Michael Simmons is The Spectator's economics editor. Contact him here.
16 min listen
With Budget week finally at an end, certain mysteries remain. Chief among them is why the Chancellor decided to give an emergency speech preparing the public for a rise in income tax. On 4 November, Rachel Reeves summoned journalists to Downing Street early in the morning to warn that ‘the productivity performance we inherited is
Net migration has fallen to its lowest level in four years. Figures released this morning show that 204,000 more people arrived in the UK than left in the 12 months to June – a drop of more than two-thirds compared with the year before. The real story, though, is that inward migration remains close to
As Budget days go, today was unprecedented. The complete list of measures announced by Rachel Reeves – along with their costings and economic impacts – was leaked by the Office for Budget Responsibility (OBR) an hour before the Chancellor took to her feet. The OBR apologised and called it a ‘technical error’. The headline is
15 min listen
As Budget days go, today was unprecedented. The complete list of measures announced by Rachel Reeves – along with their costings and economic impacts – was leaked by the Office for Budget Responsibility (OBR) an hour before the Chancellor took to her feet. The OBR apologised and called it a ‘technical error’. The headline is
What we have seen today is unprecedented. The entire list of Budget measures announced by Rachel Reeves – along with their costings and economic impacts – were leaked by the Office for Budget Responsibility (OBR) an hour before the Chancellor took to her feet. The OBR apologised and called it a ‘technical error’, but make
After a needlessly long run-up, Budget day is finally here. Investors, bond traders and house builders are breathing a collective sigh of relief – not because of what the Chancellor will say at around 12.40 p.m., but because the speculating, pitch-rolling and U-turning is finally over. Under the rules of engagement between the Treasury and
14 min listen
James Nation, managing director at Forefront Advisers, and Michael Simmons join James Heale to analyse what we know, one day ahead of the Budget. James – a former Treasury official and adviser to Rishi Sunak – takes us inside Number 11, explains the importance of every sentence and defends the Budget as a fiscal event.
Rachel Reeves is due to deliver her budget this Wednesday. Throughout the years, the only person permitted to drink inside the House of Commons is the Chancellor. What has been the tipple of choice for each Chancellor dating back to Benjamin Disraeli? Michael Simmons and James Heale drink their way through the ages, discuss the
16 min listen
Britain has an energy problem – while we produce some of the cleanest in the world, it’s also the most expensive, and that’s the case for almost every avenue of energy. On the day the Spectator hosts its Energy Summit in Westminster, a report commissioned by the Prime Minister has found that the UK is
28 min listen
Entrepreneur and investor Luke Johnson joins Michael Simmons to discuss what is going wrong for Britain’s business. From soaring taxes and the Employment Rights Bill to net-zero regulation, planning failures and the rise in economic inactivity, Johnson argues the UK is becoming hostile to entrepreneurs — and warns that many are already leaving for good.
21 min listen
Chris Curtis and Maxwell Marlow may have different political ideologies, but they agree on one key diagnosis: Britain is broken. Their solution can be found on baseball caps and bucket hats across social media and SW1: ‘Build Baby Build’. Less than a week before the Budget, Chris – MP for Milton Keynes and chair of
15 min listen
Yesterday we had the publication of the second module of the Covid Inquiry on the decision-making at the heart of government. It confirmed a toxic and disorganised culture at the heart of No. 10 and the headline is that the government acted ‘too little, too late’, costing as many as 23,000 lives in England. That
It’s hard to think of a more shambolic budget than the one Rachel Reeves will deliver next week. His Majesty’s Treasury has spent the last month pitch-rolling policies in the Financial Times – using the paper as a sort of town crier – then pulling them back as the OBR’s forecasts have wobbled. Directly, the
39 min listen
It’s time to scrap the budget, argues political editor Tim Shipman this week. An annual fiscal event only allows the Chancellor to tinker round the edges, faced with a backdrop of global uncertainty. Endless potential tax rises have been trailed, from taxes on mansions, pensions, savings, gambling, and business partnerships, and nothing appears designed to
On Monday night, former England manager Gareth Southgate joined MPs and philanthropists for an event in Westminster described as ‘the Oscars of the charity world’. Cabinet ministers Lisa Nandy and Bridget Phillipson joined the Centre for Social Justice (CSJ) in handing out prizes to five charities that help those who fall through the cracks. Across
Another day at the Office for National Statistics (ONS), another apparent data mishap – this time on net migration figures. The agency published revised figures for 2021 to 2024 this morning, which set out a very different picture on who’s been coming in and out of the country. The ‘Boriswave’ was larger than previously thought
19 min listen
Economics editor Michael Simmons and Yvette Cooper’s former adviser Danny Shaw join Patrick Gibbons to react to the Home Secretary’s plans for asylum reform. Shabana Mahmood’s direct communication style in the Commons yesterday has been praised by government loyalists and right-wingers alike, but her plans have been criticised by figures on the left as apeing
30 min listen
Advertising legend and Spectator columnist Rory Sutherland joins Michael Simmons to explain why he thinks Britain’s economic problem isn’t income, tax rates or even inequality — it’s property, rent extraction, and a national belief that housing is the safest and smartest place to store wealth.
There were cheers in the Treasury in September when statisticians found an unexpected £2 billion ‘down the back of the sofa.’ The tax man had underreported VAT receipts to the Office for National Statistics (ONS) and it meant Britain’s borrowing figures for the current year had been overestimated. A lucky discovery for HMT but an
13 min listen
Britain is facing a quiet crisis — its data is breaking down, and the government’s numbers are increasingly unreliable. In this episode of Reality Check, economics editor Michael Simmons asks what happens when the state can’t count properly. How can the Bank of England set interest rates or the Treasury balance the books when the