Features

The magic money tree – what can possibly go wrong?

After every Budget, big or small, Tory backbenchers usually meet with the Chancellor. But on the evening of Rishi Sunak’s mini-Budget this week, they had already scheduled in a meeting with Andrew Bailey, the new governor of the Bank of England. This was extraordinary. Since when does the governor talk to MPs? Or risk upstaging the Chancellor? Worse still, the Treasury had not been told about the governor’s new gig. When the news was broken (by Katy Balls on The Spectator’s website), phone calls were made and the Bailey address was rescheduled. Natural order was restored — for the time being, at least. But had the governor appeared, the Tories would have had plenty to ask.

Quantitative easing is a dangerous addiction

The FTSE-100 index of leading stocks is over 20 per cent up since Britain went into lockdown — ‘bull market’ territory. The government borrowed £55 billion in May, nine times more than the same month last year — yet borrowing costs are down, with some investors now paying to lend to an increasingly indebted nation. Who cares if the UK economy will shrink some 10 per cent this year, as our national debt rockets above 100 per cent of GDP? Stocks are up, bond prices are up and the laws of economics have been suspended. It’s different this time — and all because of quantitative easing. Back in 2009, with the global banking system on the brink of collapse, QE was a justifiable emergency measure.

Anatomy of a fiasco: how Britain’s pandemic defences failed

In October, a panel of 21 experts from across the world gathered for the first of what promised to be a series of reports assessing readiness for pandemics. ‘Infectious diseases know no borders,’ warned the Global Health Security Index. ‘So all countries must prioritise and exercise the capabilities required to prevent, detect and rapidly respond to public health emergencies.’ Every country was called to be transparent about its capabilities ‘to assure neighbours it can stop an outbreak from becoming an international catastrophe’. Two countries were held up as the best examples: Britain and the United States. If a league table were drawn up of countries that most failed to contain Covid deaths, the US and the UK would be pretty near the top.

This ‘revolution’ isn’t what it looks like

America is not in the middle of a revolution — it is a reactionary putsch. About four years ago, the sort of people who had acquired position and influence as a result of globalisation were turfed out of power for the first time in decades. They watched in horror as voters across the world chose Brexit, Donald Trump and other populist and conservative-nationalist options. This deposition explains the storm of unrest battering American cities from coast to coast and making waves in Europe as well. The storm’s ferocity — the looting, the mobs, the mass lawlessness, the zealous iconoclasm, the deranged slogans like #DefundPolice — terrifies ordinary Americans.

The caution that almost cost us the Battle of Britain

The Battle of Britain, which began 80 years ago this week, occupies a unique place in our island story. Its epic moral quality, representing the triumph of freedom over tyranny, continues to resonate to this day. The RAF’s victory marked a crucial turning point in the war; it was the first time the Nazi machine had suffered a defeat. If the Luftwaffe had gained the mastery of the skies over southern England in September 1940, the Germans might well have been able to launch a vast, seaborne invasion across the Channel. Beaten in the West, the Reich had to turn eastwards, to Russia, with disastrous consequences. What makes the tale all the more gripping is the narrow margin of the RAF’s success.

If Boris wants a New Deal he needs to end the lockdown

The invocation of Franklin D. Roosevelt by Boris Johnson is welcome, but the conditions that greeted Roosevelt when he was inaugurated US president in 1933 and those in the UK today are very distinguishable. Roosevelt inherited a collapsed financial system; the stock and commodity exchanges and almost all of the banks in the country had been closed for up to two weeks. Almost a third of the country was unemployed (the states compiled the figures and they were not entirely reliable), and there was no direct relief for the jobless. For the first time since the Civil War there were machine-guns at the corners of the great federal buildings in Washington on Inauguration Day. The incoming president had a practically unlimited mandate to take drastic measures to deal with the crisis.

The Black Lives Matter movement is re-racialising society

Every day I thank God for the British Empire. Without it I wouldn’t exist. My Gold Coast-born mother would never have met my English father. She herself is the descendant of a Scottish merchant called Bruce. Now she lives happily in rural Perthshire. She’s the only black in the village. Growing up in the 1990s, I faintly remember debate over whether non-whites could be British. Certainly the question had receded by the time Monty Panesar made his England cricket debut midway through the following decade. Meanwhile, however, Britain quickly became one of the best places for cultural entrepreneurs to promote the pernicious fallacy that we are best understood through the prism of race and culture.

To save black lives, police top brass must face reality

I was a borough commander in west London and come from a long line of officers — and I can tell you that it’s fast becoming impossible to police the streets. The police are attacked on all sides. They’re told both that they’re too aggressive and too politically correct; too understanding and too intolerant. They’re required to reduce the level of violent crime on the street and yet told they’re racist if they stop and search young black men and ‘put hands in pockets’ to check for knives. As a society we can shout and scream at the police, regulate them, scrutinise them, sack a few, bring in external bosses from industry. We can try to ‘re-educate’ them and have an independent complaints system.

Racism, poverty and the ‘controversy paradox’

It might seem puzzling that we have seen such a furore about racism and racial discrimination at this particular time in our history when all possible measures of racism indicate that there is less of it in Britain than at any time in the past 70 years. A decade ago, 41 per cent of us ‘-strongly agreed’ that we would be content for our children to marry someone of a different race. That has now risen to 70 per cent. In 2006, 55 per cent ‘strongly disagreed’ that you had to be white to be ‘truly British’. That has risen to 84 per cent.

