Michael Simmons is The Spectator's economics editor. Contact him here.
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Is America about to enter a recession and take the world with it? Yesterday the pound was on track for its longest losing streak in a year as markets once again began to fear a US recession. The week started with what looked like the bursting of a tech bubble. Japan’s Nikkei dropped by 12
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On this week’s Spectator Out Loud: James Heale interviews Woody Johnson, the former American Ambassador to the UK, about a possible second Trump term (1:19); Lara Prendergast reflects on the issue of smartphones for children and what lessons we could learn from Keir Starmer’s approach to privacy (6:35); reviewing Patrick Bishop’s book ‘Paris ’44: The Shame
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‘I just love Venn diagrams,’ Kamala Harris said in 2022. ‘It’s just something about those three circles, the analysis about where there is the intersection, right?’ Venn diagrams have graduated from school textbooks to a genre of internet meme. After Joe Biden announced he wouldn’t seek a second presidential term, Harris’s team tweeted a picture
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Kamala Harris seems overwhelmingly likely to replace Joe Biden as the Democratic nominee, having been given the blessing of both Bill Clinton and Biden himself. But does she actually have a better chance of beating Donald Trump than Biden did? The betting markets think it’s a done deal: the below shows that other possibilities (Gavin
From our UK edition
British workers have just experienced their highest pay rises for two years. With inflation remaining at the Bank of England’s target, the average worker has now seen their real term pay increase between March and May this year by just over 2 per cent – a level not seen since 2022. However, in cash terms
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Regardless of who wins the coming election, taxes are going up. Spending plans from both Labour and the Tories suggest the tax burden – already at a post-war high – is going to do nothing but rise. During last night’s Sky News debate, Rishi Sunak laid the blame at the two ‘once in a century’
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Just when you thought this election campaign couldn’t get any more tumultuous, Douglas Ross has announced he will resign as Scottish Conservative leader. He had lost the support of his colleagues – particularly those in Holyrood – following his decision to effectively take over a Westminster colleague’s constituency when that MP was seriously ill in
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On this week’s Spectator Out Loud: Quentin Letts takes us through his diary for the week (1:12); Owen Matthews details the shadow fleet helping Russia to evade sanctions (7:15); Michael Hann reports on the country music revival (15:05); Laura Gascoigne reviews exhibitions at the Tate Britain and at Studio Voltaire (21:20); and, Michael Simmons provides his
From our UK edition
Ionce shared a bed with a doner kebab. I’d hungrily joined a 3 a.m. queue for much needed post-pub sustenance, only to pass out as soon as I sat down on my bed to eat it. It was a vinegary and leathery bedfellow to wake up to, but I’ve felt ever since that spending a
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The most important stories from the Covid Inquiry are found in the written evidence and submitted statements. However, the Cabinet Office is refusing to release vital evidence that the Inquiry isn’t interested in, in case it ‘excessively focused’ the public’s attention on lockdown-decision making. If neither side change their position, the British people will be
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Are interest rates still heading ‘downwards’ as the Bank of England Governor Andrew Bailey said last week? Homeowners across the country will be hoping so as average two-year mortgages are again approaching 6 per cent. But the latest figures on the UK job market may dampen hopes of a cut coming soon. Britons have continued
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Counting is nearly complete across England and Wales and the picture in the local elections is clear: Tory losses and a red wave. Thursday saw 103 English councils go to the polls with ten mayoral races and dozens of police and crime commissioner positions up for grabs too. The by-election in Blackpool saw a huge
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Humza Yousaf has announced his resignation as First Minister and leader of the Scottish National Party. His time was short, but he’s overseen a dramatic change in the party he’ll now cease to lead: a discipline once revered by opponents has given way to a party in open dissent. As he prepares to leave the
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Children who started school in the early days of the pandemic will have worse exam results well into the next decade. That’s according to a study released this morning by the London School of Economics, the University of Exeter and the University of Strathclyde. Researchers predict that 60 per cent of pupils will achieve worse than a
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Rishi Sunak has returned to one of his pet bugbears: getting the unemployed back into work. His speech to the Centre for Social Justice this morning was peppered with his favourite facts about the post-pandemic welfare crisis embroiling Britain. Lucy Dunn speaks to James Heale and Michael Simmons. Produced by Oscar Edmondson.
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Britain already has the worst post-pandemic workforce recovery in Europe. New figures out today show the problem is getting even worse. The number of those ‘economically inactive’ (not in work or looking for it) rose by a remarkable 150,000 in the last three months to 9.4 million – equivalent to the adult population of Portsmouth
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13 min listen
The Parliamentary Ombudsman’s report on raising women’s state pension age in line with men’s has been published. It details that women born in the 1950s hit by the state pension age change are owed compensation and has advised that the government should ‘do the right thing’. Will the ‘Waspi women’ end up disappointed? Michael Simmons
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Is the Bank of England about to cut interest rates? Today’s labour market statistics might just give them the room to do so. The latest data, released by the Office for National Statistics (ONS) this morning, shows that the number of payrolled employees is up, the unemployment rate is up, vacancies are down and pay
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Whilst Jeremy Hunt’s cut to National Insurance may grab the headlines, the real story of today’s Budget was hidden in the official forecasts accompanying it. These forecasts point to a disaster for Britain’s labour force. The UK already had one of the worst post-lockdown workforce recoveries in the world, with a record 2.8 million people
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Britain’s worklessness crisis is getting worse. This morning the ONS released figures showing that 1.3 million are on unemployment. But that figure masks a welfare crisis that politicians are doing little to address. Unemployment only covers those actually looking for a job – the real problem is how few are. The true benefits figure goes unpublished
