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’
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Fights breaking out at the checkout counters in Waitrose as angry shoppers battled for the few remaining stocks. Reports of black market birds changing hands for thousands in the posher parts of London. Twitter feeds cluttered with pictures of nut roasts, tofu crowns, and chestnut bakes taking pride of place on the Christmas table, as
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The Omicron variant spreads far more quickly. It infects far more people. And it is already rampant around the world, and probably unstoppable no matter how quickly borders are closed, or restrictions on socialising are put in place. Still, despite that, the one thing we already know for sure is that booster jabs are very
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The Omicron variant of Covid-19 is rampant. Bars and restaurants are in crisis as thousands of bookings are cancelled. And travel restrictions are back in place, with a full lockdown looming. To make matters worse, so far there is little sign of the Chancellor Rishi Sunak stepping in with any support. Most businesses probably imagined that the
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Abba have reformed. Nato is working out how to deal with an aggressive Russian president. And there are shortages of everything. There were already plenty of clues, but now it is surely official: the 1970s are back. The United States has recorded its highest inflation rate for 32 years, with a 6.8 per cent rate
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Ursula von der Leyen dispensing vaccines, with a halo over her head perhaps? Emmanuel Macron riding a tank to symbolise the continent’s strategic autonomy? Or various commissioners whose names no one can quite remember setting carbon targets, fining Google and Apple, and dishing out grants for roads, bridges and tunnels? It remains to be seen
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A new, fresh leader. Bold radical ideas. And a programme for rebooting an economy that, for all its formidable strengths, is, to put it kindly, a little stuck in the 20th century. Later today, Germany is set to anoint its first new Chancellor in 15 years, and, at the very least, you might expect some
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He isn’t especially bothered by global warming. He doesn’t think monetary policy has very much, if anything, to contribute to combating racism, promoting gender equality, or making the world a fairer place. And he doesn’t want to go to war with Wall Street, or bring any billionaires to heel. By re-appointing Jay Powell, a Republican
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The City was meant to be hollowed out. Shortages would cripple the economy. And major multinationals would move their headquarters, listings, and all the wealth those create, to somewhere safely inside the EU’s Single Market. Some hardcore supporters of the UK remaining inside the EU made lots of predictions about the consequences of the decision
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Francois Hollande could hardly have been clearer in his intentions. In the immediate aftermath of the 2016 vote that took the UK out of the European Union, the French president was adamant that the City of London would have to lose one of its most important strategic assets, the right to clear trades denominated in euros.
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Supermarket shelves are bare. There may not be enough turkeys for Christmas. Wages and prices are rising. And the government is sinking into a pit of sleaze. As if that were not enough, the EU is about to launch a full-scale trade war against the country. Following the day-to-day news, you could well be forgiven
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He isn’t Canadian. He doesn’t dominate the Davos circuit with platitudes about climate change. And he isn’t constantly warning that the British economy will turn into a cross between Ethiopia and Argentina now that we have left the European Union. In many ways, the current Governor of the Bank of England Andrew Bailey is an
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The amount the state takes out of the economy will rise to the highest level in 70 years. An unreformed public sector will be showered with cash, with the health service allowed to spend whatever it likes. A tax system that was already creaking under the weight of its own complexity has just been made
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13 min listen
On this week’s episode, we’ll hear Matthew Lynn’s thoughts on how the gas shortages could lead to a very cold winter. (00:51) Then, Tanya Gold with a critical take on critics. (04:41) And finally, James Innes-Smith bigs up the bungalow. (08:58) Presented by Sam Holmes
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The stove won’t light. The boiler won’t fire up. Pipes are frozen and the water has stopped running. Welcome to Christmas 2021. Amid a fierce cold snap, with another ‘Beast from the East’ blasting across the country, the UK’s meagre stockpiles of gas have been exhausted and the country is plunged into a crisis. Old
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Concorde obviously. The Iraq War perhaps? Or Scottish devolution? It is not hard to come up with a list of really terrible ideas that the British government has wasted money on over the last 50 years. Even so, and despite some tough competition, we now have a fresh contender. It looks as if the furlough
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The bald guy who leads the Social Democrats. The earnest looking Green lady. Or perhaps the guy in the charcoal-grey suit who leads the oddly named Free Democrats — free from what exactly? — who may end up picking the next chancellor. Lots of commentators will argue for a long time about who is the
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Ursula von der Leyen has demanded a full investigation. EU officials are considering pulling out of technology talks with the US. And negotiations over a trade deal with Australia have been put in doubt. Over the last 24 hours, the full might of the European Union has been deployed on the side of France in
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45 min listen
In this week’s episode: is Brexit to blame for the rise in blue-collar wages? With labour shortages driving wages up, many have blamed Britain’s removal from the single market. However, this week in The Spectator, Matthew Lynn argues that shocks and price signals are how the free-market economy reorganises, and that we are experiencing a global
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During the Brexit referendum, Stuart Rose, the former boss of Marks & Spencer, and chair of the Remain campaign, claimed that if Britain left the EU, wages ‘will go up’. This was, he added, in a rare moment of candour, ‘not necessarily a good thing’. But the idea that salaries might rise was exactly the
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We are in the middle of a once-in-a-generation shift: working from home. There are skill shortages across the economy, supply bottlenecks, and empty supermarket shelves. A couple of million people are still set to come off furlough, back into jobs that may no longer exist. The labour market is in utter chaos. But, hey, here’s a good
