China

I have a memory picture of an urban highway in Shenzen, southern China. Recently built, with abundant flowering shrubs planted along its central reservation, it was lined as far as the eye could see by uncountable apartment towers, many of them unfinished. This was 2009 and it was my first glimpse of the debt-fuelled property bonanza that had begun to grip the Chinese economy – alongside the export-led manufacturing boom that was also plainly visible, thanks to satellite maps of the vast agglomeration of factories surrounding the new-rich residential areas. It’s easy to be a permanent bear in any market, because history tells us they all come crashing down in the end.

On board Aello She was built in 1921, a beautiful wooden ketch that is as graceful to look at as she’s uncomfortable for fat cats accustomed to gin palaces. I’ve sailed her over many years, the last time giving her to my children as I was in plaster having fallen from a balcony in Gstaad. This time it was worse. In fact it was the greatest no-show since Edward VIII skipped his coronation and showed up on the French Riviera instead. Michael Mailer had hinted that some Hollywood floozies were eager to sail around the Greek isles, but arrived empty-handed. The absent floozies were missed, but were immediately replaced by my son and his son, and off we went, four males looking for mates down the Peloponnese coast.

Sir Keir Starmer’s piece in the Times on Monday was presumably constructed round the front-page headline Labour wanted – ‘Just Stop Oil tactics are contemptible, says Starmer’. Behind the headline, and therefore unnoticed, was his argument that the Tories are wrong to allow new drilling for oil and gas in the North Sea, and Labour is right to allow only old drilling. This wedge between the two main parties is relatively trivial, since both are still committed to getting rid of all new petrol and diesel cars by 2030 and therefore on course to create what Sir Keir, speaking of Just Stop Oil, calls ‘chaos for working people’.  Will Sir Keir also condemn Greenpeace’s invasion of Rishi Sunak’s house in Yorkshire last week?

Home Ben Wallace said he would cease to be the Defence Secretary at the next cabinet reshuffle and would not stand again for parliament. The Conservatives endured three by-elections – at Uxbridge and South Ruislip, Selby and Ainsty and Somerton and Frome. The left-wing mayor of North of Tyne, Jamie Driscoll, resigned from the Labour party after a rival was selected to stand for the newly created mayoralty of the North East. Sir Keir Starmer, the Labour leader, said he would not reverse the Conservative limit on claiming child tax credit or universal credit for more than two children. On universities, Rishi Sunak, the Prime Minister, said: ‘Our young people are being ripped off. They’re being saddled with tens of thousands of pounds of debt from bad degrees.

How secure is Vladimir Putin? His Presidential Security Service consists of 2,500 personnel, his Federal Protective Service of 50,000 troops and the National Guard, essentially his personal army, of 350,000. What could possibly go wrong? Roman emperors might have had a view. It was Augustus who invented the Praetorian Guard (27 bc), a personal, prestigious protection force of 9,000 men, based in Rome and accompanying him abroad. It did not start well. The second emperor Tiberius came within an ace of being displaced by his captain of the Guard Sejanus. The next (insane) emperor Caligula was murdered by conspirators, including a Praetorian, and the Guard hauled out a terrified Claudius from behind a curtain and made him emperor.