Ross Clark

Ross Clark

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?

A windfall tax on oil giants would harm – not help – pensioners

From our UK edition

Look up this year’s performance of the shares and bonds which make up your pension fund and you will see that BP and Shell are the rare chinks of light. BP is up 15 per cent and Shell up 20 per cent, with both enjoying bumper profits on the back of high oil and gas prices. Cue, then, for Labour and the Lib Dems to demand a windfall tax in order to confiscate some of these profits. The money ought to be used, Eds Miliband and Davey have said this morning, to help people pay their heating bills. In both their minds ‘dividends’ and ‘shareholders’ are rude words – whereas in reality the people with a stake in BP and Shell are in many cases exactly the same people who are struggling to pay their heating bills.

Make capitalism real again

From our UK edition

The emergence of Covid provoked a worldwide economic crash. That lasted a mere four weeks. By the time western countries were locking down, a bull market had begun afresh. Through months of lockdowns, soaring case rates and death rates, shares were not just rebounding but marking new highs – firstly involving tech shares and online retailers which had done well from social distancing, but then pretty much anything. The arrival of the first vaccine phase 3 trial results in November 2020 sent shares spinning upwards, yet the emergence of the Alpha and Delta strains didn’t seem to do any harm. And now that economies seem finally to be putting Covid behind them? In Britain, plan B has ended. Denmark has ditched its Covid restrictions entirely.

The Bank of England’s interest rate hike isn’t enough

From our UK edition

There would have been times when the news ‘Bank of England doubles interest rates’ would have been met with a shudder. But when the move takes rates merely from 0.25 per cent to 0.5 per cent it hardly ranks as a shock at all. The days when the base rate reached 15 per cent seem as far away as ever. Rates remain far lower than was considered normal before the banking crash of 2008/09. Prior to that, rates had not been below two per cent in 300 years. So, no, the Bank of England is not responding aggressively to rising inflation.

Two years on, what’s the evidence for lockdown?

From our UK edition

Did lockdowns save lives? We will never have a definitive answer to this vital question because it was impossible to conduct controlled experiments — we don’t have two identical countries, one where lockdown was imposed and one where it wasn’t. Nor is it easy to compare similar countries, for the simple reason that every country in the world — bar Comoros in the Indian Ocean — reacted to Covid by introducing at least one non-pharmaceutical intervention (NPI) by the end of March 2020. There was no clear link between lockdown stringency and fewer deaths in the spring of 2020, A team from Johns Hopkins University has, however, assessed the many (albeit flawed) studies into whether lockdown works — a ‘meta-analysis’.

Why should we listen to celebrities over Joe Rogan?

From our UK edition

I’m boycotting Spotify. I am doing this for the same reason as I don’t have a Netflix subscription: I refuse to subsidise the efforts by Harry and Meghan to monetise their royal fame. If either company terminates its relationship with the couple I will consider using its services, but for the moment I will stick to YouTube. But no, it wouldn’t be a problem for me that Spotify hosts the Joe Rogan podcast – something which I admit I have never listened to, but which seems to have upset Harry and Meghan, as well as Neil Young and Joni Mitchell. The day we banish people from spouting unpopular opinions, even nutty ideas, is the day that we submit to being ruled by a tyranny of officially-sanctioned experts.

The NHS vaccine mandate was bound to fail

From our UK edition

Health Secretary Sajid Javid now looks set to drop his plans to sack unvaccinated NHS staff. It was almost inevitable given the practical difficulties that come with sacking more than 70,000 workers who showed little sign of changing their minds — all while the NHS is desperately trying to catch up with missed treatments following the pandemic. Javid is expected to say that the far milder Omicron variant has changed his calculation: Covid is no longer a threat that would necessitate compulsory vaccination. In reality, his bluff was about to be called.

Why Denmark has called for the end of Covid restrictions

From our UK edition

England has been described by some as an outlier in that the government is lifting Plan B restrictions in spite of Covid infections remaining high – daily numbers are still higher than at any point prior to the emergence of the Omicron variant. Some have even accused the Prime Minister of lifting the restrictions in order to divert attention from his political troubles. Yet Boris Johnson’s government is not alone. The Danish government, too, has announced that all remaining restrictions will be lifted on 1 February and Covid-19 will no longer be classified as a ‘socially critical disease’ in the country.

