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From The Mandalorian and Grogu to Dear England: your complete entertainment guide to the week ahead
The helmeted Star Wars hero and ‘baby Yoda’ get a big-screen adventure, while James Graham’s play about England boss Gareth Southgate comes to TV
Defending support: Panthers' Derrick Brown backs, lauds QB Bryce Young
Carolina's defensive leader, through the good and bad games, consistently supported the 2023 NFL No. 1 overall draft pick.
New movies to watch this weekend: See 'Star Wars: The Mandalorian and Grogu' in theaters, rent 'Wasteman,' stream 'Kill Bill: The Whole Bloody Affair'
The latest "Star Wars" film disappoints, "The Super Mario Galaxy Movie" hits home screens and horror fans can look to "Passenger" or "Lee Cronin's The Mummy."
State College business owner shares excitement over revival of classic downtown diner
WakeMed: UNC Health proposed partnership, but we're sticking with Atrium
A WakeMed representative said the hospital system got a proposal from UNC Health over a potential partnership.
That new blue whale exhibition at the Science Center? It's big
The show's highlight is an 80-foot-long replica of a real blue whale skeleton.
Premier League 2025-26 table
The 2025-26 Premier League table is absolutely bonkers and so tight.
‘We’ve Never Been This Bad.’ Eastern Pennsylvania Weighs Its Rising Costs
With two swing districts, the region from Scranton to Allentown could decide control of the House, and voters are expressing profound economic distress.
Texas Democrat Maureen Galindo under fire after saying she'd make ICE jail a "prison for American Zionists"
A Democratic House candidate in Texas is facing widespread condemnation and accusations of antisemitism from her own party.
Screen time limits can protect children’s health, U.S. surgeon general advisory says
The Trump administration warned that too much screen time for children is linked to poor sleep, bad behavior and less physical and social activity
Portland-Based Providence Health Plan To Stop Offering Most Insurance Plans At End of Year
The Providence Health Plan said Wednesday that it would stop offering most of its insurance products by the year’s end, heralding the near-complete dissolution of a longtime stalwart of Oregon’s private health insurance marketplace.
Google I/O 2026 had nothing to say and said it badly ahead of Apple's WWDC
Google I/O is always like a little amateur dramatics show, but this year the company could have boasted about making Apple rely on its Gemini. It just totally failed to do so.
The Hypershell Exoskeleton Is Slimmer, Faster, and Still Not Built for Your Bad Knees
Hiking exoskeletons are now a thing, really.
Wisconsin Launches New Hub for Live Entertainment at Badger Venues
"Live at Wisconsin" Becomes the Digital Home for Concerts & Events at Camp Randall Stadium and the Kohl Center
Pitch invasions 'a bad look' - but Clarke praises Tartan Army
National head coach Steve Clarke says fans spilling on to the pitch to celebrate in domestic games is "a bad look" for Scottish football but praises the Tartan Army for avoiding such scenes.
Debra OConnell recognized as one of the 2026 Matrix Awards honorees
OConnell was supported by many colleagues on Tuesday night, including Eyewitness News anchor Sade Baderinwa.
Back-to-back severe weather causes damage to homes, businesses
In growing fight, Steyer's campaign says pro-Becerra influencers didn't disclose pay
Social media creators who create paid content on behalf of a California political campaign are required to disclose that the material was sponsored and who paid for it.
Why are Southampton Expelled From The EFL Championship Playoff?
Southampton will no longer play in the EFL Championship promotion playoff final against Hull City and will be replaced by Middlesbrough.
LOAM ENTERTAINMENT'S 'BAD COUNSELORS' ARRIVES IN THEATRES NATIONWIDE JULY 23-27 FROM FATHOM ENTERTAINMENT
/PRNewswire/ -- When two hard-partying fraternity brothers pose as Christian camp counselors to work off court-ordered community service, the summer quickly...
