Michael Simmons is The Spectator's economics editor. Contact him here.
From our UK edition
The rate of inflation climbed to 3.6 per cent in June – up from 3.4 per cent in May. That’s well above the 2 per cent target that the Bank of England consistently misses. It begs the question why the Bank’s governor, Andrew Bailey, spent the weekend talking up rate cuts, when as one former
From our UK edition
Rachel Reeves wants Britain to become a shareholder democracy. In her annual Mansion House speech to the City’s bankers, accountants and financial advisors, she said ‘for too long, we have presented investment in too negative a light’. She’s right. These changes are unlikely to unleash the ‘big bang’ of prosperity and tax revenues the Chancellor
From our UK edition
10 min listen
Tomorrow Rachel Reeves will deliver her big speech in the City. The annual Mansion House address is a chance for the Chancellor to set out her vision for the British economy. But amid a gloomy set of economic indicators (including two consecutive monthly GDP contractions) it is difficult to see what good news she can
From our UK edition
22 min listen
As Labour looks to get a grip on public spending, one rebellion gives way to another with the changes to the Special Educational Needs and Disabilities (SEND) system threatening to become welfare round two. On this week’s Saturday edition of Coffee House Shots, Lucy Dunn is joined by The Spectator’s Michael Simmons and former Ofsted
From our UK edition
15 min listen
On today’s podcast: sacré bleu – we have a one-in, one-out migration deal with France. In a press conference yesterday, Keir Starmer and President Macron announced a deal they hope will curb Channel crossings. But, as ever, the devil is in the detail, with some key concerns about the numbers and the time frame. Digital
From our UK edition
The string of bleak economic updates continues. First we had the dire report by the Office for Budget Responsibility (OBR) into fiscal risks, which showed how we’re hurtling towards financial disaster. Now we’ve got figures from the Office for National Statistics (ONS) that reveal the economy shrank in May – the second month in a
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‘We are becoming a welfare state with an economy attached,’ said Kemi Badenoch in a speech on sickness benefits today. She’s right, though anyone who read the Office for Budget Responsibility’s (OBR) dire report this week knows we’re past becoming: we already are. The figures are staggering. The bill for sickness benefits is heading towards £100
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The public won’t forgive and nor will I, said Health Secretary Wes Streeting of plans by junior doctors to strike over his refusal to cave to demands for 29 per cent pay rises. Speaking to the Times he said: ‘There are no grounds for strike action now. Resident doctors have just received the highest pay award across the
From our UK edition
Britain is in trouble. That’s the judgement of the Office for Budget Responsibility (OBR) in their ‘fiscal risks and sustainability’ document released this morning. The language is polite, matter of fact and bureaucratic. But read between the lines, look at the numbers and it paints a damning picture of the risks we face as a country.
From our UK edition
13 min listen
Keir Starmer will have been hoping for a more relaxed week – but he certainly won’t be getting one. He is facing a fresh rebellion over support for children with special educational needs (SEND), which threatens to become welfare 2.0. The plan involves overhauling the SEND system and it’s another case of Labour MPs exclaiming
From our UK edition
13 min listen
Some sore heads on Coffee House Shots this morning, after last night’s Spectator summer party. But while we were having fun, a drama was brewing in the Labour party after it was finally confirmed that Jeremy Corbyn is starting a new left-wing party… or is he? The news was broken last night by another MP:
From our UK edition
The Home Office opened Britain’s doors to record numbers of migrants without properly assessing the risks or consequences, according to a damning new report from parliament’s Public Accounts Committee. The report, released overnight, finds that the department ‘made changes to the Skilled Worker Visa route without a full assessment of the risks or potential impacts,
From our UK edition
11 min listen
There were extraordinary scenes in PMQs today. Rachel Reeves appeared distraught as the Prime Minister failed to guarantee her security when asked by leader of the opposition Kemi Badenoch. It was brutal to watch, as the iron chancellor’s lip quivered and a tear rolled down her cheek. In many ways, you can’t blame her –
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I’m starting to feel a tiny bit sorry for the chancellor. Yes, most of the economic and fiscal problems we’re facing have been exacerbated – if not caused – by current Treasury policy. But Labour’s welfare reforms, flawed and limited as they were, at least acknowledged that the welfare bill is not just fiscally unsustainable but
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Labour MPs are obviously going to panic when told their votes might plunge just one person into poverty – let alone 250,000. That was the original estimate for the fallout from Liz Kendall’s reforms to Personal Independence Payments (PIP) and Universal Credit. Yesterday, the DWP released a revised figure after Starmer caved to a rebellion
From our UK edition
The Office for National Statistics (ONS) has confirmed the economy grew by 0.7 per cent in the first three months of the year. The figures, released this morning, are the ONS’s second attempt at estimating growth in the first quarter and, unusually, the GDP growth number was unrevised from the initial estimate. The strong growth
From our UK edition
As Sir Keir Starmer offers concessions to 126 rebels to water down his welfare reform bill, a scandal that undermines the entire Universal Credit system goes ignored. The Spectator has seen figures revealing that the HMRC data feed which powers Universal Credit payments to low-paid workers may be so error-strewn that as many as one in
From our UK edition
45 min listen
This week: war and peace Despite initial concerns, the ‘Complete and Total CEASEFIRE’ – according to Donald Trump – appears to be holding. Tom Gross writes this week’s cover piece and argues that a weakened Iran offers hope for the whole Middle East. But how? He joined the podcast to discuss further, alongside Gregg Carlstrom,
From our UK edition
The poorest Brits now owe £6.6 billion in unpaid council tax – a record high and up some 85 per cent since before the pandemic. That’s according to data released this morning by the Ministry of Housing, Communities and Local Government, which suggests Britain is plunging back into a cost-of-living crisis. What’s more, a report
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Britain will lose 16,500 millionaires this year, taking $90 billion of wealth with them. That’s according to a new report from Henley & Partners. If their projections are right, that’s more than double the number of dollar millionaires expected to leave China in 2025. As I wrote for the magazine last month, changes to the non-dom regime –
