Money

Wednesday

Tali Fraser

Why some small tradesmen are turning to bartering

Holly, a 25-year-old sign writer and muralist, recently spent a couple of days staying in a shepherd’s hut an hour from her home. She didn’t pay for it – well, not in the way you or I would. The owner had a gypsy caravan with doors that needed painting. Holly could do the job. An agreement was struck, no money changed hands, and both sides walked away feeling they’d got a fair deal. Holly is one of a growing number of small tradesmen who have quietly decided to opt out of the traditional cash economy – or at least keep one foot outside it. She has been ‘paid’ in chiropractor sessions, pizza and someone cutting her grass. When she painted the Christmas windows of her local café, the owner told her to pop in for a free lunch ‘for the next ten goes’.

Wednesday

Charlie Baker

Make weddings short again 

As every single one of my friends – and their spouses – is a tasteful soul, it goes without saying that every wedding I have ever attended has been the last word in elegance. You do hear things, though. Of Balham-based chartered accountants behaving like Victorian land magnates by renting stately homes for their nuptials. Of multi-venue events in five-star resorts by the lapping shores of the Mediterranean Sea. Of women having to buy, rent and borrow ten dresses for the summer that makes up wedding season. I could go on. So I am not surprised to read that one in three people is now turning down wedding invitations because they’ve become so expensive.

Friday

George Farmer

How to reclaim your life

From our US edition

I stopped charging my phone beside my bed four years ago and have never regretted it. Alarm clocks seemed destined to go the way of the DVD, but I am on a solo mission to restore them to bedside tables around the world. The harsh tone of the alarm is certainly no match for what Spotify can give us, but it’s worth avoiding the 30 minutes of doomscrolling that the phone inevitably causes. Since making the switch from the waking blue-light bath, I have rediscovered those early hours of the morning, with their associated peace and silence, before children and work invade my limited headspace. Carving out that half hour before the noise begins has helped restructure my priorities in life. Every year the Pope chooses a preacher for the Roman Curia’s annual Lenten retreat at the Vatican.

Wednesday

Peter Jones

Welcome to Diocletian’s cashless society

Money is a pagan god because it has value only as long as people believe it does. Refuse to believe, and the value disappears. In the 3rd century ad, the Roman empire was under intense pressure, and emperors resorted to increasing taxes and debasing coinage to fund its protection. The result was terrifying inflation. Cash became worthless. Soldiers refused to be paid in it and the state to accept tax in it. So ‘requisitioning of supplies’ – goods, materials, labour – became, in effect, taxation ‘in kind’ to pay for the military; and the army plundered at random to ‘collect’ it. The emperor Diocletian rationalised the system by organising this requisitioning of supplies into a coherent tax scheme.

Thursday

John Fund

The ‘Trump sleaze factor’ grows and grows

From our US edition

Earlier this month, I wrote a cover story for The Spectator warning that Donald Trump’s increasingly brazen flouting of ethical standards portended a political disaster for Republicans in the midterms. Since then, the corruption news has only gotten worse.   Just this week, the financial disclosure form Trump quietly filed for the first quarter of 2026 revealed his personal account had made an eye popping 3,600 stock trades valued at between $220 million and $750 million (his corporate holdings aren’t subject to disclosure).

Wednesday

Maxwell Marlow

How to solve the student debt crisis

England’s student debt is staggering. It comes to £270 billion – that’s larger than the budget for the NHS and two and a half times larger than the education budget. This arsenal of taxpayer-backed cash has seen the creation of 34 new universities just to feed an ever-hungrier mass of undergraduates. It’s forecast that by the late 2040s, this loan balance will reach £500 billion. These loans are not standard financial arrangements. They don’t affect the debtors’ credit ratings, only their mental health when they check their bank balance. Crucially, most loans are also wiped after 30 years from graduation.

Margaret Mitchell

Frugal chic, the movement changing the way women shop

It is, apparently, a novel concept in our age of overconsumption, that life can still be enjoyable even if you don’t have stupid money. ‘Frugal chic’ is the new lifestyle trend summed up by the 25-year-old influencer Mia McGrath, who coined and trademarked the term, as ‘living luxuriously while spending intentionally’. Frugal chic supposedly teaches young women – whose financial literacy typically lags behind young men’s – how to make their money go further with practical advice on investing and saving.

