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class="site-content"> <div class="header-overlay"></div> <div class="ad-slot leaderboard"> </div> <section class="entry-container container" aria-label="Economics category page"> <header class="archive-entry__header container archive-entry__header--show-border" aria-label="Archive page header"> <img width="100" height="67" src="https://www.spectator.co.uk/wp-content/uploads/2021/09/money.png?w=100" class="archive-entry__header-image" alt="" decoding="async" srcset="https://www.spectator.co.uk/wp-content/uploads/2021/09/money.png 730w, https://www.spectator.co.uk/wp-content/uploads/2021/09/money.png?resize=300,200 300w, https://www.spectator.co.uk/wp-content/uploads/2021/09/money.png?resize=271,180 271w, https://www.spectator.co.uk/wp-content/uploads/2021/09/money.png?resize=100,67 100w, https://www.spectator.co.uk/wp-content/uploads/2021/09/money.png?resize=200,133 200w, https://www.spectator.co.uk/wp-content/uploads/2021/09/money.png?resize=528,352 528w, 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https://www.spectator.co.uk/wp-content/uploads/2021/09/money.png?resize=358,238 358w, https://www.spectator.co.uk/wp-content/uploads/2021/09/money.png?resize=285,190 285w, https://www.spectator.co.uk/wp-content/uploads/2021/09/money.png?resize=262,174 262w, https://www.spectator.co.uk/wp-content/uploads/2021/09/money.png?resize=75,50 75w, https://www.spectator.co.uk/wp-content/uploads/2021/09/money.png?resize=160,108 160w" sizes="(max-width: 100px) 100vw, 100px"> <h1 class="archive-entry__header-title">Economy</h1> </header> <div class="stocks-feed"> <div class="stocks-feed__inner"> <ul class="stocks-feed__list"> <li class="stocks-feed__list-item"> <p class="stocks-feed__name"> <abbr title="Apple Inc">AAPL</abbr> </p> <p class="stocks-feed__data"> <span class="stocks-feed__price">213.43</span> (<span class="stocks-feed__change stocks-feed__change--positive">+0.29%</span>) </p> </li> <li class="stocks-feed__list-item"> <p class="stocks-feed__name"> <abbr title="Barclays plc">BARC-LN</abbr> </p> <p class="stocks-feed__data"> <span class="stocks-feed__price">1205.7</span> (<span class="stocks-feed__change stocks-feed__change--negative">-1.46%</span>) </p> </li> <li class="stocks-feed__list-item"> <p class="stocks-feed__name"> <abbr title="Nike, Inc. - Class B">NKE</abbr> </p> <p class="stocks-feed__data"> <span class="stocks-feed__price">94.05</span> (<span class="stocks-feed__change stocks-feed__change--positive">+0.39%</span>) </p> </li> <li class="stocks-feed__list-item"> <p class="stocks-feed__name"> <abbr title="Chevron Corp.">CVX</abbr> </p> <p class="stocks-feed__data"> <span class="stocks-feed__price">152.67</span> (<span class="stocks-feed__change stocks-feed__change--negative">-1.00%</span>) </p> </li> <li class="stocks-feed__list-item"> <p class="stocks-feed__name"> <abbr title="Salesforce Inc">CRM</abbr> </p> <p class="stocks-feed__data"> <span class="stocks-feed__price">230.27</span> (<span class="stocks-feed__change stocks-feed__change--negative">-2.34%</span>) </p> </li> <li class="stocks-feed__list-item"> <p class="stocks-feed__name"> <abbr title="Intel Corp.">INTC</abbr> </p> <p class="stocks-feed__data"> <span class="stocks-feed__price">30.5</span> (<span class="stocks-feed__change stocks-feed__change--negative">-0.87%</span>) </p> </li> <li class="stocks-feed__list-item"> <p class="stocks-feed__name"> <abbr title="Walt Disney Co (The)">DIS</abbr> </p> <p class="stocks-feed__data"> <span class="stocks-feed__price">100.16</span> (<span class="stocks-feed__change stocks-feed__change--negative">-0.67%</span>) </p> </li> <li class="stocks-feed__list-item"> <p class="stocks-feed__name"> <abbr title="Dow Inc">DOW</abbr> </p> <p class="stocks-feed__data"> <span class="stocks-feed__price">55.79</span> (<span class="stocks-feed__change stocks-feed__change--negative">-0.82%</span>) </p> </li> </ul> </div> </div> <div class="economics__mosaic"> <div class="economics__mosaic-articles"> <article id="article-528913" class="article article--rail article-- article--horizontal article--post article-- highlight-color-red" data-analytics-id="" data-analytics-kicker="" data-analytics-author="Matthew Lynn" aria-label="Marine Le Pen’s reckless game with the French economy">   <header class="article__header"> <a class="article__author article__author--link" href="https://www.spectator.co.uk/writer/matthew-lynn/"> Matthew Lynn </a> <img width="88" height="88" src="https://www.spectator.co.uk/wp-content/uploads/2021/10/Matthew-Lynn-512x512-1.png?w=88" class="avatar avatar-88 photo article__avatar wp-post-image" alt="Matthew Lynn" loading="lazy" srcset="https://www.spectator.co.uk/wp-content/uploads/2021/10/Matthew-Lynn-512x512-1.png 512w, https://www.spectator.co.uk/wp-content/uploads/2021/10/Matthew-Lynn-512x512-1.png?resize=150,150 150w, https://www.spectator.co.uk/wp-content/uploads/2021/10/Matthew-Lynn-512x512-1.png?resize=300,300 300w, https://www.spectator.co.uk/wp-content/uploads/2021/10/Matthew-Lynn-512x512-1.png?resize=203,203 203w, https://www.spectator.co.uk/wp-content/uploads/2021/10/Matthew-Lynn-512x512-1.png?resize=100,100 100w, https://www.spectator.co.uk/wp-content/uploads/2021/10/Matthew-Lynn-512x512-1.png?resize=200,200 200w, https://www.spectator.co.uk/wp-content/uploads/2021/10/Matthew-Lynn-512x512-1.png?resize=330,330 330w, https://www.spectator.co.uk/wp-content/uploads/2021/10/Matthew-Lynn-512x512-1.png?resize=156,156 156w, https://www.spectator.co.uk/wp-content/uploads/2021/10/Matthew-Lynn-512x512-1.png?resize=284,284 284w, https://www.spectator.co.uk/wp-content/uploads/2021/10/Matthew-Lynn-512x512-1.png?resize=232,232 232w, https://www.spectator.co.uk/wp-content/uploads/2021/10/Matthew-Lynn-512x512-1.png?resize=320,320 320w, https://www.spectator.co.uk/wp-content/uploads/2021/10/Matthew-Lynn-512x512-1.png?resize=68,68 68w, https://www.spectator.co.uk/wp-content/uploads/2021/10/Matthew-Lynn-512x512-1.png?resize=56,56 56w, https://www.spectator.co.uk/wp-content/uploads/2021/10/Matthew-Lynn-512x512-1.png?resize=368,368 368w, https://www.spectator.co.uk/wp-content/uploads/2021/10/Matthew-Lynn-512x512-1.png?resize=250,250 250w, https://www.spectator.co.uk/wp-content/uploads/2021/10/Matthew-Lynn-512x512-1.png?resize=358,358 358w, https://www.spectator.co.uk/wp-content/uploads/2021/10/Matthew-Lynn-512x512-1.png?resize=247,247 247w, https://www.spectator.co.uk/wp-content/uploads/2021/10/Matthew-Lynn-512x512-1.png?resize=190,190 190w, https://www.spectator.co.uk/wp-content/uploads/2021/10/Matthew-Lynn-512x512-1.png?resize=196,196 196w, https://www.spectator.co.uk/wp-content/uploads/2021/10/Matthew-Lynn-512x512-1.png?resize=65,65 65w, https://www.spectator.co.uk/wp-content/uploads/2021/10/Matthew-Lynn-512x512-1.png?resize=108,108 108w" sizes="(max-width: 88px) 100vw, 88px"> <h3 class="article__title"> <a class="article__title-link" href="https://www.spectator.co.uk/article/marine-le-pens-reckless-game-with-the-french-economy/"> Marine Le Pen’s reckless game with the French economy </a> </h3> <div class="article__excerpt"> <p class="article__excerpt-text">The power probably feels good. And it may help her win the presidency eventually. Even so, there is a catch to Marine Le Pen’s decision to bring down Michel Barnier’s government in France, potentially as soon as tomorrow afternoon. If the government goes, the eurozone ay well go down with it. The financial plans of Le Pen’s National Rally’s (NR) party are completely reckless. And even if the chaos that will follow the vote does help win the Élysée Palace for Le Pen, she will inherit a ruined economy – for which she will only have herself to blame.  The NR’s only answer to excessive spending is to spend even</p> </div> </header>  </article> <article id="article-528849" class="article article--rail article-- article--horizontal article--post article-- highlight-color-red" data-analytics-id="" data-analytics-kicker="" data-analytics-author="Kate Andrews" aria-label="Can Starmer force the NHS to change?">   <header class="article__header"> <a class="article__author article__author--link" href="https://www.spectator.co.uk/writer/kate-andrews/"> Kate Andrews </a> <h3 class="article__title"> <a class="article__title-link" href="https://www.spectator.co.uk/article/can-starmer-successfully-force-the-nhs-to-change/"> Can Starmer force the NHS to change? </a> </h3> </header>  </article> <article id="article-527773" class="article article--rail article-- article--horizontal article--post article-- highlight-color-red" data-analytics-id="" data-analytics-kicker="" data-analytics-author="Emma Furnival" aria-label="Why does Rachel Reeves want to destroy our family farm?">   <header class="article__header"> <a class="article__author article__author--link" href="https://www.spectator.co.uk/writer/emma-furnival/"> Emma Furnival </a> <h3 class="article__title"> <a class="article__title-link" href="https://www.spectator.co.uk/article/why-does-rachel-reeves-want-to-destroy-our-family-farm/"> Why does Rachel Reeves want to destroy our family farm? </a> </h3> </header>  </article> <article id="article-528526" class="article article--rail article-- article--horizontal article--post article-- highlight-color-red" data-analytics-id="" data-analytics-kicker="" data-analytics-author="Alexander Kolyandr" aria-label="Russia’s tanking ruble spells trouble for Putin">   <header class="article__header"> <a class="article__author article__author--link" href="https://www.spectator.co.uk/writer/alexander-kolyandr/"> Alexander Kolyandr </a> <h3 class="article__title"> <a class="article__title-link" href="https://www.spectator.co.uk/article/russias-tanking-ruble-spells-trouble-for-putin/"> Russia’s tanking ruble spells trouble for Putin </a> </h3> </header>  </article> </div> <div class="economics__graph"> <iframe src="https://datawrapper.dwcdn.net/Ww02Q/" width="100%" height="460" frameborder="0" title="Featured economics graph"></iframe> </div> </div> <div class="economics__spotlight"> <header class="economics__spotlight-header"> <h2 class="heading heading--s">Spotlight</h2> <p class="economics__spotlight-description">Featured economics news and data.</p> </header> <article id="article-522962" class="article article--lead-up-vertical economics__spotlight-article article--lead-up article--vertical article--post article-- highlight-color-red article--image-right" data-analytics-id="" data-analytics-kicker="" data-analytics-author="Steerpike" aria-label="Revealed: Reeves’s tax rises expose Labour’s misleading manifesto claims">   <header class="article__header"> <a class="article__author article__author--link" href="https://www.spectator.co.uk/writer/steerpike/"> Steerpike </a> <img width="64" height="64" src="https://www.spectator.co.uk/wp-content/uploads/2020/02/Steerpike.png?w=64" class="avatar avatar-64 photo article__avatar wp-post-image" alt="Steerpike" loading="lazy" srcset="https://www.spectator.co.uk/wp-content/uploads/2020/02/Steerpike.png 512w, https://www.spectator.co.uk/wp-content/uploads/2020/02/Steerpike.png?resize=150,150 150w, https://www.spectator.co.uk/wp-content/uploads/2020/02/Steerpike.png?resize=300,300 300w, https://www.spectator.co.uk/wp-content/uploads/2020/02/Steerpike.png?resize=203,203 203w, https://www.spectator.co.uk/wp-content/uploads/2020/02/Steerpike.png?resize=100,100 100w, https://www.spectator.co.uk/wp-content/uploads/2020/02/Steerpike.png?resize=200,200 200w, https://www.spectator.co.uk/wp-content/uploads/2020/02/Steerpike.png?resize=330,330 330w, https://www.spectator.co.uk/wp-content/uploads/2020/02/Steerpike.png?resize=156,156 156w, https://www.spectator.co.uk/wp-content/uploads/2020/02/Steerpike.png?resize=284,284 284w, https://www.spectator.co.uk/wp-content/uploads/2020/02/Steerpike.png?resize=232,232 232w, https://www.spectator.co.uk/wp-content/uploads/2020/02/Steerpike.png?resize=320,320 320w, https://www.spectator.co.uk/wp-content/uploads/2020/02/Steerpike.png?resize=68,68 68w, https://www.spectator.co.uk/wp-content/uploads/2020/02/Steerpike.png?resize=56,56 56w, https://www.spectator.co.uk/wp-content/uploads/2020/02/Steerpike.png?resize=368,368 368w, https://www.spectator.co.uk/wp-content/uploads/2020/02/Steerpike.png?resize=250,250 250w, https://www.spectator.co.uk/wp-content/uploads/2020/02/Steerpike.png?resize=358,358 358w, https://www.spectator.co.uk/wp-content/uploads/2020/02/Steerpike.png?resize=247,247 247w, https://www.spectator.co.uk/wp-content/uploads/2020/02/Steerpike.png?resize=190,190 190w, https://www.spectator.co.uk/wp-content/uploads/2020/02/Steerpike.png?resize=196,196 196w, https://www.spectator.co.uk/wp-content/uploads/2020/02/Steerpike.png?resize=65,65 65w, https://www.spectator.co.uk/wp-content/uploads/2020/02/Steerpike.png?resize=108,108 108w" sizes="(max-width: 64px) 100vw, 64px"> <h3 class="article__title"> <a