Last year the Government introduced VAT on private school fees and ended their business rate exemption. I wrote about this at the time. That blog was widely read — which says something about the demographic of my readership. The question I asked then was about price elasticity of demand. What is Price Elasticity of Demand? … Read more
Another Magic Wand The latest “big idea” in economics is wealth taxes. The claim: Britain’s collapsing public services and messy finances exist because the rich don’t pay enough, and governments are too timid to act. I’m always suspicious of these kinds of fads. The right had its laffer curves, trickle-down theory and efficient markets. The … Read more
Is an AI Stock Market Crash Coming? For the first time in ages, you didn’t hear this here first. Rumours are swirling about an impending AI stock market crash, and they’ve already reached the pages of The Guardian and the Financial Times. So, what’s going on? The Price-to-Earnings Problem The central issue is the price-to-earnings … Read more
Politicians blur refugees, asylum seekers, immigrants and “illegal” migrants into one debate. The facts tell a different story. Public debate in Britain often collapses refugees, asylum seekers, immigrants and “illegal immigrants” into a single, politically loaded category. The reality is messier. Refugees are already recognised as needing protection. Asylum seekers are waiting for that decision. … Read more
Back in the Premier League — After 3,009 Days Sunderland regeneration and Premier League return is finally a reality — 3,009 days since their last top-flight game. Travel far enough and you’ll find Sunderland fans in bars from Málaga to Malaysia. Not because the club is a global powerhouse like Real Madrid, but because Wearside … Read more
Asylum Seekers and the NHS: Why the Doctor Shortage Claim Falls Apart One of the most common complaints about asylum seekers is that they “put pressure on the NHS,” using up scarce healthcare resources and increasing waiting times for everyone else. It’s an easy claim to fact-check — just look at the numbers. The Numbers … Read more
Climate Change, Stranded Assets, and the Next Credit Crunch Last month I wrote about the huge risks climate change poses to the world economy. International financial institutions have made big bets on residential property just as extreme weather is making insurance in some regions harder—or impossible—to get. Without insurance, those properties are essentially worthless. Without … Read more
Corbyn and Musk Have New Parties “The first thing that must strike any outside observer is that Socialism, in its developed form, is a theory confined entirely to the middle classes. The typical Socialist is not, as tremulous old ladies imagine, a ferocious-looking working man with greasy overalls and a raucous voice. He is either … Read more
I grew up in close-knit former mining villages in East Durham—places not unlike Seaham, a town I know well. For years, I was a regular at the Seaham Food Festival, which takes place again this weekend. Where I’m from, solidarity mattered. People stuck together and looked out for each other. These were the kinds of … Read more
Why do people keep falling for fake Stories about London?” I’m in London. Apparently, this means I’ve entered the heart of darkness — the most violent, terrifying place on Earth. According to the usual online nonsense, the streets are full of drug dealers, shoplifters, grooming gangs, and asylum seekers living it up at public expense. … Read more