Ross Clark is a leader writer and columnist who has written for The Spectator for three decades. His books include Not Zero, The Road to Southend Pier, and Far From EUtopia: Why Europe is failing and Britain could do better
It has been a long time coming, given that shares and bonds have been falling for most of the year, but this morning there are the first signs of a slide in house prices. Don’t get too excited: the Halifax House Price Index fell by just 0.1 per cent month on month, and prices are
The Bank of England has warned that Britain will fall into a recession this year. Its Monetary Policy Report, released today, predicts that the economy will shrink from October, with the downturn lasting until the end of 2023. The Bank of England also hiked interest rates from 1.25 per cent to 1.75 per cent, the
When our freedoms are being taken away we are like the proverbial frog boiled alive in water where the temperature is slowly brought to boiling point. Who batted an eyelid in June when it was reported that rail companies are drawing up plans to abolish paper rail tickets and have us all travel with e-tickets
Is the eurozone heading for another 2010-style sovereign debt crisis? Today comes the news that inflation in the eurozone hit 8.9 per cent in the year to July. Although it is a record high, it is not as quite as towering as inflation in Britain – at 9.4 per cent. However, what it does do
There’s an almighty debate ongoing in the US about what exactly a ‘recession’ is. Treasury secretary Janet Yellen said the US economy is not shrinking, saying it is in a state of ‘transition’, not recession. But in a clip from 2000 being circulated on Twitter that is comically apt, Bill Clinton said ‘a recession is two quarters
We are all facing months of rising bills, with warnings that there may even be blackouts ahead. But all is not lost. Here are ten ways you can cut your energy consumption – and some of them will surprise you… Change your lightbulbs – even the ‘energy saving’ ones. If you still have old-style incandescent lightbulbs in your
Sir Keir Starmer faces an unenviable choice: whether to sack shadow transport minster Sam Tarry who defied the Labour leader’s instruction not to join RMT picket lines and posed for photos outside Euston station this morning. Fail to sack him and Starmer will undermine his own authority and make himself look pathetically weak. Wield the
Have we reached the endgame of Vladimir Putin’s energy war against the West, the point at which he turns off the gas for good? This afternoon, Gazprom announced that from Wednesday morning it will cut the quantity of gas flowing through the Nord Stream 1 pipeline to Germany to 33 cubic metres per day. This
It was with some trepidation that I set off into the hills of Pyrenees Orientales on Saturday. The temperature was forecast to rise to 37°C by the afternoon – a level that is lethal, according to British news sites, even if you are sitting around in the garden. Apparently, today and tomorrow’s heatwave is going to
Will temperature records be broken today? You bet they will. By the end of the day you can be sure we’ll be bombarded with headlines along the lines of ‘Records tumble as Britain wilts’ – or, in the case of the Guardian, ‘Record-breaking heat heightens fears of climate crisis’. But don’t get too excited. Read
To nobody’s surprise, the Bank of England has hiked its base rate, and, equally unsurprisingly, it has chosen to do so by a relatively modest 0.25 per cent, bringing rates to 1.25 per cent. In 25 years of its existence, the Monetary Policy Committee (MPC) has never raised rates by more than 0.25 per cent
Ukraine’s ability to defend itself against the Russian invasion has surprised almost everyone outside the country, none more so, presumably, than Vladimir Putin. As for the West’s efforts to harm Russia through sanctions on its fossil fuel exports, that is a very different matter. Sanctions have not been entirely useless. According to a report by
First the good news: the Office for National Statistics figures released today show that pay is rising at its fastest rate in two decades, with regular pay up by 4.2 per cent in the three months for February to April compared with a year earlier. Now the bad news: such is inflation that, in real
Should we cover Britain with greenhouses so that we can be self-sufficient in tomatoes? That seems to be the latest thrust of the government’s see-sawing farming, environment and food policy. Government advisers appear to have been looking longingly across the North Sea to the Netherlands, which has become one of Europe’s leading salad producers thanks
Could Rishi Sunak really have saved the taxpayer £11 billion by insuring against higher interest rates last year? That was the extraordinary claim made by the National Institute of Economic and Social Research (NIESR) and in the Financial Times on Friday. The NIESR claims that the government could have saved the money had the Chancellor
Does Boris Johnson have the faintest idea what he and his government are trying to achieve anymore? I ask because of the Prime Minister’s ‘grow for Britain’ strategy which has been leaked to the Daily Telegraph. The strategy, due to be launched on Monday, apparently demands that farmers grow more fruit and vegetables to make
As if Boris Johnson was not in enough political trouble already, the latest surge in oil prices is threatening to overwhelm the government. This week, petrol prices in some filling stations have crossed the symbolic threshold of £2 per litre. This would be a problem for any government, but, for a Conservative administration which owes
It isn’t hard to understand why the government should want to revive the spirit of Margaret Thatcher’s right-to-buy, which was credited for creating a whole new class of homeowners – and in the process Conservative voters. While the right to buy has never gone away – and survived the Blair and Brown years – it
In what other industry could demand collapse by a tenth and yet the staff still think that they have a right to an above inflation pay rise and no job losses? Rail privatisation was supposed to put an end to union militancy and to relieve taxpayers of the financial risk of running the railways. Patently,
Who could argue with the words of the EU’s internal market commissioner Thierry Breton when he says: ‘a common charger is common sense for the many electronic devices in our daily lives’? No longer, it seems, will we have to fiddle around with several different cables, and curse when we have brought the along the