class="article__title-link" href="https://www.spectator.co.uk/article/revealed-reevess-tax-rises-expose-labours-misleading-manifesto-claims/"> Revealed: Reeves’s tax rises expose Labour’s misleading manifesto claims </a> </h3> <div class="article__excerpt"> <p class="article__excerpt-text">Casting his mind back to the election, Mr S recalls a heated debate about which party would raise taxes most. In the final televised debate before the national poll, Sir Keir Starmer was quick to accuse then-PM Rishi Sunak of ‘repeating a lie’ – that Labour were going to raise taxes by £2,000 per person. And, to be fair, he had a point: on Sunak’s own maths the Tories would have raised taxes by, er, £3,000 per person. Awkward… Mr S’s friends at The Spectator’s DataHub have crunched all the manifestos put out at the time to see just who really would be responsible for the greatest tax hikes – with</p> </div> </header>  <figure class="article__image article__image-right"> <a class="article__image-link" href="https://www.spectator.co.uk/article/revealed-reevess-tax-rises-expose-labours-misleading-manifesto-claims/"> <img width="336" height="189" src="https://www.spectator.co.uk/wp-content/uploads/2024/10/Kbe7y-tax-rises-manifestos-vs-budget-2.png?resize=336,189" class="ratio-16/9" alt="" srcset="https://www.spectator.co.uk/wp-content/uploads/2024/10/Kbe7y-tax-rises-manifestos-vs-budget-2.png?resize=619,348 619w, https://www.spectator.co.uk/wp-content/uploads/2024/10/Kbe7y-tax-rises-manifestos-vs-budget-2.png?resize=320,180 320w, https://www.spectator.co.uk/wp-content/uploads/2024/10/Kbe7y-tax-rises-manifestos-vs-budget-2.png?resize=375,211 375w, https://www.spectator.co.uk/wp-content/uploads/2024/10/Kbe7y-tax-rises-manifestos-vs-budget-2.png?resize=500,281 500w" sizes="(max-width: 336px) 100vw, 336px" decoding="async" loading="lazy"> </a> </figure> </article> <div class="economics__spotlight-graph"> <iframe src="https://datawrapper.dwcdn.net/Kbe7y/" width="100%" height="460" frameborder="0" loading="lazy" title="Spotlight Graph"></iframe> </div> </div> <div class="mosaic mosaic--horizontal"> <div class="mosaic__date"> <div class="archive-entry__date"> <h4 class="archive-entry__day">Wednesday</h4> <time class="archive-entry__timestamp" datetime="6 Nov 2024">6 Nov 2024</time> </div> </div> <div class="mosaic__grid mosaic__grid-singles" data-grid="two-up"> <div class="mosaic__tile mosaic__tile--lead-up"> <article id="article-524129" class="article article--lead-up article--horizontal article--post article--economics highlight-color-red article--image-right" data-analytics-id="" data-analytics-kicker="" data-analytics-author="" aria-label="Is No. 10 coming for game shooting next?">   <header class="article__header"> <a class="article__author article__author--link" href="https://www.spectator.co.uk/writer/martin-vander-weyer/"> Martin Vander Weyer </a> <img width="176" height="176" src="https://www.spectator.co.uk/wp-content/uploads/2020/02/Martin_VW.png?w=176" class="avatar avatar-176 photo article__avatar wp-post-image" alt="Martin Vander Weyer" srcset="https://www.spectator.co.uk/wp-content/uploads/2020/02/Martin_VW.png 512w, https://www.spectator.co.uk/wp-content/uploads/2020/02/Martin_VW.png?resize=150,150 150w, https://www.spectator.co.uk/wp-content/uploads/2020/02/Martin_VW.png?resize=300,300 300w, https://www.spectator.co.uk/wp-content/uploads/2020/02/Martin_VW.png?resize=203,203 203w, https://www.spectator.co.uk/wp-content/uploads/2020/02/Martin_VW.png?resize=100,100 100w, https://www.spectator.co.uk/wp-content/uploads/2020/02/Martin_VW.png?resize=200,200 200w, https://www.spectator.co.uk/wp-content/uploads/2020/02/Martin_VW.png?resize=330,330 330w, https://www.spectator.co.uk/wp-content/uploads/2020/02/Martin_VW.png?resize=156,156 156w, https://www.spectator.co.uk/wp-content/uploads/2020/02/Martin_VW.png?resize=284,284 284w, https://www.spectator.co.uk/wp-content/uploads/2020/02/Martin_VW.png?resize=232,232 232w, https://www.spectator.co.uk/wp-content/uploads/2020/02/Martin_VW.png?resize=320,320 320w, https://www.spectator.co.uk/wp-content/uploads/2020/02/Martin_VW.png?resize=68,68 68w, https://www.spectator.co.uk/wp-content/uploads/2020/02/Martin_VW.png?resize=56,56 56w, https://www.spectator.co.uk/wp-content/uploads/2020/02/Martin_VW.png?resize=368,368 368w, https://www.spectator.co.uk/wp-content/uploads/2020/02/Martin_VW.png?resize=250,250 250w, https://www.spectator.co.uk/wp-content/uploads/2020/02/Martin_VW.png?resize=358,358 358w, https://www.spectator.co.uk/wp-content/uploads/2020/02/Martin_VW.png?resize=247,247 247w, https://www.spectator.co.uk/wp-content/uploads/2020/02/Martin_VW.png?resize=190,190 190w, https://www.spectator.co.uk/wp-content/uploads/2020/02/Martin_VW.png?resize=196,196 196w, https://www.spectator.co.uk/wp-content/uploads/2020/02/Martin_VW.png?resize=65,65 65w, https://www.spectator.co.uk/wp-content/uploads/2020/02/Martin_VW.png?resize=108,108 108w" sizes="(max-width: 176px) 100vw, 176px"> <h3 class="article__title"> <a class="article__title-link" href="https://www.spectator.co.uk/article/is-no-10-coming-for-game-shooting-next/"> Is No. 10 coming for game shooting next? </a> </h3> <div class="article__excerpt"> <p class="article__excerpt-text">I confess I was lunching at L’Escargot in Greek Street as Rachel Reeves delivered her Budget. My excuse was that I thought I already knew what was in it – but in reality the package was even more anti-business than I feared. My punishment was a risotto too glutinous to finish, but the Chancellor’s 76-minute sermon proved just as indigestible when I tuned in later. Like the wild mushrooms in my dish, the more pungent Budget measures had to be picked out of a blander mass – and I was roused from postprandial torpor by a call from a veteran entrepreneur, regularly quoted here under a variety of disguises, in</p> </div> </header>  <figure class="article__image article__image-right"> <a class="article__image-link" href="https://www.spectator.co.uk/article/is-no-10-coming-for-game-shooting-next/"> <img width="440" height="293" src="https://www.spectator.co.uk/wp-content/uploads/2024/11/AOB-iStock.jpg?resize=440,293" class="ratio-6/4" alt="" srcset="https://www.spectator.co.uk/wp-content/uploads/2024/11/AOB-iStock.jpg?resize=1001,667 1001w, https://www.spectator.co.uk/wp-content/uploads/2024/11/AOB-iStock.jpg?resize=320,213 320w, https://www.spectator.co.uk/wp-content/uploads/2024/11/AOB-iStock.jpg?resize=375,250 375w, https://www.spectator.co.uk/wp-content/uploads/2024/11/AOB-iStock.jpg?resize=500,333 500w, https://www.spectator.co.uk/wp-content/uploads/2024/11/AOB-iStock.jpg?resize=640,427 640w, https://www.spectator.co.uk/wp-content/uploads/2024/11/AOB-iStock.jpg?resize=800,533 800w, https://www.spectator.co.uk/wp-content/uploads/2024/11/AOB-iStock.jpg?resize=980,653 980w" sizes="(max-width: 440px) 100vw, 440px" fetchpriority="auto" loading="lazy" decoding="async"> </a> </figure> </article> </div> <div class="mosaic__tile mosaic__tile--two-up"> <article id="article-524005" class="article article--two-up article--horizontal article--post article--america highlight-color-red article--image-left" data-analytics-id="" data-analytics-kicker="" data-analytics-author="" aria-label="Why the market reaction to Trump 2.0 has been muted">  <figure class="article__image article__image-left"> <a class="article__image-link" href="https://www.spectator.co.uk/article/markets-must-wait-and-see-what-trump-2-0-will-bring/"> <img width="150" height="150" src="https://www.spectator.co.uk/wp-content/uploads/2024/11/GettyImages-2183219000-e1730880275136.jpg?resize=150,150" class="ratio-1/1" alt="" srcset="https://www.spectator.co.uk/wp-content/uploads/2024/11/GettyImages-2183219000-e1730880275136.jpg?resize=600,600 600w, https://www.spectator.co.uk/wp-content/uploads/2024/11/GettyImages-2183219000-e1730880275136.jpg?resize=320,320 320w, https://www.spectator.co.uk/wp-content/uploads/2024/11/GettyImages-2183219000-e1730880275136.jpg?resize=375,375 375w, https://www.spectator.co.uk/wp-content/uploads/2024/11/GettyImages-2183219000-e1730880275136.jpg?resize=500,500 500w" sizes="(max-width: 150px) 100vw, 150px" fetchpriority="auto" loading="lazy" decoding="async"> </a> </figure>  <header class="article__header"> <a class="article__author article__author--link" href="https://www.spectator.co.uk/writer/matthew-lynn/"> Matthew Lynn </a> <img width="176" height="176" src="https://www.spectator.co.uk/wp-content/uploads/2021/10/Matthew-Lynn-512x512-1.png?w=176" class="avatar avatar-176 photo article__avatar wp-post-image" alt="Matthew Lynn" srcset="https://www.spectator.co.uk/wp-content/uploads/2021/10/Matthew-Lynn-512x512-1.png 512w, https://www.spectator.co.uk/wp-content/uploads/2021/10/Matthew-Lynn-512x512-1.png?resize=150,150 150w, https://www.spectator.co.uk/wp-content/uploads/2021/10/Matthew-Lynn-512x512-1.png?resize=300,300 300w, https://www.spectator.co.uk/wp-content/uploads/2021/10/Matthew-Lynn-512x512-1.png?resize=203,203 203w, https://www.spectator.co.uk/wp-content/uploads/2021/10/Matthew-Lynn-512x512-1.png?resize=100,100 100w, https://www.spectator.co.uk/wp-content/uploads/2021/10/Matthew-Lynn-512x512-1.png?resize=200,200 200w, https://www.spectator.co.uk/wp-content/uploads/2021/10/Matthew-Lynn-512x512-1.png?resize=330,330 330w, https://www.spectator.co.uk/wp-content/uploads/2021/10/Matthew-Lynn-512x512-1.png?resize=156,156 156w, https://www.spectator.co.uk/wp-content/uploads/2021/10/Matthew-Lynn-512x512-1.png?resize=284,284 284w, https://www.spectator.co.uk/wp-content/uploads/2021/10/Matthew-Lynn-512x512-1.png?resize=232,232 232w, https://www.spectator.co.uk/wp-content/uploads/2021/10/Matthew-Lynn-512x512-1.png?resize=320,320 320w, https://www.spectator.co.uk/wp-content/uploads/2021/10/Matthew-Lynn-512x512-1.png?resize=68,68 68w, https://www.spectator.co.uk/wp-content/uploads/2021/10/Matthew-Lynn-512x512-1.png?resize=56,56 56w, https://www.spectator.co.uk/wp-content/uploads/2021/10/Matthew-Lynn-512x512-1.png?resize=368,368 368w, https://www.spectator.co.uk/wp-content/uploads/2021/10/Matthew-Lynn-512x512-1.png?resize=250,250 250w, https://www.spectator.co.uk/wp-content/uploads/2021/10/Matthew-Lynn-512x512-1.png?resize=358,358 358w, https://www.spectator.co.uk/wp-content/uploads/2021/10/Matthew-Lynn-512x512-1.png?resize=247,247 247w, https://www.spectator.co.uk/wp-content/uploads/2021/10/Matthew-Lynn-512x512-1.png?resize=190,190 190w, https://www.spectator.co.uk/wp-content/uploads/2021/10/Matthew-Lynn-512x512-1.png?resize=196,196 196w, https://www.spectator.co.uk/wp-content/uploads/2021/10/Matthew-Lynn-512x512-1.png?resize=65,65 65w, https://www.spectator.co.uk/wp-content/uploads/2021/10/Matthew-Lynn-512x512-1.png?resize=108,108 108w" sizes="(max-width: 176px) 100vw, 176px"> <h3 class="article__title"> <a class="article__title-link" href="https://www.spectator.co.uk/article/markets-must-wait-and-see-what-trump-2-0-will-bring/"> Why the market reaction to Trump 2.0 has been muted </a> </h3> <div class="article__excerpt"> <p class="article__excerpt-text">Truth Social rocketed. Bitcoin soared in price. The dollar rose, and bond yields were up, while Chinese equities wobbled. Over the course of last night, as it became clear that Donald Trump had won the US presidential election, the markets responded to the news. The trouble is, no one really knows what Trump 2.0 means for the global economy.  