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’
There are plenty of different ways in which Matt Hancock, the health secretary, can be criticised for his handling of the Covid-19 crisis. Track and trace didn’t work, lockdowns were sporadic and probably too late, and the messaging wobbled all over the place. But comparing the British vaccination drive to France and the rest of
As news emerges that both Pfizer and AstraZeneca are cutting supplies of their Covid-19 vaccines to the EU by up to 60 per cent, EU officials are turning on the drug companies, threatening fines and lawsuits if they don’t speed up deliveries. The Italian Prime Minister Giuseppe Conte has blasted the delays as unacceptable and
It is petty, small-minded, mean-spirited, and childish. It is certainly not difficult to think of a few adjectives to describe the UK’s decision to refuse diplomatic status to the European Union’s mission in London. Diplomats, and European ones in particular, take matters of status, protocol and etiquette very seriously, and the snub looks, on the
He took the European Union to the edge of a no-deal Brexit, creating logistical chaos on both sides of the Channel. His high-handedness and patronising manner hardened positions on both sides. And his brinkmanship clearly failed, leading to a far more distant relationship with the UK than might otherwise have been possible. It would be
Rewind a few months, and it was all meant to be very different. With Covid-19 rampant across the world, the European Union would take charge of sourcing vaccines from the major drugs companies. Its massive buying and regulatory power, coupled with its finely-tuned administrative machine, would make sure its 440 million people were protected from
18 min listen
On this week’s episode, author and financial columnist Matthew Lynn begins by arguing that the EU has already botched its Covid vaccine rollout. (00:25) Then, Will Knowland, formerly an English teacher at Eton, explains why he was dismissed from the school and criticises its ‘stifling monoculture’. (08:20) And finally, Mary Wellesley reflects on the lives
34 min listen
Coronavirus vaccines are now being distributed across the world, but what are the challenges posed by its delivery? (01:30) Is Boris Johnson the SNP’s greatest weapon? (13:55) And is Prince Harry becoming more and more like his mother? (23:35) With financial columnist Matthew Lynn; former director at the McKinsey Global Institute Richard Dobbs; the UK’s
The banks would all flee. International investors would take fright. And the pound would turn into the Great British peso. We heard a lot over the last four years about how leaving the European Union would be catastrophic for the UK economy. But here is something odd. With the transitional arrangement coming to an end
It was the most excruciating moment of Ursula von der Leyen’s short tenure as President of the European Commission. On Friday morning she hastily put together a press conference to counter the growing media storm across Europe over the EU’s handling of vaccine procurement. She doubled down on ‘solidarity’, announcing that the Commission had managed
It was a ‘rush of blood to the head’. Its central bank would prove to be hopelessly ineffective. And cultural differences would remain too deeply ingrained for an internal market to ever work as it should. We learned this week from papers released in Dublin that Mrs Thatcher was completely damning about the idea of
In the end, the fish were only of symbolic importance. Neither does it matter that much what happens to Scottish seed potatoes, no matter how much of a fuss Nicola Sturgeon kicks up. Farming, tariffs and quotas are of relatively little importance given that the exchange rate will simply adjust to compensate for any changes
The port of Dover has been closed down. The Eurotunnel isn’t carrying any freight for a couple of days. The lorries are already starting to back up in Kent, the supermarkets are working out where they can get fresh supplies from, and flights have been suspended, with the British likely to find they are turned
Factories will close. Prices will rise. Profits will suffer. Another day, another warning of disaster from one of the major car manufacturers about the catastrophic cost of a no-deal Brexit. But hold on. Before anyone’s eyes start to glaze over, there is a twist to this one. It is a German company that is starting
Currency speculators at some of the hedge funds in Mayfair may be feeling quietly pleased. Trade experts will be relieved that their lucrative consultancy gigs will keep on coming. Heck, even financial columnists can safely pontificate about the possible outcome for a while yet, while the FBPE mob on Twitter can carry on predicting the
Lorries will be backed up across Kent. The shops will run short of essential goods. Travel plans will be disrupted, and factories will start to close as British goods are shut out of their main export markets. As the UK comes to the end of its transitional deal with the EU, and as talks on
The giant drug companies that are on brink of delivering a Covid vaccine in record time? Well, that’s easy. The technology companies that have relentlessly innovated to transform the way we communicate with one another? That’s not too hard. The power generators, food manufacturers and automobile conglomerates that supply most of our daily needs? That’s
There is still some debate about who came up with the adage that ‘if you owe the bank $100 that is your problem. If you owe the bank $1 million dollars that is their problem’. It is usually attributed to the oil tycoon J. Paul Getty, which may help explain how he became the richest
They’ve only received a fraction of their old salaries. Many have missed out on months of work. And their pension contributions and holidays have been completely scrapped. So it is perhaps understandable that teachers, town planners and tax officials are feeling a little aggrieved. Except, er, no, sorry I made a mistake there. That was
A couple of shots to the arm and this will all be over. With today’s news from Moderna, last week’s from Pfizer, and with a potential update from AstraZeneca in the next few days, we may soon have three vaccines against Covid-19 (and if you add in candidates from Russia and China perhaps more). And
A new era of transatlantic cooperation will have begun. The United States will pivot towards Brussels. The trade wars will come to a swift end, and the American president will once again be a respected figure on this side of the Atlantic. With Donald Trump finally defeated, if not quite yet evicted from the White
