy speaks to journalist and political analyst Sean Trende about what we can expect from the November midterms. Is there a red wave incoming? Or will the Democrats do better than expected?
Vladimir Putin’s decision to call up reservists is a sign of Russia’s desperation. It is also unlikely to do anything to address the real problem facing the country’s military: the woeful way in which its troops are organised. ‘No plan of operations,’ wrote Moltke the Elder in 1871, ‘extends with any certainty beyond the first
What does it mean to be an A-list Hollywood power couple? Celebrity, yes, but also respect. Look at George and Amal Clooney, a high-powered heartthrob and his equally high-powered human-rights-lawyer wife. Or look at Beyoncé and Jay-Z, hip-hop royalty and dedicated philanthropists. You and your partner can buy a mansion in the right zip code,
A wave of protest is sweeping across Iran. Sparked by the death in police custody of Mahsa Amini, a 22-year-old who allegedly contravened oppressive and arbitrary laws on veils, demonstrators are taking to the streets in towns and cities across the country. Ever since Ebrahim Raisi became president last summer in a widely derided Potemkin
Putin has met the latest stirrings of dissent against his regime with force. More than 1,300 Russians have been arrested this evening at protests against forced mobilisation. While it’s not known how many exactly have taken to the streets, protests on this scale have not been seen in the country since Putin invaded Ukraine seven
In the end, it could have been worse. The Federal Reserve might have followed Sweden’s lead, with a whole one point rise in interest rates, or it could have even decided to short-circuit the whole process and go straight for a 1.5 per cent increase. Instead, it opted for the safer course, imposing a 0.75
Big spending announcements tend to come alongside big press conferences. During the pandemic years, furlough announcements, extensions and business support were delivered in front of a podium, with rough figures usually attached to each policy. It was the same for the energy crisis, at the start. But as the costs of the support schemes rose,
15 min listen
Vladimir Putin warned the West that, if pushed, Russia would use a nuclear weapon. How seriously should we take his threat? And reports emerged overnight that Liz Truss will cut stamp duty to increase demand for housing. But will that help more people get onto the housing ladder? Katy Balls speaks to James Forsyth and
The images coming out of Iran are remarkable. Women are ripping off their hijabs and burning them in public. They’re dancing in the streets and shaking their freed hair as onlookers whoop and cheer. These are stunning acts of defiance in a theocratic state in which women are expected to mildly, meekly accept their status
Oxford’s Faculty of Oriental Studies has had a name change: it will now be known as the Faculty of Asian and Middle Eastern Studies. University bigwigs opted to drop the word ‘oriental’ over fears that it might be too outdated and potentially offensive. This is a small-minded attack on a great and important subject. It’s also a distraction from
Can this really be happening? Sadly, the answer is yes. President Putin has just reiterated his threat to use nuclear weapons and announced that Russian-controlled Ukrainian territory will become part of the Russian Federation. Is nuclear weapon use likely or certain? No, not by any means, and we should speak with a sense of proportion
After a weekend of violent clashes between Muslim and Hindu men, things seemed to have calmed down in Leicester. A total of 47 arrests have been made since the trouble started at the end of August, according to Leicestershire Police. One man has been sentenced to ten months in jail for his part in the
After a brief hiatus during the course of the country’s morning period, it appears that the British broadcasters are back to doing what they know best: namely, trying to catch out politicians. Mr S wonders though if some of them may need a bit better material. This week the new Secretary of State for Digital,