Investors will have no idea until he forms an administration in January The initial price moves were very obvious. With the backing of the main crypto tycoons, a Trump White House will be a lot friendlier to digital currencies, although even that had to be kept in perspective. A 7 per</p> </div> </header>  </article> <article id="article-523993" class="article article--two-up article--horizontal article--post article--america highlight-color-red article--image-left" data-analytics-id="" data-analytics-kicker="" data-analytics-author="" aria-label="The reason Kamala Harris lost">  <figure class="article__image article__image-left"> <a class="article__image-link" href="https://www.spectator.co.uk/article/the-reason-kamala-harris-is-losing/"> <img width="150" height="150" src="https://www.spectator.co.uk/wp-content/uploads/2024/11/GettyImages-2182018938.jpg?resize=150,150" class="ratio-1/1" alt="" srcset="https://www.spectator.co.uk/wp-content/uploads/2024/11/GettyImages-2182018938.jpg?resize=487,487 487w, https://www.spectator.co.uk/wp-content/uploads/2024/11/GettyImages-2182018938.jpg?resize=320,320 320w, https://www.spectator.co.uk/wp-content/uploads/2024/11/GettyImages-2182018938.jpg?resize=375,375 375w" sizes="(max-width: 150px) 100vw, 150px" fetchpriority="auto" loading="lazy" decoding="async"> </a> </figure>  <header class="article__header"> <a class="article__author article__author--link" href="https://www.spectator.co.uk/writer/ross-clark/"> Ross Clark </a> <img width="176" height="176" src="https://www.spectator.co.uk/wp-content/uploads/2022/01/ross-clark-512x512-1.png?w=176" class="avatar avatar-176 photo article__avatar wp-post-image" alt="Ross Clark" srcset="https://www.spectator.co.uk/wp-content/uploads/2022/01/ross-clark-512x512-1.png 512w, https://www.spectator.co.uk/wp-content/uploads/2022/01/ross-clark-512x512-1.png?resize=150,150 150w, https://www.spectator.co.uk/wp-content/uploads/2022/01/ross-clark-512x512-1.png?resize=300,300 300w, https://www.spectator.co.uk/wp-content/uploads/2022/01/ross-clark-512x512-1.png?resize=203,203 203w, https://www.spectator.co.uk/wp-content/uploads/2022/01/ross-clark-512x512-1.png?resize=100,100 100w, https://www.spectator.co.uk/wp-content/uploads/2022/01/ross-clark-512x512-1.png?resize=200,200 200w, https://www.spectator.co.uk/wp-content/uploads/2022/01/ross-clark-512x512-1.png?resize=330,330 330w, https://www.spectator.co.uk/wp-content/uploads/2022/01/ross-clark-512x512-1.png?resize=156,156 156w, https://www.spectator.co.uk/wp-content/uploads/2022/01/ross-clark-512x512-1.png?resize=284,284 284w, https://www.spectator.co.uk/wp-content/uploads/2022/01/ross-clark-512x512-1.png?resize=232,232 232w, https://www.spectator.co.uk/wp-content/uploads/2022/01/ross-clark-512x512-1.png?resize=320,320 320w, https://www.spectator.co.uk/wp-content/uploads/2022/01/ross-clark-512x512-1.png?resize=68,68 68w, https://www.spectator.co.uk/wp-content/uploads/2022/01/ross-clark-512x512-1.png?resize=56,56 56w, https://www.spectator.co.uk/wp-content/uploads/2022/01/ross-clark-512x512-1.png?resize=368,368 368w, https://www.spectator.co.uk/wp-content/uploads/2022/01/ross-clark-512x512-1.png?resize=250,250 250w, https://www.spectator.co.uk/wp-content/uploads/2022/01/ross-clark-512x512-1.png?resize=358,358 358w, https://www.spectator.co.uk/wp-content/uploads/2022/01/ross-clark-512x512-1.png?resize=247,247 247w, https://www.spectator.co.uk/wp-content/uploads/2022/01/ross-clark-512x512-1.png?resize=190,190 190w, https://www.spectator.co.uk/wp-content/uploads/2022/01/ross-clark-512x512-1.png?resize=196,196 196w, https://www.spectator.co.uk/wp-content/uploads/2022/01/ross-clark-512x512-1.png?resize=65,65 65w, https://www.spectator.co.uk/wp-content/uploads/2022/01/ross-clark-512x512-1.png?resize=108,108 108w" sizes="(max-width: 176px) 100vw, 176px"> <h3 class="article__title"> <a class="article__title-link" href="https://www.spectator.co.uk/article/the-reason-kamala-harris-is-losing/"> The reason Kamala Harris lost </a> </h3> <div class="article__excerpt"> <p class="article__excerpt-text">Whatever you think of Donald Trump, watching the mood change in the BBC’s election studio has been delicious. It was like a New Orleans funeral in reverse – a carnival turning a corner and transforming into a wake. This was supposed to be a historic night. But then it wasn’t just the BBC. The liberal media have been at it for days. There was supposed to be a last-minute surge in support for Kamala Harris, driven by record turnout of women coming out to fight for their rights. The idea that American voters would be steered by anything other than their own personal economic circumstances was foolish This was pure</p> </div> </header>  </article> </div> </div> <div class="wp-block-separator"></div> </div> <div class="mosaic mosaic--horizontal"> <div class="mosaic__date"> <div class="archive-entry__date"> <h4 class="archive-entry__day">Tuesday</h4> <time class="archive-entry__timestamp" datetime="5 Nov 2024">5 Nov 2024</time> </div> </div> <div class="mosaic__grid mosaic__grid-singles" data-grid="lead"> <div class="mosaic__tile mosaic__tile--lead-up"> <article id="article-523844" class="article article--lead-up article--horizontal article--post article--economics highlight-color-red article--image-right" data-analytics-id="" data-analytics-kicker="" data-analytics-author="" aria-label="More evidence that the Budget raises taxes for workers">   <header class="article__header"> <a class="article__author article__author--link" href="https://www.spectator.co.uk/writer/ross-clark/"> Ross Clark </a> <img width="176" height="176" src="https://www.spectator.co.uk/wp-content/uploads/2022/01/ross-clark-512x512-1.png?w=176" class="avatar avatar-176 photo article__avatar wp-post-image" alt="Ross Clark" loading="lazy" srcset="https://www.spectator.co.uk/wp-content/uploads/2022/01/ross-clark-512x512-1.png 512w, https://www.spectator.co.uk/wp-content/uploads/2022/01/ross-clark-512x512-1.png?resize=150,150 150w, https://www.spectator.co.uk/wp-content/uploads/2022/01/ross-clark-512x512-1.png?resize=300,300 300w, https://www.spectator.co.uk/wp-content/uploads/2022/01/ross-clark-512x512-1.png?resize=203,203 203w, https://www.spectator.co.uk/wp-content/uploads/2022/01/ross-clark-512x512-1.png?resize=100,100 100w, https://www.spectator.co.uk/wp-content/uploads/2022/01/ross-clark-512x512-1.png?resize=200,200 200w, https://www.spectator.co.uk/wp-content/uploads/2022/01/ross-clark-512x512-1.png?resize=330,330 330w, https://www.spectator.co.uk/wp-content/uploads/2022/01/ross-clark-512x512-1.png?resize=156,156 156w, https://www.spectator.co.uk/wp-content/uploads/2022/01/ross-clark-512x512-1.png?resize=284,284 284w, https://www.spectator.co.uk/wp-content/uploads/2022/01/ross-clark-512x512-1.png?resize=232,232 232w, https://www.spectator.co.uk/wp-content/uploads/2022/01/ross-clark-512x512-1.png?resize=320,320 320w, https://www.spectator.co.uk/wp-content/uploads/2022/01/ross-clark-512x512-1.png?resize=68,68 68w, https://www.spectator.co.uk/wp-content/uploads/2022/01/ross-clark-512x512-1.png?resize=56,56 56w, https://www.spectator.co.uk/wp-content/uploads/2022/01/ross-clark-512x512-1.png?resize=368,368 368w, https://www.spectator.co.uk/wp-content/uploads/2022/01/ross-clark-512x512-1.png?resize=250,250 250w, https://www.spectator.co.uk/wp-content/uploads/2022/01/ross-clark-512x512-1.png?resize=358,358 358w, https://www.spectator.co.uk/wp-content/uploads/2022/01/ross-clark-512x512-1.png?resize=247,247 247w, https://www.spectator.co.uk/wp-content/uploads/2022/01/ross-clark-512x512-1.png?resize=190,190 190w, https://www.spectator.co.uk/wp-content/uploads/2022/01/ross-clark-512x512-1.png?resize=196,196 196w, https://www.spectator.co.uk/wp-content/uploads/2022/01/ross-clark-512x512-1.png?resize=65,65 65w, https://www.spectator.co.uk/wp-content/uploads/2022/01/ross-clark-512x512-1.png?resize=108,108 108w" sizes="(max-width: 176px) 100vw, 176px"> <h3 class="article__title"> <a class="article__title-link" href="https://www.spectator.co.uk/article/more-evidence-that-the-budget-raises-taxes-for-workers/"> More evidence that the Budget raises taxes for workers </a> </h3> <div class="article__excerpt"> <p class="article__excerpt-text">Six days on from the Budget, and things don’t look any better for Rachel Reeves’s claim that her Budget won’t negatively affect working people. Today and tomorrow, it is the turn of the Commons Treasury Select Committee to pick through the wreckage. What have we learned so far? David Miles from the Office for Budget Responsibility (OBR) doubled down on the effect of the rise in employers’ National Insurance (NI). The OBR has already estimated that three-quarters of the effect will be on wages – thereby contradicting Reeves’s claim that working people will not suffer from the rise. Miles went further, saying that many economists would argue that 100 per</p> </div> </header>  <figure class="article__image article__image-right"> <a class="article__image-link" href="https://www.spectator.co.uk/article/more-evidence-that-the-budget-raises-taxes-for-workers/"> <img width="440" height="293" src="https://www.spectator.co.uk/wp-content/uploads/2024/10/GettyImages-2181235536-e1730297936170.jpg?resize=440,293" class="ratio-6/4" alt="" srcset="https://www.spectator.co.uk/wp-content/uploads/2024/10/GettyImages-2181235536-e1730297936170.jpg?resize=900,600 900w, https://www.spectator.co.uk/wp-content/uploads/2024/10/GettyImages-2181235536-e1730297936170.jpg?resize=320,213 320w, https://www.spectator.co.uk/wp-content/uploads/2024/10/GettyImages-2181235536-e1730297936170.jpg?resize=375,250 375w, https://www.spectator.co.uk/wp-content/uploads/2024/10/GettyImages-2181235536-e1730297936170.jpg?resize=500,333 500w, https://www.spectator.co.uk/wp-content/uploads/2024/10/GettyImages-2181235536-e1730297936170.jpg?resize=640,427 640w, https://www.spectator.co.uk/wp-content/uploads/2024/10/GettyImages-2181235536-e1730297936170.jpg?resize=800,533 800w" sizes="(max-width: 440px) 100vw, 440px" fetchpriority="auto" loading="lazy" decoding="async"> </a> </figure> </article> </div> </div> <div class="wp-block-separator"></div> </div> <div class="mosaic mosaic--horizontal"> <div class="mosaic__date"> <div class="archive-entry__date"> <h4 class="archive-entry__day">Monday</h4> <time class="archive-entry__timestamp" datetime="4 Nov 2024">4 Nov 2024</time> </div> </div> <div class="mosaic__grid mosaic__grid-singles" data-grid="lead"> <div class="mosaic__tile mosaic__tile--lead-up"> <article id="article-522539" class="article article--lead-up article--horizontal article--post article--economics highlight-color-red article--image-right" data-analytics-id="" data-analytics-kicker="" data-analytics-author="" aria-label="How Germany became the sick man of Europe">   <header class="article__header"> <a class="article__author article__author--link" href="https://www.spectator.co.uk/writer/leon-mangasarian/"> Leon Mangasarian </a> <h3 class="article__title"> <a class="article__title-link" href="https://www.spectator.co.uk/article/how-germany-became-the-sick-man-of-europe/"> How Germany became the sick man of Europe </a> </h3> <div class="article__excerpt"> <p class="article__excerpt-text">Vertrauen ist gut, Kontrolle ist besser – trust is good, control is better – is a popular German saying. It’s also the state’s motto for overseeing Europe’s biggest economy, which is now being run into the ground. Germany’s economy is officially expected to shrink in 2024 for the second year in a row. Berlin’s Social Democratic Chancellor Olaf Scholz and his Greens Vice-Chancellor Robert Habeck, who are fighting for their political lives as their coalition crumbles around them, are to blame. Only one German sector is growing: the state. Government consumption grew by 2.8 per cent from mid-2023 to mid-2024. Dealing with bureaucracy costs German business €67 billion (£55 billion)</p> </div> </header>  <figure class="article__image article__image-right"> <a class="article__image-link" href="https://www.spectator.co.uk/article/how-germany-became-the-sick-man-of-europe/"> <img width="440" height="293" src="https://www.spectator.co.uk/wp-content/uploads/2024/10/GettyImages-846222650.jpg?resize=440,293" class="ratio-6/4" alt="" srcset="https://www.spectator.co.uk/wp-content/uploads/2024/10/GettyImages-846222650.jpg?resize=684,456 684w, https://www.spectator.co.uk/wp-content/uploads/2024/10/GettyImages-846222650.jpg?resize=320,213 320w, https://www.spectator.co.uk/wp-content/uploads/2024/10/GettyImages-846222650.jpg?resize=375,250 375w, https://www.spectator.co.uk/wp-content/uploads/2024/10/GettyImages-846222650.jpg?resize=500,333 500w, https://www.spectator.co.uk/wp-content/uploads/2024/10/GettyImages-846222650.jpg?resize=640,427 640w" sizes="(max-width: 440px) 100vw, 440px" fetchpriority="auto" loading="lazy" decoding="async"> </a> </figure> </article> </div> </div> <div class="wp-block-separator"></div> </div> <div class="mosaic mosaic--horizontal"> <div class="mosaic__date"> <div class="archive-entry__date"> <h4 class="archive-entry__day">Sunday</h4> <time class="archive-entry__timestamp" datetime="3 Nov 2024">3 Nov 2024</time> </div> </div> <div class="mosaic__grid mosaic__grid-singles" data-grid="one-up"> <div class="mosaic__tile mosaic__tile--lead-up"> <article id="article-523374" class="article article--lead-up article--horizontal article--post article--economics highlight-color-red article--image-right" data-analytics-id="" data-analytics-kicker="" data-analytics-author="" aria-label="Rachel Reeves’s new gamble">   <header class="article__header"> <a class="article__author article__author--link" href="https://www.spectator.co.uk/writer/kate-andrews/"> Kate Andrews </a> <img width="176" height="176" src="https://www.spectator.co.uk/wp-content/uploads/2022/04/kandrews_1.png?w=176" class="avatar avatar-176 photo article__avatar wp-post-image" alt="Kate Andrews" loading="lazy" srcset="https://www.spectator.co.uk/wp-content/uploads/2022/04/kandrews_1.png 488w, https://www.spectator.co.uk/wp-content/uploads/2022/04/kandrews_1.png?resize=150,150 150w, https://www.spectator.co.uk/wp-content/uploads/2022/04/kandrews_1.png?resize=300,300 300w, https://www.spectator.co.uk/wp-content/uploads/2022/04/kandrews_1.png?resize=204,203 204w, https://www.spectator.co.uk/wp-content/uploads/2022/04/kandrews_1.png?resize=100,100 