The abandoned revolution: has the government given up on Brexit?

From our UK edition

There is a lesser-known Robert Redford film, The Candidate, in which he plays a no-hope Democrat taking on a popular and well-liked Republican in a Californian election. After engaging unexpectedly well with the public and winning an improbable victory, he turns to one of his aides and asks, bewildered: ‘What do we do now?’ The question is left hanging in the air like the back end of the bus in The Italian Job. The script might as well have been written about Boris Johnson and the Brexit referendum campaign. It is nearly six years on from that victory, and two years on from Brexit itself. And yet it is still far from clear what — if anything — the Prime Minister intends to do with his victory. We thought we knew what he wanted from Brexit.

Don’t bet on interest rates rising

From our UK edition

So is this really it: the end of the era of virtually zero interest rates? There was a marked pullback in US markets on Wednesday when Jay Powell, the chair of the Federal Reserve, indicated that yes, he really did mean it: interest rates are on the way up, if not quite yet. ‘The committee is of a mind to raise the federal funds rate at the March meeting assuming that conditions are appropriate for doing so.’ Share prices, which earlier in the day had risen in expectation of a doveish stance, fell back sharply. The very idea that a central bank might increase interest rates to tackle rising inflation seemed to catch investors unaware – so used have we all become to ultra-low borrowing rates.

Did Plan B work?

From our UK edition

Today is England’s last day under Plan B restrictions, brought in by the government at the beginning of last month to curb the spread of Omicron. Work-from-home guidance was scrapped last week, while mandatory face coverings in shops and on public transport — as well as the need to show vaccine passports at large venues — are to be lifted tomorrow. Was there any point in these restrictions in the first place? We will never know, of course, what would have happened had the government not brought them in — no one has conducted a controlled experiment on an identical England where Plan B was never introduced.

Entitled motorists have ruled the roads for far too long

From our UK edition

Last week it was ‘operation red meat’, designed to recapture wavering Tory voters. This week something very different: changes to the Highway Code are coming into effect, which threaten to upset the not-insignificant number of car owners. Sure enough, the Alliance of British Drivers, the trade union for Mr Toads, has complained bitterly. Responding to a new clause reminding that cyclists and pedestrians have the right to use any part of the road, the Alliance complains: 'This is a recipe for anarchy and accidents. It is unworkable. Greater clarification is needed as it appears to give pedestrians total control over the entire road network.

Ousting Boris Johnson now would be a mistake

From our UK edition

There must come a time when even Beth Rigby starts to ask whether she is too fixated on a small staff party which happened nearly two years ago and not quite enough on the highest inflation rate in 30 years and the prospect of a Russian invasion of Ukraine. But to be fair to Sky TV’s political editor – who herself was taken off air for three months last year for attending a party which broke Covid rules – she is hardly the only one. As well as every other media outlet pursuing the same story to the point of absurdity the story is being fed by a number of covens of Conservative MPs who are determined to use this opportunity to oust the Prime Minister.

Banning tomato ketchup sachets won’t save the planet

From our UK edition

Warning to the working classes: the government is coming after your pleasures again. It is you who are being blamed for environmental degradation and you who will be made to pay the price. The latest wheeze of environment secretary George Eustice is to ban plastic sachets of tomato ketchup, soy sauce and whatever else from takeaways. Evidence has shown, he says, that these little sachets 'can cause considerable harm to the marine and terrestrial environment when disposed of incorrectly'.  Fair enough, in that we would all be better off if food manufacturers could find biodegradable substitutes for their packaging. But why is it always what might be described as common pleasures which ministers fixate upon when trying to solve social and environmental problems?

Does Boris believe in Brexit?

From our UK edition

For once, yesterday’s Downing Street press conference included a worthwhile question, and not of the 'why aren’t you locking us down?' variety. In fact, it had nothing to do with Covid at all. Harry Cole of the Sun asked why, given that the Prime Minister had once cited the ability to remove VAT from fuel bills as a tangible benefit of leaving the EU, he was not now taking advantage of his new-found freedom, especially as bills are heading sharply upwards. Boris Johnson mumbled something about not wanting to help people who could easily afford their energy bills and that the government might consider more targeted help instead.

