A year ago I ended the Growth Commission’s annual Growth Budget with the prediction that if the then Chancellor Rachel Reeves continued with her policy of tax and spend, she – or more likely her successor – would be back in a year’s time asking for more. So the Government can’t say that they weren’t […]
Britain is pretty good at spending money on infrastructure. In the most recent OECD data, only China spent more on rail infrastructure as a share of GDP. Yet the problem for Britain is that we’re pretty bad at actually building infrastructure for the money that we do spend. The bulk of the money in the […]
Picture the scene. A new Labour leader delivering his first speech as Prime Minister to the party conference, two years after a general election victory. The fiscal backdrop is poor, financial markets are not convinced by the credibility of UK economic policy and there is a deep divide between what his MPs want and what […]
The King of the North has spoken. In an emotive speech, Andy Burnham yesterday set out his vision for Britain. The Prime Minister pledged to put Britain ‘on a new path’, and cursed Margaret Thatcher and the 1980s for killing ‘working-class aspiration’. What lies down this new path? A route back to the decade that […]
Among the eye-catching announcements from the Labour Party Conference in Liverpool is a proposal to allow councils to seize privately owned homes. Matthew Pennycook, the Housing Minister, tweets: ‘It’s not a silver bullet, but bringing more empty homes back into use can help solve the housing crisis. Today, we’re announcing strengthened powers for councils to […]
On September 29, 1976, Britain’s Chancellor of the Exchequer, Denis Healey, announced his intention to apply to the International Monetary Fund (IMF) for a $3.9 billion loan, the largest ever requested. Britain, The Economist announced, was ‘bust’. This was a national humiliation, the crux of a decade of economic turmoil. Britain before 1979 was not […]
Why haven’t we grown in the last decade? We are experiencing the longest spell of workers experiencing no average wage growth in real terms for well over a century – ‘the longest in history since consistent wage records exist, dating back to Victorian times,’ as a paper in the Oxford Review of Economic Policy shows. […]
With the introduction of student fees in 1998, one might have expected that universities would gain independence from the state and its agencies. They would live off the fees paid by those who wanted them, free to act in accordance with whatever academic values they chose to embody. But the opposite happened: all the movement […]
Earlier this month, the Government announced it would pause its wide-ranging plans for Local Government Reorganisation (LGR), which would have redrawn local council and parish boundaries and overhauled a system that has been in place for centuries. As focus shifts to Andy Burnham’s less wordy – but no less ambitious – plans for devolution, England’s […]
This week, Nimby Watch is in Vauxhall, where people are up in arms about a proposed new high-rise… Alright then, Vauxhall. According to my notes, we’re in a nondescript, marshy village near London, named for Faulke’s (or Fox’s) Hall, though not really known by that until the Pleasure Gardens opened in 1740. I mean, you’re […]
For most of the post-war period, each generation in Britain could reasonably expect to be materially better off than the last. Since the financial crisis, that has changed. Productivity growth has been exceptionally weak and improvements in living standards have stagnated. This was the starting point for ‘Boosting Britain: A blueprint for radical financial and […]
A generation ago, when Asia’s leading tiger economies were places like South Korea or Singapore, India was the region’s teenage disappointment. Everyone agreed it had huge potential but it seemed stuck in life’s slow lane. The ‘Hindu rate of growth’ was a byword for handwringing and frustration, rather than the awe and admiration we take […]
Nobody ever built a wind farm with wind. An energy transition is always a project that uses its current energy source to build its replacement while keeping everyone fed and warm. Every turbine, panel, pylon and battery is made, moved, installed and replaced with the help of cheap oil. The question under the plan for […]
In the graphic novel ‘Ministry of Space’, an alternate history is imagined whereby Great Britain nabs the Nazi rocket scientists before the US or USSR. Churchill becomes, in addition to his other (real) accolades and achievements, the father of the British space programme that sees us win the space race. There is a particularly poignant […]
Sam Altman, CEO of OpenAI, and Dario Amodei, CEO of Anthropic, have called for increased regulation of AI to slow down the pace of development. They warn in apocalyptic terms of the dangers their own technology poses. After Jacob Coxon, a researcher, resigned from Anthropic, stating that he could no longer justify working on AI […]
A century ago you had to be rich to get any kind of choice over your clothes. And if you weren’t in the upper echelons of society you could forget going on a foreign holiday. Today, mass production ensures there is an abundance of clothes to choose from at all budgets, and cheap flights have […]
Watch or listen to CapX’s weekly podcast ‘The Capitalist’ wherever you get your podcasts.