100w, https://www.spectator.co.uk/wp-content/uploads/2022/04/kandrews_1.png?resize=200,200 200w, https://www.spectator.co.uk/wp-content/uploads/2022/04/kandrews_1.png?resize=151,150 151w, https://www.spectator.co.uk/wp-content/uploads/2022/04/kandrews_1.png?resize=331,330 331w, https://www.spectator.co.uk/wp-content/uploads/2022/04/kandrews_1.png?resize=157,156 157w, https://www.spectator.co.uk/wp-content/uploads/2022/04/kandrews_1.png?resize=285,284 285w, https://www.spectator.co.uk/wp-content/uploads/2022/04/kandrews_1.png?resize=233,232 233w, https://www.spectator.co.uk/wp-content/uploads/2022/04/kandrews_1.png?resize=201,200 201w, https://www.spectator.co.uk/wp-content/uploads/2022/04/kandrews_1.png?resize=321,320 321w, https://www.spectator.co.uk/wp-content/uploads/2022/04/kandrews_1.png?resize=68,68 68w, https://www.spectator.co.uk/wp-content/uploads/2022/04/kandrews_1.png?resize=56,56 56w, https://www.spectator.co.uk/wp-content/uploads/2022/04/kandrews_1.png?resize=368,366 368w, https://www.spectator.co.uk/wp-content/uploads/2022/04/kandrews_1.png?resize=250,249 250w, https://www.spectator.co.uk/wp-content/uploads/2022/04/kandrews_1.png?resize=358,357 358w, https://www.spectator.co.uk/wp-content/uploads/2022/04/kandrews_1.png?resize=248,247 248w, https://www.spectator.co.uk/wp-content/uploads/2022/04/kandrews_1.png?resize=191,190 191w, https://www.spectator.co.uk/wp-content/uploads/2022/04/kandrews_1.png?resize=197,196 197w, https://www.spectator.co.uk/wp-content/uploads/2022/04/kandrews_1.png?resize=65,65 65w, https://www.spectator.co.uk/wp-content/uploads/2022/04/kandrews_1.png?resize=108,108 108w" sizes="(max-width: 176px) 100vw, 176px"> <h3 class="article__title"> <a class="article__title-link" href="https://www.spectator.co.uk/article/rachel-reevess-new-gamble/"> Rachel Reeves’s new gamble </a> </h3> <div class="article__excerpt"> <p class="article__excerpt-text">Credit to Rachel Reeves: while some chancellors opt to take part in the Sunday shows ahead of a fiscal event, the Chancellor has decided to do the media round the Sunday after her first Budget. Rather than spending the entire interview refusing to say what will be announced in the week ahead (the information is considered to be market-sensitive), she is instead having to answer difficult questions about what she announced on Wednesday. It wasn’t an easy morning, as Labour’s Budget narrative continues to get tested to breaking point. Reeves was played a video on Sky News this morning of her comments back in June, when she said no tax increases would</p> </div> </header>  <figure class="article__image article__image-right"> <a class="article__image-link" href="https://www.spectator.co.uk/article/rachel-reevess-new-gamble/"> <img width="440" height="293" src="https://www.spectator.co.uk/wp-content/uploads/2024/11/GettyImages-2181882714.jpg?resize=440,293" class="ratio-6/4" alt="" srcset="https://www.spectator.co.uk/wp-content/uploads/2024/11/GettyImages-2181882714.jpg?resize=1025,683 1025w, https://www.spectator.co.uk/wp-content/uploads/2024/11/GettyImages-2181882714.jpg?resize=320,213 320w, https://www.spectator.co.uk/wp-content/uploads/2024/11/GettyImages-2181882714.jpg?resize=375,250 375w, https://www.spectator.co.uk/wp-content/uploads/2024/11/GettyImages-2181882714.jpg?resize=500,333 500w, https://www.spectator.co.uk/wp-content/uploads/2024/11/GettyImages-2181882714.jpg?resize=640,427 640w, https://www.spectator.co.uk/wp-content/uploads/2024/11/GettyImages-2181882714.jpg?resize=800,533 800w, https://www.spectator.co.uk/wp-content/uploads/2024/11/GettyImages-2181882714.jpg?resize=980,653 980w" sizes="(max-width: 440px) 100vw, 440px" fetchpriority="auto" loading="lazy" decoding="async"> </a> </figure> </article> </div> <div class="mosaic__tile mosaic__tile--one-up"> <article id="article-523345" class="article article--one-up article--horizontal article--post article--economics highlight-color-red article--image-left" data-analytics-id="" data-analytics-kicker="" data-analytics-author="" aria-label="The Scottish budget must prioritise economic growth">  <figure class="article__image article__image-left"> <a class="article__image-link" href="https://www.spectator.co.uk/article/the-scottish-budget-must-prioritise-economic-growth/"> <img width="440" height="293" src="https://www.spectator.co.uk/wp-content/uploads/2024/11/IMG_3028.jpeg?resize=440,293" class="ratio-6/4" alt="" srcset="https://www.spectator.co.uk/wp-content/uploads/2024/11/IMG_3028.jpeg?resize=1058,705 1058w, https://www.spectator.co.uk/wp-content/uploads/2024/11/IMG_3028.jpeg?resize=320,213 320w, https://www.spectator.co.uk/wp-content/uploads/2024/11/IMG_3028.jpeg?resize=375,250 375w, https://www.spectator.co.uk/wp-content/uploads/2024/11/IMG_3028.jpeg?resize=500,333 500w, https://www.spectator.co.uk/wp-content/uploads/2024/11/IMG_3028.jpeg?resize=640,427 640w, https://www.spectator.co.uk/wp-content/uploads/2024/11/IMG_3028.jpeg?resize=800,533 800w, https://www.spectator.co.uk/wp-content/uploads/2024/11/IMG_3028.jpeg?resize=980,653 980w" sizes="(max-width: 440px) 100vw, 440px" fetchpriority="auto" loading="lazy" decoding="async"> </a> </figure>  <header class="article__header"> <a class="article__author article__author--link" href="https://www.spectator.co.uk/writer/anton-muscatelli/"> Anton Muscatelli </a> <h3 class="article__title"> <a class="article__title-link" href="https://www.spectator.co.uk/article/the-scottish-budget-must-prioritise-economic-growth/"> The Scottish budget must prioritise economic growth </a> </h3> <div class="article__excerpt"> <p class="article__excerpt-text">Rachel Reeves’s Budget, announced on Wednesday this week, signalled a significant fiscal policy change. In it was a major shift in strategic direction on public investment, and a big early push on spending, especially on health and education. Two points are worth noting regarding government spending compared to this year’s spring Budget plans under the previous Conservative government. First, the Chancellor listened to the advice of many economists who urged her to modify the fiscal rules to avoid a bias against public investment in the previous debt regulation. Certainly her change in the debt (investment) rule to focus on a broader measure of debt is similar to what International Monetary Fund economists have</p> </div> </header>  </article> </div> </div> <div class="wp-block-separator"></div> </div> <div class="mosaic mosaic--horizontal"> <div class="mosaic__date"> <div class="archive-entry__date"> <h4 class="archive-entry__day">Saturday</h4> <time class="archive-entry__timestamp" datetime="2 Nov 2024">2 Nov 2024</time> </div> </div> <div class="mosaic__grid mosaic__grid-singles" data-grid="lead"> <div class="mosaic__tile mosaic__tile--lead-up"> <article id="article-522125" class="article article--lead-up article--horizontal article--post article--america highlight-color-red article--image-right" data-analytics-id="" data-analytics-kicker="" data-analytics-author="" aria-label="Can Republicans be trusted with the US economy?">   <header class="article__header"> <a class="article__author article__author--link" href="https://www.spectator.co.uk/writer/daniel-rey/"> Daniel Rey </a> <h3 class="article__title"> <a class="article__title-link" href="https://www.spectator.co.uk/article/can-republicans-be-trusted-with-the-us-economy/"> Can Republicans be trusted with the US economy? </a> </h3> <div class="article__excerpt"> <p class="article__excerpt-text">When it comes to the economy, Americans typically trust the Republicans. They’re the party traditionally aligned with big capital; and their policies – low taxes and minimal government interference – sound sweet in a believer’s ear. Donald Trump, leading the GOP for the third election in a row, is a famous businessman; and the party’s previous nominee, back in 2012, was Mitt Romney – the co-founder of one of the largest private equity firms in the world. The Republicans, you might think, are a safe pair of hands. However, despite the Republicans prioritising the economy, it’s the Democrats who have the far superior record. Of the eleven recessions since World</p> </div> </header>  <figure class="article__image article__image-right"> <a class="article__image-link" href="https://www.spectator.co.uk/article/can-republicans-be-trusted-with-the-us-economy/"> <img width="440" height="293" src="https://www.spectator.co.uk/wp-content/uploads/2024/10/GettyImages-2168336361.jpg?resize=440,293" class="ratio-6/4" alt="" srcset="https://www.spectator.co.uk/wp-content/uploads/2024/10/GettyImages-2168336361.jpg?resize=731,487 731w, https://www.spectator.co.uk/wp-content/uploads/2024/10/GettyImages-2168336361.jpg?resize=320,213 320w, https://www.spectator.co.uk/wp-content/uploads/2024/10/GettyImages-2168336361.jpg?resize=375,250 375w, https://www.spectator.co.uk/wp-content/uploads/2024/10/GettyImages-2168336361.jpg?resize=500,333 500w, https://www.spectator.co.uk/wp-content/uploads/2024/10/GettyImages-2168336361.jpg?resize=640,427 640w" sizes="(max-width: 440px) 100vw, 440px" fetchpriority="auto" loading="lazy" decoding="async"> </a> </figure> </article> </div> </div> <div class="wp-block-separator"></div> </div> <div class="mosaic mosaic--horizontal"> <div class="mosaic__date"> <div class="archive-entry__date"> <h4 class="archive-entry__day">Friday</h4> <time class="archive-entry__timestamp" datetime="1 Nov 2024">1 Nov 2024</time> </div> </div> <div class="mosaic__grid mosaic__grid-singles" data-grid="four-up"> <div class="mosaic__tile mosaic__tile--lead-up"> <article id="article-523250" class="article article--lead-up article--horizontal article--post article--economics highlight-color-red article--image-right" data-analytics-id="" data-analytics-kicker="" data-analytics-author="" aria-label="Can the OBR be trusted?">   <header class="article__header"> <a class="article__author article__author--link" href="https://www.spectator.co.uk/writer/ross-clark/"> Ross Clark </a> <img width="176" height="176" src="https://www.spectator.co.uk/wp-content/uploads/2022/01/ross-clark-512x512-1.png?w=176" class="avatar avatar-176 photo article__avatar wp-post-image" alt="Ross Clark" loading="lazy" srcset="https://www.spectator.co.uk/wp-content/uploads/2022/01/ross-clark-512x512-1.png 512w, https://www.spectator.co.uk/wp-content/uploads/2022/01/ross-clark-512x512-1.png?resize=150,150 150w, https://www.spectator.co.uk/wp-content/uploads/2022/01/ross-clark-512x512-1.png?resize=300,300 300w, https://www.spectator.co.uk/wp-content/uploads/2022/01/ross-clark-512x512-1.png?resize=203,203 203w, https://www.spectator.co.uk/wp-content/uploads/2022/01/ross-clark-512x512-1.png?resize=100,100 100w, https://www.spectator.co.uk/wp-content/uploads/2022/01/ross-clark-512x512-1.png?resize=200,200 200w, https://www.spectator.co.uk/wp-content/uploads/2022/01/ross-clark-512x512-1.png?resize=330,330 330w, https://www.spectator.co.uk/wp-content/uploads/2022/01/ross-clark-512x512-1.png?resize=156,156 156w, https://www.spectator.co.uk/wp-content/uploads/2022/01/ross-clark-512x512-1.png?resize=284,284 284w, https://www.spectator.co.uk/wp-content/uploads/2022/01/ross-clark-512x512-1.png?resize=232,232 232w, https://www.spectator.co.uk/wp-content/uploads/2022/01/ross-clark-512x512-1.png?resize=320,320 320w, https://www.spectator.co.uk/wp-content/uploads/2022/01/ross-clark-512x512-1.png?resize=68,68 68w, https://www.spectator.co.uk/wp-content/uploads/2022/01/ross-clark-512x512-1.png?resize=56,56 56w, https://www.spectator.co.uk/wp-content/uploads/2022/01/ross-clark-512x512-1.png?resize=368,368 368w, https://www.spectator.co.uk/wp-content/uploads/2022/01/ross-clark-512x512-1.png?resize=250,250 250w, https://www.spectator.co.uk/wp-content/uploads/2022/01/ross-clark-512x512-1.png?resize=358,358 358w, https://www.spectator.co.uk/wp-content/uploads/2022/01/ross-clark-512x512-1.png?resize=247,247 247w, https://www.spectator.co.uk/wp-content/uploads/2022/01/ross-clark-512x512-1.png?resize=190,190 190w, https://www.spectator.co.uk/wp-content/uploads/2022/01/ross-clark-512x512-1.png?resize=196,196 196w, https://www.spectator.co.uk/wp-content/uploads/2022/01/ross-clark-512x512-1.png?resize=65,65 65w, https://www.spectator.co.uk/wp-content/uploads/2022/01/ross-clark-512x512-1.png?resize=108,108 108w" sizes="(max-width: 176px) 100vw, 176px"> <h3 class="article__title"> <a class="article__title-link" href="https://www.spectator.co.uk/article/can-the-obr-be-trusted/"> Can the OBR be trusted? </a> </h3> <div class="article__excerpt"> <p class="article__excerpt-text">It was the absence of the Office for Budget Responsibility’s judgment that was blamed for the bond market crisis after Liz Truss’s mini-Budget. Truss and her chancellor Kwasi Kwarteng had rushed to enact their vision for a fast-growing economy without waiting for the wisdom