Ross Clark is a leader writer and columnist who has written for The Spectator for three decades. He writes on Substack, at Ross on Why?
From our UK edition
Markets, we are told, are rebelling against the government’s irresponsible fiscal policy, not least the now-abandoned plan to abolish the 45p tax rate. If that is what they are doing, it marks a sharp change in their behaviour. For most of the past decade they have whooped with delight whenever a fantastically expensive stimulus package
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When you have defined yourself against the nanny state and scorned the idea of limiting supermarket ‘two for one’ offers, it is only natural that you will go on to reject the case for a £15 million public information campaign to try to persuade people to take fewer baths and turn their thermostats down. The
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According to Labour, solving the energy crisis is really very simple. Rather than funding an energy price cap through borrowing, as Liz Truss wants to do, it should be funded by a windfall tax on oil giants instead. In other words, let’s grab some of more of the gargantuan profits being made by these polluting companies
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There is no hole deep enough that a Conservative minister cannot muster the spadework to excavate it to even greater depths. No sooner had Kwasi Kwarteng announced that he was dropping his proposed reduction in the upper rate of income tax, than Andrew Griffith, one of his ministers at the Treasury, declared that he would
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Will the lights go out this winter? A letter from the energy regulator Ofgem reveals just how seriously it is taking the prospect, and lays out what would happen if the UK can’t get sufficient gas to meet demand. Ofgem declared that ‘here is a possibility that GB entering into a gas supply emergency’ this winter and
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Is nationalisation the vote-winner which Keir Starmer believes it to be? We will find out in due course, but my hunch is that the British public as a whole care a lot less about who owns the train carriages they ride in and the power stations which generate their electricity than Labour MPs do. No
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The ‘rabbit out of the hat’ in Kwasi Kwarteng’s mini budget this Friday is likely to be a cut in stamp duty on property purchases. If so, it will be a popular and wise decision. Not only might it help generate extra activity in a housing market which looks like flagging as interest rates bite
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Should we despair that the pound has slumped again today, falling below $1.14 for the first time since 1985? Or should we rejoice? It was, after all, a collapse in the pound following Black Wednesday in 1992 – along with dramatically lowered interest rates — which precipitated a lasting economic recovery. It is all too
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In this week of mourning, much of the news which would normally get covered has sunk without trace. Even so, this morning’s news of a drop in unemployment has managed to catch the eye. The unemployment rate has fallen by 0.2 to 3.6 per cent – below where it was at the beginning of the
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Liz Truss’s ministers had not even got their feet beneath the cabinet table before they were treated to a barrage of objections to their appointments. Talk about playing the man rather than the ball. No sooner had Jacob Rees-Mogg been appointed business secretary than Caroline Lucas was declaring him unfit for the position because he
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It is not unusual for promises made during an election campaign to fail to survive a headlong impact with reality, but if, as expected Liz Truss, announces an energy price freeze tomorrow, it will leave many Conservative party members who voted for her feeling somewhat cheated. For most of the leadership campaign Truss denounced the
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Just what do you do with the rest of your life if, aged 58, you have been prised out of the biggest job in Britain? It is a question that Boris Johnson, having delivered his valedictory speech outside No. 10, is now having to answer. The possibility of him returning to Downing Street, as has been mooted
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Look at the chart for interest rate expectations in isolation, and you might come to the conclusion that Rishi Sunak is right about Liz Truss’s fiscal policies. In June, markets were expecting rates to peak at around 3.5 per cent next year; now they are expecting them to reach close to 4.5 per cent. Moreover,
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Few will be minded to believe Russia’s explanation for cutting off Nord Stream 1 pipeline – that it is a maintenance issue – and I don’t suspect we are expected to believe it, either – any more than we were expected to believe that the would-be Salisbury assassins had an interest in cathedral spires. It
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When the next prime minister is installed in Downing Street on Monday, we can expect a package of initiatives to help households with their heating bills. But will Rishi Sunak’s existing scheme – which promised £400 worth of handouts to every household – survive if, as expected, Liz Truss walks into No. 10? The scheme
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It is reported this morning that one of Liz Truss’s first acts as prime minister, assuming she wins the Conservative party leadership election, will be to grant new licences for North Sea oil and gas extraction. But will it be enough – and quick enough – to alleviate the energy crisis? There are still substantial known
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The challenger bank sector has been such a graveyard in recent years that I don’t hold out much hope that Durham-based Atom Bank will ever quite displace the likes of Lloyds and Barclays. Nevertheless, I wish it well. It is just that its claim to have increased productivity by changing to a four-day week does
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‘We are living the end of an era of abundance,’ according to Emmanuel Macron, ‘the end of the abundance of products and technologies, the end of the abundance of land and materials, including water.’ It is hard to see how water has become less abundant, being the ultimate renewable resource, which evaporates before falling back
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In Europe it is handouts to help pay our energy bills – even for people who could easily afford to pay them. In the US, it is student debts being written off. With remarkable speed the West is emerging into a new age of big – no, make that huge – paternalistic government. Today, Joe
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Soaring gas and electricity prices are giving us an idea of the cost of imposing sanctions on Russia – a cost which may be worth bearing if it helps to defeat Russian aggression, but a cost nonetheless. But how complete and effective are the sanctions? Trade figures released by the Office for National Statistics (ONS)