The Spectator’s Economics newsletter
The pundits’ attacks on farmers would make Alan Partridge blush
In the weeks since Rachel Reeves’s Budget and its shock attack on agricultural property relief, we’ve seen various armchair pundits pontificate on farmers’ lives – a source of mounting exasperation for farmers themselves. The peak of pundit-on-ploughman contempt came, unsurprisingly, from LBC’s James O’Brien First, there have been the panicky announcements from the government –
The OECD has changed its tune on Britain
Is the OECD doing Labour’s PR for it? I ask only because of its bullish prediction for UK economic growth in its latest economic outlook, published this morning, and the contrast with what it has been saying about Britain over the past few years. An economy that was supposed to be hammered by Brexit has
Russia’s tanking ruble spells trouble for Putin
Russia’s ruble is in trouble. The currency has plunged to its lowest rate against the dollar since the weeks after the outbreak of war against Ukraine. On Wednesday, the ruble hit 110 against the dollar for the first time since 16 March 2022. The currency has recovered slightly, to 108 against the dollar this morning,
Is France heading for a Greek-style crisis?
For the first time ever, France’s borrowing costs have risen above those of Greece. As of today, the bond markets have decided that French debt is a riskier bet than Greece, the country that 15 years ago almost crashed the entire euro-zone with its fiscal extravagance and irresponsibility. True, to some degree that reflects an
Who should Labour target to ‘get Britain working’?
Labour talks of having the ‘bold ambition of an 80 per cent employment rate’. But who should they target to get there? The government published its white paper this week on ‘getting Britain working’ and tackling the growing health and disability benefits bill, which is forecast to hit £120 billion. Figures slipped out by the Office for
Trump’s tariffs threats are going to cause chaos
It turns out it wasn’t just China after all. Mexico, and indeed Canada, are just as much in the firing line. President-Elect Trump announced last night that he will impose an immediate 25 per cent tariff on imports from both of the US’s two largest land neighbours, threatening huge disruption to their economies. Trump may
Rachel Reeves deserves a rough ride at the CBI
Rachel Reeves was probably expecting to be cheered for restoring ‘stability’, for rebooting ‘growth’ and crafting a British version of Bidenomics to create ‘the industries of the future’. Instead, the Chancellor’s ‘fireside chat’ at the Confederation of British Industry (CBI) conference today is likely to be rather uncomfortable. There probably won’t be any heckling, walk-outs,
Why young Brits think the social contract is crumbling
Something is stirring. In WhatsApp groups and Westminster pubs, wherever wonks, spads, and other SW1 types gather, there’s a name on everybody’s lips. It’s like John Galt in Atlas Shrugged or Tyler Durden in Fight Club. It’s at once a wail of despair and a call to arms. Who is this man they whisper of?
The truth about the lesbian pay premium
Some lesbian and gay campaigners might have you believe that life is hard for gay people. Of course, for many it is. But my experience of being a lesbian is that it is mostly a privilege rather than an oppression. Lesbians can avoid the multiple disadvantages of navigating relationships with men, some of whom have
Falling retail sales shows how fragile the UK economy is
Until a few weeks ago it seemed as if the government had inherited if not a golden economic legacy then an improving economic picture. But this morning’s figures for retail sales show just how faltering the economy is. During October the volume of retail sales fell by 0.7 per cent. Worst-affected was textile and clothing