Michael Simmons is The Spectator's economics editor. Contact him here.
From our UK edition
Rachel Reeves’s spending review was the ‘most incomprehensible speech I’ve ever heard from a chancellor’, according to Paul Johnson of the Institute for Fiscal Studies. He spoke to me on today’s edition of Coffee House Shots. In this special episode, I was also joined by Ruth Curtice, chief executive of the Resolution Foundation, to take a
From our UK edition
20 min listen
The Spectator’s economics editor Michael Simmons is joined by the outgoing boss of the Institute for Fiscal Studies Paul Johnson and the CEO of the Resolution Foundation Ruth Curtice to understand why Britain’s economy is in such a bad place. Given it feels like we are often in a doom loop of discussion about tax
From our UK edition
Writing about Britain’s spending plans has started to feel a bit like swimming through treacle. It’s not that there aren’t lots of interesting observations to make about Wednesday’s £300 billion spending announcement. Such as the fact that the NHS sucks up the bulk of the resource spending with a 3 per cent rise in real
From our UK edition
13 min listen
There were clear winners and losers in Rachel Reeves’s spending review yesterday but some of her announcements around capital spending and investment saw her dubbed the ‘Klarna Chancellor’ by LBC’s Nick Ferrari for her ‘buy now, pay later’ approach. Clearly trying to shake off the accusations of being ‘austerity-lite’, Labour point to longer term decisions
From our UK edition
Rachel Reeves delivered her spending plans for the next three years less than 24 hours ago, but already the credibility of the Chancellor’s plans are in doubt. GDP fell by 0.3 per cent in April, according to figures released this morning by the Office for National Statistics (ONS). It spells the end of a run
From our UK edition
47 min listen
OnlyFans is giving the Treasury what it wants – but should we be concerned? ‘OnlyFans,’ writes Louise Perry, ‘is the most profitable content subscription service in the world.’ Yet ‘the vast majority of its content creators make very little from it’. So why are around 4 per cent of young British women selling their wares
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Fenix International occupies the ninth floor of an innocuous office block on London’s Cheapside. The street’s name comes from the Old English for marketplace, and once upon a time Cheapside was just that: London’s biggest meat market with butcher shops lining either side of the road. Today, the street houses financial institutions and corporate HQs.
From our UK edition
10 min listen
There were few surprises in Rachel Reeves’s spending review today. Health was the big winner, with a £29bn increase in day-to-day spending and £39bn was announced to build social and affordable housing. The main eyebrow-raiser was the announcement that the Home Office will end the use of hotels for asylum seekers within this parliament; this
From our UK edition
Rachel Reeves has just taken her seat after delivering the first spending review since the pandemic. The plans outlined today set departmental budgets for the next three years and infrastructure spending for the next four. Total departmental spending will rise by 2.3 per cent – but, predictably, the spoils will not be shared evenly. The
From our UK edition
17 min listen
Rachel Reeves has pledged a ‘new era of nuclear power’ as the government confirms a £14.2 billion investment in the Sizewell C nuclear plant in Suffolk. This comes on the eve of Labour’s spending review, with the government expected to highlight spending pledges designed to give a positive impression of Labour’s handling of the economy.
From our UK edition
The unemployment rate has risen to 4.6 per cent, the Office for National Statistics has revealed. This morning’s figures mark the first proper reading of the jobs market since April, when the minimum wage was hiked and the £25 billion raid on employer National Insurance started. It’s not just the joblessness rate rising: the number
From our UK edition
When Rachel Reeves last week tried to shift the narrative around her spending review – from one of fiscal restraint to ‘spend, spend, spend’ – she ‘unveiled’ £113 billion in infrastructure investment. But for those in Westminster with more than a short-term memory, they will have felt a distinct sense of déjà vu. That’s because
From our UK edition
13 min listen
James Nation, formerly a special adviser to Rishi Sunak and now an MD at Forefront Advisers, joins the Spectator’s deputy political editor James Heale and economics editor Michael Simmons, to talk through the latest on the government’s spending review, which is due to be announced on Wednesday. The last holdout appears to be Home Secretary Yvette
From our UK edition
17 min listen
Shadow Chancellor Mel Stride delivered a speech today where he attempted to banish the ghost of Liz Truss and improve the Conservatives’ reputation over fiscal credibility. And he compared leader Kemi Badenoch to Thatcher, saying she too struggled at first and will ‘get better’ at the dispatch box. LBC broadcaster Iain Dale and the Spectator’s
From our UK edition
‘The ONS apologises for any inconvenience caused’ is becoming an all-too-familiar refrain from Britain’s statisticians. The latest mea culpa came after a blunder involving vehicle tax data led the Office for National Statistics to overstate April’s inflation figure. Initially reported as 3.5 per cent, the true figure was 3.4 per cent – only revealed once
From our UK edition
16 min listen
Rachel Reeves unveiled billions of pounds of investment today for transport and infrastructure projects, as Labour attempts to demonstrate that next week’s spending review is not just about departmental cuts. However, most of the political noise today has centred on her announcement that the winter fuel cut will be reversed by the end of the
From our UK edition
Rachel Reeves has been warned again that the slim headroom against her ‘ironclad’ fiscal rule could be wiped out if growth prospects worsen. The Organisation for Economic Co-operation and Development (OECD) said in its latest economic outlook for the UK that ‘very thin fiscal buffers could be insufficient to provide adequate support without breaching the
From our UK edition
Changes to how inheritance tax and trusts are treated for non-doms have already put the nation’s finances on shakier ground – something I revealed in a cover story last month. Now, a new report suggests these anti-business Treasury policies may risk killing off Britain’s family firms too. Fresh analysis by the CBI’s economics consultancy, commissioned by Family
From our UK edition
16 min listen
Lots to discuss today: Robert Jenrick takes on TfL, a Nazi jibe from the attorney general and allegations of shoplifting made against our own Michael Simmons. But we start with Keir Starmer’s big speech yesterday, where the theme was ‘get Nigel’, after polling from More in Common showed that framing the election as a two-horse
From our UK edition
This week Dominic Cummings said the Tories may have ‘crossed the event horizon’. He was trying to find a tech bro way of saying the game is up: they’re finished as an electoral force and it’s only Labour, Reform and the Lib Dems still in play. But might the Tories have one last chance? If