Look out, California – the British are coming
Could a Briton become Governor of California?
Thousands of documents and messages involving Peter Mandelson have been released this afternoon, including one email which, in a rare moment of self-awareness, said ‘This is like something out of Thick of It’.
The former US ambassador made the reference in an exchange about President Trump’s desire for his very own ministerial presidential red box (with his title stamped in gold, naturally). Apparently discussions as to whether this was an appropriate gift reached the highest levels of government. Thank goodness our politicians are busy with the important stuff.
Meanwhile, a cash-strapped Rachel Reeves is exploring whether to fund Labour’s infrastructure plans through a revival of public-private partnerships. Given some schools are still paying the price of New Labour’s last PFI experiment, it could be an expensive choice. Tony Blair is seeking more influence over party policy, but is this really the place to start?
Still, as Mandelson wrote to Pat McFadden after Labour’s poor performance in last year’s local elections, ‘It stems from the top… Keir lacks verve as does the Cabinet… you need more people who can execute.’ Hard to argue with that.
Below you’ll find all the latest pieces from CapX, plus what we’re reading from around the web.
Marc Sidwell
Editor, CapX
Today’s Takes
Fresh thinking from CapX
Look out, California – the British are coming
Harry Phibbs
‘If Hilton does win in November, a radical change of direction is promised.’
As the United States celebrates 250 years of independence from the British, millions of Californians wish to put themselves under British rule. The primary for the gubernatorial race is taking place tomorrow, and Steve Hilton, a British-born former adviser to David Cameron, is not only expected to make it through to the final in November, but has a good shot of winning in the ultimate competition. Read More
The LSE has a lot to answer for
Len Shackleton
‘Many bright people pass successfully through programmes like the LSE masters. Yet they often seem to lack what you might call economic common sense.’
What do Rachel Reeves, Yvette Cooper and Ed Miliband have in common? Yes, they’re all experienced Labour politicians, but they also all hold master’s degrees in economics from the LSE. Despite this, they are prepared to sign up to policies which seem to fly in the face of economic reasoning. From Net Zero to nationalisation, elite academic institutions have tutored our leaders in terrible ideas. Read More
We need to talk about modern monetary theory
Emmanuel Maggiori
‘MMT’s policy recommendations could cause a gigantic mess.’
From fringe blogs to the leader of the Green Party, modern monetary theory (MMT) has become worryingly popular. According to MMT, the Treasury should use higher deficits – funded by money creation – to help run the economy at full capacity and, in theory, increase prosperity. The reality would be very different – just look at much of Latin America. Read More
Stat of the Day
The CapX Reading List
The best of the web today
Hey, leftists, leave independent schools alone
David James, The Critic
‘The Labour Party’s policies on education have always been distorted by its obsession with independent schools.’
There are many senior figures in the Government, including Rachel Reeves and Bridget Phillipson, who loathe the private school sector and would abolish it tomorrow if they could. Nuance has no place in this particular form of class envy. For those on the Left, there is only one acceptable school model and it is non-selective, co-educational and paid for by the state. Read More
Rachel Reeves represents short-termism at its worst
Matthew Lynn, The Spectator
‘It is hard to see how anyone can think less saving and less investment are what the country needs right now.’
When Rachel Reeves became Chancellor, she made a lot of promises about improving the long-term prospects of the British economy. And yet as figures emerge showing almost three million workers will be hit by her tax raid on pensions, it turns out that the very opposite is true. Read More
Health, housing and hung parliament haggling
Next Week in Westminster 🎙️
The Capitalist
In the latest episode of the CapX podcast, Marc Sidwell is joined by economist Samuel Gregg to discuss a worrying new consensus forming across both the Left and Right: that using industrial policy to achieve the economic outcomes we want is just common sense.
Watch on YouTube; listen on Apple Podcasts or Spotify.
And if you want more...
– Quibble: a new campaign to fix the small stuff (Quibble UK)
– Why people hate humanoid robots (UnHerd)
– How a razor revealed the secret of economic progress (The Daily Economy)
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