The Spectator

Home In the Budget, Jeremy Hunt, the Chancellor of the Exchequer, spoke of ‘long-term growth’. He cut National Insurance by 2p in the pound, saving the average worker £450 a year but pensioners nothing. A new ‘British Isa’ would allow an extra £5,000 a year tax-free investment. Tax arrangements for non-doms would be changed. The 28 per cent capital gains tax on property would go down to 24 per cent. Alcohol and fuel duty were frozen for a year; vaping would attract duty. He said the UK was on track to become the world’s next Silicon Valley and second only to Hollywood for film. The NHS would become ‘digitally integrated’ and drones become police first-responders. He announced devolved powers for Surrey and remarked on Sir Keir Starmer’s weight.

Last November Jeremy Hunt announced what he proclaimed was ‘the biggest tax cut on work since the 1980s’. He cut employee National Insurance from 12 per cent to 10 per cent, yet to his great disappointment, the polls didn’t budge. This week he decided to double down, lowering NI again, to 8 per cent. ‘The UK now has the lowest effective personal tax rate since 1975,’ he said. It’s likely the public will still be unimpressed, because taxes are rising further. Hunt’s policies will in fact leave the UK with the highest overall tax burden since 1948. The headline rate may be falling, but the proportion of income subject to taxes has gone up, primarily because tax thresholds have been frozen.

Attempts by the Emirati government to buy The Spectator and the Telegraph through RedBird IMI, one of its state investment vehicles, pose a conundrum. There is no existing law against such a deal because until this point safeguards have not been needed. No autocracy has ever before attempted to buy a leading national newspaper in a democratic country. The Prime Minister may feel powerless to stop the deal, given the lack of legal tools available, but Baroness Stowell, a Tory peer, has now proposed an amendment to the Digital Markets Bill. This would require that any foreign power which wishes to buy a national publication must first secure parliament’s approval. No one in the House of Commons or Lords has raised a serious objection to this common sense principle.

Populist roots Where did the term ‘populist’ come from? The original Populist party grew out of the Farmers’ Alliance, a movement set up to fight corporate interests in the US in the 1880s. It then joined with other minor parties to fight the 1892 presidential election under the Populist banner. Its candidate James B. Weaver won 8.5% of the vote and carried four states – Colorado, Idaho, Kansas and Nevada – with a set of left-leaning policies including free-collective bargaining, shorter working hours and lower interest rates. In spite of its success it broke up during the 1896 election campaign when many members chose to back the Democrat candidate William Jennings Bryan instead.

Britain’s ‘net-zero economy’ is booming, creating more better-paid jobs than any other sector, but it is all being put at risk by the government’s reversal on policies on electric vehicles and heat pumps. That, at any rate, is what the Confederation of British Industry (CBI) and the Energy and Climate Intelligence Unit (ECIU) wants us to believe. In a report this week, these groups claim that the net-zero target has spawned an industry worth £74 billion, up 9 per cent in just a year. It has created 765,000 jobs which are 1.6 times as productive as the average UK job and which offer average wages of £44,600, compared with £35,400 for the rest of the economy.

Home Lee Anderson, a former Conservative party deputy chairman, had the whip withdrawn after responding to an article by Suella Braverman that said: ‘The Islamists, the extremists and the anti-Semites are in charge now.’ He said: ‘I don’t actually believe that the Islamists have got control of our country, but what I do believe is they’ve got control of [Sadiq] Khan and they’ve got control of London, and they’ve got control of [Keir] Starmer as well.’ He later added: ‘They are laughing at our police. This stems with Khan, he’s actually given our capital city away to his mates.’ Rishi Sunak, the Prime Minister, said the comments were ‘not acceptable. They were wrong’.