Arabella Byrne

The rise of the pocket money app

I am standing in the village Co-op with my eight-year-old daughter when she asks, inevitably, to be bought a magazine. As most parents will know, magazine is a generous term for this iteration: a collection of sorry pages whose sole purpose is a vehicle for plastic toys. I say no, but then she blindsides me. ‘Fine, I’ll pay for it with my pocket money,’ she declares, whipping out her pre-paid card like a good capitalist. As I slip the packet of fags I have bought for myself into my pocket, I realise that I am morally snookered. For is she not free to spend her pocket money as she likes? And am I not free to spend my money as I like? Libertarians, all. Most of us born before the advent of digital banking will have firm ideas about pocket money.

Iona Bain

The taxman is coming for the self-employed

Spare a thought for Mrs McClafferty & Co. Like thousands of small business owners, she has spent years managing things the old-fashioned way: jotting down figures in a Silvine cash book, stuffing receipts into a shoebox and sorting it all out when the tax return comes around. But according to HMRC, taxpayers like her are partly responsible for a £24 billion black hole in UK tax receipts. Which means the taxman is coming for them. If you are self-employed and had an income of more than £50,000 last year, get ready for Making Tax Digital (MTD). From 6 April, you will have to file an income and expenses update four times a year, then an adjustment, then the annual return. You must use HMRC-approved software to do it all.

Wednesday

Charles Moore

The only living being on our banknotes should be the monarch

This Middle East conflict ought to be much easier than the oil embargo which followed the Yom Kippur war of 1973. The Arabs came quite close to winning, whereas Iran has no chance. The embargo, imposed on all countries, including Britain, which had supported Israel in the war, was backed by almost all Arab states, few of which were fanatically Islamist, and by the Soviet Union. It lasted for six months. America depended on Saudi Arabia alone for 25 per cent of its oil (only a bit over 5 per cent of imports today). The price rose by 400 per cent. The economic disruption was massive. In 2026, by contrast, almost all Middle Eastern states detest Iran and want their oil to flow without let or hindrance. There is plenty of money and power in the world to reopen the Strait of Hormuz.

Friday

Josie Cox

The subway deserves some respect

From our US edition

A few weeks before the end of the year, I was invited to a house party at which I had the misfortune of becoming embroiled in a conversation with a man I’ll call Joe, because his name was Joe and I don’t feel inclined to offer him the dignity of a pseudonym. There’s a theory I’ve corroborated since moving to New York in 2020. Every conversation at a party in this city eventually gravitates toward one of five subjects: traffic, the weather, real estate, sex or the mayor. The ultra-rich are among the subway’s most devoted riders Joe told me he works in finance (which he pronounced “fin-ants”) and it seemed he wasn’t bothered about the weather. He wasn’t a tax-optimizing Connecticut commuter, so had no unsolicited opinions to share about traffic.

Thursday

Matthew Lynn

The golden rule: there’s no reason to stop buying precious metals

Last year might have proved a good time to own shares in the chip-maker Nvidia, along with the booming American tech giants. Or a piece of the defense manufacturers as the world re-arms. Or to hold a position in some of the rapidly growing economies of South America or Asia, or even one of the hyped-up crypto currencies. There were plenty of places investors expected to make money over the past year. As it turned out, however, there was one asset that outpaced them all, even though it generates no income: gold, and to an even greater extent, its junior sibling silver. With government debt soaring out of control, the precious metals are more valuable than ever – and so long as that is true, they will keep on climbing. There is no question it was the stand-out asset of last year.

Wednesday

Andrew Gimson

A fogey’s guide to cryptocurrency

All innovations seem unseemly to fogeys. When bitcoin, the first of the cryptocurrencies, was launched in 2009, we dismissed it as a deplorable and transient phenomenon. Its inventor, who called himself Satoshi Nakamoto, would not reveal his real name. Perhaps he did not exist and whoever hid behind the pseudonym was having a joke at our expense. When Satoshi created the first bitcoin on 9 January 2009, he embedded within its code a headline from a recent Times: ‘Chancellor on brink of second bailout for banks.’ Crypto appeals to people who distrust banks, as well one may. ‘Never trust the bankers,’ Winston Churchill warned in old age. History suggests one can trust neither governments nor central banks to maintain the value of money.

