Michael Simmons

Michael Simmons

Michael Simmons is The Spectator's economics editor.

Labour’s transfer deadline day

From our UK edition

17 min listen

The summer transfer window comes to a close today but, as Parliament also returns from summer recess today, the only team Keir Starmer is focused on is his own in Number Ten. The Prime Minister has decided to reshuffle his advisers, including bringing in Darren Jones MP to Number Ten from the Treasury. Political editor Tim Shipman and James Kirkup, a partner at Apella Advisors and senior fellow at the Social Market Foundation, join economics editor Michael Simmons to go through the moves. Will yet another change in advisers boost Labour's fortunes? Or are they doomed to relegation? Produced by Patrick Gibbons and Natasha Feroze.

Bell Hotel latest: ‘two tier justice’?

From our UK edition

17 min listen

Human rights barrister Dr Anna Loutfi and deputy political editor James Heale join Michael Simmons to unpack the latest court ruling over the migrants housed at the Bell Hotel. The government has won an appeal today – but how much of a victory is it really? Anna explains how the legal questions considered by this case raise a much wider debate about the rights of citizens. Is this another example of 'two tier justice'? Produced by Patrick Gibbons and Natasha Feroze.

The coming crash, a failing foster system & ‘DeathTok’

From our UK edition

45 min listen

First: an economic reckoning is looming ‘Britain’s numbers… don’t add up’, says economics editor Michael Simmons. We are ‘an ageing population with too few taxpayers’. ‘If the picture looks bad now,’ he warns, ‘the next few years will be disastrous.’ Governments have consistently spent more than they raised; Britain’s debt costs ‘are the worst in the developed world’, with markets fearful about Rachel Reeves’s Budget plans. A market meltdown, a delayed crash, or prolonged stagnation looms. The third scenario, he warns, would be the bleakest, keeping politicians from confronting Britain’s spendthrift state. We need ‘austerity shock therapy’ – but voters don’t want it.

The coming crash: the markets have had enough

From our UK edition

‘The problems of financing our deficits have seriously hampered progress in achieving our goals,’ wrote Labour’s chancellor Denis Healey in 1976 in his letter to the International Monetary Fund (IMF). Half a century on, little has changed. Britain’s numbers still don’t add up. Our demographics are the problem: we’re an ageing population with too few taxpayers. As births struggle to replace deaths, liabilities funded from today’s taxes become harder to sustain. If the picture looks bad now, the next few years will be disastrous. A crash seems almost certain. For years the government has spent more than it raises through taxes. It financed that gap through the kindness of others, or to put it more plainly: debt. Staggering amounts of it.

Labour goes on the Farage offensive

From our UK edition

12 min listen

As James Heale writes online for the Spectator today, 'two issues continue to plague the government': how best to attack Nigel Farage. and how to frame an incrementalist approach to policy 'when the national mood favours radical change'. Nick Thomas-Symonds, the Cabinet Office minister responsible for UK-EU relations, attempted to tackle both today as he came to the Spectator to set out Labour's Europe strategy. Labour are pursuing 'pragmatic alignment' – what they argue is greater co-operation when beneficial to the British interest. But what does this mean? James joins Michael Simmons on the podcast to unpack the speech.

Starmer’s authoritarian turn – with Ash Sarkar

From our UK edition

15 min listen

Since the government’s decision to proscribe the group Palestine Action, arrests have mounted across the country, raising questions not only about the group’s tactics but also about the government’s handling of free speech and protest rights. On today’s special edition of Coffee House Shots, Michael Simmons is joined by The Spectator’s James Heale and journalist Ash Sarkar to debate whether this is evidence of an increasingly authoritarian bent to Starmer’s Labour. Has the ban made prosecutions easier, or has it created a chilling effect on freedom of expression? And is this further evidence of the overreach of the attorney-general, Lord Hermer?

Svitlana Morenets, Michael Simmons, Ursula Buchan, Igor Toronyi-Lalic, Richard Morris & Mark Mason

From our UK edition

37 min listen

On this week’s Spectator Out Loud: Svitlana Morenets says that Trump has given Zelensky cause for hope; Michael Simmons looks at how the American healthcare system is keeping the NHS afloat; Ursula Buchan explains how the Spectator shaped John Buchan; Igor Toronyi-Lalic argues that art is no place for moralising, as he reviews Rosanna McLaughlin; Richard Morris reveals how to access the many treasures locked away in private homes; and, Mark Mason provides his notes on bank holidays. Produced and presented by Patrick Gibbons.

