SCROLL NEWS / DISCOVERY
Search headlines
Find the stories shaping the conversation.
Results for " prime " 1,721 found 🔀 AI-powered Shuffle
Annual 'Kids Carnival' Returns to Meridian Health Pediatrics and Prime-Time Urgent Care on June 18
By Hannah Dunckel— MUNCIE, IN – Meridian Health Pediatrics and Prime-Time Urgent Care will host the second annual Kids Carnival on Thursday, June 18 from 4 to 6 p.m. at the clinic located at 205 N. Tillotson Avenue in Muncie. The community is invited to enjoy a fun and interactive community resou
Amazon Is Entering the Pizza Business—but Only for 10 Days. Here's Why
Through the deal, Amazon Prime members will be able to snag a $5 pizza.
Business Report launches the AI Academy to help business leaders move from understanding to implementation
As artificial intelligence rapidly reshapes the business landscape, Business Report’s training division is launching the Business Report AI Academy, a new executive education experience designed to help small and mid-sized business leaders move beyond uncertainty and into practical implementation. Sponsored by Pellerin Technology, the five-session Academy provides a structured leadership learning path that guides participants […]
Backed by Trump, Opposed by Putin, and Fighting for His Political Life
Prime Minister Nikol Pashinyan of Armenia is seeking re-election as his country weighs questions of war and peace, of autocracy and democracy, and of subjugation and independence.
Political Gridlock Saps Romania’s Fight Against Stagflation
When Mihai Bordeanu, the head of Renault’s Dacia car plant in Romania met with former prime minister Ilie Bolojan last month, he had bad news about the country’s flagship export: sales were dropping and the company needed to lay off workers.
Last Call for 6.4.26 – A prime-time read of what’s going down in Florida
A digest of the day's politics and policy while the bartender refreshes your drink.
Starmer calls for Elon Musk to stop interfering in UK politics
Prime Minister Keir Starmer on Thursday said Elon Musk should stop interfering in British politics, after the billionaire X owner posted on his platform about a murder that has triggered a public outcry and protests.
Starmer Calls for Elon Musk to Stop Interfering in UK Politics
By Alistair Smout LONDON, June 4 (Reuters) - Prime Minister Keir Starmer on Thursday said Elon Musk should stop interfering in British politics, after the billionaire X owner posted on his platform about a murder that has triggered a public outcry and protests. Last year, 18-year-old Henry ...
Last Call for 6.3.26 – A prime-time read of what’s going down in Florida
A digest of the day's politics and policy while the bartender refreshes your drink.
Top 10 Original films and series on Prime Video: See the weekly rankings
From action-packed films to buzzy series, here are the Original titles Prime Video members watched most from May 25-31.
How to watch the 2026 NBA Finals on Prime Video around the world
The New York Knicks will face the San Antonio Spurs, concluding Prime Video's inaugural season of global NBA coverage.
Charter Revision Politics: A Primer
What Mayor Mamdani’s COGE might accomplish — and why changing the charter has become so common and so complicated
Amazon launches Prime in South Africa with unlimited free delivery, savings, and entertainment benefits
For the first time ever, Amazon Prime members in South Africa will be able to shop Prime Day.
Trump and Netanyahu May Be On the Rocks Over Iran, Lebanon
The president reportedly swore at the Israeli prime minister over his country’s escalating attacks in Lebanon.
World Cup cash grab: How politics, greed fuel FIFA's monopoly
Once a festival of affordable global fandom, the World Cup now is giving FIFA a prime opportunity to reap record profits from soccer fans.
‘Weird Thing To Ask’ — Andy Roddick in Disbelief As Aryna Sabalenka Faces ‘Uncomfortable’ Request at French Open
The first women’s prime-time night session match at Roland-Garros in three years. Aryna Sabalenka beat Naomi Osaka in two straight sets.
What’s new on Prime Video in June 2026, including ‘The Legend of Vox Machina' Season 4, WNBA games, and more
Plus, check out Pride Month titles already available on Prime Video like 'Overcompensating' and 'Red, White & Royal Blue.'
Barcelona and Atletico Madrid emerge as prime contenders to sign Portuguese international
Barcelona and Atletico Madrid have been at loggerheads with each other throughout this summer over Julian Alvarez, with the latter resorting to defaming Barça.But Alvarez will not be the only bone of...
How PSG have gone from contenders to potential European dynasty after conquering Champions League once again
After securing a second straight Champions League title against Arsenal, Luis Enrique has his youthful French giants primed for a historic three-peat
Greece’s Splintering Politics Raises Specter of Messy Election
New parties are adding to the mix as Prime Minister Kyriakos Mitsotakis grapples with a cost-of-living crisis ahead of a key vote due next year.
Public Notice: Ashland City Council Business Meeting Agenda - Ashland News - Community-Supported, NonProfit News
Ashland City Council Business Meeting Agenda Tuesday, June 2, 2026Council Chambers, 1175 E Main Street Live stream via RVTV Prime at rvtv.sou.edu or broadcast on Spectrum 180. Public comment is welcome on
These Producers Built a Business Working With First-Time Directors. It Paid Off Big With ‘Obsession’
Tea Shop's James Harris and Mark Lane are the prime movers behind Curry Barker's hit movie, and they pride themselves on taking a chance on newcomers.
Romania's political crisis deepens
After Prime Minister Ilie Bolojan’s government fell in early May, Romania's moderate parties have struggled to chart a new course — opening the door for the far right to gain ground.
'Off Campus' star Ella Bright addresses age concerns over intimate scenes in provocative series
"Off Campus" lead Ella Bright, 19, addresses viewer concerns about her age gap with Belmont Cameli and partial nude scenes in the Prime Video series.
Luther Burden III is About to Go Off
Chicago Bears wide receiver Luther Burden III had flashes of brilliance as a rookie, and head coach Ben Johnson knows he's primed for a breakout campaign in 2026.
Black and white or in color: 'Spider Noir' now streaming on Prime Video
All eight episodes of “Spider Noir” are now streaming on Prime Video in both color and black and white.
Black and white or in color: 'Spider Noir' now streaming on Prime Video
All eight episodes of “Spider Noir” are now streaming on Prime Video in both color and black and white.
Last Call for 5.27.26 – A prime-time read of what’s going down in Florida
A digest of the day's politics and policy while the bartender refreshes your drink.
Montevideo Wanderers vs. Danubio - Live Score
View the Montevideo Wanderers vs. Danubio game played on June 05, 2026. Box score, stats, play-by-play timeline, highlights, odds & more
Licensable picture: FRANCE-POLITICS-MEETING-EMMANUEL-MACRON-ELYSEE-PALACE-ROUMEN RADEV
Emmanuel Macron (R), President of France, and Roumen Radev (L), prime minister of Bulgaria, pose and wave to the press on the stoop at the main entrance before...
Greece's leftist firebrand Tsipras makes comeback with new political party
Former prime minister Alexis Tsipras, the leftist firebrand who ran Greece at the height of its debt crisis in 2015, has launched a new political party, promising to fight corruption and seek inclusive economic growth.
Former Greek anti-austerity leader Alexis Tsipras steps back into politics
Alexis Tsipras, the combative anti‑austerity leader who railed against Brussels during Greece’s debt crisis, has returned to politics ahead of elections next year. The former prime minister...
Sony’s sloppy Spider-Man universe gets even messier with Spider-Noir
Sony’s latest Spider-Man project feels like a case study in beating a dead horse.
