Economics newsletter
The UAE’s Opec exit is about much more than oil
The decision by the United Arab Emirates (UAE) to quit Opec, the Organisation of Petroleum Exporting Countries, is a seismic blow to the oil cartel. Opec is already reeling from the energy shock of the Iran war and Tehran’s closure of the vital supply line through the Strait of Hormuz. There will be worries now
The state should keep its hands off your pension
The worst thing about the government’s plans to force pension providers to invest their money in particular assets is that ministers and MPs themselves don’t have to worry about it. They, of course, are members of a gold-plated pension scheme that is underwritten by the taxpayer. They will receive their index-linked pensions whatever the economic
Britain must learn from its energy crises
During my career in the energy industry, I have been through seven major supply disruptions. Each time nations vow to learn lessons, revisit strategy and reduce risk. Yet when the war in Iran sent wholesale gas prices surging by more than 65 per cent, the British government scrambled for responses. The harder question, the one
The Iran war hits inflation
The Iran war is being felt in Britain’s economy. Figures just released by the Office for National Statistics (ONS) show inflation rose to 3.3 per cent in March – up from 3 per cent the month before. The rise was mainly driven by fuel prices, which jumped at their fastest rate in more than three
Unemployment has fallen – but not in a good way
On the face of it, the Office for National Statistics (ONS) have just released great news on unemployment. The rate – against all expectations – has fallen from 5.2 per cent to 4.9 per cent. Radio 4’s Today programme welcomed the ‘surprising’ news. But this is no good news story. To be classed by statisticians
Britain’s economy is growing – but not for long
It must be bittersweet being Rachel Reeves. Figures just released by the Office for National Statistics (ONS) show the economy grew by 0.5 per cent in February. That is significantly better than economists had expected and, coupled with the fact that January growth has been revised up, it marks probably the first piece of seriously
The US currency is under attack like never before
It was, on the surface, a fairly routine proposal. Officials from the BRICS nations, made up of Brazil, Russia, India, China and South Africa, have decided to discuss, at a summit in New Delhi later this year, how to deepen trade and collaboration. No one was paying very much attention when the decision was made.
The SNP’s Holyrood campaign is thoroughly dishonest
Has there ever been a more dishonest Holyrood election campaign than the one John Swinney is currently running? I don’t believe there has been. Break away from Britain’s integrated electricity market and you smash the model that has led to Scotland being a ‘leader’ in wind energy in the first place A look at Swinney
How to solve the student debt crisis
England’s student debt is staggering. It comes to £270 billion – that’s larger than the budget for the NHS and two and a half times larger than the education budget. This arsenal of taxpayer-backed cash has seen the creation of 34 new universities just to feed an ever-hungrier mass of undergraduates. It’s forecast that by
Frugal chic, the movement changing the way women shop
It is, apparently, a novel concept in our age of overconsumption, that life can still be enjoyable even if you don’t have stupid money. ‘Frugal chic’ is the new lifestyle trend summed up by the 25-year-old influencer Mia McGrath, who coined and trademarked the term, as ‘living luxuriously while spending intentionally’. Frugal chic supposedly teaches