The police have become too politicised to function

Of the many admirable demands made by supporters of the Black Lives Matter movement, such as dismantling capitalism and making white people pay for centuries of vile oppression, none commended themselves to me more than the demand that we should defund the police. This is a hugely attractive proposition, I thought, as I watched the chief constable of Kent, Alan Pughsley, ‘take the knee’ in solidarity with people who want him abolished. I felt much the same upon hearing the words of Superintendent Andrew ‘Andy’ Bennett of Avon and Somerset Police, who watched as BLM protestors threw a statue of Edward Colston into the river.

The private school advantage has never been greater than in lockdown

When Boris Johnson announced the easing of lockdown this week, there was nothing for schools. Pubs, yes. Theme parks, even. But the education of children? There is no great rush for that, it seems. First things first. I have a 14-year-old daughter at a state grammar and like so many parents, I am in despair. The two-metre rule, which had presented such problems for schools, is finally being relaxed. But far from cheering the move as a crucial step towards getting children into the classroom, the teaching unions are still cavilling — advising headteachers to ensure they have contingency plans for bringing only half of pupils back, on a rotating basis. The Prime Minister has said all pupils should return in September.

Macer Gifford: My fight against Isis

In mid 2015, Macer Gifford, the City trader who went to Syria to fight Isis, got an unexpected phone call. He was in London for a break and busy doing media interviews as the unofficial spokesman for the Kurdish YPG militia. The caller, though, wasn’t just another hack after a quote. Instead, it was a lawyer whose client was on the ‘other side’. Tasnime Akunjee said he was working for the family of Shamima Begum, the teenager from Bethnal Green who had run away to join Isis. ‘He said they were looking at trying to get her out of Raqqa,’ remembers Gifford. ‘He asked if there was any way the YPG could pick her up, so that she could then be brought back to the UK.’ Was she keen to return, asked Gifford?

Why can’t Britain’s foreign aid be used to help Christians too?

For years now, the British government has prided itself on how much money it gives away in foreign aid. But of course it’s not just the amount that matters — it’s how effective it is. Now that the Prime Minister is to wrap the Department for International Development back into the Foreign Office, it’s a chance for us to ask again: who are we as a country? What are our values? And how can we ensure that taxpayers’ money is well spent? It can be difficult to ensure that a recipient of aid is legitimate and worthy. That’s why there’s been a tendency for the UK and aid agencies to rely on giving to foreign governments and their bureaucracies.

We should build more memorials to controversial people

I have been making the best of lockdown by reading properly, from start to finish, Edward Gibbon’s Decline and Fall of the Roman Empire, in a seven-volume edition that is less daunting than it sounds, when you consider how addictive his rolling prose is. I have just reached the point, near the end of the great work, where Gibbon describes the sack of Constantinople by the armies of the Fourth Crusade in 1204. The blind Doge of Venice had persuaded the crusaders to interrupt what was supposed to be an attack on Muslim Alexandria by diverting to the Byzantine capital, where Venetian merchants had a large number of grievances to settle. Gibbon lists the marvellous classical statues, many of bronze, that were melted down by the victors and turned into coins for everyday use.

The pitfalls of wrongthink

First they came for the statues, then Basil Fawlty got ‘cancelled’ and three spoiled millionaires turned on their creator. So it was with J.K. Rowling’s woke progeny. Harry Potter, it would seem, is deathly shallow. Rupert Grint looked for a moment like holding firm, but he too quickly succumbed to the growing pressure to slip his golden dagger between Rowling’s shoulder blades. Surely these rich list regulars are perfectly placed to say what they actually think, protected from the ever-tightening vice of censorship? Apparently not. Fearing for their virtue or their future or both, the three children rounded on their mother. We must hope for better from Neville Longbottom.

The success of British Indians is troubling for some. Why?

When Priti Patel told Labour MPs that she didn’t need any lectures on racism, they seemed to take it as a declaration of war. Last week, 32 of them signed a letter accusing the Home Secretary of ‘gaslighting’ black people’s experiences. The social media warriors were out in force, rebuking her for not being authentically ethnic. She was attacked for being a ‘coconut’, brown on the outside and white on the inside. It’s not the first time she has faced hostility for not conforming to expectations: one article last year called her ‘a product of internalised whiteness’. Mahatma Gandhi is also now under fire, with a petition to remove his statue in Leicester attracting more than 6,000 signatures.

School’s out: the true cost of classroom closures

It’s Monday at 9 a.m. and secondary schools in England have just re-opened their gates to students in Years 10 and 12. I have been looking forward to this moment for 13 long weeks, since that frightening afternoon in March when my colleagues and I gathered around a computer in the staff room and saw a healthier-looking Boris Johnson declare he was shutting schools. But today I’m not at the comprehensive in Hackney where I teach economics welcoming back my students with a rousing lesson on the financial devastation caused by the crisis. I’m surplus to requirements and am still marooned at home.

Will Covid kill off the office?

The most useless technology is the one you invent but fail to exploit. The Incas invented the wheel, but seem only to have used it on toys. Hero of Alexandria designed the first steam engine in the 1st century ad, but it was seen as a gimmick. The technological opportunity to escape from city-centre offices has been stuck in a similar limbo between invention and implementation. In the 1970s, Nasa engineer Jack Nilles envisaged ‘teleworking’ from local work centres. In 1984, the Times reported that tele-commuting was the ‘magical buzzword’ on the US microcomputing scene. In the 1990s, the UK had 200 ‘telecottages’: rural workspaces with computers, communications and social support.