Britain Politics
Britain's Prime Minister Keir Starmer looks on during a visit to Acorn Nursery, in Brighton, England, Tuesday May 26, 2026. (Gareth Fuller/Pool Photo via AP)
France Politics
French Prime Minister Sebastien Lecornu arrives for a meeting with the French electrification team to accelerate national mobilization in favour of the electrification of France at the Elysee Palace, in
EU queries Czech PM's moves to tackle conflicts of interest, reports say
The European Commission has asked the Czech government for more information on arrangements designed to prevent conflicts of interest over EU subsidies linked to companies in the business empire of Prime Minister Andrej Babis, Czech media reported.
Loyola’s Data Science in Everyday Life
Loyola University Maryland will hold “Data Science in Everyday Life: Applicability, AI, and Other Trends,” a networking and panel event exploring data science from a range of perspectives across industry and government.A keynote address delivered by data science industry expert David Norton, MBA ’95, will begin the event. Norton is the chairman and chief marketing officer of GALE Partners, a digital and analytics-based branding agency. He was named Chief Marketing Officer of the Year in 2010 and wrote “The High Roller Experience,” a book about data-driven marketing.Norton will moderate the panel discussion, which includes:• Elise Beisecker, senior data scientist in the U.S. Government Accountability Office• Amanda Muller, Ph.D., chief of responsible technology at Northrop Grumman• Franklin Hernandez, MBA ’13, M.S. ’20, senior lead machine learning engineer at Booz Allen Hamilton• Joseph Girsch, M.S. ’21, machine learning analyst at The Johns Hopkins University Applied Physics Laboratory• Mark Wicks, retired vice president of data science, data scientist, machine learning engineer and software developerHernandez and Girsch each earned an M.S. in Data Science from Loyola.The event is free and open to the public. Networking and appetizers will begin at 5:30 p.m. followed by the keynote address and panel discussion at 6:30 p.m. and audience questions and closing remarks at 7:30 p.m. To learn more and register to attend or stream the event online, visit the event webpage.
Israeli opposition leader Lapid says Trump’s emerging deal with Iran is 'bad for the region'
The deal being discussed between the U.S. and Iran fails to achieve any of Israel’s goals for the war, Israel’s opposition leader Yair Lapid said on Monday, as he accused Prime Minister Benjamin Netanyahu of failing to influence a better agreement.
Netanyahu increasingly isolated as Trump pursues Iran peace deal
The lack of a decisive victory in the Iran war has led to Trump losing confidence in the Israeli prime minister, analysts say.
Defense: Primes play big in politics
Employees of some of the biggest defense contractors are placing big bets in political contests — a mix of Republicans and Democrats — through PACs.
Steelers' second-year RB turning heads at OTAs
Pittsburgh Steelers running back Kaleb Johnson is apparently primed for a massive Year 2 jump, as he's standing out in a big way at OTAs.
Anker Clears Out 10000mAh Nano Portable Charger at Its Lowest Price of the Year for Memorial Day, Selling Out Fast on Amazon
Keep all your important devices charged through the day with ease.
Prime Minister Sir Keir Starmer urges TNT Sports to make Champions League final free-to-air
Sir Keir Starmer has urged broadcaster TNT Sports to allow football fans to watch Arsenal's Champions League final showdown with Paris Saint-Germain for free.
Champions League: Keir Starmer urges TNT Sports to make final free-to-air
UK Prime Minister Sir Keir Starmer calls on TNT Sports to make next Saturday's Champions League final between Arsenal and Paris St-Germain free-to-air.
A new Cold War: Can the middle powers forge a path forward?
Canadian Prime Minister Mark Carney delivered a bombshell at the Davos when he declared the global order dead. Now a new Cold War—fuel vs electricity—is taking shape. Can middle powers unite and choose a path forward?
The New #1 Show with a 93 Percent 'Rotten Tomatoes' Rating Is Giving 'Heated Rivalry' Energy—& Fans Are Obsessed
A new romance drama similar to 'Heated Rivalry' is quickly climbing the streaming charts and giving viewers major early 2000s rom-com energy. Get all the details here.
Spain Politics
Santiago Abascal, leader of the far-right Vox party, greets during a protest against Prime Minister Pedro Sanchez's government in Madrid, Spain, Saturday, May 23, 2026. (AP Photo/Manu Fernandez)
Burnham’s Manchester Vibes Quickly Hit Westminster Realities
This week revealed both the promise and peril for Britain’s prime minister-in-waiting, Andy Burnham.
Byron Allen says CBS has put no limits on his show replacing Stephen Colbert's
Byron Allen, the media mogul and former stand-up comedian, is gearing up for his latest venture: bringing his show Comics Unleashed to the CBS time slot long held by The Late Show with Stephen Colbert.In this episode of NPR’s Newsmakers, Allen sat down with NPR’s Ailsa Chang ahead of his debut episode. He discussed his plans for Comics Unleashed in its new prime late night slot, why he thinks there’s still more than enough political comedy after the cancellation of Colbert, and why it’s important for Black Americans to own and produce media.NPR's Newsmakers is where you'll find NPR's biggest interviews. We post new episodes as soon as they're available -- any day of the week. Follow or subscribe wherever you listen or watch so you always get the latest episode as soon as possible. Newsmakers relies on supporters who value independent journalism and a free press. Join NPR+ today to support our work and get perks from the podcasts you trust. Go to plus.npr.org.
Astros vs. Cubs Series Primer with Ryan Sweeney of Marquee Sports Network
Former Major Leaguer Ryan Sweeney, who serves as studio analyst on Chicago’s Marquee Sports Network, sits down to preview the Astros upcoming series with the Cubs at historic Wrigley Field. Q: When it’s all said and done, could the Cubs have the best rotation in all of baseball this season? A: Cubs have had a […]
The cast of 'The Boys' reflects on the hit show as it comes to an end
All five seasons of “The Boys” are now available to stream on Prime Video
APTOPIX Israel Politics
Former Prime Ministers Naftali Bennett, left, and Yair Lapid attend their party session at the Knesset, Israel's parliament, in Jerusalem, Wednesday, May 20, 2026. (AP Photo/Ohad Zwigenberg)
Amazon CEO Andy Jassy on Prime Video: ‘That business is growing, it’s profitable, and it’s still early’
Jassy discussed Prime Video's momentum during a recent Q&A with shareholders, pointing to original films, live sports, and streaming partnerships.
Amazon CEO Andy Jassy on Prime Video: ‘That business is growing, it’s profitable, and it’s still early’
Jassy discussed Prime Video's momentum during a recent Q&A with shareholders, pointing to original films, live sports, and streaming partnerships.
APTOPIX Britain Politics
Britain's Prime Minister Keir Starmer visits a children's activity centre in Essex, England, Thursday, May 21, 2026 to support families and help ease pressures on household budgets.(AP Photo/Kin Cheung, Pool)
Britain Politics
Britain's Prime Minister Keir Starmer and Chancellor of the Exchequer Rachel Reeves visit a children's activity centre in Essex, England, Thursday, May 21, 2026 to support families and help ease
UK Businesses Shrink as Starmer Crisis Creates Perfect Storm
British businesses posted the first decline in output in over a year as the Iran shock and a mounting rebellion against Prime Minister Keir Starmer hit activity in the services sector, a survey showed.
