China

A retired diplomat I know had no doubt about where the blame lay for the Queen’s Very Rude episode. ‘Sounds as though the officials let her down badly – twice – in filming private conversations and then not vetting them,’ he observed acidly. And certainly it does seem as though the broadcasters’ cameraman at large – representing the BBC, ITV et al –  may have to have his right-to-roam licence revoked for any social gathering involving HM. The reason, I’d have thought, why he was let loose at cocktail and garden parties was that the Palace thought he, or rather his bosses, could be trusted with the content. More fool

A fortnight ago, the energy minister, Andrea Leadsom, declared grandly that Britain, alone in the world, would commit to a target of reducing net carbon emissions to zero. ‘The question is not whether but how we do it,’ she told Parliament. It is now becoming painfully clear how this target will be reached: not by eliminating our carbon emissions but by exporting them, along with thousands of jobs and much of our manufacturing industry. This week, Tata Steel announced that its entire UK business is to be put up for sale. That came after Stephen Kinnock, whose South Wales constituency includes Tata’s giant plant at Port Talbot, joined a union

I went to Budapest last year and did the usual touristy things. I climbed up the hill to the fantasy castle walls in Buda. I took a boat ride. I went to the Turkish baths — edging cautiously into scalding hot water and then summoning up the courage to tip a bucket of cold water over myself. Finally, I reached the grim end of the tourist trail: the so-called House of Terror. On the outside, it looked like every other Hungarian house on the boulevard. Inside, it was a museum set up in the actual place where first Nazis, then communists, inflicted imprisonment, terror and murder. Visiting it was a

If anyone is feeling pleased about the slide on the stock-market today, it is probably Andrew Roberts, the RBS analyst who hit the headlines this week with a note advising everyone to ‘sell everything’. Probably rather sooner than he expected, and before any of his clients even had time to panic properly, prices have started to collapse. Almost every day, there are hefty three digits falls, and pictures editors are running out of their stock photos of despairing traders looking glumly into their Bloomberg terminals. The numbers suggest that a bear market, usually defined as a 20 percent drop off the highs, is now very close. China’s Shenzhen index is