Politics

In this week’s Books Podcast, I’m joined by the economic historian Adam Tooze, author of the new book Crashed: How A Decade of Financial Crises Changed The World. How are the subprime collapse in the US and the Eurozone crisis that came after linked? Why did a cartel of mega-wealthy businessmen do a good job at rescuing the US from disaster, and a group of well-intentioned political technocrats make such a hash of it in Europe? And how is the Balance of Financial Terror between the US and China holding up these days?

The Conservatives were given a reality check today in the form of new Electoral Commission data on the financial health of political parties in 2017. Under Jeremy Corbyn, Labour managed to break previous records and raise just under £56m in a single year – beating the Conservatives by nearly £10m. Adding insult to injury, the Tories received more money from the dead (in the form of bequests) than from the (living) Tory grassroots, with income from membership fees nearly halved. Where Labour received £16.2m in membership fees last year, the Tories managed a paltry £835,000. This touches on a wider issue for the Conservative party: its relationship with the grassroots.

Michel Barnier’s press conference had good news and bad news for the UK government. On the bright side, the EU’s chief negotiator promised to stay put and hold continuous – expected to be weekly – negotiations with Brexit Secretary Dominic Raab to try and bridge the differences between the two sides. However, he also promised not to budge when it comes to his negotiating position. Responding to accusations that the EU has proved inflexible, Barnier said: ‘We haven't changed our principles over two years — but why would we? Why would we change the principles on which the EU is based? The UK is leaving the EU, not the other way around.

A couple of years ago, I was driving from Athens airport to the Peloponnese along the sparkling new highway that connects the two. I had never driven in Greece before, and was slightly nervous of how the Greeks might be on the road. As it turned out, there was nothing to worry about. Not only are they courteous behind the wheel, and far more so than most of their Mediterranean neighbours, but more importantly the road was completely empty. The reason? There is a toll. It is only about six euros to drive the length of the country, but hardly anyone, even the truckers, can afford that. They take the old roads instead. There are lots of different ways of illustrating the scale of the economic catastrophe that has unfolded in Greece over the last decade.

Have you ever looked at a job advert with a temptingly high salary, and thought to yourself… you’d have to be mad to apply to that. Mr Steerpike suspects many Labour staffers had a similar reaction this week to a job posted on the Labour website. Labour HQ are on the lookout for a new ‘Head of Disputes,’ and they’re willing to pay over £50,000 to the person mad enough to take it. The new job holder will be responsible for internal disputes, disciplinary affairs and, rather ominously, ‘undertaking investigations as necessary’ within the party.

The Spectator's editorial ‘Bravo Boris’ (11 August) suggests that the treatment meted out to Boris Johnson by the Prime Minister and the party chairman makes a leadership challenge more likely. That is correct. This duo have demonstrated a breathtaking lack of political sophistication. Not only have they promoted Boris Johnson’s chances of the leadership, but they have also diverted the media spotlight from the Labour party’s very real anti-Semitism to a fictitious Tory party Islamophobia. Mr Johnson plainly argues a position that is more liberal than those of many European governments, including those of Denmark, France, Belgium and Germany.

When Alex Salmond stepped down as First Minister, he famously unveiled a commemorative stone engraved with the message ‘The rocks will melt with the sun before I allow tuition fees to be imposed on Scottish students.’ If he wants to see melting, he should go to the UCAS website and look at the courses up for grabs in the clearing system – then change the settings to say you’re Scottish. The courses melt away. (For example, here is the English version of Glasgow University clearing courses: law, history, all sorts of gems. And here is the Scottish version). Why the difference? Because England’s students bring fees. As a direct result opportunities are created for them – even in Scotland.