LOAM ENTERTAINMENT'S 'BAD COUNSELORS' ARRIVES IN THEATRES NATIONWIDE JULY 23-27 FROM FATHOM ENTERTAINMENT
When two hard-partying fraternity brothers pose as Christian camp counselors to work off court-ordered community service, the summer quickly becomes more than either of them bargained for. Loam Entertainment's irreverent fish-out-of-water comedy BAD COUNSELORS arrives in theatres nationwide for a limited engagement July 23-27, 2026, distributed by Fathom Entertainment, the leading specialty distributor of content to theatrical partners worldwide.
Globavend Welcomes Pictureworks CEO to Lead Its AI-Driven Entertainment Business
PERTH, Australia, May 19, 2026 (GLOBE NEWSWIRE) -- via IBN -- Globavend Holdings Limited (NASDAQ: GVH) (“Globavend” or the “Company”), an emerging e-commerce logistics provider and digital entertainment company, today announced the appointment of Fuk Yan Tse, known as Sharon Tse (“Ms. Tse” or “Sharon”), as Chief Executive Officer of Loomi Group, the operating arm of the Company’s digital entertainment business. This newly created position follows the Company’s transformational move into the digi
Richmond considering changes to home-based business regulations
Richmond city leaders are considering implementing updated regulations regarding home-based businesses.
'A wave of enthusiasm' for 'another fresh start'
Part of the recipe for football's incredible popularity is the way that a summer break of buying and selling players and changing things around behind the scenes can convince any fanbase that things are set to improve in the season to come, no matter how badly the previous one ended. Chelsea are a perfect example right now. A big injection of hope can make all those intractable issues feel manageable again, and that is what the news about Xabi Alonso being appointed as the club's new manager has done.
Yankees news: Could Gerrit Cole be activated on Friday?
Cole could come up for his next start; bullpen as a unit bad, Bednar particularly unreliable; retirements and callups
I Know Why Desperate Trump Is in Free Fall: Political Guru
“He is in bad shape,” political analyst David Rothkopf said of Trump, after the president was dealt yet another political blow.
Scientists Tweaked the Global Warming Outlook. So Trump Weighed In.
Renewable energy has helped make the worst-case scenario a bit less bad. The president said, falsely, it shows that climate scientists were wrong all along.
Suckerfish Slip Through Manta Ray Buttholes and Scientists Aren't Sure How Bad That Is
Scientists spent 15 years piecing together rare footage that captured remoras disappearing inside giant manta rays.
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:
Trump targets Massie in latest political fight as MAGA holds strong
During a November news conference alongside survivors of Jeffrey Epstein, Rep. Thomas Massie, R-Ky.
White House hosts Christian prayer rally
Thousands gathered at the National Mall for a religious-political celebration
Could A Simple Lab Mistake Lead Scientists to Over-Estimate Microplastics?
While microplastics are a very real issue, one new study suggests that the numbers might not be quite as bad as we've feared.
Could A Simple Lab Mistake Lead Scientists to Over-Estimate Microplastics?
While microplastics are a very real issue, one new study suggests that the numbers might not be quite as bad as we've feared.
Microsoft admits faulty drivers were killing Windows 11 battery life for years
Microsoft is changing how Windows evaluates third-party drivers as bad ones were silently draining batteries and tanking performance for years.
The asteroid that wiped out the dinosaurs may have triggered a global fungal bloom
The asteroid that smacked into our planet about 66 million years ago at the Cretaceous-Paleogene (K/Pg) boundary may have been bad news for dinosaurs, but it was good news for fungi. According to new ...
Column: Jack up taxes on California's rich? Popular liberal mantra, but bad idea
Sticking it to the rich sounds nice, but doesn't fix the problem
Baidu beats first-quarter forecasts as AI business drives strong growth (BIDU)
Baidu (NASDAQ:BIDU) shares climbed more than 2% in premarket trading on Monday after the Chinese technology group delivered first-quarter revenue and earnings ahead of market expectations, supported by rapid expansion in its AI-related operations. AI-powered business becomes major revenue contributorThe company reported quarterly revenue of 32.
French bulldog found outside Walgreens being cared back to health
Officials are caring for a French bulldog mix named Miracle who was found in bad shape in Fort Lauderdale.