Italy India Politics
Italian Premier Giorgia Meloni, right, and India's Prime Minister Narendra Modi shake hands in front of cameras after planting a mulberry tree donated by Modi in the gardens of Villa
Britain Politics
Britain's Prime Minister Keir Starmer departs 10 Downing Street to go to the House of Commons for his weekly Prime Minister's Questions in London, Wednesday, May 20, 2026. (AP Photo/Alastair
Britain Politics
Britain's Prime Minister Keir Starmer departs 10 Downing Street to go to the House of Commons for his weekly Prime Minister's Questions in London, Wednesday, May 20, 2026. (AP Photo/Alastair
Italy India Politics
Italian Premier Giorgia Meloni, right, welcomes India's Prime Minister Narendra Modi upon his arrival at Villa Pamphilii in Rome for talks,Wednesday, May 20, 2026. (AP Photo/Gregorio Borgia)
Italy India Politics
Italian Premier Giorgia Meloni waits for India's Prime Minister Narendra Modil at Villa Pamphilii in Rome for talks,Wednesday, May 20, 2026. (AP Photo/Gregorio Borgia)
Primer Raises $100M Series C to Bring AI to Every Payment and Accelerate US Expansion
Primer raises $100M Series C led by Sofina to scale its AI-enabled payments infrastructure platform and accelerate US expansion.
In deep blue California, Dems find a villain toxic enough to rival Trump: The power company
Rising electricity prices have frustrated voters, creating a prime target for candidates.
Britain Business
Small business representatives, British Business Secretary Peter Kyle, and British Prime Minister Keir Starmer, centre right, pose for a group photo as Starmer hosts a reception to mark the introduction
Hungary’s Magyar kicks off his first foreign trip as prime minister to ally Poland
Hungary's new prime minister, Péter Magyar, is visiting Poland, a traditional ally that can offer plenty of lessons on political transformation and restoring democratic norms | WBBM Newsradio 780 AM & 105.9 FM
Whoa! Netflix is Sending Narnia Heading to Theaters...What This Means for the Future of Film
(Welcome to the “Most Important Story of the Week”, my bi-weekly strategy column analyzing the most important (but often not buzziest) news story of the last two weeks. I’m the Entertainment Strategy Guy, a former streaming executive who now analyzes business strategy in the entertainment industry. Please subscribe.) Here’s a funny thing about the debate over whether streamers should release their movies in theaters first: Both sides think the other side represents the “conventional wisdom”. If you’ve been reading me for any amount of time, or even just scanned my front page, you know I think movies make more money by having a robust theatrical window compared to going straight-to-streaming. I’ve published thousands of words on this topic. And for years, I felt like I was standing up to a wave of opposition. See, while the “put your films in theaters to make money” take was obvious at any point before 2019, post-streaming revolution, most of the trendy thinkers took the opposite point of view. Big names argued that Netflix putting their film straight-to-streaming (“S-to-S” from here on out) actually made more money. Netflix was “disrupting” theaters, just as they disrupted Blockbuster Video, and since innovation is always good, this too was a great idea. This thinking then leaked into the mainstream business outlets like the Wall Street Journal and Bloomberg. I read many articles whose take boiled down to “Netflix makes tons of money from S-to-S releases” and “theaters were in structural decline” anyways. Covid-19 shutting down theaters and the 2023 strikes shutting down film production seemingly justified this point of view, as the box office struggled to return to 2017-2019 heights. Yet I’ve also read folks arguing the opposite point: the conventional wisdom says to put films in theaters! From some writers’ points of view, “everyone” actually agrees/agreed with my “send your films to theaters” take—especially the stodgy traditional studios—and folks still didn’t understand Netflix’s genius. I feel like, for the last two years, many people have argued this point as if it’s conventional wisdom. You know what? I may have been wrong. At this point, the “S-to-S strategy makes money” might be the minority viewpoint. Especially with the news this month that Netflix will put at least one film—Greta Gerwig’s Narnia film The Magician’s Nephew—in theaters in 2027 for a full 49-day run is big news. So that’s the story of the week, but I’ll also explain why they’re making this move now and why Netflix may not completely embrace theaters, along with other topics, like how I don’t buy Disney’s “super app” strategy, the latest good news out of the unions, my take on the latest attacks against free speech, and a whole lot more. Let’s get started. Subscribe Most Important Story of the Week - Netflix Goes to Theaters! Listen, I promise not to victory lap too hard today. As I just wrote, I’ve argued against sending films straight-to-streaming for—checks calendar—eight years now. Since 2018. Yikes. That’s a long time. And for years, others painted my thinking as “conventional” in that I was standing up for the status quo against trendy, cool disruption. And that’s not cool! But math is math, and I never could make the S-to-S numbers work. The only thing that ever enabled that model was Wall Street’s brief exuberance for it. It seems like the heads of Netflix now agree with me. (There were always rumors that former head of film for Netflix Scott Stuber argued internally for theatrical releases as well.) As they announced: “The Magician’s Nephew_—the first film in a Narnia series of films—will open on 12-Feb-2027, with a 49 day theatrical exclusive run.”_ I’m a little surprised at how little coverage this big change actually got. Credit to Bloomberg for leading with it and Matt Belloni’s The Town for highlighting it with the provocatively titled podcast “Hell Hath Frozen Over”. But after that? Instead of getting as much coverage as, say, the FCC’s latest egregious crackdown on free speech, this news story got crickets. But it’s massively more important for the future business of entertainment. So let’s start with the obvious question… Why Put Your Movies in Theaters? So…why should Netflix put (some!) of their movies in theaters? Well, I’ve already written that in a very, very, very long article from 2022: [ ](https://entertainment.substack.com/p/the-data-is-in-theatrical-films-massively) [ The Data Is In: Theatrical Films Massively Outperform Straight-To-Streaming Films ](https://entertainment.substack.com/p/the-data-is-in-theatrical-films-massively) Entertainment Strategy Guy · April 5, 2023 [ Read full story ](https://entertainment.substack.com/p/the-data-is-in-theatrical-films-massively) To summarize, theatrical runs make much more money, especially blockbusters, because they earn more money per viewing,1 and that helps boost home entertainment sales. Theatrical films also perform as well or better than the streaming-only films. Now, partially this is driven by increased marketing for said films, but said marketing ultimately boosts the awareness of the movies and drives improved streaming and library performance as well. Again, I’ve made this case after reviewing the economic models and streaming data for years. Just last week, Emily Horgan also made the case for kids films! Yes, it is probably conventional wisdom, but that’s also because it’s true! I’d also argue we’ve seen a lot of data in the various studios’ behavior. As I’ve noted before, the more a studio needs to make money, the likelier they are to put films in theaters. As such, Disney, Universal, Warner Bros., Paramount and Sony all send their major films to theaters. Even if they once made a big S-to-S push (*cough* Disney *cough*), they’ve since relented and returned to theaters. The tech companies don’t need to make money, per se, so it took them years to embrace theaters. Apple doesn’t need to make money because it doesn’t disclose their (likely) Quibi-sized losses each year. (They fear bad press more than losing money.) Amazon announced two years ago that they planned to make Amazon-MGM Studios/Prime Video profitable on its own, and guess what? Now they’re putting films in theaters. That leaves Netflix. They’re in between the “no need to make money at all” and the “desperately need to make money to offset linear TV declines”, so they had less pressure to put some films in theaters. Plus, for years, they were the sexy disruptor, and Wall Street rewarded them for that. (Honestly, they still do.) Yet, even Netflix likely saw the money they were leaving on the table (I’ve estimated it at an easy billion dollars before) so they changed their course. I heard one pundit argue that, because Netflix already makes so much money, they don’t need to make more money, which sort of goes against everything I’ve ever learned about business and economics. Again, to be super-nuanced, sending “films to theaters” does not mean EVERY film. TV movies have been a thing for decades. Lifetime films, Hallmark holiday films, Disney Channel Original Movies, and so on, don’t need theatrical runs. But films above a certain budget level (say $25 to 50 million) almost certainly need theaters to maximize their revenue. The Scenarios (with a Dose of Skepticism) Now time for some skepticism: it won’t surprise me at all if Netflix re-changes course. Specifically, Netflix announced that their Narnia film will go to theaters. And I’d bet anything we see KPop Demon Hunters 2: The Huntering2 also goes to theaters, cause it’s the surest hit outside of a Disney animated sequel right now. But how much does Netflix truly commit to theaters? They’ve already tried to emphasize that this is a one-off move. I see three broad scenarios:
Murdoch Children’s Research Institute secures $5M grant to prevent childhood disease
Prime Minister Albanese announces a $5 million grant for MCRI to launch a pioneering research team focused on preventing childhood health conditions.
