Starmer digs in
The PM is standing his ground – but for how long?
It is not vanity, it is not stubbornness. No, it’s duty. That’s Keir Starmer’s line on why he plans to fight off all challenges to his leadership, and he’s sticking to it. But the resignation of Defence Secretary John Healey has left the embattled Prime Minister weaker than ever. Even the US weighed in today, with Donald Trump’s Under Secretary of War saying there was a ‘great need’ for more British military strength. See Patrick Maguire and Fraser Nelson’s analysis of the fallout below. Just be glad you weren’t Peter Kyle this morning, standing up for a defence plan without knowing what was in it.
Meanwhile, with today’s IPO of SpaceX, Elon Musk is the world’s first trillionaire. As CapX readers will know, however well his company delivers for investors, that’s worth celebrating.
And in Iran, the standoff continues. Having pulled back from a further attack last night, Donald Trump is now furiously denying Iranian reports that he is ready to pay $300 billion as part of a peace deal. ‘Very dishonourable people to deal with,’ he posted on Truth Social. ‘The president is going to get us a good outcome, one way or the other,’ JD Vance told his followers on X. Let’s hope.
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
SpaceX is capitalism’s greatest vindication
Reem Ibrahim
‘ SpaceX has embraced private capital and relentless experimentation. It has revolutionised the entire industry in ways that the state has not.’
Whether SpaceX can justify the extraordinary valuation behind its $75 billion IPO remains to be seen. What is already clear, however, is that activities once assumed to be the natural domain of government can often be done better, faster and more ambitiously through the dynamism of capitalism and the brilliance of entrepreneurs. Read More
Fake fags are killing Britain's high streets
Maxwell Marlow
‘Smokers are now switching en masse to black market cigarettes.’
Almost a third of cigarettes consumed in the UK are now bought on the black market, and our high streets are suffering as a result. If legal businesses are ordered to sell cigarettes at the regular retail price of around £15 (not including overheads and other regulatory costs), how are they supposed to compete with less scrupulous outfits who go as low as £5? Read More
Stat of the Day
The CapX Reading List
The best of the web today
Keir Starmer will fight on
Patrick Maguire, The Times 🔒
‘The f***ing strategy is to tell his challengers to f*** off.’
How can the Prime Minister argue he has made the right calls on foreign affairs, national security and investment in public services after his Defence Secretary’s resignation letter? Yet he will try. Keir Starmer does not want to resign. He does not think he needs to resign. He will not be made to resign. Those in the Labour Party who disagree have a fight on their hands. Read More
Zack Polanski’s war on carrots
Viggo Terling, The Critic
‘If Polanski wants more people to be able to afford the competitively priced groceries in this country, let’s make it easier for them to find jobs, not attach unaffordable, inflation-beating salaries to their employment.’
It’s hard to keep up with Zack Polanski. One day he argues for a wealth tax to help the poorest in our society, the next he is critiquing their ability to purchase cheap, abundant produce. Polanski’s latest complaint is that cheap supermarket vegetables mean ‘something is not right’. But there’s nothing wrong with competitive markets bringing down the cost of living. Read More
The end of pretence
Fraser Nelson
The Capitalist
Keir Starmer is giving tech companies three months to activate on-device content scanning and age verification across all smartphones and tablets sold in Britain in the name of child safety. The proposal has drawn fierce criticism from privacy advocates. The messaging app Signal has already said it will not comply – will others follow?
And if you want more...
– David Hockney’s defiant pleasure (UnHerd)
– How Britain became as poor as Mississippi (The Atlantic)
– Wegovy pills are coming to your local chemist (The Telegraph)
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