Kate Andrews is deputy editor of The Spectator’s World edition.
The Monetary Policy Committee has voted seven to two to take interest rates to 5 per cent, a 0.5 point increase. Its thirteenth rise in a row takes rates to their highest level in 15 years, and is being described as a ‘shock’ increase, brought in as a response to the rise in core inflation on the
In December Jeremy Hunt hosted a mortgage summit, attended by lenders and the Financial Conduct Authority, to discuss rate woes. At the time, the numbers were at least moving in the right direction. During Liz Truss’s 49-day premiership, the FCA expected interest rates to rise to 5.5 per cent, an increase which was forecast to
10 min listen
Natasha Feroze speaks to Kate Andrews and Katy Balls about today’s inflation figures, stuck at 8.7 per cent despite predictions it would fall. As a flagship policy of Rishi Sunak’s to half inflation, what options does the Prime Minister have?
Inflation figures out this morning make for grim reading: the headline rate didn’t budge, sticking at 8.7 per cent on the year in May. Far worse, core inflation (which excludes food and energy) rose once again, to 7.1 per cent on the year in May, up from 6.8 per cent in April. This latest update from the
The average two-year fixed mortgage now sits at 6 per cent, according to financial data group Moneyfacts – just below the 6.65 per cent reached in December last year, after the fallout from Liz Truss’s mini-Budget. Five-year fixed rates aren’t too far behind, at 5.7 per cent. For many of the 2.4 million homeowners whose
11 min listen
Katy Balls speaks to Kate Andrews and Fraser Nelson about the developments in the mortgage markets and how Tory MPs are expected to vote on Partygate.
No one wants to talk about the pandemic anymore. Not even partygate. Understandably so: we’ve all put hard work into suppressing and burying miserable memories over that two-year period. Why dredge it all back up? But as one of the people in this country who still deeply cares about partygate – the hypocrisy of it,
13 min listen
Having said she’ll step down, Nadine Dorries has now said that she won’t formally resign as an MP until later this year… It’s hard to see this as anything other than revenge taken on Rishi Sunak, so as to prolong the by-election pain, Katy Balls says. Cindy Yu also talks to Kate Andrews about the
The economy grew by 0.2 per cent in April, following on from a confirmed 0.3 per cent contraction in March. This fits the trend this year of small ebbs and flows in GDP, which all together add up to extremely little overall growth this year. This is now what the big forecasters have predicted, from the Office
‘There are obviously lessons to be learned,’ said Bank of England Governor Andrew Bailey at today’s House of Lords Economic Affairs Committee. It was a point he repeated many times over, in reference to the inflation crisis that has plagued Britain for close to two years now. ‘We have to learn lessons from the experiences we’ve
19 min listen
Kate Andrews, Katy Balls and Fraser Nelson react to the news that Boris Johnson has decided to stand down as an MP. Will the former Prime Minister go quietly? Produced by Natasha Feroze.
Is the government ready to start cutting taxes? After taking the burden to a post-war high, it seems ministers are preparing to change direction – in one area, anyway. This morning Jeremy Hunt announced that the energy levy on oil and gas companies, known as the ‘windfall tax’, will come to an end in 2028
13 min listen
It was prime ministers questions today and while Rishi Sunak is away in the US Oliver Dowden stood in. The Covid inquiry was a hot topic of debate. Rishi Sunak says he is not worried about being embarrassed by messages seen by the inquiry, but is he right to be so calm? Also on the
The UK will narrowly avoid a formal recession this year. That’s the consensus that is emerging based on the current data. This morning’s Economic Outlook from the OECD – which forecasts 0.3 per cent growth in 2023 – reflects similar projections from the IMF’s latest update and the Office for Budget Responsibility, which have revised
39 min listen
On this week’s episode: Price caps are back in the news as the government is reportedly considering implementing one on basic food items. What happened to the Rishi Sunak who admired Margaret Thatcher and Nigel Lawson? In her cover article this week, our economics editor Kate Andrews argues that the prime minister and his party
8 min listen
Boris Johnson’s team today suggested that they would be happy to hand over his WhatsApp messages from during the pandemic to help the Covid enquiry. Why has the civil service got itself in such a muddle over this, and why have the Tories failed to reform Whitehall? Max Jeffery speaks to James Heale and Kate
What kind of conservative is Rishi Sunak? This time last year, there was a clear answer: he was a fiscal hawk who was worried about how much the government had to borrow to fund the Covid crisis. As chancellor, he was always fighting with the prime minister over high spending. When Sunak tried to raise
The government has been claiming since the start of the year that it’s on a mission to ‘halve inflation’ – despite having virtually no control in this area. Still, this week Rishi Sunak ramped up the narrative when the latest set of data showed the headline rate falling from 10.1 per cent on the year in March
13 min listen
James Heale speaks to Fraser Nelson and Kate Andrews about the news that borrowing costs are back to being the highest since last Autumn. What could this mean for the Chancellor Jeremy Hunt?
It’s three years since the UK formally left the European Union and cut off free movement, and net migration has reached a record high: 606,000 in 2022. This total (measured by the number of new arrivals, minus people emigrating from the UK) is 118,000 higher than last year. This is certainly an increase from 2021,
