We need a new Europe to save Ukraine
European leaders must rediscover their purpose
Between Tony Blair’s scathing essay about Keir Starmer’s premiership and Wes Streeting’s pronouncement about banning social media for children, it’s been a high-octane week for political news.
Today was no different. Donald Trump has announced that the US naval blockade on Iran will be lifted – marking a major development in the war. On Truth Social, the President proclaimed that ships stranded in the Strait of Hormuz can ‘start the process of heading home!’
In other news, the chairman of a policing scrutiny panel has been sacked over accusations of discrimination. Following last October’s Manchester synagogue attack, the woman accused West Yorkshire Police of pandering to Muslims as opposed to focusing on the experience of Jews, prompting complaints from Muslim officers.
On CapX today, we had former EU commissioner Ján Figel discussing what Europe must do to save Ukraine, and commentator Lee Gregory Peck (no relation as far as I’m aware) on whether Britain really could have adopted a Norwegian-style sovereign wealth fund.
Joseph Dinnage
Deputy Editor, CapX
Today’s Takes
Fresh thinking from CapX
We need a new Europe to save Ukraine
Ján Figel
‘In the absence of concerted political and diplomatic will, this destructive military path will only continue.’
Now in its fifth year, the war in Ukraine must be brought to an end, and a lasting peace must prevail. Yet currently, the chancelleries of Europe aren’t even at the negotiating table. The fact is that Europe's leaders have departed from the ideas and values of the EU’s founding fathers. To save Ukraine, they must rediscover their purpose. Read More
Should Britain copy Norway?
Lee Gregory Peck
‘The idea that Britain simply ‘missed its chance’ is less an economic analysis than a hindsight morality tale.’
As Britain debates Net Zero, energy security and the future of North Sea drilling, an older argument has returned with renewed force: that the UK squandered its oil wealth while Norway built a sovereign wealth fund worth more than a trillion dollars. It is an appealing story, but the comparison rests on a misunderstanding of both countries’ economic realities. Read More
Stat of the Day
The CapX Reading List
The best of the web today
Tony Blair is wasting his time on the Labour Party
Kemi Badenoch, The Times
‘Labour MPs do not know where money comes from. That is why this prime minister is a dud, and why every contender lining up to replace him will be one too.’
Tony Blair was right to ask Labour MPs to focus on a proper political project that increases our economic and military strength. Good luck with that. They won’t do it. The only political project they are interested in is proving him wrong. Read More
We desperately need welfare reform
Lana Hempsall, The Spectator
‘There is growing awareness among politicians and the wider public that welfare reform is overdue.’
For years, Britain’s welfare debate has revolved around one question: how can we prevent the spiralling numbers of people moving onto benefits, particularly among the young. It isn’t just an issue of the impact on the lives of the millions not working but the disastrous fiscal consequences. A new paper poses the critical question of what happens when an entire generation risks becoming permanently detached from work altogether. Read More
AI is killing the cheap smartphone
David Oks, Substack
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 risks and rewards of Vietnam’s strongman era (Engelsberg Ideas)
– How to get Britain building (The Critic)
– Cuba’s only choice (Foreign Affairs)
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