Michael Simmons is The Spectator's economics editor. Contact him here.
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Reality Check verdict: false You know things are hotting up in Westminster when reporters start unironically using the word ‘febrile’. Today, we’re well past febrile. So much so that Westminster turmoil seems to be spilling out into the markets, sending gilt yields (the government borrowing cost) skywards. For one Labour MP though that’s no problem.
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11 min listen
May local elections have finally arrived. As 5,066 seats are contested in local councils many are wondering whether there is any point in voting at all. These councils manage budgets worth hundreds of millions of pounds – budgets decided by national government. Given the amount of statutory spending on areas like SEND and care homes,
From our UK edition
45 min listen
In this week’s podcast, William Moore is joined by The Spectator’s economics editor Michael Simmons, assistant editor Isabel Hardman and Times columnist and Sky News presenter Trevor Phillips. The panel unpacks Mary Wakefield’s cover story on the rise of shoplifting – and what it reveals about’ shameless Britain’. After a Morrisons manager was reportedly sacked
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In a relief for mortgage holders, anyone with a job and the government, the Bank of England’s Monetary Policy Committee (MPC) has voted 8–1 to hold interest rates at 3.75 per cent. That is despite rising inflation thanks to the Iran war, which is likely to hit Britain worse than almost anywhere else. Had it
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Britain has recorded the highest drug deaths in Europe. Green Party leader Zack Polanski has declared that this means the so called ‘war on drugs’ is not working, and favours a more liberal approach of legalisation. Michael Simmons is joined by John Power to look at the numbers and show why Polanski would likely make
From our UK edition
Rachel Reeves may have lost the plot. The Guardian reports that the Chancellor is considering a one-year rent freeze on private-sector flats and houses in England, as fears mount in government about the economic effects of the Iran war. Meanwhile, Angela Rayner, Andy Burnham and the Green party, flanking Reeves and Keir Starmer from the left, risk
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Unemployment unexpectedly fell to 4.9 per cent this week. Some in government may been using this to mark a healthy economy but don’t believe the headlines. Whilst unemployment may be down, economic inactivity is up. And figures show its predominately graduates who are struggling to find work. Michael Simmons looks at the data and explains
From our UK edition
The Iran war is being felt in Britain’s economy. Figures just released by the Office for National Statistics (ONS) show inflation rose to 3.3 per cent in March – up from 3 per cent the month before. The rise was mainly driven by fuel prices, which jumped at their fastest rate in more than three
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On the face of it, the Office for National Statistics (ONS) have just released great news on unemployment. The rate – against all expectations – has fallen from 5.2 per cent to 4.9 per cent. Radio 4’s Today programme welcomed the ‘surprising’ news. But this is no good news story. To be classed by statisticians
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Buying a flat in Britain has increasingly become a fool’s errand, driven in part by the leasehold system trapping homeowners into flats. When Labour wrote their manifesto they promised reform to the leasehold system, but it remains a sticking point in Westminster due to heavy lobbying. Michael Simmons is joined by Harry Scoffin, founder from
From our UK edition
It must be bittersweet being Rachel Reeves. Figures just released by the Office for National Statistics (ONS) show the economy grew by 0.5 per cent in February. That is significantly better than economists had expected and, coupled with the fact that January growth has been revised up, it marks probably the first piece of seriously
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Rachel Reeves lands in Washington tonight to be greeted with bad news. The International Monetary Fund (IMF) – whose spring meeting the Chancellor is attending – has just handed Britain the largest GDP downgrade of any G7 country. In the freshly released update to their world economic outlook, the IMF forecast growth for the UK
From our UK edition
49 min listen
Has Britain become a freeloader’s paradise, asks the Spectator’s economics editor Michael Simmons in our cover piece this week. Michael analyses ‘the benefits of benefits’, at a time when Britain’s welfare bill is burgeoning and most households are struggling with cost of living. For example, while a family of four can expect to pay £111
From our UK edition
Britain has become a freeloader’s paradise. A working family of four will fork out £111 for a trip to the Tower of London, or £108 to visit London Zoo. With one parent on Universal Credit (UC), however, that drops to just £4 and £26 respectively. Welfare-advice websites expose how the public sector is ‘geared permanently
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Plastered around Westminster this Easter were adverts for the Tower of London. ‘The perfect place for troublemakers – pre-book now,’ the poster read. ‘Members go free.’ So too – near enough – do those on Universal Credit (UC). Easter-holiday treats can be expensive for hard-working families. For those on benefits they’re a breeze. A trip
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What has the war in Iran got to do with Britain’s house buyers? Michael Simmons takes a look at conflicting predictions from economists and the markets on the impact rising oil prices could have on interest rates. 2026 was expected to be one of the best years for first-time buyers to finally get on the
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The IMF has warned Britain is particularly vulnerable to another spike in energy prices, and is more exposed than many of its European neighbours. Why is that the case? And does the government have any real plan to shield households and businesses from the fallout? With the Tories and Reform calling for the government to
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10 min listen
The panic has set in around the cabinet table about this energy crisis, and fears of history repeating itself. Tim Shipman writes in the magazine about the comparisons being made to 1973 and the Opec oil shock, with the government preparing for oil prices to reach £150 a barrel. What levers are available to the
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This week Rachel Reeves ruled out a blanket energy bailout to manage the fallout from the Iran war. That’s the right approach. But her targeting of a bailout – reportedly to those on benefits – risks solidifying Britain’s welfare trap. When the Chancellor gave her economic update to the Commons on Tuesday following an emergency
From our UK edition
The Organisation for Economic Co-operation and Development (OECD) has just confirmed what we already knew: Britain will be hit harder than almost anywhere else by the economic fallout triggered by the war in Iran. Updated OECD forecasts released today slashed predictions of UK growth for this year to just 0.7 per cent from the 1.2