of the government’s official fiscal watchdog. For Truss, the OBR is just another part of the establishment that was out to get her. But then, can the OBR be entirely trusted anyway? It seems that it has created a black hole of its own making – by overstating Public Sector Net Financial Liabilities (PSNFL). PSNFL is the measure that Rachel Reeves has chosen to use for</p> </div> </header>  <figure class="article__image article__image-right"> <a class="article__image-link" href="https://www.spectator.co.uk/article/can-the-obr-be-trusted/"> <img width="440" height="293" src="https://www.spectator.co.uk/wp-content/uploads/2024/11/GettyImages-2181394475.jpg?resize=440,293" class="ratio-6/4" alt="" srcset="https://www.spectator.co.uk/wp-content/uploads/2024/11/GettyImages-2181394475.jpg?resize=950,633 950w, https://www.spectator.co.uk/wp-content/uploads/2024/11/GettyImages-2181394475.jpg?resize=320,213 320w, https://www.spectator.co.uk/wp-content/uploads/2024/11/GettyImages-2181394475.jpg?resize=375,250 375w, https://www.spectator.co.uk/wp-content/uploads/2024/11/GettyImages-2181394475.jpg?resize=500,333 500w, https://www.spectator.co.uk/wp-content/uploads/2024/11/GettyImages-2181394475.jpg?resize=640,427 640w, https://www.spectator.co.uk/wp-content/uploads/2024/11/GettyImages-2181394475.jpg?resize=800,533 800w" sizes="(max-width: 440px) 100vw, 440px" fetchpriority="auto" loading="lazy" decoding="async"> </a> </figure> </article> </div> <div class="mosaic__tile mosaic__tile--four-up">  <div class="mosaic__tile-group"> <div class="mosaic__tile-featured"> <article id="article-523212" class="article article--featured article--four-up article--vertical article--podcast article--economics highlight-color-red article--image-bottom" data-analytics-id="" data-analytics-kicker="" data-analytics-author="" aria-label="Can Labour save its Budget?">   <header class="article__header"> <a class="article__author article__author--link" href="https://www.spectator.co.uk/writer/james-heale/"> James Heale </a> <img width="176" height="176" src="https://www.spectator.co.uk/wp-content/uploads/2022/03/james-heale-512x512-1.png?w=176" class="avatar avatar-176 photo article__avatar wp-post-image" alt="James Heale" loading="lazy" srcset="https://www.spectator.co.uk/wp-content/uploads/2022/03/james-heale-512x512-1.png 512w, https://www.spectator.co.uk/wp-content/uploads/2022/03/james-heale-512x512-1.png?resize=150,150 150w, https://www.spectator.co.uk/wp-content/uploads/2022/03/james-heale-512x512-1.png?resize=300,300 300w, https://www.spectator.co.uk/wp-content/uploads/2022/03/james-heale-512x512-1.png?resize=203,203 203w, https://www.spectator.co.uk/wp-content/uploads/2022/03/james-heale-512x512-1.png?resize=100,100 100w, https://www.spectator.co.uk/wp-content/uploads/2022/03/james-heale-512x512-1.png?resize=200,200 200w, https://www.spectator.co.uk/wp-content/uploads/2022/03/james-heale-512x512-1.png?resize=330,330 330w, https://www.spectator.co.uk/wp-content/uploads/2022/03/james-heale-512x512-1.png?resize=156,156 156w, https://www.spectator.co.uk/wp-content/uploads/2022/03/james-heale-512x512-1.png?resize=284,284 284w, https://www.spectator.co.uk/wp-content/uploads/2022/03/james-heale-512x512-1.png?resize=232,232 232w, https://www.spectator.co.uk/wp-content/uploads/2022/03/james-heale-512x512-1.png?resize=320,320 320w, https://www.spectator.co.uk/wp-content/uploads/2022/03/james-heale-512x512-1.png?resize=68,68 68w, https://www.spectator.co.uk/wp-content/uploads/2022/03/james-heale-512x512-1.png?resize=56,56 56w, https://www.spectator.co.uk/wp-content/uploads/2022/03/james-heale-512x512-1.png?resize=368,368 368w, https://www.spectator.co.uk/wp-content/uploads/2022/03/james-heale-512x512-1.png?resize=250,250 250w, https://www.spectator.co.uk/wp-content/uploads/2022/03/james-heale-512x512-1.png?resize=358,358 358w, https://www.spectator.co.uk/wp-content/uploads/2022/03/james-heale-512x512-1.png?resize=247,247 247w, https://www.spectator.co.uk/wp-content/uploads/2022/03/james-heale-512x512-1.png?resize=190,190 190w, https://www.spectator.co.uk/wp-content/uploads/2022/03/james-heale-512x512-1.png?resize=196,196 196w, https://www.spectator.co.uk/wp-content/uploads/2022/03/james-heale-512x512-1.png?resize=65,65 65w, https://www.spectator.co.uk/wp-content/uploads/2022/03/james-heale-512x512-1.png?resize=108,108 108w" sizes="(max-width: 176px) 100vw, 176px"> <h3 class="article__title"> <a class="article__title-link" href="https://www.spectator.co.uk/podcast/can-labour-save-its-budget/"> Can Labour save its Budget? </a> </h3> <p class="article__duration"> <span class="article__duration-icon"> <svg class="svg-icon" role="presentation" focusable="false" height="14" width="14" viewbox="0 0 14 12"><path d="m6.173.45-3.39 3.389a.143.143 0 0 1-.1.041H1.428c-.632 0-1.143.512-1.143 1.144v1.952c0 .632.511 1.144 1.143 1.144h1.253c.038 0 .075.015.101.042l3.39 3.389a.571.571 0 0 0 .971-.403V.855a.572.572 0 0 0-.971-.406Zm4.166 1.529a.57.57 0 0 0-.808.808 4.544 4.544 0 0 1 0 6.427.571.571 0 0 0 .808.809 5.688 5.688 0 0 0 .003-8.041l-.003-.003ZM11.74.53a.57.57 0 0 0-.808.809 6.603 6.603 0 0 1 0 9.32.573.573 0 0 0 .794.823l.014-.014a7.747 7.747 0 0 0 0-10.938Zm-2.8 2.897a.572.572 0 1 0-.81.808 2.505 2.505 0 0 1 0 3.533.572.572 0 1 0 .808.805 3.65 3.65 0 0 0 .002-5.146Z" fill="currentColor" fill-rule="nonzero" /></svg> </span> 14 min listen </p> <div class="article__excerpt"> <p class="article__excerpt-text">The fallout from Labour’s Budget continues. On the media round this morning, Darren Jones, Chief Secretary to the Treasury, admitted that it will hit working people, and the cost of government borrowing has only risen since Rachel Reeves delivered her speech to Parliament. Katy Balls, Kate Andrews and James Heale take us through the reaction from various groups, including small business owners, farmers and the markets. Is the Budget unravelling? Also on the podcast, they look ahead to tomorrow’s Tory leadership result; could low turnout make a difference? Produced by Patrick Gibbons.</p> </div> </header>  <figure class="article__image article__image-right"> <a class="article__image-link" href="https://www.spectator.co.uk/podcast/can-labour-save-its-budget/"> <img width="440" height="248" src="https://www.spectator.co.uk/wp-content/uploads/2024/11/GettyImages-2181228145.jpg?resize=440,248" class="ratio-16/9" alt="" srcset="https://www.spectator.co.uk/wp-content/uploads/2024/11/GettyImages-2181228145.jpg?resize=1214,683 1214w, https://www.spectator.co.uk/wp-content/uploads/2024/11/GettyImages-2181228145.jpg?resize=320,180 320w, https://www.spectator.co.uk/wp-content/uploads/2024/11/GettyImages-2181228145.jpg?resize=375,211 375w, https://www.spectator.co.uk/wp-content/uploads/2024/11/GettyImages-2181228145.jpg?resize=500,281 500w, https://www.spectator.co.uk/wp-content/uploads/2024/11/GettyImages-2181228145.jpg?resize=640,360 640w, https://www.spectator.co.uk/wp-content/uploads/2024/11/GettyImages-2181228145.jpg?resize=800,450 800w, https://www.spectator.co.uk/wp-content/uploads/2024/11/GettyImages-2181228145.jpg?resize=980,551 980w" sizes="(max-width: 440px) 100vw, 440px" fetchpriority="auto" loading="lazy" decoding="async"> </a> </figure> </article> </div>  <div class="mosaic__tile-rail"> <article id="article-523193" class="article article--rail article--four-up article--horizontal article--post article--economics highlight-color-red article--image-left" data-analytics-id="" data-analytics-kicker="" data-analytics-author="" aria-label="Will the ‘value for money’ tsar really overrule Rachel Reeves?">  <figure class="article__image article__image-left"> <a class="article__image-link" href="https://www.spectator.co.uk/article/will-the-value-for-money-tsar-really-overrule-rachel-reeves/"> <img width="200" height="113" src="https://www.spectator.co.uk/wp-content/uploads/2024/10/GettyImages-2181900913-e1730379656446.jpg?resize=200,113" class="ratio-16/9" alt="" srcset="https://www.spectator.co.uk/wp-content/uploads/2024/10/GettyImages-2181900913-e1730379656446.jpg?resize=1067,600 1067w, https://www.spectator.co.uk/wp-content/uploads/2024/10/GettyImages-2181900913-e1730379656446.jpg?resize=320,180 320w, https://www.spectator.co.uk/wp-content/uploads/2024/10/GettyImages-2181900913-e1730379656446.jpg?resize=375,211 375w, https://www.spectator.co.uk/wp-content/uploads/2024/10/GettyImages-2181900913-e1730379656446.jpg?resize=500,281 500w, https://www.spectator.co.uk/wp-content/uploads/2024/10/GettyImages-2181900913-e1730379656446.jpg?resize=640,360 640w, https://www.spectator.co.uk/wp-content/uploads/2024/10/GettyImages-2181900913-e1730379656446.jpg?resize=800,450 800w" sizes="(max-width: 200px) 100vw, 200px" fetchpriority="auto" loading="lazy" decoding="async"> </a> </figure>  <header class="article__header"> <a class="article__author article__author--link" href="https://www.spectator.co.uk/writer/ross-clark/"> Ross Clark </a> <img width="176" height="176" src="https://www.spectator.co.uk/wp-content/uploads/2022/01/ross-clark-512x512-1.png?w=176" class="avatar avatar-176 photo article__avatar wp-post-image" alt="Ross Clark" loading="lazy" srcset="https://www.spectator.co.uk/wp-content/uploads/2022/01/ross-clark-512x512-1.png 512w, https://www.spectator.co.uk/wp-content/uploads/2022/01/ross-clark-512x512-1.png?resize=150,150 150w, https://www.spectator.co.uk/wp-content/uploads/2022/01/ross-clark-512x512-1.png?resize=300,300 300w, https://www.spectator.co.uk/wp-content/uploads/2022/01/ross-clark-512x512-1.png?resize=203,203 203w, https://www.spectator.co.uk/wp-content/uploads/2022/01/ross-clark-512x512-1.png?resize=100,100 100w, https://www.spectator.co.uk/wp-content/uploads/2022/01/ross-clark-512x512-1.png?resize=200,200 200w, https://www.spectator.co.uk/wp-content/uploads/2022/01/ross-clark-512x512-1.png?resize=330,330 330w, https://www.spectator.co.uk/wp-content/uploads/2022/01/ross-clark-512x512-1.png?resize=156,156 156w, https://www.spectator.co.uk/wp-content/uploads/2022/01/ross-clark-512x512-1.png?resize=284,284 284w, https://www.spectator.co.uk/wp-content/uploads/2022/01/ross-clark-512x512-1.png?resize=232,232 232w, https://www.spectator.co.uk/wp-content/uploads/2022/01/ross-clark-512x512-1.png?resize=320,320 320w, https://www.spectator.co.uk/wp-content/uploads/2022/01/ross-clark-512x512-1.png?resize=68,68 68w, https://www.spectator.co.uk/wp-content/uploads/2022/01/ross-clark-512x512-1.png?resize=56,56 56w, https://www.spectator.co.uk/wp-content/uploads/2022/01/ross-clark-512x512-1.png?resize=368,368 368w, https://www.spectator.co.uk/wp-content/uploads/2022/01/ross-clark-512x512-1.png?resize=250,250 250w, https://www.spectator.co.uk/wp-content/uploads/2022/01/ross-clark-512x512-1.png?resize=358,358 358w, https://www.spectator.co.uk/wp-content/uploads/2022/01/ross-clark-512x512-1.png?resize=247,247 247w, https://www.spectator.co.uk/wp-content/uploads/2022/01/ross-clark-512x512-1.png?resize=190,190 190w, https://www.spectator.co.uk/wp-content/uploads/2022/01/ross-clark-512x512-1.png?resize=196,196 196w, https://www.spectator.co.uk/wp-content/uploads/2022/01/ross-clark-512x512-1.png?resize=65,65 65w, https://www.spectator.co.uk/wp-content/uploads/2022/01/ross-clark-512x512-1.png?resize=108,108 108w" sizes="(max-width: 176px) 100vw, 176px"> <h3 class="article__title"> <a class="article__title-link" href="https://www.spectator.co.uk/article/will-the-value-for-money-tsar-really-overrule-rachel-reeves/"> Will the ‘value for money’ tsar really overrule Rachel Reeves? </a> </h3> <div class="article__excerpt"> <p class="article__excerpt-text">Is there any word more laughably misapplied than ‘tsar’? We have already had an ‘antisemitism tsar’ and now we are going to have a ‘value for money’ tsar. Had you suggested to a Russian peasant that their monarch was value for money I suspect you might have ended up floating on the Neva River alongside Rasputin. Admittedly, that is not David Goldstone’s official title – we are supposed to call him Chair of the Office of Value for Money. But he does come with a CV that includes involvement in all kinds of public projects associated with tsarist excess. He was in charge of the delivery authority for the London Olympics, which</p> </div> </header>  </article> <article id="article-523152" class="article article--rail article--four-up article--horizontal article--post article--economics highlight-color-red article--image-left" data-analytics-id="" data-analytics-kicker="" data-analytics-author="" aria-label="Can Labour save its Budget?">  <figure class="article__image article__image-left"> <a class="article__image-link" href="https://www.spectator.co.uk/article/can-labour-save-its-budget/"> <img width="200" height="113" src="https://www.spectator.co.uk/wp-content/uploads/2024/11/GettyImages-2181898879-VSCO.jpeg?resize=200,113" class="ratio-16/9" alt="" srcset="https://www.spectator.co.uk/wp-content/uploads/2024/11/GettyImages-2181898879-VSCO.jpeg?resize=1214,683 