Evers says 'politics' tanked tax relief deal, says Dems are in 'bad place' after voting no
"UPFRONT" recap: Gov. Tony Evers in his first interview since the detail failed
Ancient Chinese movement shows promise for reducing blood pressure at home, study says
An ancient Chinese exercise called baduanjin could help lower blood pressure as effectively as some medications, according to a new clinical trial.
Seesaw rulings on Texas’ smokeable hemp ban is bad for business, retailers say
KVII serves the Amarillo, Texas and Panhandle region with local news, sports and weather for the city and surrounding towns, including Canyon, Hereford, Borger, Pampa, Dalhart, Dumas, Childress, Perryton, Clarendon, Texas; Guymon, Oklahoma; and Clovis, Portales, Tucumcari, New Mexico.
Dear Abby | Old friend reappears after years of no contact
Dear Abby: I had three close girlfriends in college. We lost touch with one of them more than 35 years ago. She has family in our area but moved to
Lewandowski confirms future at Barcelona ⚠️
Polish striker Robert Lewandowski has officially confirmed his departure from FC Barcelona.After four seasons wearing the blaugrana shirt, the center-forward decided to bring his time at the Catalan c...
Opinion | TV Bad Guys Come From Long Island
I noticed that a lot of TV villains come from the town I grew up in. I wasn’t surprised.
Google’s Android Upgrade—Why You Need A New Phone In 2026
Bad news for a billion-plus Samsung and Pixel owners — only new phones get Google's new upgrade.
Rubio: Iran won’t be able to leverage US politics into forcing ‘bad’ deal on Trump
Secretary of State Marco Rubio on Thursday said Iran attempting to use U.S. politics, specifically rising energy prices and its impact on Americans, will not pressure President Trump and lead him i…
The 4th Linux kernel flaw this month can lead to stolen SSH host keys
The good news is there's already a patch. The bad news is that the fix isn't available for all Linux distributions yet. Here's what you can do in the meantime.
National Media Continues to Disrespect Wisconsin in Updated Offseason Rankings
CBS Sports isn't high on the Badgers for 2026.
ABA Journal earns honorable mention as Magazine of the Year from business publication editors
The ABA Journal took home an honorable mention as the Magazine of the Year, and its staff won five other awards Thursday in a national contest hosted by the American Society of Business Publication Editors.
County getting into the Entertainment (Zone) business
Hoping to help local businesses and attract more visitors ready to spend some money, the El Dorado County Board of Supervisors on May 12 conceptually approved the establishment of Entertainment
Opinion: Anchorage must stop treating small businesses like major developments
If city leaders want more local businesses, they should start by making low-impact projects faster, clearer and less financially punishing.
New movies to watch this weekend: See 'Obsession' in theaters, rent 'Project Hail Mary,' stream 'Marty: Life is Short' on Netflix
The "Top Gun" films head back to theaters, while Ryan Gosling's latest hit heads to home screens.
Globavend Expands into Digital Entertainment Through Proposed Acquisition of Loomi Entertainment
Proposed Transaction Positions Globavend to Enter the Fast-Growing AI-Enabled Short-Form Digital Entertainment MarketPERTH, Australia, May 15, 2026 (GLOBE NEWSWIRE) -- via IBN -- Globavend Holdings Limited (NASDAQ: GVH) (“Globavend” or the “Company”), an emerging e-commerce logistics provider, today announced that it has entered into a definitive agreement with Zenith Green Limited (the “Vendor”) to acquire 70% of the equity interests in Loomi Entertainment Group Limited (“Loomi Entertainment”,
Guardiola's personal to-do list for Pulis
My first encounter with Manchester City boss Pep Guardiola was when I was with West Brom. It was early in Pep's first Premier League campaign, 2016-17, and Manchester City had just beaten us at home. As people will tell you, I forced him to eat with us too, while we discussed his early impressions of the Premier League and English football in general.
Seesaw rulings on Texas’ smokeable hemp ban is bad for business, retailers say
Some smoke shops say the flurry of court actions since March 31 has already forced them to scale back hours, cut staff and prepare to shut down.
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
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