What to know about the political chaos engulfing the UK's Labour Party and efforts to unseat Starmer
LONDON (AP) — British Prime Minister Keir Starmer tried to strengthen his grip on office Monday, saying he was getting on with the job after taking blame for the Labour Party’s disastrous election results that have put his leadership in jeopardy.
Britain Politics
Britain's Prime Minister Keir Starmer speaks to Kris Parker, co-owner of Home Cafe and Kitchen, during a visit to Home Cafe and Kitchen in London, Monday, May 18, 2026, as
Scientists Created a Subatomic Particle That Defies Our Understanding of Physics
The eta prime meson held together without one of the fundamental forces of the universe.
Hungarian President Sulyok Rejects Magyar’s Call to Resign
Hungarian President Tamas Sulyok rejected demands from new Prime Minister Peter Magyar to resign by the end of May, setting the stage for a legal battle in Budapest.
Thailand to Pare 7,000 Business Rules to Lure Foreign Investment
Prime Minister Anutin Charnvirakul’s government plans a sweeping reform of more than 7,000 business regulations, aiming to cut bureaucratic hurdles and accelerate investment as it tries to compete for global capital.
Voter voices from the San Gabriel Valley on California governor's race
Becerra and Hilton have emerged as the candidates to beat. But dozens of interviews across the San Gabriel Valley, a prime campaign battleground, find many voters still undecided. And discouraged.
The ungovernable country? Why Britain keeps losing prime ministers
May, Johnson, Truss, Sunak, and now perhaps Starmer: each one was brought low for a reason. But what if the deeper problem is the office itself?
South Korea says it will pursue all options to avoid Samsung strike
South Korea will pursue all options, including emergency arbitration, to avoid a labour strike at the country's biggest employer Samsung Electronics and to minimise any damage if one does occur, its prime minister said on Sunday.
California politicians ponder plans to bring down high costs in the state
Fox News correspondent Christina Coleman reports on California's struggles with high costs for residents, from housing to gas, on 'Jesse Watters Primetime.'
Is it harder than ever to be prime minister?
Discontent with the political class is greater than ever - has the UK become ungovernable?
Now What? With Carbon Pricing Eroded and Pipeline Politics Advancing, Here Are the Pathways for Climate Success
At the end of a whirlwind week of news on carbon pricing and electricity strategy, capping a madcap year of pretty much non-stop, dramatic change, the word across much of Canada’s climate and energy transition community is that climate policy in this country has been shredded. Eviscerated. Hit with a sledgehammer by policy rollbacks that have pushed the country’s 2050 net zero target “well out of reach”. That means it’s never been more important to look for the rays of hope and glimmers of possibility. To glimpse the seeds of the next set of strategies to get Canada’s climate pollution under control and the country into the accelerating global dash away from fossil fuels. And then, once we’ve spotted those possibilities, get on with the hard, day-to-day slog of trying to make them a reality. Nothing takes away from the frustration and the deep disappointment so many climate and energy hawks are expressing, the sense of betrayal by the author of Value(s) and the former UN special envoy for climate action and finance. But we knew two things as the week drew to a close. We’re looking at the world as it most definitely is. And we don’t get to give up finding the pathways to confront climate change and deliver faster, deeper carbon cuts that leave no one else behind. So really, the first question we all have to ask ourselves is: What’s next? Subscribe All the Oxygen in the Room The outpouring of anger and grief over the carbon pricing deal between Prime Minister Mark Carney and Alberta Premier Danielle Smith has been absolutely understandable. So much of the climate community poured years, more than a decade, into dragging the current federal pricing regime across the finish line, then defending it from a deluge of three-syllable rhymes after the Trudeau government proved utterly incapable of delivering its own message. The policy foisted on us by neo-classical economists took up all the oxygen in the room, burned through years of climate response time that we won’t get back, while cornering climate hawks into the position that the best response to the crisis of our lifetimes is a new tax…in an era of historic anti-tax sentiment. I mean, really—what could possibly have gone wrong? Against that history, let’s appreciate columnist Max Fawcett’s point that even a modest carbon pricing agreement with a government as off-the-wall libertarian/conspiracist as Danielle Smith’s—those adjectives are mine, not Max’s—is a win worth savouring (as long as Smith keeps her promises for a change). But part of living in the world as it is (no, I’m not letting that go) is to be clear-headed about what we can and can’t control. And one thing we get to decide, after seeing this week’s carbon price festivities take up all the oxygen yet again, is whether we want to keep letting that happen. Particularly when success down that road depends on a factor that no one with a climate agenda can control or influence—a provincial carbon pricing mechanism that has been manipulated and eroded beyond its lowest possible denominator. Thankfully, that’s not the way it has to go. Not when we have so many other powerful, practical tools at our disposal, including the ones still available to us through this abominable Memorandum of Understanding (MOU) between Canada and Alberta. Tools In Our Toolbox When I started roughing out this list, I didn’t expect it to grow to nearly a dozen bullet points. It’s probably still incomplete. Some of the greatest hits in today’s climate solutions toolbox include: • No Carbon Capture, No Pipeline: On Friday, Prime Minister Mark Carney explicitly stated that there’s been no change to the MOU provision that there will be no West Coast pipeline without an industry commitment to build its massive, $16.5-billion carbon capture and storage (CCUS) hub in Northern Alberta, and vice versa. The two megaprojects were joined at the hip when the MOU was signed Nov. 27, and the implementation agreement this week affirmed that they still are. A parade of independent analysts have spent years pointing to the economic and technical flaws in CCUS, while the industry kept postponing its investment decision until it could arm-twist the government for more “clarity” (by which it meant even more lavish taxpayer subsidies) on the project. Now the industry itself is running away from the CCUS hub and insisting the pipeline should proceed without it, but Carney doesn’t seem to be budging from a central tenet of the MOU to which Smith has signed on. • No Subsidies, No Investors: Climate analysts and advocates have quite rightly been hammering away at Carney and his team, insisting that any new capacity the industry wants to build must proceed without new subsidies. The government has responded with a growing collection of funding and financing mechanisms for the very wide menu of industrial development and nation-building projects they say they want to take on, and that menu always includes fossil fuel infrastructure. But it’s hard to see how even the combined fiscal clout of the federal and supportive provincial governments will deliver the financial backing private investors would need when the business case for new fossil fuel development is evaporating before their eyes. Particularly when… • No Market, No Demand, No Investors: As our friend Markham Hislop at Energi Media (our apparently sleepless friend, given the massive volume of great material he’s been churning out) points out this morning, the biggest vulnerability in any pipeline deal is the assumption that Asian buyers will want the oil or liquefied natural ga that our fossil industry is so keen to send them. Hislop writes in part: Ottawa and Alberta are effectively betting that countries like China and India will continue increasing oil imports for decades as their economies grow and energy consumption rises. That assumption underpins the entire economic rationale for expanding oil sands production and building billions of dollars in new