Michael Simmons is The Spectator's economics editor
Inflation rose to 2.3 per cent in the year to October, up from 1.7 per cent in September – its lowest level since the early weeks of the first lockdown in 2021. This surge above the Bank of England’s 2 per cent target was higher than economists and markets had expected. Worryingly, core inflation (which
Tens of thousands of farmers will descend on Westminster in their tractors tomorrow to protest at inheritance tax changes that could see them pay death duties when they hand down their farms. The government doesn’t understand the fuss. It says they are just targeting wealthy land buyers trying to dodge tax. Meanwhile the farmers argue
For the first time ever there are seven million migrant workers in Britain’s job market. Figures released by the ONS this morning show that more than one in five jobs in Britain is now filled by someone born overseas – despite a fall in EU workers since Brexit. Overall, that’s an increase of 183,000 – equivalent
Was Donald Trump’s win unexpected? Not if you followed the betting markets, which had Trump at a two-thirds chance of winning days out from the election. The polls, on the other hand, told a different story. Analysis of polls carried out in 15 competitive states in the three weeks before last Tuesday’s election shows that
Every time a chancellor sits down after delivering their budget, the Office for Budget Responsibility (OBR) releases their ‘economic and fiscal outlook’. What seems a boringly-named Whitehall document is actually a treasure trove of information about the state of the country. It reveals more about how we live our lives – and what lies ahead,
Never before have English and Welsh mothers produced so few babies. New data, released by the ONS yesterday, shows the number of babies expected to be born per woman last year fell to 1.44 – down from 1.49 the year before and the lowest recorded level since these things began to be officially tracked in 1938. For
Politicians’ popularity only tends to go in one direction: down. John Major entered office in 1990 with a net satisfaction rating of +15 and left it having lost 42 points. Tony Blair moved into Downing Street in 1997 with an approval rating of +60 points. When he handed over to Gordon Brown in 2007, he’d
Is Britain finally heading for growth? This week, the Treasury released its collection of short-term forecasts for the economy. The average growth prediction for this year has reached a new high of 1.1 per cent – still unimpressive, but a significant improvement from the 0.4 per cent expected at the beginning of the year. It’s
Is America about to enter a recession and take the world with it? Yesterday the pound was on track for its longest losing streak in a year as markets once again began to fear a US recession. The week started with what looked like the bursting of a tech bubble. Japan’s Nikkei dropped by 12
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On this week’s Spectator Out Loud: James Heale interviews Woody Johnson, the former American Ambassador to the UK, about a possible second Trump term (1:19); Lara Prendergast reflects on the issue of smartphones for children and what lessons we could learn from Keir Starmer’s approach to privacy (6:35); reviewing Patrick Bishop’s book ‘Paris ’44: The Shame
‘I just love Venn diagrams,’ Kamala Harris said in 2022. ‘It’s just something about those three circles, the analysis about where there is the intersection, right?’ Venn diagrams have graduated from school textbooks to a genre of internet meme. After Joe Biden announced he wouldn’t seek a second presidential term, Harris’s team tweeted a picture
Kamala Harris seems overwhelmingly likely to replace Joe Biden as the Democratic nominee, having been given the blessing of both Bill Clinton and Biden himself. But does she actually have a better chance of beating Donald Trump than Biden did? The betting markets think it’s a done deal: the below shows that other possibilities (Gavin
British workers have just experienced their highest pay rises for two years. With inflation remaining at the Bank of England’s target, the average worker has now seen their real term pay increase between March and May this year by just over 2 per cent – a level not seen since 2022. However, in cash terms
Regardless of who wins the coming election, taxes are going up. Spending plans from both Labour and the Tories suggest the tax burden – already at a post-war high – is going to do nothing but rise. During last night’s Sky News debate, Rishi Sunak laid the blame at the two ‘once in a century’
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Just when you thought this election campaign couldn’t get any more tumultuous, Douglas Ross has announced he will resign as Scottish Conservative leader. He had lost the support of his colleagues – particularly those in Holyrood – following his decision to effectively take over a Westminster colleague’s constituency when that MP was seriously ill in
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On this week’s Spectator Out Loud: Quentin Letts takes us through his diary for the week (1:12); Owen Matthews details the shadow fleet helping Russia to evade sanctions (7:15); Michael Hann reports on the country music revival (15:05); Laura Gascoigne reviews exhibitions at the Tate Britain and at Studio Voltaire (21:20); and, Michael Simmons provides his
Ionce shared a bed with a doner kebab. I’d hungrily joined a 3 a.m. queue for much needed post-pub sustenance, only to pass out as soon as I sat down on my bed to eat it. It was a vinegary and leathery bedfellow to wake up to, but I’ve felt ever since that spending a
The most important stories from the Covid Inquiry are found in the written evidence and submitted statements. However, the Cabinet Office is refusing to release vital evidence that the Inquiry isn’t interested in, in case it ‘excessively focused’ the public’s attention on lockdown-decision making. If neither side change their position, the British people will be
Are interest rates still heading ‘downwards’ as the Bank of England Governor Andrew Bailey said last week? Homeowners across the country will be hoping so as average two-year mortgages are again approaching 6 per cent. But the latest figures on the UK job market may dampen hopes of a cut coming soon. Britons have continued
Counting is nearly complete across England and Wales and the picture in the local elections is clear: Tory losses and a red wave. Thursday saw 103 English councils go to the polls with ten mayoral races and dozens of police and crime commissioner positions up for grabs too. The by-election in Blackpool saw a huge