Britain is being pulled under by debt

From our UK edition

Britain is slowly drowning in debt. Figures just released by the Office for National Statistics (ONS) show that in the financial year to July the state had to borrow £60 billion to tread water. That’s £6.7 billion more than by July last year and the third highest borrowing total for this period of the year since records began 32 years ago. Statisticians also managed to find almost another billion pounds in debt payments that now need to be added to the previous month's figures.  When the Bank cut interest rates, something alarming happened in the borrowing markets There was better news, though, when looking at the month of July alone, with borrowing coming in at £1.1 billion, which was £2.3 billion less than the same month last year and the lowest July figure for three years.

Why your weight loss jab is ballooning in price

From our UK edition

‘A friend of mine who’s slightly overweight, to put it mildly, went to a drug store in London,’ Donald Trump said aboard Air Force One. Earlier he had told reporters: ‘He was able to get one of the fat shots. “I just paid $88 and in New York I paid $1,300. What the hell is going on? It’s the same box, made in the same plant, by the same company.”’ You can see why the dealmaker-in-chief was irked. And when Trump is irked, someone usually pays the price. In May, the President signed an executive order for ‘most-favoured-nation prescription drug pricing for American patients’. It was a warning to drug companies, as well as other countries, that Americans were tired of paying nearly three times more for the same medicines as patients abroad.

Is inflation here to stay?

From our UK edition

Inflation is up again. CPI climbed to 3.8 per cent last month – up from 3.6 per cent in July, now well above the 2 per cent target that the Bank of England no longer seems all that bothered about missing. It throws fresh doubt on the wisdom of the Bank’s decision to cut rates just a fortnight ago, with prices now climbing to a 19-month high. This morning’s inflation figures, released by the Office for National Statistics (ONS), show that much of the increase in prices was driven by a large jump in plane tickets and petrol. Economists had expected inflation to tick up – but not by this much. Food inflation has increased for the fourth month in a row. It is now at its highest level in more than a year at 4.9 per cent.

GDP growth proves the Bank of England’s mistakes

From our UK edition

Yesterday’s stronger-than-expected GDP growth raises questions for the Bank of England. Second quarter growth came in at 0.3 per cent (0.2 per cent per Brit) propped up by a strong 0.7 per cent in June alone. The rest of the national accounts however, paint a worrying picture when it comes to inflation.The GDP deflator – which is a measure of the overall level of prices in the whole economy – came in at 4.1 per cent year-on-year growth. That’s down slightly from the last reading but still more than double the Bank’s 2 per cent target. Nominal domestic demand was growing too, at more than 5 per cent – providing stronger growth figures but pouring fuel on the inflationary fire.

Rachel Reeves must pull Britain from its doom loop

From our UK edition

Britain’s is growing, albeit sluggishly. Figures just released by the Office for National Statistics (ONS) show the economy grew by just 0.3 per cent in the second quarter of the year – a sharp slowdown from the first three months, when growth was 0.7 per cent. ‘The economy was weak across April and May,’ the ONS said, blaming consumers and businesses racing to beat tariffs and stamp duty by bringing activity forward. There was, however, a stronger recovery in June, with the economy expanding by 0.4 per cent. Between April and June as a whole, services drove most of the growth, with particular strength in computer programming, healthcare and vehicle leasing. Construction also expanded, while production contracted. On a per capita basis, growth was a meagre 0.2 per cent.

Don’t forget Nicola Sturgeon’s real legacy

From our UK edition

Nicola Sturgeon gets an easy ride with the English media. This weekend, with a book to flog and an image to launder, we’ve had to endure another round of interviews with the former first minister. And what have we learnt? Her sexuality is ‘non-binary’; she has ‘famed emotional intelligence’; she handled Covid better than Boris; she is the most successful woman in politics since Margaret Thatcher. Some of that may be true, some of it demonstrably false. But what matters is the Scotland she left behind. To judge the success of Scotland – and those who lead it – three categories matter most. Two were once sources of national pride; one has always been our Achilles’ heel.

Has the Bank of England forgotten what its job is?