The problem with ‘vaccine equity’

From our UK edition

'A stain on our soul'. That was how Gordon Brown, in his latest missive on the subject, described the failure of the west to ensure that the whole world is vaccinated. In a previous attack on western policy — at the end of November, just as Omicron was emerging — he wrote of “hoarding” and 'vaccine nationalism'. Take Africa: it is certainly true that vaccination rates in many countries are very low. While the UK has managed to deliver 195 doses per 100 people, Nigeria has only managed seven, Ethiopia and Somalia nine, and Chad and South Sudan two. Can all this be blamed on the failure of western nations to donate vaccines?

Does Warwick’s Omicron modelling make restrictions more likely?

From our UK edition

Two weeks ago, the London School of Hygiene and Tropical Medicine (LSHTM) and Imperial College both published modelling showing frightening scenarios if the government did not react to the Omicron variant by imposing immediate restrictions on our day to day lives. The former suggested that hospitalisations could peak at 7,190 a day in January in its most pessimistic scenario; the latter was reported as suggesting that deaths might peak at 5,000 a day in January. Both figures, however, were made on the assumption that Omicron was every bit as virulent as the Delta variant. Since then, several UK studies have suggested that this is not the case, with data showing it is between 20 per cent and two thirds less likely to land us in hospital.

Why warmer days in Alaska are not a sign of climate armageddon

From our UK edition

It’s climate panic again. This time, under headlines such as ‘Baked Alaska’, we are informed that the most northerly US state has experienced ‘absurd’ temperatures for December. ‘In December when temperatures would normally be well below zero,’ states the Independent, the town of Kodiak has registered a temperature of 67 degrees Fahrenheit (19.4 Celsius). ‘In late December I would not have thought such a thing possible,’ a climatologist is quoted as saying on CNN. ‘When smashing a temperature record it’s normally by a fraction of a degree,’ tweets the Met Office, ‘not by 20 degrees. But that is what happened in Kodiak, Alaska.

Remember panic-buying? Here’s what will happen next time

From our UK edition

It’s post-Christmas, and there are already murmurs about supermarkets with empty shelves. Just as with the petrol shortage in September and shortages of loo paper at the beginning of the first lockdown, these things can rapidly develop into major crises, purely as a result of panic-buying. Tesco, whose store on the Isle of Wight is reportedly especially empty post-Christmas, denies it has any problem with its supply chain — which had been threatened with disruption thanks to an industrial dispute involving the company’s lorry drivers in early December. People may, on the other hand, have stocked up more than usual in response to fears of a post-Christmas lockdown — a fear which appears for the moment to have gone away.

Sage modellers start to accept that Omicron is milder

From our UK edition

Public health officials in Britain and South Africa were on different planets for about a fortnight. While those in South Africa kept presenting data suggesting that Omicron caused less severe disease than earlier variants, scientists in Britain continued to claim it was too early to say. Scenarios published by the London School of Hygiene and Tropical Medicine (LSHTM) last week pictured a frightening picture of January, suggesting that hospitalisations could peak above previous waves. An assumption was made that Omicron was just as likely to land you in hospital or kill you compared with Delta. As LSHTM admitted, quite a big assumption:- Due to a lack of data, we assume Omicron has the same severity as Delta.

Why Omicron may not lead to a surge in hospitalisations

From our UK edition

There were two takeaways from last night’s press conference: firstly, the hard data showing that the number of recorded cases of Covid had surged by 19,000 – or 28 per cent – in a single day. Second was the assertion that, as a result, the NHS is in danger of being overwhelmed. What was lacking was the hard data on hospitalisations and the number of people in hospital. Although you would never have guessed from the tone of the conference, these both fell. The number of people admitted to hospital – a figure which runs a few days in arrears owing to a delay in the four constituent nations of the UK collating their data – fell from 800 to 774, the lowest figure recorded in a week.