Streeting says the C-word
Plus: the real cost of Net Zero and what Clarkson's Farm reveals about Britain
The life (and economic policies) of John Maynard Keynes are coming to the West End. The wait goes on for a stage version of ‘Friedrich Hayek: The Musical’.
Today’s political drama featured Wes Streeting laying out his vision for ‘progressive capitalism’. At least he’s willing to say the C-word. He even had a few kind words for Nigel Lawson. But Streeting also warned that a Labour leadership contest could become ‘a Dutch auction of the most expensive and popular pledges to appeal to the party faithful’. Politics as usual, then.
Meanwhile, Keir Starmer is still refusing to concede, either to Streeting or the frontrunner to replace him, Andy Burnham. Today, the Prime Minister was playing hardball: not only announcing that there would be no extra money for the Defence Investment Plan – as predicted in CapX yesterday – but apparently signing off on Natural England’s death sentence for most of Dartmoor’s ponies (see today’s Stat of the Day).
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
What Clarkson’s Farm reveals about rural Britain
Arthur Reynolds
‘The average profit on a pint is just 12p. On that margin, Jeremy Clarkson’s pub would need to sell more than 13,000 pints a day to cover the cost of running its car park.’
‘Clarkson’s Farm’ is back for another season, and so is the battle between Jeremy Clarkson and West Oxfordshire bureaucrats. But the red tape crushing rural enterprise isn’t just great TV. The countryside is awash with entrepreneurial spirit – the system just keeps getting in the way. Read More
Net Zero is costing you a fortune
Tom Willerton-Gartside
‘The Department for Energy Security and Net Zero has been turned into a second Treasury.’
A century ago, incremental changes weren’t enough, so MPs passed the transformative Electricity Supply Act. Today, with the costs of Net Zero punishing households and the wider economy, the same logic applies. A new Bill sets out the radical action Britain’s energy system needs. Read More
Stat of the Day
The CapX Reading List
The best of the web today
Two-tier taxes won't get Britain working
Joanna Marchong, City AM
‘Employer National Insurance is a tax on employment, full stop. The answer is to cut it for everyone, not to means-test it by nationality.’
Reform UK has made a significant error with its latest policy announcement, which promises to reverse Labour’s increase in Employer National Insurance for British workers only. The real question was never who gets hired – it’s why there aren’t enough jobs, and how you make more. Read More
Can Andy Burnham pass the Thames Water test?
Matthew Lynn, The Spectator
‘With a more left-wing prime minister in No. 10, investors are going to be even less keen than they already are to put money into British infrastructure.’
The Government today rejected a private sector rescue for Thames Water, moving it a step closer to state ownership. Andy Burnham believes utilities should be in public hands. But who’s going to pay for it? If Burnham becomes prime minister, this could be his administration’s first big crisis. Read More
The loophole that built Britain
Benedict Springbett
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...
– Labour say care homes are profiteering. Really? (CapX Archive)
– The robot that puts a spring in your step (PC Mag)
– Manchesterism: is it really working? (Notes on Growth)
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Starmer and Miliband should be Hung,Drawn and Quartered to make sure that they Die in the absolute Agony they so richly deserve.