export infrastructure. But Asian energy systems are changing rapidly… China, India, South Korea, and other major hydrocarbon importers are now investing hundreds of billions of dollars into electricity systems built around wind, solar, batteries, nuclear, hydro, and expanded transmission infrastructure. Domestic “energy sovereignty” is increasingly replacing the old energy-security model based on stable oil and gas imports. Those investments are expected to sharply slow oil demand growth and eventually reverse it, even as overall energy consumption continues rising. There are also refining constraints. Many Asian refineries and petrochemical complexes are already optimized to process discounted heavy crude from the Middle East and Latin America. That raises serious questions about how much additional Canadian bitumen Asian markets can absorb at profitable prices. Small wonder that there’s still no private sector investor for the project, despite Smith’s government desperately beating the bushes to put together a deal. For now, Alberta is acting as proponent and covering early start-up costs for a pitch to the federal Major Projects Office, which could actually turn into the next tough hurdle for Smith and her pipeline to jump. • Canada Day Looms: How ironic that Canada’s birthday this year could become a major chokepoint for the provincial premier who’s been working so diligently to tear the country apart! The July 1 target date for Alberta’s pipeline proposal is baked into the MOU, was reaffirmed by the implementation plan, but it hadn’t dawned on me that it cuts both ways. As one very smart colleague wrote in an email yesterday, “they’ve thrown the ball into Alberta’s court to get the project proposal on the table really quickly and to have to do a whole pile of work to put together a massive, complicated project that would typically take years to assemble, and they’ve given them weeks to do it.” That makes July 1 a looming deadline that Smith won’t be able to run away from politically, especially with the separatists in her party and her caucus breathing down her neck. (See previous ref to off-the-wall.) But if Alberta comes in with a sloppy, incomplete submission, even after Carney bent over backwards to simplify the application process and the rules that govern it, it may be harder for the province or the industry to blame Ottawa and insist on the faster process they claim their investors are demanding. (Oh, wait—which investors would those be??) • We’ll See You In Court (Then We’ll See You Again): If Carney did cave, that would be just one more reason for Indigenous and other affected communities to take the government and the process to court—Just as Alberta First Nations did, successfully, in response to Smith’s half-baked separation referendum. Veterans of the Harper era have been warning that a shoddy process around fossil fuel infrastructure or other major projects will be a recipe for the very delays that process seeks to avoid. And now more than ever, with renewable energy and energy storage eating fossil fuels’ lunch in import markets around the world, a delayed pipeline or LNG terminal may be as good as a cancelled one. • Charged Up, Ready to Go: With its goal of doubling Canada’s electricity supply to meet a doubling of demand by 2050, the national electricity strategy that Carney unveiled Thursday has a lot to like. With its explicit language about speeding the shift from fuels to more efficient and affordable electricity, global investment and deployment patterns that already favour that shift, an emerging bidirectional power grid, the role of front-line options like rooftop solar and heat pumps, the emergence of electric vehicles as behind-the-meter energy storage, and the domestic jobs and manufacturing to make it all happen, the document doubles down on the essential cornerstone of a faster shift off fossil fuels. The strategy envisions a more prominent role for gas and nuclear power. But some of those provisions were already in the Clean Electricity Regulations that climate hawks are now fighting so hard to defend, inserted as a compromise in a futile attempt to mollify the industry and its political representatives in Alberta and Saskatchewan. But once again, gas will be a tougher sell when it’s more expensive and now so much more unpredictable than the clean alternatives. The new nuclear technologies are still speculative and deeply vulnerable to cost overruns. Increasingly, utilities, developers, and investors know it. Carney declared Thursday that “it doesn’t do us good to be sitting in court all the time with provinces. It doesn’t do us good to be talking past each other. What does do us good is to come together with specific projects.” There are no guarantees, but so much of the language and narrative-building in the electricity strategy suggests the lion’s share of those projects will be renewable. • The Party Has Already Started: The electricity strategy only rarely digs down to specific projects, but provinces representing three-quarters of Canada’s population are already embracing a faster transition. Hydro-Québec is working on a 10-year, $185-billion renewable energy and grid buildout by 2035. Ontario recently brought 10 provinces and territories together in a National Energy Corridor Agreement to boost interprovincial and -territorial transmission infrastructure. And the MOU implementation agreement commits Alberta to facilitate investment in renewable energy projects, a big step back from its continuing, punitive restrictions on renewables development. The electricity strategy envisions much of the financing and infrastructure that will be needed to pull those advances together into an integrated whole. • Delivering on Affordability: The MOU implementation plan has little or nothing to say about affordability (are you surprised?), but the electricity strategy does, with a top-line pledge to reduce home energy costs for seven out of 10 Canadian households by 2050, a total saving of $15 billion across the board. It’s just a start, but it puts affordability on the government’s narrative map. If they’re serious and deliberate about patching together a least-cost energy strategy, it’ll have little if any room for oil, gas, or nuclear—not with powerful evidence, for example, that electricity prices are higher when those prices are set by gas. • Smith Proves that Canada Works: By signing a deal that makes it harder to claim the federal government is blocking a new pipeline, Smith has helped prove Carney’s constant anti-separatist refrain that “Canada works”—incurring the rage, no doubt, of her own political base. Canada also needs to work for anyone who depends on a clean environment, healthy and thriving ecosystems, and safe, stable climate. But with Smith and her separatist constituents setting up as a fifth column for annexation by Donald Trump’s United States, let’s set aside any notion that 51st state status for Canada is a recipe for anything other than climate disaster (and so much else). Resisting and withstanding Trump (just 170 more sleeps until mid-term elections, which is a damn sight better than the 730 we started with) doesn’t mean a free pass for a pipeline, but we can still appreciate it that keeping Canada whole and sovereign is still Carney’s Job One. • The Words Not Spoken: Apart from a commitment to export a million barrels of “low-emission” Alberta bitumen per day (memo to Smith and Carney: You realize that that’s less than the industry is already exporting??), the MOU implementation plan says nothing about the international trade and economic sovereignty deals that Carney has been travelling the world to negotiate. It didn’t have to. Carney doesn’t need permission from Danielle Smith, her American enablers, or her separatist allies to continue building the alliances that will ratchet down our economic dependency on our unstable, unreliable neighbour to the south. But every connection he builds with countries outside North America helps align our economy and our future with a faster shift off fossil fuels. Little if any of this was on our bingo cards a year or two ago. But it’s the pathway that has opened up to us. And if it gives Canada any climate or energy gains at all in an era still dominated by Trump and his increasingly ridiculous tariffs, his loutish trade negotiations and his continuing annexation threats, we have to take the