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Rachel Reeves reacts after a heckler shouts: ‘You’re ruining the country’ |
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Szu Ping Chan Economics Editor |
Rachel Reeves increasingly believes that economics bends to political will. The Chancellor thinks that if she piles enough pressure on banks or supermarkets, prices will fall and growth will appear.
Andrew Bailey begs to differ. The governor of the Bank of England has been forced to remind politicians that economics is commanded by incentives and trade-offs, not slogans and gimmicks.
Last year, Bailey pushed back after Reeves attacked post-crisis banking rules as a “boot on the neck” of business. He warned that financial stability could be sacrificed at the altar of political convenience.
In a pointed intervention yesterday, Bailey warned against government-imposed price caps. As an economic historian, he knows the damage they can cause.
The 1970s showed how populist price controls can be alluring, but they distort supply, reduce investment and eventually create shortages or higher costs elsewhere. In Bailey’s words, they are simply “unsustainable”.
This unassuming central banker has taken on politicians before. While he never met Liz Truss as prime minister, he was drawn into the aftermath of her mini-Budget, amid repeated criticism of the Bank of England for failing to anticipate the market consequences.
Reeves now risks repeating the same mistake from the opposite ideological direction: assuming markets, prices and institutions will obediently follow ministerial messaging.
Read the full story here ➤
Heckler tells Reeves: ‘You’re ruining the country’ ➤ |
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Allister Heath Editor of The Sunday Telegraph
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Andy Burnham talks as if he is the author of Manchester’s renaissance. It’s a shameless confidence trick by Britain’s most dangerous political entrepreneur.
Burnham’s chutzpah is off the charts. He is running as an anti-system candidate in the Makerfield by-election, a populist pledging to tear down the status quo, even though he was one of the architects of our failed social and economic settlement as a senior minister under Gordon Brown.
His reputation as the saviour of Manchester is similarly undeserved. Burnham has no solutions to any of Britain’s pathologies. His real record must be exposed before it is too late.
This commentary is available only to subscribers.
Continue reading ➤
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Daniel Martin Deputy Political Editor |
Andy Burnham received another boost to his campaign yesterday when a poll found he would be able to lead Labour to victory against Reform at the next general election.
Under the leadership of Sir Keir Starmer, Labour has been well behind Reform, but the More in Common survey found that with Burnham in charge, the party would get an eight-point boost.
This would give Labour the backing of 30 per cent of voters, three points ahead of Nigel Farage’s party, enabling him to win a general election.
The poll also found that half of those who deserted Labour to join the Greens or the Lib Dems would return to a Burnham-led Labour party, along with a fifth of those who left to support Reform or the Tories.
Read the full story here ➤ |
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Sketch by Tim Stanley Keir was very relaxed at PMQs yesterday, it felt more like a leaving drinks – which would have upset the Greens Continue reading ➤
Graham Linehan The Met handed me an apology written to close a file. I’m not closing it Continue reading ➤
Sue Quinn Why would anyone drink these sugar-laden abominations of coffee? Continue reading ➤ |
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Prince William wipes away tears after Aston Villa’s Europa League victory |
Data obtained under the Freedom of Information Act | Source: HMRC |
Workers are facing demands for thousands of pounds that they do not owe because of mistakes made by HMRC, writes Emma Munbodh, our Deputy Money Editor. In one case, the department estimated untaxed interest at £3,847 – despite the actual figure being just £94. This resulted in the worker overpaying £1,476 in tax. In another, hundreds of savers were accidentally billed on money held in Isas, which should have been tax-free. The authority has been reducing workers’ personal allowances to claw back money on savings interest that does not exist or is held in an Isa. For subscribers only ➤ |
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Labour’s leadership dramas could end in the party backing calls for Britain to rejoin the EU, writes James Crisp, our Europe Editor. Taking that fight into the next election would mean swallowing the humiliation of overturning one of the largest ever exercises in democracy. Crawling up the road back to Brussels would be even tougher. Continue reading ➤ |
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Former NFU boss Minette Batters discusses her agricultural background, life in the Lords and the challenges facing the rural economy |
Minette Batters and I got off to a bad start, writes Patrick Galbraith, our Environment Correspondent. The first time I encountered the former president of the National Farmers’ Union was when I wrote an exclusive news story, from a leak, about her government-commissioned report on agriculture. Batters took to LinkedIn in a fury. Three months later we sat down in her farmhouse kitchen to discuss her new book, a memoir. I liked her but I wondered, as we chatted, if she had the grit her sector needs when Labour is kicking it, and whether a peerage has affected the way she remembers how politicians deal with countryside matters. Continue reading ➤ |
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After this week’s shocking Panorama investigation into Married at First Sight UK, is reality TV about to face a reckoning? A genre replete with scandals and tragedies has been questioned before, but Britain still binge watches, writes Guy Kelly. We’ve spoken to former contestants, producers and industry figures to find out just how exploitative the industry can be, and whether anything is ever likely to change. Continue reading ➤ |
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Niklas Ekstedt says ‘lagom’ is at the heart of the Swedish diet, which means ‘just right – not too much, not too little’ |
How is it that Sweden manages to be one of the healthiest and slimmest nations in Europe, with low rates of obesity and high life expectancy? Chef Niklas Ekstedt says the secret is “lagom”, a principle at the heart of the Swedish culture meaning “just right” – not too much, not too little. Plus, an incredible seasonal, foraged and super-local diet. Here, he reveals how to incorporate some Swedish flair into your own kitchen, along with two recipes to try.
