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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The government has lost its majority. The constitution has fallen apart. The country no longer has any idea whether it is leaving the European Union or not. Historians and political commentators are queuing up to tell us this is the lowest point in the country’s history since the Suez Crisis/Civil War/Dissolution of the Monasteries (delete
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Close your eyes, and you could have been listening to Gordon Brown in his pomp. Seven billion for schools. Six billion for the NHS. Money for youth centres, the police, and social care with overall spending rising at the fastest rate for fifteen years. If Chancellors were measured simply by their ability to spend more
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The ‘Non’ was not quite as frosty as it might have been. When Boris Johnson met up with France’s president Emmanuel Macron there were at least some pictures of the two men talking amicably. Even so, while Germany’s chancellor Angela Merkel and some of the EU’s other leaders have at least left the door a
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Lots and lots of optimism. Some can-do spirit. A dash of hope, a sprinkle of belief, some added willpower and a pinch of positive thinking. Oh, and in case you forgot, some more optimism (and a few rays of sunshine as well). A whole week into his premiership, which is longer than some of the
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Global trade would collapse amid a tariff war. The dollar would be in free-fall as investors fled the chaos. The stock market would tank as money was pulled out of the country. When Donald Trump was elected as President of the United States, there were lots of dire predictions about the impact it would have
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There will be exhibitions, television documentaries, and a gala concert organised by Nasa. Over the course of this weekend, the world will quite rightly be celebrating the fiftieth anniversary of the first time a man walked on the surface of the moon. Even after the passage of half a century, it remains an unchallenged achievement
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Sajid Javid. Liz Truss. Dominic Raab, or perhaps even his old City Hall colleague Kit Malthouse. There are plenty of well-qualified candidates to move into the house next door when Boris Johnson becomes prime minister next week. But one thing is surely now certain. The incumbent will have to be removed. In the dying days
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Unemployment is at record lows. Wages are rising at the fastest rate in a decade. The gender gap is evaporating, creating a more equal society. Which country is that? France, perhaps, as it benefits from president Macron’s reforms? Or Germany, as it reaps all the benefits of the Single Market and the single currency? Well,
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Most of us probably decided Aston Martin was by far the coolest car company in the world the first time we saw Honour Blackman climb into James Bond’s DB5 in Goldfinger. But just in case there were still any doubters out there, there is now another reason to love them as well. Amidst the constant
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Smooth. Intelligent and articulate. A former finance minister. A European. And perhaps most importantly of all, a mildly irritating potential rival to the prime minister of his own country. In lots of ways, George Osborne ticks all the boxes to replace Christine Lagarde as the managing director of the IMF. Indeed, if you were looking
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A few jokes. A sprinkling of tax cuts. A few more jokes. A couple of flashy new buildings. And then back to the jokes. As Boris Johnson launches his pitch for the premiership – and takes a commanding lead among Tory MPs – it would be easy to dismiss his economic programme, along with the
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The economy would tank. Trade would collapse. Unemployment would soar, and house prices would sink. In the run-up to the referendum, and in the three years of tortured negotiations about leaving since then, we heard lots of dire warnings about what would happen to the economy if we left the EU. And yet we heard
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If it was in a playground in one of the rougher parts of town, which increasingly it resembles, this could easily escalate. One candidate remarks that he thinks the party should ‘f**k business’ so another one wades in to argue ‘f**k ‘f**k business’’. And perhaps by lunchtime some other candidate you have never really heard
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Rising prosperity. Plenty of innovation. Tons of stuff in the shops, loads of jobs, and a openness to fresh talent and ideas. There are lots of things to like about free-market capitalism. But every system has its counter-example. And in the UK, it comes with two letters and a single word, usually in white and
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It might be 30 per cent. It might be 35 per cent. It could even be 40 per cent or higher. Until the results of the European elections come in late on Sunday night, we won’t know what percentage of the vote Nigel Farage’s new Brexit party will get. But we do know that it
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Factories would move abroad to escape punitive tariffs. The ports would be blocked up. The hospitals would run out of medicines and fruit would remain unpicked on trees. Over the last three years, we have become used to wildly over-the-top predictions about all the terrible things that would happen to the British economy if we
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Almost half a million a year basic. A generous housing allowance. Lots of invitations to swanky conferences, and a fantastic office right in the centre of town. And all the last guy had to do during six years in the job was tweak interest rates three times. That works out at a million per move
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The sunshine was glorious. There was a new episode of Game of Thrones to watch in the middle of the night, and everyone seems to have forgotten about Brexit for a while. As bank holiday weekends go, it was a pretty good one. Under a Labour government, however, it would have been even better. Instead
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Maybe we will go for a Norway-Double Plus. Or A Canada-Minus. Or Common Market 2.0, or a WTO-Light, an EEA-Doubled, or an Enhanced EFTA or even a Singapore Sling or a White Russian. Okay, scratch those last two. I seem to have mixed up a list of options for leaving the European Union with a
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It would only encourage irresponsible lending. Deficits would run out of control. The rules of the single currency would be undermined, and voters would lose faith in the euro. Over the last few years, the Germans, the European Central Bank, and the EU itself, have been adamant that banks shouldn’t be bailed out inside the
