Ross Clark is a leader writer and columnist who has written for The Spectator for three decades. His books include Not Zero, The Road to Southend Pier, and Far From EUtopia: Why Europe is failing and Britain could do better
You may never have heard of the Society for Worldwide Interbank Financial Telecommunications — or at least not by its full name. Even if you had you may have mistaken it for a fairly inconsequential trade body that holds rather dull conferences in hotel function rooms in places like Frankfurt. Yet it finds itself at
Don’t be fooled by the pictures that will shortly start to emerge of traders apparently tearing their hair out against of backdrop of red screens. A proper crisis is exactly what Wall Street traders want — to provoke yet another stimulus package, as well as the cancellation of interest rate rises. In the Alice in
If Bank of England Governor Andrew Bailey was expecting to bat away some gentle questions on monetary policy before the Commons this morning, he hadn’t reckoned on Labour MP Angela Eagle. She was quietly frothing with rage at Bailey’s recent suggestion that workers need to exercise restraint when asking for a pay rise in order
So, Nord Stream 2 will not be plugged into Germany’s gas grid. A little surprisingly, Chancellor Olaf Scholz has been first out of the blocks this morning in the western economic response to Putin’s recognition of breakaway states in eastern Ukraine. The block is not total: what Scholz says is that the certification process for
I sat tight and braced myself for the worst this morning — not high winds but for the Today programme to blame storm Eunice on climate change. Sure enough, at a quarter past eight, it didn’t disappoint. While a report acknowledged that it was not possible to blame specific weather events on climate change, Baroness
Is there any point in vaccinating five to 11-year-olds against Covid? For months the policy across the UK was not to do this, on the grounds that few children suffered anything other than mild symptoms — so the possible side effects were not worth the risk. The Pfizer jab, which has formed the mainstay of
Is there a genetic element to the risk of being infected with Covid — and are some disadvantaged ethnic groups more vulnerable to the virus? This was once one of the most controversial questions about Covid — asked often during the first and second waves of the pandemic when it became apparent that infection and
The last time that US inflation hit 7.5 per cent, Ronald Reagan was a recently-elected president. And he, older readers might recall, partly owed his election to inflation. He memorably said during his campaign: ‘inflation is as violent as a mugger, as frightening as an armed robber and as deadly as a hitman.’ But what of Britain?
Is now the right time to lift all Covid restrictions, as the Prime Minister suggested he might do from 24 February? The news was met with howls of outrage from some quarters. For example, Zubaida Haque, who runs an equality think-tank and serves on the self-styled ‘Independent Sage’, last night tweeted: One of the chief
Look up this year’s performance of the shares and bonds which make up your pension fund and you will see that BP and Shell are the rare chinks of light. BP is up 15 per cent and Shell up 20 per cent, with both enjoying bumper profits on the back of high oil and gas
The emergence of Covid provoked a worldwide economic crash. That lasted a mere four weeks. By the time western countries were locking down, a bull market had begun afresh. Through months of lockdowns, soaring case rates and death rates, shares were not just rebounding but marking new highs – firstly involving tech shares and online
There would have been times when the news ‘Bank of England doubles interest rates’ would have been met with a shudder. But when the move takes rates merely from 0.25 per cent to 0.5 per cent it hardly ranks as a shock at all. The days when the base rate reached 15 per cent seem
Did lockdowns save lives? We will never have a definitive answer to this vital question because it was impossible to conduct controlled experiments — we don’t have two identical countries, one where lockdown was imposed and one where it wasn’t. Nor is it easy to compare similar countries, for the simple reason that every country
I’m boycotting Spotify. I am doing this for the same reason as I don’t have a Netflix subscription: I refuse to subsidise the efforts by Harry and Meghan to monetise their royal fame. If either company terminates its relationship with the couple I will consider using its services, but for the moment I will stick
Health Secretary Sajid Javid now looks set to drop his plans to sack unvaccinated NHS staff. It was almost inevitable given the practical difficulties that come with sacking more than 70,000 workers who showed little sign of changing their minds — all while the NHS is desperately trying to catch up with missed treatments following
England has been described by some as an outlier in that the government is lifting Plan B restrictions in spite of Covid infections remaining high – daily numbers are still higher than at any point prior to the emergence of the Omicron variant. Some have even accused the Prime Minister of lifting the restrictions in
There is a lesser-known Robert Redford film, The Candidate, in which he plays a no-hope Democrat taking on a popular and well-liked Republican in a Californian election. After engaging unexpectedly well with the public and winning an improbable victory, he turns to one of his aides and asks, bewildered: ‘What do we do now?’ The
So is this really it: the end of the era of virtually zero interest rates? There was a marked pullback in US markets on Wednesday when Jay Powell, the chair of the Federal Reserve, indicated that yes, he really did mean it: interest rates are on the way up, if not quite yet. ‘The committee
Today is England’s last day under Plan B restrictions, brought in by the government at the beginning of last month to curb the spread of Omicron. Work-from-home guidance was scrapped last week, while mandatory face coverings in shops and on public transport — as well as the need to show vaccine passports at large venues
Last week it was ‘operation red meat’, designed to recapture wavering Tory voters. This week something very different: changes to the Highway Code are coming into effect, which threaten to upset the not-insignificant number of car owners. Sure enough, the Alliance of British Drivers, the trade union for Mr Toads, has complained bitterly. Responding to a