1214w, https://www.spectator.co.uk/wp-content/uploads/2024/11/GettyImages-2181898879-VSCO.jpeg?resize=320,180 320w, https://www.spectator.co.uk/wp-content/uploads/2024/11/GettyImages-2181898879-VSCO.jpeg?resize=375,211 375w, https://www.spectator.co.uk/wp-content/uploads/2024/11/GettyImages-2181898879-VSCO.jpeg?resize=500,281 500w, https://www.spectator.co.uk/wp-content/uploads/2024/11/GettyImages-2181898879-VSCO.jpeg?resize=640,360 640w, https://www.spectator.co.uk/wp-content/uploads/2024/11/GettyImages-2181898879-VSCO.jpeg?resize=800,450 800w, https://www.spectator.co.uk/wp-content/uploads/2024/11/GettyImages-2181898879-VSCO.jpeg?resize=980,551 980w" sizes="(max-width: 200px) 100vw, 200px" fetchpriority="auto" loading="lazy" decoding="async"> </a> </figure>  <header class="article__header"> <a class="article__author article__author--link" href="https://www.spectator.co.uk/writer/kate-andrews/"> Kate Andrews </a> <img width="176" height="176" src="https://www.spectator.co.uk/wp-content/uploads/2022/04/kandrews_1.png?w=176" class="avatar avatar-176 photo article__avatar wp-post-image" alt="Kate Andrews" loading="lazy" srcset="https://www.spectator.co.uk/wp-content/uploads/2022/04/kandrews_1.png 488w, https://www.spectator.co.uk/wp-content/uploads/2022/04/kandrews_1.png?resize=150,150 150w, https://www.spectator.co.uk/wp-content/uploads/2022/04/kandrews_1.png?resize=300,300 300w, https://www.spectator.co.uk/wp-content/uploads/2022/04/kandrews_1.png?resize=204,203 204w, https://www.spectator.co.uk/wp-content/uploads/2022/04/kandrews_1.png?resize=100,100 100w, https://www.spectator.co.uk/wp-content/uploads/2022/04/kandrews_1.png?resize=200,200 200w, https://www.spectator.co.uk/wp-content/uploads/2022/04/kandrews_1.png?resize=151,150 151w, https://www.spectator.co.uk/wp-content/uploads/2022/04/kandrews_1.png?resize=331,330 331w, https://www.spectator.co.uk/wp-content/uploads/2022/04/kandrews_1.png?resize=157,156 157w, https://www.spectator.co.uk/wp-content/uploads/2022/04/kandrews_1.png?resize=285,284 285w, https://www.spectator.co.uk/wp-content/uploads/2022/04/kandrews_1.png?resize=233,232 233w, https://www.spectator.co.uk/wp-content/uploads/2022/04/kandrews_1.png?resize=201,200 201w, https://www.spectator.co.uk/wp-content/uploads/2022/04/kandrews_1.png?resize=321,320 321w, https://www.spectator.co.uk/wp-content/uploads/2022/04/kandrews_1.png?resize=68,68 68w, https://www.spectator.co.uk/wp-content/uploads/2022/04/kandrews_1.png?resize=56,56 56w, https://www.spectator.co.uk/wp-content/uploads/2022/04/kandrews_1.png?resize=368,366 368w, https://www.spectator.co.uk/wp-content/uploads/2022/04/kandrews_1.png?resize=250,249 250w, https://www.spectator.co.uk/wp-content/uploads/2022/04/kandrews_1.png?resize=358,357 358w, https://www.spectator.co.uk/wp-content/uploads/2022/04/kandrews_1.png?resize=248,247 248w, https://www.spectator.co.uk/wp-content/uploads/2022/04/kandrews_1.png?resize=191,190 191w, https://www.spectator.co.uk/wp-content/uploads/2022/04/kandrews_1.png?resize=197,196 197w, https://www.spectator.co.uk/wp-content/uploads/2022/04/kandrews_1.png?resize=65,65 65w, https://www.spectator.co.uk/wp-content/uploads/2022/04/kandrews_1.png?resize=108,108 108w" sizes="(max-width: 176px) 100vw, 176px"> <h3 class="article__title"> <a class="article__title-link" href="https://www.spectator.co.uk/article/can-labour-save-its-budget/"> Can Labour save its Budget? </a> </h3> <div class="article__excerpt"> <p class="article__excerpt-text">After the Office for Budget Responsibility’s assessment of the Budget was published on Wednesday, the cost of government borrowing started to rise. Yesterday, those costs hit their highest levels this year, with the 10-year gilt yield peaking just over 4.5 per cent and the five-year gilt yield exceeding 4.4 per cent, before settling slightly by the end of the day.  Labour need this trend to stop. The further borrowing costs rise and the pound falls, the more expensive Reeves’s Budget becomes, as investors demand a higher return for lending to the UK. Moreover, the longer jitters persist, the more certain it will seem that markets have not bought Labour’s fiscal</p> </div> </header>  </article> <article id="article-523137" class="article article--rail article--four-up article--horizontal article--post article--economics highlight-color-red article--image-left" data-analytics-id="" data-analytics-kicker="" data-analytics-author="" aria-label="Britain can grow faster than the OBR thinks">  <figure class="article__image article__image-left"> <a class="article__image-link" href="https://www.spectator.co.uk/article/britain-can-grow-faster-than-the-obr-thinks/"> <img width="200" height="113" src="https://www.spectator.co.uk/wp-content/uploads/2024/11/GettyImages-2181228503.jpg?resize=200,113" class="ratio-16/9" alt="" srcset="https://www.spectator.co.uk/wp-content/uploads/2024/11/GettyImages-2181228503.jpg?resize=1212,682 1212w, https://www.spectator.co.uk/wp-content/uploads/2024/11/GettyImages-2181228503.jpg?resize=320,180 320w, https://www.spectator.co.uk/wp-content/uploads/2024/11/GettyImages-2181228503.jpg?resize=375,211 375w, https://www.spectator.co.uk/wp-content/uploads/2024/11/GettyImages-2181228503.jpg?resize=500,281 500w, https://www.spectator.co.uk/wp-content/uploads/2024/11/GettyImages-2181228503.jpg?resize=640,360 640w, https://www.spectator.co.uk/wp-content/uploads/2024/11/GettyImages-2181228503.jpg?resize=800,450 800w, https://www.spectator.co.uk/wp-content/uploads/2024/11/GettyImages-2181228503.jpg?resize=980,551 980w" sizes="(max-width: 200px) 100vw, 200px" fetchpriority="auto" loading="lazy" decoding="async"> </a> </figure>  <header class="article__header"> <a class="article__author article__author--link" href="https://www.spectator.co.uk/writer/hamish-mcrae/"> Hamish McRae </a> <h3 class="article__title"> <a class="article__title-link" href="https://www.spectator.co.uk/article/britain-can-grow-faster-than-the-obr-thinks/"> Britain can grow faster than the OBR thinks </a> </h3> <div class="article__excerpt"> <p class="article__excerpt-text">The UK economy may end up growing a bit faster by the end of this decade than the Office for Budget Responsibility expects – but if it does that will be no thanks to Rachel Reeves’s Budget.  The OBR’s projections are unambitious. This is their summary: ‘Having stagnated last year, the economy is expected to grow by just over 1 per cent this year, rising to 2 per cent in 2025, before falling to around 1½ per cent, slightly below its estimated potential growth rate of 1⅔ per cent, over the remainder of the forecast. Budget policies temporarily boost output in the near term, but leave GDP largely unchanged in five years.’</p> </div> </header>  </article> </div> </div> </div> </div> <div class="wp-block-separator"></div> </div> <div class="mosaic mosaic--horizontal"> <div class="mosaic__date"> <div class="archive-entry__date"> <h4 class="archive-entry__day">Thursday</h4> <time class="archive-entry__timestamp" datetime="31 Oct 2024">31 Oct 2024</time> </div> </div> <div class="mosaic__grid mosaic__grid-singles" data-grid="four-up"> <div class="mosaic__tile mosaic__tile--lead-up"> <article id="article-523127" class="article article--lead-up article--horizontal article--post article--economics highlight-color-red article--image-right" data-analytics-id="" data-analytics-kicker="" data-analytics-author="" aria-label="Labour’s farm tax makes no sense">   <header class="article__header"> <a class="article__author article__author--link" href="https://www.spectator.co.uk/writer/jamie-blackett/"> Jamie Blackett </a> <h3 class="article__title"> <a class="article__title-link" href="https://www.spectator.co.uk/article/labours-farm-tax-makes-no-sense/"> Labour’s farm tax makes no sense </a> </h3> <div class="article__excerpt"> <p class="article__excerpt-text">Amid the furore over Lord Alli’s contributions to Lady Starmer’s wardrobe the new environment secretary, Steve Reed, was able to stay under the radar. Most of us weren’t aware that he had been schmoozing his way around British farms during the election campaign wearing brand new, top of the range Le Chameau wellies – also apparently gifted by the ubiquitous Lord Alli. At the time Reed was promising that Labour had no intention of changing Agricultural Property Relief. In fact, responding to an accusation by his Tory opponent, Steve Barclay, he dismissed it as ‘desperate nonsense’. The efforts of the generations before me may all have been for nothing So</p> </div> </header>  <figure class="article__image article__image-right"> <a class="article__image-link" href="https://www.spectator.co.uk/article/labours-farm-tax-makes-no-sense/"> <img width="440" height="293" src="https://www.spectator.co.uk/wp-content/uploads/2024/10/GettyImages-529412335-VSCO.jpeg?resize=440,293" class="ratio-6/4" alt="" srcset="https://www.spectator.co.uk/wp-content/uploads/2024/10/GettyImages-529412335-VSCO.jpeg?resize=1007,671 1007w, https://www.spectator.co.uk/wp-content/uploads/2024/10/GettyImages-529412335-VSCO.jpeg?resize=320,213 320w, https://www.spectator.co.uk/wp-content/uploads/2024/10/GettyImages-529412335-VSCO.jpeg?resize=375,250 375w, https://www.spectator.co.uk/wp-content/uploads/2024/10/GettyImages-529412335-VSCO.jpeg?resize=500,333 500w, https://www.spectator.co.uk/wp-content/uploads/2024/10/GettyImages-529412335-VSCO.jpeg?resize=640,427 640w, https://www.spectator.co.uk/wp-content/uploads/2024/10/GettyImages-529412335-VSCO.jpeg?resize=800,533 800w, https://www.spectator.co.uk/wp-content/uploads/2024/10/GettyImages-529412335-VSCO.jpeg?resize=980,653 980w" sizes="(max-width: 440px) 100vw, 440px" fetchpriority="auto" loading="lazy" decoding="async"> </a> </figure> </article> </div> <div class="mosaic__tile mosaic__tile--four-up">  <div class="mosaic__tile-group"> <div class="mosaic__tile-featured"> <article id="article-523099" class="article article--featured article--four-up article--vertical article--post article--economics highlight-color-red article--image-bottom" data-analytics-id="" data-analytics-kicker="" data-analytics-author="" aria-label="Can Rachel Reeves calm the markets?">   <header class="article__header"> <a class="article__author article__author--link" href="https://www.spectator.co.uk/writer/kate-andrews/"> Kate Andrews </a> <img width="176" height="176" src="https://www.spectator.co.uk/wp-content/uploads/2022/04/kandrews_1.png?w=176" class="avatar avatar-176 photo article__avatar wp-post-image" alt="Kate Andrews" loading="lazy" srcset="https://www.spectator.co.uk/wp-content/uploads/2022/04/kandrews_1.png 488w, https://www.spectator.co.uk/wp-content/uploads/2022/04/kandrews_1.png?resize=150,150 150w, https://www.spectator.co.uk/wp-content/uploads/2022/04/kandrews_1.png?resize=300,300 300w, https://www.spectator.co.uk/wp-content/uploads/2022/04/kandrews_1.png?resize=204,203 204w, https://www.spectator.co.uk/wp-content/uploads/2022/04/kandrews_1.png?resize=100,100 100w, https://www.spectator.co.uk/wp-content/uploads/2022/04/kandrews_1.png?resize=200,200 200w, https://www.spectator.co.uk/wp-content/uploads/2022/04/kandrews_1.png?resize=151,150 151w, https://www.spectator.co.uk/wp-content/uploads/2022/04/kandrews_1.png?resize=331,330 331w, https://www.spectator.co.uk/wp-content/uploads/2022/04/kandrews_1.png?resize=157,156 157w, https://www.spectator.co.uk/wp-content/uploads/2022/04/kandrews_1.png?resize=285,284 285w, https://www.spectator.co.uk/wp-content/uploads/2022/04/kandrews_1.png?resize=233,232 233w, https://www.spectator.co.uk/wp-content/uploads/2022/04/kandrews_1.png?resize=201,200 201w, https://www.spectator.co.uk/wp-content/uploads/2022/04/kandrews_1.png?resize=321,320 321w, https://www.spectator.co.uk/wp-content/uploads/2022/04/kandrews_1.png?resize=68,68 68w, https://www.spectator.co.uk/wp-content/uploads/2022/04/kandrews_1.png?resize=56,56 56w, https://www.spectator.co.uk/wp-content/uploads/2022/04/kandrews_1.png?resize=368,366 368w, https://www.spectator.co.uk/wp-content/uploads/2022/04/kandrews_1.png?resize=250,249 250w, https://www.spectator.co.uk/wp-content/uploads/2022/04/kandrews_1.png?resize=358,357 358w, https://www.spectator.co.uk/wp-content/uploads/2022/04/kandrews_1.png?resize=248,247 248w, https://www.spectator.co.uk/wp-content/uploads/2022/04/kandrews_1.png?resize=191,190 191w, https://www.spectator.co.uk/wp-content/uploads/2022/04/kandrews_1.png?resize=197,196 197w, https://www.spectator.co.uk/wp-content/uploads/2022/04/kandrews_1.png?resize=65,65 65w, https://www.spectator.co.uk/wp-content/uploads/2022/04/kandrews_1.png?resize=108,108 108w" sizes="(max-width: 176px) 100vw, 176px"> <h3 class="article__title"> <a class="article__title-link" href="https://www.spectator.co.uk/article/can-rachel-reeves-calm-the-markets/"> Can Rachel Reeves calm