wins. Not least because they’ll be the point of departure for what we can achieve in 2027, 2029, and beyond, as Trump’s grip and this era begin to loosen and then fade. What is Carney Doing? If this line of thought is right—and it’s a possibility, not a prediction—it means that Carney’s actions and decisions are largely about buying time. Time for Trump’s power to wane. Time for Alberta’s separatist/conspiracist virus to spread, mutate, die out, or at least die back, with help from a vaccine of federal steadiness and calm (appropriate enough, for a movement populated largely by vaccine deniers) that no conspiracy theory can dismiss. And time for the government’s trade and investment agenda to deliver results—even knowing that some of those results will bring impacts that front-line communities will not and should not accept. In the immediate moment, none of this changes the way the wider climate community has to respond, from campaigners to investors to front-line practitioners. All of our voices are still essential. But those voices will be stronger and more confident if we have a clearer sense of the brutal game we’ve been pulled into, and a plausible path (or two it three) for playing it to the win we need. This conversation also underscores our biggest task for the remaining years of what was supposed to be the “decisive” decade for climate response: if we can shift the energy narrative in Canada, make it a mainstream view that the country’s preoccupation with oil and gas has us falling farther behind a changing world, we’ll see far better results in the 2030s and beyond. For many veteran climate advocates, taking on that part of the fight will begin with recognizing that most of our friends and family, neighbours and colleagues already understand that climate change is real and right in front of us: they’re looking away and staying silent because they don’t have what climate communicator Katharine Hayhoe calls “efficacy”. As Hayhoe recently pointed out in a feature interview with The Energy Mix, it amounts to science denial to keep hammering away at the dire news about global warming without also helping audiences understand what they can do about it, with multiple studies telling us why that won’t work. Far better to open those conversations with the dominant crises like energy security, food security, emergency preparedness and business continuity, affordability, and financial security that have knocked climate change far lower on the list of public priorities, and will likely keep it there. We Knew This Would Happen Climate hawks have always known this day would come. For decades, we warned that everyone had to pay attention to climate change right now, because it would be much tougher to respond once the crisis itself started affecting our daily lives. We were right, and here we are. But now, thanks to decades of hard work, communities and countries have an alternative to doubling down on fossil fuels. “In 10 years everyone will have ‘always known’ that solar and batteries were going to win,” Morgan Solar Executive Chair Mike Andrade writes on LinkedIn. With the disruption in the Strait of Hormuz roiling energy priorities around the world, Canada and the United States are among the shrinking number of countries that are still very keen on fossil fuel development. Understanding that gap is a first, essential step in spotting the opportunities ahead, and averting the deep economic as well as environmental and social risk we face if we don’t seize them. Thanks for reading The Energy Mix Weekender! Subscribe for free to receive new posts and support our work. Subscribe Mitchell Beer traces his background in renewable energy and energy efficiency back to 1977, in climate change to 1997. Now he and the rest of the Energy Mix team scan 1,200 news headlines a week to pull together The Energy Mix and The Energy Mix Weekender. Chart of the Week BYD Eyes 20 Dealership Locations After Canada Greenlights Chinese EV Imports ‘Sledgehammer’ Carbon Price Deal Boosts Emissions by 230Mt, Aims for Fall 2027 Pipeline Approval ‘Worse Than Harper’: Regulatory Rollback Would Stop Canada from Assessing Project Impacts, Critics Warn Electricity Strategy Aims for Doubling by 2050, Allows ‘Flexibility’ for Gas Power Plants Opposition Mounts as O’Leary’s Data Centre Approved in Drought-Stricken Utah Diluted Carbon Price Misses ‘Reality of the World We’re In’, Could Impede Diversified Trade: Climate Institute $200B in Clean Energy Investment Will Need On-Time Delivery, Reliable Policies, Trade Association Says ‘Sovereign Pipeline’: CEO Pitches to Keep Trans Mountain in Government Hands What a Supercharged El Niño Could Mean for Canada Canada’s future is electric, and here’s how a power grid superhighway would get us there (Toronto Star) The Perilous Waters of Hecate Strait (Globe and Mail) Saudi Aramco profits jump despite conflict in Middle East (The Guardian) Farmers confront rising cost of fertilizer and fuel as spring seeding under way (Canadian Broadcasting Corporation) Clarkson forecasts 24% decline in offshore oil, gas capital expenditures (Oil & Gas Journal) Pipe Dreams: How Oil and Gas Fail to Deliver Economic Development in Africa (Oil Change International) Developing countries must hold the pen to script the fossil fuel transition (Climate Home News) Iran war threatens the dream of a post-oil economy in the Gulf (Washington Post) U.S. Oil, Gas Work Force Hits Lowest Level Since 2022 (Rigzone) Why Polestar Is Doubling Down on Net Zero as Rivals Pull Back on EVs (Bloomberg) Why this Michigan utility plans to sell its hydro dams for $13 (E&E News/Politico) Levees can no longer save New Orleans (Vox)
ACC backs Duke's TV deal with Amazon
Amazon and Duke announced an agreement last month for Prime to exclusively air three Blue Devils men’s basketball games in the 2026-27 season.
ACC backs Duke's TV deal with Amazon
Amazon and Duke announced an agreement last month for Prime to exclusively air three Blue Devils men’s basketball games in the 2026-27 season.
UK ex-health minister says will run to replace Prime Minister Keir Starmer
Pressure mounts on Starmer's government, as Labour rivals including recently resigned Wes Streeting circle.
U.K. health secretary will run for prime minister after challenging Starmer's leadership in scathing resignation letter
Latvia’s President Nominates Kulbergs to Form New Government
Latvia’s President Edgars Rinkevics nominated Andris Kulbergs of the United List party to form a new government after Prime Minister Evika Silina resigned on Thursday ahead of parliamentary elections in October.
New York Jets Flight Connections 05/16/26
Happy Saturday, Jets fans! Here are today’s links to help you kick off your weekend. NY Jets – What Is Your Biggest Takeaway From the Jets Schedule? Antwan Staley – After Jets’ primetime shutout, NFL VP points to flex scheduling as possibility Brian Costello – The NFL isn’t doing the Jets any favors with their […]
It’s Been a Wild Week in British Politics. What Happens Next?
Nobody has yet challenged Prime Minister Keir Starmer for the leadership, but his leading rival, Andy Burnham, finally has a route to Downing Street.
5 NFL teams didn't get prime-time treatment. The league told the Jets, Raiders, Titans, Dolphins and Cardinals what it thinks of rebuilds
Why the Chargers Have Some of Top Games on 2026 NFL Schedule
Sports Illustrated’s Conor Orr highlighted the Chargers-49ers primetime matchup as one to watch in 2026
Andy Reid: Chiefs' schedule no hint on Patrick Mahomes' health; QB 'making progress' on knee injury
The Kansas City Chiefs have been scheduled to play in primetime twice to open the 2026 campaign. Appearing on The Insiders Thursday, Andy Reid says he didn't talk to the league about Patrick Mahomes (knee) health but the star quarterback is making progress.
British Politics Is About to Get Even Messier
The looming contest between Prime Minister Keir Starmer and left-wing mayor Andy Burnham is spooking markets worried about Britain’s finances.
Britain Politics
From left, Mayor of London Sadiq Khan, Prime Minister Keir Starmer, Commander Clair Haynes, and Commissioner Mark Rowley meet police officers to discuss operational planning, in London, Friday, May 15,
Academy of Country Music Awards: Where to watch
The 61st annual Academy of Country Music Awards will take place Sunday in Las Vegas. Shania Twain will host the ceremony on Prime Video.