From our UK edition

15 min listen

Some excitement on Threadneedle Street today after the Bank of England cut interest rates to 4 per cent. The Bank’s Monetary Policy Committee (MPC) has just voted five to four – after a revote – for what is the third cut this year. This takes interest rates back down to levels not seen since the beginning of 2023. Concerns about an increasingly slack labour market seem to have driven the MPC’s decision. This sounds like good news – and Starmer will welcome it as such – but the Bank’s apparent comfort with loosening policy in this context is baffling says Michael Simmons. Its own forecasts show inflation climbing back to 4 per cent by September – double the official target.

Has the Bank of England forgotten what its job is?

From our UK edition

The Bank of England has cut interest rates to 4 per cent. Threadneedle Street’s Monetary Policy Committee (MPC) has just voted five to four, after a revote, for what is the third cut this year. This takes interest rates back down to levels not seen since the beginning of 2023. Concerns about an increasingly slack labour market seem to have driven the MPC’s decision. A second vote was required – the first since 1998 – because initially four members of the committee voted for a 0.25 per cent cut but one member voted for a larger cut of 0.5 per cent. Markets expect the rate to be cut once more to 3.75 per cent before Christmas. Governor Andrew Bailey sounded cautious, saying: ‘We’ve cut interest rates today, but it was a finely balanced decision.

What Douglas Murray’s court win means for press freedom

From our UK edition

10 min listen

The Spectator and Douglas Murray have comprehensively won a defamation case brought by Mohammed Hegab. Hegab, a YouTuber who posts under the name Mohammed Hijab, claimed that an article about the Leicester riots, written by Douglas Murray and published by The Spectatorin September 2022, caused serious harm to his reputation and led to a loss of earnings. However, the judge found that the article did not cause serious harm to Hijab, that what was published was substantially true, and that Hijab had ‘lied on significant issues’ in court and had given evidence that ‘overall, is worthless’. What does this case mean for the future of press freedom?

Has Rachel Reeves created a £50 billion fiscal black hole?

From our UK edition

The Chancellor’s black hole is getting bigger and tax rises are coming. That’s the judgement of the National Institute of Economic and Social Research (NIESR) whose model of the UK economy has forecast she must find £50 billion of revenue or cuts if she’s to return to the £9.9 billion of fiscal headroom she left herself in the spring.   Some now believe the gap is so large Reeves may have to break Labour’s manifesto pledge not to increase income tax, VAT or employee national insurance Reeves’s self-imposed and ‘ironclad’ fiscal rules require her to abolish the deficit by the end of the Office for Budget Responsibility’s (OBR) five-year forecast. NIESER’s model says Reeves is now £41.

Online Safety Act: are Labour or the Tories worse on free speech?

From our UK edition

27 min listen

Is the Online Safety Act protecting children – or threatening free speech? Michael Simmons hosts John Power, who writes the Spectator's cover piece this week on how the Act has inadvertently created online censorship. Implemented and defended by the current Labour government, it is actually the result of legislation passed by the Conservatives in 2023 – which Labour did not support at the time, arguing it didn’t go far enough. Michael and John joined by former Conservative MP Miriam Cates who defends the core aims and principles at the heart of the Act. They debate the principles of Big Tech, the risks of government overreach and whether freedom of expression is under threat. Produced by Megan McElroy and Patrick Gibbons.

Why can’t we agree on data?

From our UK edition

12 min listen

John O’Neill and Sam McPhail, the Spectator’s research and data team, join economics editor Michael Simmons to re-introduce listeners to the Spectator’s data hub. They take us through the process between the data hub and how their work feeds into the weekly magazine. From crime to migration, which statistics are the most controversial? Why can’t we agree on data? Plus – whose data is presented better, the Americans or the French? For more from the Spectator’s data hub – which may, or may not look like the thumbnail photo – go to: data.spectator.co.uk Produced by Patrick Gibbons and Megan McElroy.

Michael Simmons, Kapil Komireddi, Margaret Mitchell, David Abulafia and Melissa Kite

From our UK edition

27 min listen

On this week’s Spectator Out Loud: Michael Simmons argues that Trump is winning the tariff war with China; Kapil Komireddi reviews Robert Ivermee’s Glorious Failure: The Forgotten History of French Imperialism in India; Margaret Mitchell watches a Channel 4 documentary on Bonnie Blue and provides a warning to parents; David Abulafia provides his notes on wax seals; and, Melissa Kite says that her B&B is the opposite of organic. Produced and presented by Patrick Gibbons.