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
There was a time when a chancellor would have bitten off the hand of a national statistician who offered him an inflation rate of 6.2 per cent. But that takes us back to the days of Denis Healey and the early months of Geoffrey Howe’s time in Number 11. There is little disguising this morning’s
It goes without saying that sacking your entire staff via a ten-minute video call while their cheaper, foreign replacements sit outside in buses is a pretty disgusting way to treat people. True, P&O’s cross-Channel operation has been rendered unprofitable as a result of Covid, but this wasn’t a case of a headcount reduction or management
Remember Neets, the mainly-young people who are ‘not in employment, education or training’? A decade ago they were seen as a group which had grown at alarming speed during the economic crisis on 2008/09. Many older people, by contrast, were continuing to work for longer, possibly as a result of their pensions having diminished in
I almost felt a sense of perverse celebration as the meter clocked round to £100 – the first time I have ever spent so large a sum filling my car with diesel. Not so long ago it was costing me closer to £60. After gas and electricity prices, it is suddenly oil prices which are
It is one thing for western companies, funds, investment trusts and others to promise to divest from Russian assets. But what if the Russian authorities won’t let you? The Moscow stock market has failed to open for a fifth day running. Prior to its closure, it had already plummeted by a third after the invasion
I’m no apologist for oligarchs, whether they be from Russia or anywhere else. I have been writing for years about how dirty money was flooding into London’s property market, helping to price out ordinary people who just want a home. The government should have taken action decades ago to prevent kleptocrats from laundering their money
The price of Brent crude exceeded $112 a barrel this morning. There is, as yet, no interruption in supply from Russia, nor any ban on buying their oil (save for in Canada) – but western companies are reported to be exercising a voluntary boycott. Either that, or they are sceptical of whether their orders will
Will the housing market crash? We have been asking the question for two decades now are prices climbed to ever higher multiples of earnings. But apart from a few months in 2008 and early 2009, when prices did slide appreciably, it never seems to happen. Stock market corrections come and go but nothing will seem
As with Covid-19 it will take time for the full consequences of the Russian invasion of Ukraine to become apparent. But one unexpected impact is already becoming clear: that on air freight. Ukraine, it turns out, occupies a niche at the very heavy end of the industry. Ukrainian company Antonov manufactures the world’s largest transport
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