the markets? </a> </h3> <div class="article__excerpt"> <p class="article__excerpt-text">The more investors dig into Labour’s first Budget, the less they seem to like it. After the Office for Budget Responsibility published its assessment of the Chancellor’s measures yesterday afternoon, some immediate (and expected) volatility set in. But rather than settling down, market jitters seem to have worsened today, as a gilt sell-off saw government borrowing costs hit their highest level in 2024 this afternoon, with the 10-year gilt yield reaching 4.52 per cent and the five-year gilt yield reaching 4.41 per cent. So far the situation is manageable for the government – but is a strong indication that the markets are not quite as on-side with their plans for</p> </div> </header>  <figure class="article__image article__image-right"> <a class="article__image-link" href="https://www.spectator.co.uk/article/can-rachel-reeves-calm-the-markets/"> <img width="440" height="248" src="https://www.spectator.co.uk/wp-content/uploads/2024/10/GettyImages-2181228130.jpg?resize=440,248" class="ratio-16/9" alt="" srcset="https://www.spectator.co.uk/wp-content/uploads/2024/10/GettyImages-2181228130.jpg?resize=1214,683 1214w, https://www.spectator.co.uk/wp-content/uploads/2024/10/GettyImages-2181228130.jpg?resize=320,180 320w, https://www.spectator.co.uk/wp-content/uploads/2024/10/GettyImages-2181228130.jpg?resize=375,211 375w, https://www.spectator.co.uk/wp-content/uploads/2024/10/GettyImages-2181228130.jpg?resize=500,281 500w, https://www.spectator.co.uk/wp-content/uploads/2024/10/GettyImages-2181228130.jpg?resize=640,360 640w, https://www.spectator.co.uk/wp-content/uploads/2024/10/GettyImages-2181228130.jpg?resize=800,450 800w, https://www.spectator.co.uk/wp-content/uploads/2024/10/GettyImages-2181228130.jpg?resize=980,551 980w" sizes="(max-width: 440px) 100vw, 440px" fetchpriority="auto" loading="lazy" decoding="async"> </a> </figure> </article> </div>  <div class="mosaic__tile-rail"> <article id="article-522910" class="article article--rail article--four-up article--horizontal article--post article--economics highlight-color-red article--image-left" data-analytics-id="" data-analytics-kicker="" data-analytics-author="" aria-label="Rachel Reeves’s Budget plan is much worse than you think">  <figure class="article__image article__image-left"> <a class="article__image-link" href="https://www.spectator.co.uk/article/rachel-reevess-budget-plan-is-much-worse-than-you-think/"> <img width="200" height="113" src="https://www.spectator.co.uk/wp-content/uploads/2024/10/GettyImages-2181228041.jpg?resize=200,113" class="ratio-16/9" alt="" srcset="https://www.spectator.co.uk/wp-content/uploads/2024/10/GettyImages-2181228041.jpg?resize=866,487 866w, https://www.spectator.co.uk/wp-content/uploads/2024/10/GettyImages-2181228041.jpg?resize=320,180 320w, https://www.spectator.co.uk/wp-content/uploads/2024/10/GettyImages-2181228041.jpg?resize=375,211 375w, https://www.spectator.co.uk/wp-content/uploads/2024/10/GettyImages-2181228041.jpg?resize=500,281 500w, https://www.spectator.co.uk/wp-content/uploads/2024/10/GettyImages-2181228041.jpg?resize=640,360 640w" sizes="(max-width: 200px) 100vw, 200px" fetchpriority="auto" loading="lazy" decoding="async"> </a> </figure>  <header class="article__header"> <a class="article__author article__author--link" href="https://www.spectator.co.uk/writer/james-vitali/"> James Vitali </a> <h3 class="article__title"> <a class="article__title-link" href="https://www.spectator.co.uk/article/rachel-reevess-budget-plan-is-much-worse-than-you-think/"> Rachel Reeves’s Budget plan is much worse than you think </a> </h3> <div class="article__excerpt"> <p class="article__excerpt-text">‘No plan for the economy’ is the charge being made against the government, as Conservatives take to the airwaves following the Budget. The problem is that, in this case, the charge is simply untrue. Labour do have a plan for the economy. It is called securonomics: a worldview set out in some detail by the Chancellor herself in the Spring during her Mais Lecture. And as Paul Mason put it earlier in the year in this magazine, securonomics constitutes a ‘coherent, well founded’ plan for the economy, rooted in a ‘clear political philosophy’. Securonomics will make Britain more lethargic, more risk averse Securonomics, at its most basic level, is a</p> </div> </header>  </article> <article id="article-522811" class="article article--rail article--four-up article--horizontal article--post article--economics highlight-color-red article--image-left" data-analytics-id="" data-analytics-kicker="" data-analytics-author="" aria-label="Labour’s Budget is a missed chance to solve Britain’s benefits problem">  <figure class="article__image article__image-left"> <a class="article__image-link" href="https://www.spectator.co.uk/article/labours-budget-is-a-missed-chance-to-solve-britains-benefits-problem/"> <img width="200" height="113" src="https://www.spectator.co.uk/wp-content/uploads/2024/10/GettyImages-2181228107.jpg?resize=200,113" class="ratio-16/9" alt="" srcset="https://www.spectator.co.uk/wp-content/uploads/2024/10/GettyImages-2181228107.jpg?resize=866,487 866w, https://www.spectator.co.uk/wp-content/uploads/2024/10/GettyImages-2181228107.jpg?resize=320,180 320w, https://www.spectator.co.uk/wp-content/uploads/2024/10/GettyImages-2181228107.jpg?resize=375,211 375w, https://www.spectator.co.uk/wp-content/uploads/2024/10/GettyImages-2181228107.jpg?resize=500,281 500w, https://www.spectator.co.uk/wp-content/uploads/2024/10/GettyImages-2181228107.jpg?resize=640,360 640w" sizes="(max-width: 200px) 100vw, 200px" fetchpriority="auto" loading="lazy" decoding="async"> </a> </figure>  <header class="article__header"> <a class="article__author article__author--link" href="https://www.spectator.co.uk/writer/jean-andre-prager/"> Jean-André Prager </a> <h3 class="article__title"> <a class="article__title-link" href="https://www.spectator.co.uk/article/labours-budget-is-a-missed-chance-to-solve-britains-benefits-problem/"> Labour’s Budget is a missed chance to solve Britain’s benefits problem </a> </h3> <div class="article__excerpt"> <p class="article__excerpt-text">‘Fixing the Foundations’ is the phrase the Labour government wants in your head after the Budget. But the thin gruel for dealing with the challenge presented by our ill-health and disability benefits system suggests those words don’t count for much. Apart from the defence of the realm, there is nothing more foundational to society than the way it treats its most vulnerable and most disadvantaged. Some people are, through no fault of their own, not able to work. Its the duty of the government to ensure that a safety net is in place to help these people; it must balance this by ensuring that the system is fair to the</p> </div> </header>  </article> <article id="article-522758" class="article article--rail article--four-up article--horizontal article--post article--economics highlight-color-red article--image-left" data-analytics-id="" data-analytics-kicker="" data-analytics-author="" aria-label="The true cost of Labour’s Budget is impossible to calculate">  <figure class="article__image article__image-left"> <a class="article__image-link" href="https://www.spectator.co.uk/article/the-true-cost-of-labours-budget-is-impossible-to-calculate/"> <img width="200" height="113" src="https://www.spectator.co.uk/wp-content/uploads/2024/10/GettyImages-2181902041.jpg?resize=200,113" class="ratio-16/9" alt="" srcset="https://www.spectator.co.uk/wp-content/uploads/2024/10/GettyImages-2181902041.jpg?resize=866,487 866w, https://www.spectator.co.uk/wp-content/uploads/2024/10/GettyImages-2181902041.jpg?resize=320,180 320w, https://www.spectator.co.uk/wp-content/uploads/2024/10/GettyImages-2181902041.jpg?resize=375,211 375w, https://www.spectator.co.uk/wp-content/uploads/2024/10/GettyImages-2181902041.jpg?resize=500,281 500w, https://www.spectator.co.uk/wp-content/uploads/2024/10/GettyImages-2181902041.jpg?resize=640,360 640w" sizes="(max-width: 200px) 100vw, 200px" fetchpriority="auto" loading="lazy" decoding="async"> </a> </figure>  <header class="article__header"> <a class="article__author article__author--link" href="https://www.spectator.co.uk/writer/matthew-lynn/"> Matthew Lynn </a> <img width="176" height="176" src="https://www.spectator.co.uk/wp-content/uploads/2021/10/Matthew-Lynn-512x512-1.png?w=176" class="avatar avatar-176 photo article__avatar wp-post-image" alt="Matthew Lynn" loading="lazy" srcset="https://www.spectator.co.uk/wp-content/uploads/2021/10/Matthew-Lynn-512x512-1.png 512w, https://www.spectator.co.uk/wp-content/uploads/2021/10/Matthew-Lynn-512x512-1.png?resize=150,150 150w, https://www.spectator.co.uk/wp-content/uploads/2021/10/Matthew-Lynn-512x512-1.png?resize=300,300 300w, https://www.spectator.co.uk/wp-content/uploads/2021/10/Matthew-Lynn-512x512-1.png?resize=203,203 203w, https://www.spectator.co.uk/wp-content/uploads/2021/10/Matthew-Lynn-512x512-1.png?resize=100,100 100w, https://www.spectator.co.uk/wp-content/uploads/2021/10/Matthew-Lynn-512x512-1.png?resize=200,200 200w, https://www.spectator.co.uk/wp-content/uploads/2021/10/Matthew-Lynn-512x512-1.png?resize=330,330 330w, https://www.spectator.co.uk/wp-content/uploads/2021/10/Matthew-Lynn-512x512-1.png?resize=156,156 156w, https://www.spectator.co.uk/wp-content/uploads/2021/10/Matthew-Lynn-512x512-1.png?resize=284,284 284w, https://www.spectator.co.uk/wp-content/uploads/2021/10/Matthew-Lynn-512x512-1.png?resize=232,232 232w, https://www.spectator.co.uk/wp-content/uploads/2021/10/Matthew-Lynn-512x512-1.png?resize=320,320 320w, https://www.spectator.co.uk/wp-content/uploads/2021/10/Matthew-Lynn-512x512-1.png?resize=68,68 68w, https://www.spectator.co.uk/wp-content/uploads/2021/10/Matthew-Lynn-512x512-1.png?resize=56,56 56w, https://www.spectator.co.uk/wp-content/uploads/2021/10/Matthew-Lynn-512x512-1.png?resize=368,368 368w, https://www.spectator.co.uk/wp-content/uploads/2021/10/Matthew-Lynn-512x512-1.png?resize=250,250 250w, https://www.spectator.co.uk/wp-content/uploads/2021/10/Matthew-Lynn-512x512-1.png?resize=358,358 358w, https://www.spectator.co.uk/wp-content/uploads/2021/10/Matthew-Lynn-512x512-1.png?resize=247,247 247w, https://www.spectator.co.uk/wp-content/uploads/2021/10/Matthew-Lynn-512x512-1.png?resize=190,190 190w, https://www.spectator.co.uk/wp-content/uploads/2021/10/Matthew-Lynn-512x512-1.png?resize=196,196 196w, https://www.spectator.co.uk/wp-content/uploads/2021/10/Matthew-Lynn-512x512-1.png?resize=65,65 65w, https://www.spectator.co.uk/wp-content/uploads/2021/10/Matthew-Lynn-512x512-1.png?resize=108,108 108w" sizes="(max-width: 176px) 100vw, 176px"> <h3 class="article__title"> <a class="article__title-link" href="https://www.spectator.co.uk/article/the-true-cost-of-labours-budget-is-impossible-to-calculate/"> The true cost of Labour’s Budget is impossible to calculate </a> </h3> <div class="article__excerpt"> <p class="article__excerpt-text">No sombre music accompanied Rachel Reeves’s Budget, nor was there a reading from Corinthians. Yet, those details aside, one point is surely clear: Labour’s first Budget in 14 years was a requiem for entrepreneurial Britain. The four decades from the Thatcher reforms of the early 1980s, that turned the UK into one of the best places, at least in Europe, to start and build a company, are now officially over. Britain’s economy will be a lot poorer thanks to the Labour government. In Labour land, entrepreneurs might as well not exist True, the Budget might not have been quite as bad as some of the advanced speculation suggested. Even so,</p> </div> </header>  </article> </div> </div> </div> </div> <div class="wp-block-separator"></div> </div> <div class="mosaic mosaic--horizontal"> <div class="mosaic__date"> <div class="archive-entry__date"> <h4 class="archive-entry__day">Wednesday</h4> <time class="archive-entry__timestamp" datetime="30 Oct 2024">30 Oct 2024</time> </div> </div> <div class="mosaic__grid mosaic__grid-singles" data-grid="one-up"> <div class="mosaic__tile mosaic__tile--lead-up"> <article id="article-522851" class="article article--lead-up article--horizontal article--post article--economics highlight-color-red article--image-right" data-analytics-id="" data-analytics-kicker="" data-analytics-author="" aria-label="The markets don’t like this Budget much">   <header class="article__header"> <a class="article__author article__author--link" href="https://www.spectator.co.uk/writer/ross-clark/"> Ross Clark </a> <img width="176" height="176" src="https://www.spectator.co.uk/wp-content/uploads/2022/01/ross-clark-512x512-1.png?w=176" class="avatar avatar-176 photo article__avatar wp-post-image" alt="Ross Clark" loading="lazy" srcset="https://www.spectator.co.uk/wp-content/uploads/2022/01/ross-clark-512x512-1.png 