Continue reading ➤
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It’s hard to keep track of what’s in and what’s out when it comes to Gen Z. In today’s edition, LA Robinson, our youthful Lifestyle Writer, investigates the resurgance of the capri trouser.
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LA Robinson Lifestyle Writer |
This summer, I’m baring it all: my calves, I mean. Refreshingly, one of the hottest fashion trends right now doesn’t require squeezing into Daisy Duke shorts or crop tops, but rather channeling the gamine charm of Audrey Hepburn and Grace Kelly. That’s right: I’m talking about the capri trouser.
Designed in the late 1940s by German Sonja De Lennart and named after the Italian isle where she loved to vacation, the style gave women the freedom to move like men while still maintaining a feminine silhouette. Audrey Hepburn gave them the Hollywood treatment in Sabrina and Roman Holiday, starlets includ Marilyn Monroe and Brigitte Bardot followed suit, and the rest is history.
Capri trousers are synonymous with old Hollywood stars like Audrey Hepburn |
So, why are they back in style now? It could be part and parcel of the “trad-wife” trend, with its 1950s hourglass ideals of beauty, or it could be because we’ve reached peak Billie Eilish baggy trousers, and now the pendulum is swinging the other way (sometimes you want to remind yourself that yes, there are indeed actual legs beneath those XXL cargo trousers).
Whatever the reason, I, for one, am pleased to see a practical, timeless style surge in popularity; something I can cycle around in (they’re also called “pedal pushers” for a reason), something I can dress up with dainty heels for dinner and something my mother, grandmother and I could all easily wear.
Will you be digging out a pair of capris this spring/summer? Let me know here. |
Gnome pun intendedWhile Orlando Bird, our loyal reader correspondent, is away, Kate Moore is on hand to share an off-piste topic that has brought out the best of your opinions and stories. Kate writes...
Venture to the bottom of an unfamiliar garden, and you may find something lurking in the borders. No, not fairies, but their closest neighbours, the much-maligned garden gnome.
Having declined sharply in popularity at the start of the century, gnomes are staging a comeback. This year, the Royal Horticultural Society lifted its gnome ban for the Chelsea Flower Show, currently running until Saturday.
For some readers, the gnome has never been away. “I have a much cherished garden gnome,” wrote Ann Woodward. “Now, at over 70 years old, he goes out to survey the garden from a sunny spot when the clocks go forward, retreating to a warm windowsill as soon as the clocks go back.”
Then, there were the agnostics, who stopped just short of a full-throated endorsement. “From Terry Pratchett to Gong, gnomes have established a really quite deep place in our shared cultural consciousness,” said Steve McConnell. “I’m not a fan of kitsch so wouldn’t have them myself, but I wouldn’t mind seeing a growing revival.”
Martin Doherty was of similar mind: “Looking at some of the past gardens at Chelsea, they could do with a couple of gnomes to brighten them up and make them look more interesting.”
Officials at Chelsea may need to beware, for gnomes have aroused violent emotions in the past. Stories of petty vandalism crop up every few years. Even willing gnome-owners can have their limits. “I have just purchased a gnome for my young grandchildren,” reported John Georgson.
“It has a solar-charged battery which keeps his eyes blazing all night – absolutely terrifying.” Gardener’s companion, or horticultural horror? Send us your verdict on the gnome here and the best of the bunch will feature in a future edition of this newsletter.
Please confirm in your reply that you are happy to be featured and that we have your permission to use your name. |
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1216 | Prince Louis of France invades England with 700 ships
1966 | Muhammad Ali stops Henry Cooper in the sixth round to retain the heavyweight boxing title
2007 | The Cutty Sark is damaged by fire in Greenwich (below, see our cartoonist Matt’s take on the story on the front page of the following day)
Birthdays: Tom Daley (32), Noel Fielding (53), Leo Sayer (78)
Plus, an Albanian burglar fighting his third deportation has flaunted the purchase of his latest motor. What make is his new car?
1. Ferrari
2. Porsche
3. Lamborghini
4. Aston Martin
Click one of the options to reveal the answer... |
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Find as many words as you can in today’s Panagram, including the nine-letter solution. Visit Telegraph Puzzles to play a range of head-scratching games, including The 1% Club, Cogs, and Quick, Mini or Cryptic Crosswords.
Yesterday’s Panagram was QUOTATION. Come back tomorrow for the solution to today’s puzzle. |
Thank you for reading. Have a fulfilling day and I hope to see you tomorrow.
Chris Evans, Editor
P.S. I’d love to hear what you think of this newsletter. You can email me your feedback here. |
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