Michael Simmons is The Spectator's economics editor
13 min listen
The Prime Minister is in Albania today to focus on immigration: the government has announced that the UK is in talks to set up ‘return hubs’ with other countries to send failed asylum seekers abroad. Unfortunately for the government though, also going abroad are Britain’s millionaires. In the cover article for this week’s Spectator, our economics
42 min listen
The great escape: why the rich are fleeing Britain Keir Starmer worries about who is coming into Britain but, our economics editor Michael Simmons writes in the magazine this week, he should have ‘sleepless nights’ thinking about those leaving. Since 2016, nearly 30,000 millionaires have left – ‘an outflow unmatched in the developed world’. Tax
The UK economy grew faster than expected in the first three months of the year. According to figures just released by the Office for National Statistics, GDP rose by 0.7 per cent in the first quarter – ahead of economists’ forecasts. If this pace were maintained across the rest of the year, Britain would far
Keir Starmer is worried about who’s coming into the country. This week, he launched a white paper with the aim of cutting migration. Britain risks becoming an ‘island of strangers’, he said. However, it’s not just arrivals that should give him sleepless nights. It’s the number of people in the departures lounge too. London’s private
Figures just released by the Office for National Statistics (ONS) show the UK unemployment rate has risen to 4.5 per cent, the number of people on company payrolls has dropped by 63,000 over the past year, and there are 131,000 fewer job vacancies than at this time last year. Today’s employment data covers the period
The White House has announced a breakthrough in trade negotiations with China following two days of talks in Switzerland. Yesterday, Treasury Secretary Scott Bessent said the two sides had made ‘substantial progress’. This morning, he said that the US would lower tariffs on China to 25 per cent from 145 per cent for 90 days,
Voters turned to Reform in the recent local elections for many reasons, but one theme resonated more than most: the state of our streets, neighbourhoods and communities. Across Britain – as Gus Carter writes for the cover of this week’s magazine – the same pattern repeats. Whether it’s car thieves smashing windows in London, shops being looted
11 min listen
On Thursday afternoon Prime Minister Keir Starmer gave a speech about closing the long-awaited UK-US trade deal. Not that his announcement went without a hitch however; after first directing lobby journalists to the wrong Jaguar Land Rover factory in Coventry, Starmer then had his limelight stolen by the election of a new Pope. Although, Labour’s
15 min listen
It’s a massive day for the Labour government and for Keir Starmer, as the UK becomes the first country to sign a trade deal with the US following the tariff turmoil of last month. Donald Trump described it as a ‘full and comprehensive deal’ … although we are still waiting for some of the details
Interest rates have been cut to 4.25 per cent. The Bank of England’s Monetary Policy Committee (MPC) voted by five to four for what will be the fourth rate reduction since August. The decision breaks with the direction of the US Federal Reserve, which held rates yesterday after refusing to bow to pressure from President
Later today, Donald Trump is reportedly set to unveil a trade deal with the UK. He’ll make the announcement alongside ‘a big and highly respected country’ which is said to be Britain. If the reports are true then it would make the UK the first country to secure a deal since Trump’s tariff turmoil began. The
15 min listen
Lots to talk about today, including new polling which puts Reform on 29 points compared to the Tories on just 17. We’ve also just had the first PMQs since the local elections. But the trade deal announced yesterday between the UK and India is dominating the headlines, with many concerned about some of the concessions
Keir Starmer has ruled out a U-turn on the government’s decision to cut the winter fuel payment, with the Prime Minister’s spokesman insisting there ‘will not be a change to the government’s policy’. This came after a report in the Guardian suggesting No.10 was considering softening the £1.4 billion cut, possibly by raising the threshold that defines
Britain’s welfare crisis may have slipped from the front pages following Liz Kendall’s £4.8 billion worth of cuts announced ahead of the Spring Statement, but the problems haven’t gone away. Figures quietly released by the Department for Work and Pensions (DWP) this week show that, despite Labour’s planned ‘reforms’ to the benefits system, nearly a
The Chancellor will meet America’s top economic official, Treasury secretary Scott Bessent, today as she concludes her trip to the International Monetary Fund’s Spring Meetings in Washington. As discussed on Coffee House this week, Rachel Reeves will use her meeting to attempt to make an Anglo-American trade deal a realistic possibility. Yesterday, the Chancellor put in a surprise appearance on one
The government is on a charm offensive in Washington. Tonight, Britain’s ambassador to the US, Lord Mandelson, will host officials from Donald Trump’s government and American business figures at the British embassy. Tomorrow, the Chancellor will meet her counterpart, Treasury Secretary Scott Bessent. Rachel Reeves is looking to permanently end the punishing 25 per cent
12 min listen
Chancellor Rachel Reeves has been in Washington D.C. this week at the IMF’s spring meetings, and will meet US Treasury Secretary Scott Bessent tomorrow. Cue the ususal talk of compromising on chlorinated chicken. Not so, reports the Spectator’s economics editor Michael Simmons, who explains that Reeves may offer a reduction in long-standing tariffs already imposed on
Britain borrowed nearly £152 billion in the financial year to March – almost £21 billion more than at the same point in the last financial year, according to the Office for National Statistics (ONS). The latest public finance figures reveal that borrowing in March was the third highest since records began in 1993. Crucially, it’s
The waves from Donald Trump’s tariff upheaval continue to ripple through the global economy. The International Monetary Fund (IMF) has downgraded its forecasts for global growth to 2.8 per cent for this year and 3 per cent for 2026, down from previous estimates of 3.3 per cent for each year. The UK isn’t immune: the
Price rises have unexpectedly eased. The Consumer Price Index rose by just 2.6 per cent in March, down from 2.8 per cent the month before and slightly lower than analysts’ expectations of 2.7 per cent. The figures, just published by the Office for National Statistics, show that the slowdown was driven by falling fuel costs and flat