Britain Politics
From left, Commander Clair Haynes, Prime Minister Keir Starmer and Mayor of London Sadiq Khan meet police officers to discuss operational planning, in London, Friday, May 15, 2026. (Peter Nicholls/Pool
Britain Politics
Britain's Prime Minister Keir Starmer meet with police officers to discuss operational planning ahead of this weekend's protests in London, Friday, May 15, 2026. (Peter Nicholls/Pool Photo via AP)
Britain Politics
Britain's Prime Minister Keir Starmer and Commander Clair Haynes meet with police officers to discuss operational planning ahead of this weekend's protests in London, Friday, May 15, 2026. (Peter Nicholls/Pool
Gilts Slump as Investors Brace for Burnham Challenge to Starmer
Gilts tumbled after Manchester Mayor Andy Burnham secured a pathway to potentially challenge Keir Starmer for the UK prime minister’s job, threatening a fresh bout of political instability that investors fear could result in more expansive fiscal policy.
Chartbook 449: Voldemort on Threadneedle street. The Bank of England and the "haunted house" of English politics.
Imagine the scene: In some Harry Potter version of 21st-century London, a group of deathless UK Treasury officials gathered from across the last century huddle over warm pints and glasses of Chardonnay. Around the table there are officials from the 1920s, the 1930s, the 1970s, 2022 and today. Inevitably, in May 2026, the subject of conversation is the disintegration of the current Labour government. Despite its huge majority in parliament, it has been reduced to tatters by catastrophic local election result. These exposed the fact that rather than having a government with a clear popular majority, the UK is like most other modern societies divided into 5 segments each of which commands between 26 and 16 percent of the vote. Perhaps unsurprisingly, the leadership at Nos 10 and 11 Downing Street - where the Prime Minister and the Chancellor (Treasury Secretary) work - seem paralyzed. They are caught between mounting discontent over unfairness and the cost of living, and tough fiscal strictures that push them into making unpopular spending decisions. In the London pub, the Treasury officials from across the ages, can barely hide their satisfaction at the latest display of democratic politics caught in the vice-grip of financial logic. “Remember the mur d’argent and the banker’s ramp?” “Just like yesterday!” There are smirks around the table. Then the representative of 2026 pipes up: “One thing you have to say about the current lot (referring to the latest hapless Labour government), you don’t have to teach them about the bond market!” There is a murmur of ascent from the Treasury Mandarins. The trauma of the fiscal crisis of September-October 2022 sits deep. Back then, in the final stages of Tory decay, a ‘mini budget’ that challenged fiscal orthodoxy led to a brief but fierce panic in one of the oldest government bond markets in the world (aka gilt market). Now all you have to do is to mention the “bond market” to hush debate. [ Paul Mason@paulmasonnews In the name of public service, and as ex-economics editor of BBC Newsnight, I offer to do a zoom call, tonight, with any Labour MP who wants to understand why bond markets do not "fall into line" with governments. 1/ 3:57 PM · May 12, 2026 · 466K Views 224 Replies · 674 Reposts · 3.93K Likes ](https://x.com/paulmasonnews/status/2054229532404519082?s=20) “And the funny thing is”, the young man in the huddle continues, “they don’t even want to talk about … ”. There is a sudden hush. Significant looks are exchanged around the table. About? One of the senior figures puts down his glass with a decisive “clink”. He-Who-Must-Not-Be-Named has entered their thoughts. Meanwhile, a few miles away in a grubby pub in Bloomsbury, two conspirators from the camp of Critical Macrofinance huddle over cans of low-alcohol IPA. They look at each other and blurt out loud: “The Bank!” “Everyone in the bloody Labour party is talking about the bond market. But why aren’t they even mentioning … the Bank of England!?” “Why is no one talking about Voldemort?” In Paul Mason’s blogpost, after much chest-thumping about basic fiscal logic, the basic point about the Bank of England is buried in the fine print at #3 in his list of suggestions as to what a radical Labour government might actually be able to do! [ Conflict & Democracy Down with the bond market! Down with gravity! It may seem unfair to focus on Labour MP Paula Barker for her off-the-cuff assertion that the bond market would have to “fall in line” with Andy Burnham, should he replace Keir Starmer as prime minister. But Burnham himself told the New Statesman that Labour had to “get beyond this thing of being in hock to the bond markets… Read more 2 days ago · 100 likes · 3 comments · Paul Mason ](https://htsf.substack.com/p/down-with-the-bond-market-down-with?utm_source=substack&utm_campaign=post_embed&utm_medium=web) Back in Bloomsbury they shake their heads and ask: “Didn’t we learn anything from the Eurozone crisis?” Meanwhile, as if summoned to the conversation by some higher force, the “pink pages” announce: “The days of ultra-cheap government borrowing have come to an end” and Martin “Whizzard” Wolf publishes the graph of the season Look at the UK in 2026, perilously positioned on the upper edge of the pack. No wonder no one in London needs any lessons about the “bond market”. But, look again. Imagine how they feel in Rome. What is London’s nightmare in 2026? The nightmare is that you end up like Italy in the early 2010s during the Eurozone crisis. Once comfortably situated in the middle of the pack, watching with horror as your ten-year yields explode to 7 percent and “spreads” become a national nightmare. One of the largest economies in Europe, a founding member of the euro, stigmatized. But the message of the Italian experience is ambiguous. After all, the stigma didn’t last. In 2026, Italy borrows at rates lower not only than the UK but the US. The US, which, as everyone knows, enjoys the “exorbitant privilege” of being the issuer of reserve, safe asets. What kind of magic is this? How did Italy, in the space of fifteen years, go from being good, to bad and back again? Which brings us back to our dissident friends in their Bloombury boozer and their memories of the Eurozone crisis. Italy never was Britain - with its ongoing fiscal deficits. Without interest payments, on primary balance, from 2000 to 2020 Italy ran a tight fiscal ship. Even in 2008 it barely went into deficit and when it was being put on the rack in the early 20210s its primary surplus matched that of austere Germany. So, what happened? How did it end up stigmatized? Of course Italian politics didn’t help. Berlusconi was at the helm and he had legal issues. But amongst friends in the Bloomsbury pub, Berlusconi is a sideshow, the name we whisper to each other is “Trichet”. From 2004 to 2011 the ECB was headed by Jean-Claude Trichet, ex of the French Treasury, more German than the Germans. After 2009 as the news of the Greek fiscal disaster broke, the European bond markets wento into panic mode and Trichet began a brutal game of cat and mouse. Between 2009 and 2011, Trichet intervened in the bond market to help, only when he thought he had compliance with austerity. When he thought they were uncooperative, he withdrew. In the summer of 2011, he even made direct suggestions to his Italian counterparts in Rome, as to how Italy should be governed. It was this cat and mouse game that drove the bond markets crazy and exposed Italy to a violent squeeze. When Mario Draghi took over the ECB at the end of 2011 and declared “whatever it takes”, the pressure on Italy, gradually eased. It is that starring role that has made Draghi into the towering figure in European politics that he remains today. So now you see why voices in London hush when it comes to the Bank of England. “The bond market” isn’t an irresistible objective force like the weather or an avalanche. It can appear like that. But that depends on the way it is being handled, or not handled by the central bank. Which is why the silence about the Bank of England in London right now is so significant. If you think this all sounds a bit fishy, coming from a left-liberal Keynesian like myself, well, let me introduce you to Robin Brooks, who, to put it mildly, plays on a different quidditch team to me. Here, from the position of a fiscal hawk is Robin’s celebratory account of the Bank of England’s role since 2022; In October 2022, at the height of the bond market blow-up in the UK, something incredible happened. Governor Andrew Bailey told British pension funds the Bank of England would end its support program for the country’s fragile gilt market, drawing a line under how much help the central bank was willing to give to exposed pension funds and - implicitly - the government. By the end of that week, Kwasi Kwarteng - the finance minister - had resigned. Prime Minister Liz Truss would soon follow. This episode