22-year-olds don’t need a state pension

Plus: the EU threat to Britain’s tech sector, and who wants pay transparency?

Nov 06, 2026

Has the AI bubble burst? After the Democrats’ midterms election sweep, there was widespread panic that it would lead to slower AI development and fewer data centres. The Nasdaq stock index fell by a huge 5.5%. It has slightly recovered since, but it will have a big impact on companies like Anthropic, preparing for their IPO. See the Stat of the Day below for more.

Elsewhere, Andy Burnham is expected to introduce legislation mandating that job adverts include salary information. It’s more nitpicking from Burnham’s government rather than focusing on the big issues the UK faces. See Daniel Freeman’s piece to find out why it’s not a good idea.

Below you’ll find all the latest pieces from CapX, plus what we’re reading from around the web.

Oscar Gill-Lewis
Deputy Editor, CapX

Today’s Takes

Fresh thinking from CapX

Under-22s shouldn’t need a state pension

John Penrose

‘Once that happens, National Insurance will be obsolete and can be abolished completely.’

If Torsten Bell wants to make his mark and improve our pensions he should make sure that everyone aged 22 or below is moved to an upgraded National Employment Savings Trust (NEST) to replace their state pension. It will help turn Britain into a capital-owning democracy. Read More

The UK should not rejoin the EU

Maxwell Marlow

‘We cannot allow ourselves as a polity to be sidetracked by politicians seeking to distract from the mess they have got us into, by suggesting another referendum.’

Andy Burnham has reopened the debate about rejoining the EU. This would be a terrible mistake for our economy. The EU’s countless regulations have only grown since we left, and would strangle the dynamism found in our start-ups. We are the leading European country on AI and pharmaceuticals. The EU is only a leader on red tape. Read More

Stat of the Day

Best of the Web

Pay transparency laws have a cost

Daniel Freeman, ConservativeHome

‘There is nothing wrong with having preferences for how we’d like a workplace to look and operate. But we should resist the temptation to universalise our preferences with the coercive power of the state.’

The Equality and Human Rights Commission (EHRC) called for mandatory pay transparency the same day John Healey announced his support for such a measure in his Budget speech. But a look at the evidence suggests its main effect would be to drive wages down. Read More

California has rejected wealth taxes, but for the wrong reasons

Kristian Niemietz, City AM

‘They will interpret the very defeat of the wealth tax as an illustration of why a wealth tax is necessary in the first place.’

California’s wealth tax proposal is likely to be defeated. It wanted a one-off 5% tax on wealth above $1 billion: a destructive, misguided plan. Unfortunately, the campaign against the proposal was heavily financed by a few billionaires, sending completely the wrong message. Everyone should oppose wealth taxes, not just the rich. Read More