Matthew Lynn is a financial columnist and author of ‘Bust: Greece, The Euro and The Sovereign Debt Crisis’ and ‘The Long Depression: The Slump of 2008 to 2031’
Well, that will teach them to go around manufacturing a vaccine against a global virus at cost price, and at record speed. The European Union has today said it is planning to take legal action against the pharmaceuticals conglomerate AstraZeneca for failing to deliver enough doses of the Oxford shot on time. No doubt European
Regrets? It turns out he has a few. The former president of the European Commission Jean-Claude Juncker does not seem too bothered by the EU’s miserable growth rate during his time in office, its geopolitical marginalisation, or indeed the growing power of corporate lobbyists in Brussels. But there is one thing that makes him at
Short of dropping Harry Kane from the England team, and replacing him with Andy Carroll on the grounds that what we really need is a big man up front, it is hard to imagine a footballing decision that could be less popular. Twelve of Europe’s biggest clubs, including Manchester City, Chelsea and Liverpool, have announced
Compared with the United States, the UK has so far been relatively cautious about launching stimulus programmes to kick-start the economy. And yet perhaps it doesn’t need to. People are paying off their credit cards, putting some money into the stock market, buying new houses, as well as finally booking a restaurant and getting back
The ports would reek from the smell of rotting fish. Factories would close en masse as orders got snarled up in red tape. There would be chaos at the borders as deliveries were blocked, and services would hit a wall of ‘non-tariff barriers’ that would make it impossible for British firms to sell them across
The country would remain implacably divided for a generation, with Remain and Leave replacing class and geography as the new fault line in British politics. International investors would take a generation to come round to the idea. And campaigns to re-join the EU would grow in strength as the chaos deepened. Even a few months
It didn’t order enough vaccines, spent too little money, dithered over authorisation and then lashed out at the companies making them. Over the last few weeks, the catastrophe of the European Union’s vaccine roll-out has become painfully clear to everyone. We are already starting to see the toll it is taking on the continent’s health,
Debts would be shared. The strong would offer a helping hand to the weak. Money would be raised at incredibly cheap rates to help countries recover from the impact of Covid-19, while at the same time building back a greener, tech-based economy. Last summer, as the epidemic engulfed the continent, the European Union took a
39 min listen
As the EU threatens a vaccine export ban, is their blind panic a sign of incoming crisis? (1:15) Plus, will a new Instagram account for teenage girls to report sexual assault restart a battle of the sexes? (18:05) And finally, what is it like to be one of the last British babies born under the
The Dutch city of Leiden has rarely played a dramatic role in European history. Quiet, rainy and tucked away close to the sea, it is in many ways the Durham of the Continent. It was besieged by the Spanish in the Eighty Years’ War, Rembrandt was born and worked there, Einstein taught intermittently at its
Boris Johnson might have started back-pedalling furiously. He might have tried to dismiss it as an off-the-cuff comment. And the spin doctor might have preferred it to have remained private. Even so, the Prime Minister was surely right when he told MPs last night that ‘greed’ and ‘capitalism’ gave us the Covid-19 vaccine. And rather than
The BMWs and Mercs will be banned from the autobahns. People will only have electricity when there is enough of a breeze to keep the windmills turning. And the factories will be on a three-day week, while the airports will be converted into organic farms. Most businesses, and of course conservatives of any sort, will
We have to rid the world of vaccine nationalism. No one is protected until we are all protected. And we need, above all, solidarity to fight a virus which by its nature does not respect borders or boundaries. Over much of the last year, European Union officials, led by the President of the Commission Ursula
Lots of self-promotion. An avalanche of leaks. Fiddly tax changes that always somehow turn out to be an increase, plenty of creative double counting, and heavy spending on marginal seats, all wrapped up in a package designed to effortlessly transport its author into Number 10. Remind you of anyone? It is of course Gordon Brown,
The contracts were badly drafted. The orders were late. Too few resources were made available for the scale of the task, and the regulators dithered and delayed. Even the most fanatical federalists such as Guy Verhofstadt have admitted the EU’s vaccine programme was little short of a catastrophe. But hey, what does that matter? Ursula
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On this episode, Katy Balls explains how No. 10 infighting could lose Scotland, and reveals how Boris plans to get his side in order. (01:05) Matthew Lynn is next on the show, and tells the story of the Up Crash. (10:10) Craig Brown finishes the podcast, reading his review of a ‘dark portrait of sibling
Shops are boarded up. More than four million people are on furlough with little idea of whether they will have jobs to go back to. Global trade has hit levels last seen a decade ago, and government deficits are soaring, while most developed economies have seen output shrink by 10 per cent, a collapse not
They are monitored by the firm. They don’t have the option of working for other companies. And they are entitled to all the protections that come with being an employee. The Supreme Court today potentially blew up Uber’s business model, and the model of many other fast-growing ‘gig economy’ companies as well, with a ruling
It is a rant worthy of Nigel Farage in his pomp. One of the leading figures within the European Parliament has launched a blistering tirade against the Commission’s ineptitude in securing vaccines. The EU is a world leader in making inoculations, he points out. And yet there is a shortage of supply in every country
It was meant to be a special relationship. After the tumultuous Trump years, President Biden was planning to reset relations with the European Union, Inherently liberal, rules-based, and engaged with climate change, it would be a natural ally, and far more so than a UK still tainted by Brexit. The Biden team were no doubt