John Oxley

Want to get rich? Invest like an American

Ramit Sethi wants to make you rich. He is not a household name in Britain, but the Stanford psychology graduate is one of the biggest personal finance influencers in the US. He hosts a successful podcast, Money for Couples, has written bestselling books and even has a Netflix show, How to Get Rich. All his projects share the same message: by changing your mindset and taking a few practical steps, you can power yourself toward prosperity. To British ears, his style might seem brash. It is financial advice with a substantial side of life coaching. But beyond the difference in tone, Sethi spreads a simple message rarely heard in finance columns or consumer advice TV slots in this country: that the best thing you can do for your money is to rapidly increase your income.

Matthew Lynn

Is any other investment as good as gold?

Last year might have proved a good time to own shares in the chip-maker Nvidia, along with the booming American tech giants. Or a piece of the defence manufacturers as the world re-arms. Or to hold a position in some of the rapidly growing economies of South America or Asia, or even one of the hyped-up crypto currencies. There were plenty of places investors expected to make money over the past year. As it turned out, however, there was one asset that outpaced them all, even though it generates no income: gold, and to an even greater extent, its junior sibling silver. With government debt soaring out of control, the precious metals are more valuable than ever – and so long as that is true, they will keep on climbing. There is no question it was the stand-out asset of last year.

Friday

Arabella Byrne

Long live the joint bank account!

My husband and I share a bank account, and I don’t care who knows it. This detail lumps us in with many Boomer couples who have typically shacked up together financially – for better or worse, richer or poorer – for the duration of their married life. As (geriatric) millennials, our joint bank account therefore renders us something of an anachronism, but we’re used to this by now. We are outdated and unfashionable in our approach to many things, including (but not limited to) childcare, housework and car management.

Monday

Rory Sutherland

Where are you on the tightwad scale?

I once stood in a queue behind a Scotsman checking out of a hotel in Germany. After he had finished scrutinising his bill in agonising detail, he demanded that it be reprinted, this time removing the €1 discretionary charge which had been added in support of the local homeless. More recently some friends of my daughter’s met a Yorkshire-born Spectator writer at a local fête. They mentioned the connection, expecting some mild pleasantries. Not so. ‘’Appen that reminds me: he still owes me for a taxi.’ When I heard this, I was bemused. Then I remembered I had indeed shared a taxi with the Yorkshireman in question, requesting a minor diversion to drop me off at Cannon Street. This, granted, would have added two quid to the overall fare. Point taken.

Sunday

Jim Lawley

Why Christmas comes early for thousands in Spain

Every time I hear about someone winning ten million pounds/euros/dollars in a lottery, I think (and I’m sure I’m not alone in this): ‘Yeah, but… wouldn’t it have been better if ten people had won one million?’ Well, that’s more or less what happens in Spain. Tomorrow nearly 2,000 people will share the first prize in the Christmas lottery, each winning €400,000 (£350,000). The same number stand to share the second (€125,000 each) and third (€50,000 each) prizes. So in total almost 6,000 Spanish households will suddenly be looking forward to a much better life. No wonder there are such explosions of joy the length and breadth of Spain every year on 22 December.

Saturday

Dot Wordsworth

What makes money ‘short?’

From our US edition

I heard on the wireless a reference to the growing number of small political parties getting funds from short money. I’m afraid I let it slide past me as one of the many things about money that I don’t understand. Short is an extremely productive element in English vocabulary. Short-haul journeys preceded by decades the invention of airplanes. The unlikely sounding shorthorn carrots have been with us since the 1830s. The Americans favor short hundredweights, which are only 100lb instead of the Imperial 112lb; worse, the standard ton is consequently a short ton of 2,000lb, a long way off the metric tonne, to which British tons approximate.

Monday

Rob Crossan

Would you pay for your office Christmas party?

If Christmas is a time for giving then it seems the message isn’t getting through to nearly enough office managers. For the umpteenth year running, I’m getting the annual stream of resigned-sounding complaints from friends who have office-based careers. Office life has its perks, of course; unlike my mostly-bed-and-airport-based freelance life, you actually know what you’re going to be paid at the end of each month. But my decision to accept the Faustian pact of being a sole trader never feels more validated than when my pals tell me about the plan for their office Christmas party – and the demand that they pay for it themselves.