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
The interest rate on UK government debt remains stubbornly high—and it’s eating into the public purse. Around 8% of total government spending now goes purely to pay interest on past borrowing. That’s money not spent on the NHS, schools, or infrastructure. The current Labour government inherited a toxic mix: huge debts and higher-than-normal interest rates, … Read more
The Office of Budget Responsibility have published their most recent fiscal risks and sustainability report. One of the biggest risks to the UK economy is the cost of pensions. Pensions have been growing much faster than the economy for the last 10 years+. I wrote about this last month which caused howls of anguish – … Read more
The Next Credit Crunch: Are We Closer to the Next One Than the Last? Back in 2008, the global economy ground to a halt thanks to a housing market crisis. The original credit crunch came in two brutal phases: Phase One: Wall Street Meltdown Wall Street financial institutions had been packaging mortgages into new financial … Read more
Labour and Grooming Gangs : Why Some Politicians Want It All Kicked into the Long Grass Last month, the Government agreed to hold a new national inquiry into grooming gangs. Like the Government, I was initially sceptical. The Jay Inquiry already spent seven years investigating historic child sexual exploitation, producing a raft of recommendations that … Read more
Donald Trump has signed into law his “big beautiful bill.” The headline? A vast extension of the tax cuts he introduced during his first term—overwhelmingly benefiting the top 1%. Technically, it’s a budget reconciliation bill, meaning it could be passed with a simple majority, shielding it from Democratic filibusters. But there’s nothing technical about the … Read more
This week, the government launched its long-awaited 10-year plan for the NHS. At 165 pages, it’s a dense, managerial, and thoroughly technocratic document—very on brand for a government that wants to appear serious and reformist, while hoping most people won’t read past the executive summary. There are three main themes: It’s a top-down, big-state programme … Read more