Time's up for the status quo
The public is sick of uniparty politics
Britain’s young people aren’t working, and it’s already costing us £125 billion a year – nearly twice the defence budget.
The ONS reported today that we now have more than a million young people not in education, employment or training (Neet), the highest level in 12 years. That figure came alongside the Milburn report, which warns that the ranks of the Neets could reach 1.25m within five years. See Michael Simmons’ piece below for more details.
At the launch, Work and Pensions Secretary Pat McFadden said the Government had made a ‘major and important start’ to addressing the issue. That might have been more convincing if the Government hadn’t worked so hard to make employing young people more expensive.
There are also fresh rumours of a deal to extend the ceasefire between the US and Iran – President Trump is apparently thinking about it. And the Treasury has delayed publishing its rules on Isa reforms after the Telegraph reported that you could avoid the tax penalty on holding cash in your portfolio by investing a single penny in stocks. Oops.
Marc Sidwell
Editor, CapX
Today’s Takes
Fresh thinking from CapX
Time's up for the status quo
Damian Pudner
‘The public is calling time on the politics of the uniparty.’
When even Tony Blair – the man who built managerial Britain – recognises the state has grown too large, you know we’re in trouble. For 30 years, the state has expanded on the misguided assumption that someone else would always pay, and the public has had enough. The question now is whether Westminster will catch up. Read More
Is this Rachel Reeves's greatest achievement yet?
Graeme Orchard
‘Ring-fencing forms part of the wider architecture of regulatory bubble wrap imposed on banks after 2008.’
Rachel Reeves probably did not expect regulatory reform of ring-fencing rules to become one of her more significant achievements as Chancellor. But credit where it’s due; the Government is absolutely right to pursue serious, common-sense reform of ring-fenced banks in order to free up capital for investment in British businesses. Read More
Stat of the Day
The CapX Reading List
The best of the web today
MPs don't want to confront the youth worklessness crisis
Michael Simmons, The Spectator
‘This tragedy is far more human than economic. Wasted youth is becoming wasted life.’
Britain’s young are facing a worklessness crisis – 13.5% of all 16- to 24-year-olds are classed as not in education, employment or training. Worse still, Alan Milburn’s review into this suggests we are nowhere near the peak. While Labour did not set this catastrophe in motion, it is inarguable that their policies entrenched it. No wonder they’re so unwilling to confront the issue. Read More
Sadiq Khan's virtue signalling will cost Londoners dearly
Louis Mosley, The Standard
‘To deny police officers proven software because of how it is being used in another democratic system is the worst form of virtue signalling.’
Palantir’s software provides tools that allow police forces, hospitals and other government departments to join together the information they already lawfully hold, so they can spot patterns, identify risk and act faster. This technology has already been transformational where it has been deployed in Bedfordshire, and the Met wants to use it in London. But because of the tech company’s international clients, the London Mayor has said no. Read More
How Chester East Council cost residents £500,000
Michael Hill, Notes on Growth
The Capitalist
In this week’s 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...
– The UK’s 90 taxes – on one chart (Dan Neidle)
– Burnham: bad for building (ConservativeHome)
– Iran and the forever war trap (Foreign Affairs)
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