is so incredible because it contrasts with what happened in the Euro zone earlier that year. Bond markets in Spain and Italy were under pressure amid high inflation and rising interest rates. In the middle of this, Mario Draghi - Italy’s Prime Minister - resigned, compounding pressure on bond markets of high-debt countries on the Euro periphery. Unlike the Bank of England, the ECB caved. It bought Italian and Spanish government bonds in an effort to cap yields and introduced a new tool that signaled to markets it might do such caps more frequently going forward. Faced with pressure on bond markets, the ECB capitulated to political pressure from high-debt countries like Italy and Spain. The Bank of England stood its ground and toppled the Truss government. This kind of thing has long-lasting consequences. It means markets price a higher probability of yield caps in the Euro zone, which keeps Italian and Spanish yields artificially low, while markets feel free to push up UK yields without fear of central bank intervention. As I flagged in yesterday’s post, this means you really can’t compare UK yields to those of other high-debt countries. The UK looks worse, but only because its central bank isn’t interfering with markets. There’s more to this than just that 2022 episode. The Bank of England has also been much more aggressive in its quantitative tightening (QT) than other central banks. If one motivation for quantitative easing (QE) is to lower bond yields - especially longer-dated ones - then it stands to reason QT pushes yields up. The left chart above shows a four-quarter moving average of UK government debt issuance (black line) in percent of GDP and which sectors absorb this issuance, including the Bank of England (blue bars). The right chart above compares the Bank of England’s accumulation or run-off of government bonds (blue line) with that of other central banks, where this blue line is the same as the blue bars in the left chart. The Bank of England was quicker and more aggressive than other central banks in downsizing its bond holdings, so UK yields will have risen more than elsewhere also for this reason, not just because of Governor Andrew Bailey’s remarks in October 2022. Back in October 2025, after a conversation in New York with friends in British politics, my sense of dysphoria was such that I raised the issue of the Bank of England openly in the FT Since 2008, the UK has slid into a deep economic and political predicament. Growth has stagnated to a degree far worse even than in the 1970s. The Tory leadership’s wager on the Brexit referendum spectacularly backfired, leaving the UK isolated from Europe and at the mercy of its special relationship with the US, many of whose political class regard the UK as a basket case. After years of austerity, the Labour party lurched to the left and then back to the centre. The Tory party has been eclipsed by the populist nationalism of Reform. Any British government should be worrying first and foremost about how to restart growth. Instead, Keir Starmer is beset by shades of the gilt market panic triggered by the Liz Truss government in 2022. The debt level is higher than in recent years, but there is no cause for panic. UK debt is at far from critical levels and of long duration. Whether you want to “take back control” or launch progressive economic policy, a democracy dogged by fear of bond market vigilantes is unhealthy. In a country that is a monetary sovereign, this climate points to one thing: a disconnect between the government and the central bank. Since 1997, the independence of the Bank of England has become a sacred cow. But independence is what you make of it. And in the wake of the gilt market crisis of September 2022, relations between the Bank of England and the UK government need a reset. In normal times, there is no doubt that an inflation-targeting independent central bank can serve a country well. But since 2008, the UK and other advanced economies have not had the luxury of such simple problems. To their credit, central bankers around the world have not stood on orthodoxy. After 2008, the US Federal Reserve rescued the global banking system and, through quantitative easing, it stabilised the Treasury market in the face of huge deficits. In Europe, things were trickier. Both the Bank of England under Mervyn King and Jean-Claude Trichet’s European Central Bank played cat and mouse with national governments. This was a high stakes wager that between 2010 and 2012 escalated bond market tension and triggered a disastrous turn to austerity. Shaken by the impact of those shocks, their successors, Mark Carney and Mario Draghi adopted a more protective stance (assuming you were not the government of Greece). Recall that Draghi’s legendary slogan, “Whatever it takes”, was uttered to face down the City of London’s bond vigilantes. In 2015, Draghi launched QE — financial repression by another name. In 2016, Carney used the authority of the Bank of England to stabilise markets following the vote for Brexit, an exemplary demonstration of how central banks can underpin democratic choice, even when those choices are wrong headed. All these were independent central bankers steeped in the best practice of the 1990s, who recognised that historic crises demanded radical action. It was the price surge of 2021-2023 that poisoned the atmosphere. Though the shock came mainly from the supply side, central banks ended up in the dock. Nowhere more so than in the UK. The Bank of England reacted with aggressive normalisation. Faced with a cost of living crisis, the governor called for workers to accept real wage cuts. In early 2022, as gas prices were at record levels and Russia’s army was poised to invade Ukraine, the Bank adopted a stringent programme of quantitative tightening, elevating interest rates. When the Truss government got itself in trouble, the Bank took almost a week to come to the rescue. Rather than enacting a charade of normality, it is time to recognise that in 2025 the UK faces a period of historic transition. To meet this challenge, what is needed is a new concordat with the Bank. This should not ignore inflationary pressures or the long-run trajectory of debt, but should affirm the priority of reviving investment-led growth. One could follow Donald Trump in demanding interest rate cuts. The Bank could shadow the ECB in its commitment to capping Eurozone yields. But the top priority should be to lay the ghost of September 2022. The Bank’s slowing of QT last month was a concession. An immediate and complete end would send the right signal. Such a concordat will not by itself restore sanity to politics, solve the housing problem or rebuild the NHS. But it would help to lift the fear of bond market crisis, which is paralysing the effort by democratic politicians to answer the fundamental questions facing the nation. Now, that call for a new concordat between government and Bank of Englands seems more urgent than ever. The problem is that in October 2025, Starmer still had some authority. Today the government is in tatters. And when you are the “under the harrow” - to echo a phrase of Montagu Norman’s from the 1920s - it is the worst possible time to consider institutional change. To make general arguments at a time of crisis can only seem like special pleading rather than a general argument for long-term change. The same, unfortunately, is also true for the other basic institutional reform that Britain urgently needs i.e. the abolition of the out-dated first past the post electoral system and its replacement by a moderated form of proportional representation. And thirdly - whilst we are saying the quiet parts out loud - Britain needs to reopen the question of EU membership. What the local election results of 2026 show is that this remains a key issue. And what they also show is that there is a clear majority that would favor a return. Until these basic features of Britain’s political economy are addressed the country will carry on its politics as though in a haunted house, governed by governments that lack actual majorities, conjuring up false constraints whilst ignoring the real ones. This one is for DG and MI. I love writing the newsletter. If you enjoy it too and fancy buying me a coffee once a month, you know what to do. Click below! Subscribe
Public Notice: Ashland City Council Business Meeting Agenda - Ashland News - Community-Supported, NonProfit News
Ashland City Council Business Meeting Agenda Tuesday, May 19, 2026Council Chambers, 1175 E Main Street Live stream via RVTV Prime at rvtv.sou.edu or broadcast on Spectrum 180. Public comment is
Netanyahu testifies his health is 'top decile' in libel suit over cancer reports
The Prime Minister Testified in Court After He Sued an Anti-government Activist and Two Journalists Over Reports on His Health. In April, a Medical Report Revealed Netanyahu Had Been Diagnosed With Prostate Cancer and Underwent Radiation Therapy Without Informing the Public in Real Time