512w, https://www.spectator.co.uk/wp-content/uploads/2022/01/ross-clark-512x512-1.png?resize=150,150 150w, https://www.spectator.co.uk/wp-content/uploads/2022/01/ross-clark-512x512-1.png?resize=300,300 300w, https://www.spectator.co.uk/wp-content/uploads/2022/01/ross-clark-512x512-1.png?resize=203,203 203w, https://www.spectator.co.uk/wp-content/uploads/2022/01/ross-clark-512x512-1.png?resize=100,100 100w, https://www.spectator.co.uk/wp-content/uploads/2022/01/ross-clark-512x512-1.png?resize=200,200 200w, https://www.spectator.co.uk/wp-content/uploads/2022/01/ross-clark-512x512-1.png?resize=330,330 330w, https://www.spectator.co.uk/wp-content/uploads/2022/01/ross-clark-512x512-1.png?resize=156,156 156w, https://www.spectator.co.uk/wp-content/uploads/2022/01/ross-clark-512x512-1.png?resize=284,284 284w, https://www.spectator.co.uk/wp-content/uploads/2022/01/ross-clark-512x512-1.png?resize=232,232 232w, https://www.spectator.co.uk/wp-content/uploads/2022/01/ross-clark-512x512-1.png?resize=320,320 320w, https://www.spectator.co.uk/wp-content/uploads/2022/01/ross-clark-512x512-1.png?resize=68,68 68w, https://www.spectator.co.uk/wp-content/uploads/2022/01/ross-clark-512x512-1.png?resize=56,56 56w, https://www.spectator.co.uk/wp-content/uploads/2022/01/ross-clark-512x512-1.png?resize=368,368 368w, https://www.spectator.co.uk/wp-content/uploads/2022/01/ross-clark-512x512-1.png?resize=250,250 250w, https://www.spectator.co.uk/wp-content/uploads/2022/01/ross-clark-512x512-1.png?resize=358,358 358w, https://www.spectator.co.uk/wp-content/uploads/2022/01/ross-clark-512x512-1.png?resize=247,247 247w, https://www.spectator.co.uk/wp-content/uploads/2022/01/ross-clark-512x512-1.png?resize=190,190 190w, https://www.spectator.co.uk/wp-content/uploads/2022/01/ross-clark-512x512-1.png?resize=196,196 196w, https://www.spectator.co.uk/wp-content/uploads/2022/01/ross-clark-512x512-1.png?resize=65,65 65w, https://www.spectator.co.uk/wp-content/uploads/2022/01/ross-clark-512x512-1.png?resize=108,108 108w" sizes="(max-width: 176px) 100vw, 176px"> <h3 class="article__title"> <a class="article__title-link" href="https://www.spectator.co.uk/article/the-markets-dont-like-this-budget-much/"> The markets don’t like this Budget much </a> </h3> <div class="article__excerpt"> <p class="article__excerpt-text">It has been a good day for investors in the Alternative Investment Market (Aim), with the index of the top 100 Aim shares up 4.3 per cent. But that merely serves to undermine the damage that Rachel Reeves had done to the market by previously suggesting that she might remove the exemption whereby Aim shares were free of inheritance tax (IHT). In the event, she made Aim shares liable for 50 per cent of the normal rate of IHT – hence the relief rally. Yet Aim shares are still down 2 per cent since election day. By contrast, the Ftse small cap index – smaller shares within the main London</p> </div> </header>  <figure class="article__image article__image-right"> <a class="article__image-link" href="https://www.spectator.co.uk/article/the-markets-dont-like-this-budget-much/"> <img width="440" height="293" src="https://www.spectator.co.uk/wp-content/uploads/2024/10/GettyImages-2181228332.jpg?resize=440,293" class="ratio-6/4" alt="" srcset="https://www.spectator.co.uk/wp-content/uploads/2024/10/GettyImages-2181228332.jpg?resize=1025,683 1025w, https://www.spectator.co.uk/wp-content/uploads/2024/10/GettyImages-2181228332.jpg?resize=320,213 320w, https://www.spectator.co.uk/wp-content/uploads/2024/10/GettyImages-2181228332.jpg?resize=375,250 375w, https://www.spectator.co.uk/wp-content/uploads/2024/10/GettyImages-2181228332.jpg?resize=500,333 500w, https://www.spectator.co.uk/wp-content/uploads/2024/10/GettyImages-2181228332.jpg?resize=640,427 640w, https://www.spectator.co.uk/wp-content/uploads/2024/10/GettyImages-2181228332.jpg?resize=800,533 800w, https://www.spectator.co.uk/wp-content/uploads/2024/10/GettyImages-2181228332.jpg?resize=980,653 980w" sizes="(max-width: 440px) 100vw, 440px" fetchpriority="auto" loading="lazy" decoding="async"> </a> </figure> </article> </div> <div class="mosaic__tile mosaic__tile--one-up"> <article id="article-522827" class="article article--one-up article--horizontal article--post article--economics highlight-color-red article--image-left" data-analytics-id="" data-analytics-kicker="" data-analytics-author="" aria-label="Living standards take a hit in Labour’s Budget">  <figure class="article__image article__image-left"> <a class="article__image-link" href="https://www.spectator.co.uk/article/living-standards-take-a-hit-in-labours-budget/"> <img width="440" height="293" src="https://www.spectator.co.uk/wp-content/uploads/2024/10/GettyImages-2181228462-e1730310958883.jpg?resize=440,293" class="ratio-6/4" alt="" srcset="https://www.spectator.co.uk/wp-content/uploads/2024/10/GettyImages-2181228462-e1730310958883.jpg?resize=900,600 900w, https://www.spectator.co.uk/wp-content/uploads/2024/10/GettyImages-2181228462-e1730310958883.jpg?resize=320,213 320w, https://www.spectator.co.uk/wp-content/uploads/2024/10/GettyImages-2181228462-e1730310958883.jpg?resize=375,250 375w, https://www.spectator.co.uk/wp-content/uploads/2024/10/GettyImages-2181228462-e1730310958883.jpg?resize=500,333 500w, https://www.spectator.co.uk/wp-content/uploads/2024/10/GettyImages-2181228462-e1730310958883.jpg?resize=640,427 640w, https://www.spectator.co.uk/wp-content/uploads/2024/10/GettyImages-2181228462-e1730310958883.jpg?resize=800,533 800w" sizes="(max-width: 440px) 100vw, 440px" fetchpriority="auto" loading="lazy" decoding="async"> </a> </figure>  <header class="article__header"> <a class="article__author article__author--link" href="https://www.spectator.co.uk/writer/kate-andrews/"> Kate Andrews </a> <img width="176" height="176" src="https://www.spectator.co.uk/wp-content/uploads/2022/04/kandrews_1.png?w=176" class="avatar avatar-176 photo article__avatar wp-post-image" alt="Kate Andrews" loading="lazy" srcset="https://www.spectator.co.uk/wp-content/uploads/2022/04/kandrews_1.png 488w, https://www.spectator.co.uk/wp-content/uploads/2022/04/kandrews_1.png?resize=150,150 150w, https://www.spectator.co.uk/wp-content/uploads/2022/04/kandrews_1.png?resize=300,300 300w, https://www.spectator.co.uk/wp-content/uploads/2022/04/kandrews_1.png?resize=204,203 204w, https://www.spectator.co.uk/wp-content/uploads/2022/04/kandrews_1.png?resize=100,100 100w, https://www.spectator.co.uk/wp-content/uploads/2022/04/kandrews_1.png?resize=200,200 200w, https://www.spectator.co.uk/wp-content/uploads/2022/04/kandrews_1.png?resize=151,150 151w, https://www.spectator.co.uk/wp-content/uploads/2022/04/kandrews_1.png?resize=331,330 331w, https://www.spectator.co.uk/wp-content/uploads/2022/04/kandrews_1.png?resize=157,156 157w, https://www.spectator.co.uk/wp-content/uploads/2022/04/kandrews_1.png?resize=285,284 285w, https://www.spectator.co.uk/wp-content/uploads/2022/04/kandrews_1.png?resize=233,232 233w, https://www.spectator.co.uk/wp-content/uploads/2022/04/kandrews_1.png?resize=201,200 201w, https://www.spectator.co.uk/wp-content/uploads/2022/04/kandrews_1.png?resize=321,320 321w, https://www.spectator.co.uk/wp-content/uploads/2022/04/kandrews_1.png?resize=68,68 68w, https://www.spectator.co.uk/wp-content/uploads/2022/04/kandrews_1.png?resize=56,56 56w, https://www.spectator.co.uk/wp-content/uploads/2022/04/kandrews_1.png?resize=368,366 368w, https://www.spectator.co.uk/wp-content/uploads/2022/04/kandrews_1.png?resize=250,249 250w, https://www.spectator.co.uk/wp-content/uploads/2022/04/kandrews_1.png?resize=358,357 358w, https://www.spectator.co.uk/wp-content/uploads/2022/04/kandrews_1.png?resize=248,247 248w, https://www.spectator.co.uk/wp-content/uploads/2022/04/kandrews_1.png?resize=191,190 191w, https://www.spectator.co.uk/wp-content/uploads/2022/04/kandrews_1.png?resize=197,196 197w, https://www.spectator.co.uk/wp-content/uploads/2022/04/kandrews_1.png?resize=65,65 65w, https://www.spectator.co.uk/wp-content/uploads/2022/04/kandrews_1.png?resize=108,108 108w" sizes="(max-width: 176px) 100vw, 176px"> <h3 class="article__title"> <a class="article__title-link" href="https://www.spectator.co.uk/article/living-standards-take-a-hit-in-labours-budget/"> Living standards take a hit in Labour’s Budget </a> </h3> <div class="article__excerpt"> <p class="article__excerpt-text">‘Judge us by whether, in five years’ time, you have more money in your pocket,’ Keir Starmer told the Mirror earlier this week. This comment came ahead of his speech in the West Midlands, which was designed to prepare the country (and markets) for the Budget. ‘Everyone can wake up on Thursday and understand that a new future is being built, a better future,’ he said in his address. The message was clear: tough decisions now would lead to a brighter – and more prosperous – future in the UK.  In simple terms, the tax hike is set to redirect cash from workers’ wages to the Treasury instead Has that promise been</p> </div> </header>  </article> </div> </div> <div class="wp-block-separator"></div> </div> </section> <section class="pagination" aria-label="Pagination"> <div class="container"> <nav class="navigation pagination__nav" aria-label="Post navigation"> <h2 class="screen-reader-text">Posts navigation</h2> <div class="nav-links"> <ul class="page-numbers"> <li><a class="prev page-numbers" href="https://www.spectator.co.uk/category/economics/page/2/"><svg class="pagination__chevron" role="presentation" focusable="false" height="12" width="12" viewbox="0 0 14 24"><path d="M.332 12.797 11.373 23.67c.44.44 1.153.44 1.594 0l.665-.666c.44-.44.44-1.153 0-1.593L4.043 12l9.58-9.41c.44-.441.44-1.154 0-1.594L12.957.33a1.126 1.126 0 0 0-1.593 0L.322 11.203a1.134 1.134 0 0 0 .01 1.594Z" fill="currentColor" fill-rule="evenodd" /></svg>Previous</a></li><li><a class="page-numbers" href="https://www.spectator.co.uk/category/economics/"><span class="visually-hidden">Page </span>1</a></li><li><a class="page-numbers" href="https://www.spectator.co.uk/category/economics/page/2/"><span class="visually-hidden">Page </span>2</a></li><li><span aria-current="page" class="page-numbers current"><span class="visually-hidden">Page </span>3</span></li><li><a class="page-numbers" href="https://www.spectator.co.uk/category/economics/page/4/"><span class="visually-hidden">Page </span>4</a></li><li><a class="page-numbers" href="https://www.spectator.co.uk/category/economics/page/5/"><span class="visually-hidden">Page </span>5</a></li><li><span class="page-numbers dots">…</span></li><li><a class="next page-numbers" href="https://www.spectator.co.uk/category/economics/page/4/">Next<svg class="pagination__chevron" role="presentation" focusable="false" height="12" width="12" viewbox="0 0 14 24"><path d="M.332 12.797 11.373 23.67c.44.44 1.153.44 1.594 0l.665-.666c.44-.44.44-1.153 0-1.593L4.043 12l9.58-9.41c.44-.441.44-1.154 0-1.594L12.957.33a1.126 1.126 0 0 0-1.593 0L.322 11.203a1.134 1.134 0 0 0 .01 1.594Z" fill="currentColor" fill-rule="evenodd" /></svg></a></li> </ul> </div> </nav> <nav class="pagination__nav pagination__nav--mobile" aria-label="Post Navigation Mobile"> <ul class="page-numbers"> <li class="page-numbers__item page-numbers__item-prev"> <a href="https://www.spectator.co.uk/category/economics/page/2/" class="prev button button--primary-light"> <svg class="pagination__chevron" role="presentation" focusable="false" height="12" width="12" viewbox="0 0 14 24"><path d="M.332 12.797 11.373 23.67c.44.44 1.153.44 1.594 0l.665-.666c.44-.44.44-1.153 0-1.593L4.043 12l9.58-9.41c.44-.441.44-1.154 0-1.594L12.957.33a1.126 1.126 0 0 0-1.593 0L.322 11.203a1.134 1.134 0 0 0 .01 1.594Z" fill="currentColor" fill-rule="evenodd" /></svg>Previous </a> </li> <li class="page-numbers__item page-numbers__item-next"> <a href="https://www.spectator.co.uk/category/economics/page/4/" class="next page-numbers button button--primary-light"> Next<svg class="pagination__chevron" role="presentation" focusable="false" height="12" width="12" viewbox="0 0 14 24"><path d="M.332 12.797 11.373 23.67c.44.44 1.153.44 1.594 0l.665-.666c.44-.44.44-1.153 0-1.593L4.043 12l9.58-9.41c.44-.441.44-1.154 0-1.594L12.957.33a1.126 1.126 0 0 0-1.593 0L.322 11.203a1.134 1.134 0 0 0 .01 1.594Z" fill="currentColor" fill-rule="evenodd" /></svg> </a> </li> </ul> </nav> </div> </section> </main>  <footer id="js-site-footer" class="site-footer" aria-label="The Spectator Footer" role="contentinfo"> <div class="site-footer__inner container">  <nav class="site-footer__menu" aria-label="Useful links" role="navigation"> <h5 class="site-footer__heading">Useful links</h5> <ul id="menu-useful-links" class=""><li id="menu-item-429585" class="menu-item menu-item-type-post_type menu-item-object-page menu-item-429585"><a href="https://www.spectator.co.uk/faqs/" class="site-footer__link" data-analytics-id="Footer - 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